Blinding Lightbulb Moment....!!

Skye_27

Hello! :j :j

Well I've been a lurker for quite a while now and have got loads of fantastic ideas which have helped me moneywise over the past few months. However I finally listed my SOA and debts and realised its not enough and I need to become a proper DFW!

Little about me, I'm 26 and life with my OH in London. I work as an account manager for a finance company. We bought our first house a couple of years ago and have just switched from interest to repayment which is a bit...............:eek:

I have posted my SOA below, any comments are more than welcome!

Salary - 1728.16

Mortgage - 548
Scottish Power - 53 (1/2 share of 106) Way too high, trying to figure out why.
Council Tax - 61
Contents Insurance - 16
TV Licence - 11
Car Loan - 355
Mobile - 25
Food - 140
Road Tax - 11
MOT & Maintenance - 20
Pru Health Cover - 25
Pru Health Gym - 38 (will drop to 0 in June)
Petrol - 35
Broadband - 35 (Use USB modem as travel with work a lot & bought one for mum as present)
LoveFilm - 12.99
LoveFilm - 14.99 (Mum Gift) Need to work out why they are not both same price
Weekly Cash Budget - 20
Barclaycard - 100
Electricity Insurance - 11
Mortgage Insurance - 10 (only cover 150 of payment?!!! looking into better deal)
Student Loan Overpayment - 100
Water - 12
Management Fees - 12 (factor fees inc buildings ins)

My OH pays landline while I pay contents ins/tv licence.

Total - 1665.98

OK, now the scary bit............

Student Loan - 6528.09 (4.8%, 212 a month)
Barclaycard - 4800 (0%, 200 a month)
Car Loan - 6275 (6.5% 355 a month)

Total Debts = 17333.09

100 comes out of my salary for my student loan but I am paying 100 dd extra too.

So..........my salary isn't covering all of my outgoings and I haven't allowed for emergencies, clothes etc!

I am fed up of burying my head in the sand and letting my overdraft, credit card etc get out of control and want to kill this debt once and for all. We would really like to move and get a bigger house but this is not going to happen as any further increase in mortgage would kill me!

I am a AQA researcher but have been doing v little or nothing of it lately and this could really help me out of this mess.

In order to keep myself on track and motivated, I am starting this 'diary'. Anyway I better stop rambling on and come up with a plan to finally sort myself out! _pale_

IWantToBeFree_2

Skye_27 wrote: »

Hello! :j :j

Well I've been a lurker for quite a while now and have got loads of fantastic ideas which have helped me moneywise over the past few months. However I finally listed my SOA and debts and realised its not enough and I need to become a proper DFW!

Little about me, I'm 26 and life with my OH in London. I work as an account manager for a finance company. We bought our first house a couple of years ago and have just switched from interest to repayment which is a bit...............:eek:

I have posted my SOA below, any comments are more than welcome!

Salary - 1663

Mortgage - 548 - Can you not switch back to I/O for a while?
Scottish Power - 53 (1/2 share of 106) Way too high, trying to figure out why. That is high! See if switching provder will save you money and if it will,do it via quidco for cashback
Council Tax - 61 Is this spread over 12 months?
Contents Insurance - 16 - Can you get it cheaper? & via quidco
TV Licence - 11
Car Loan - 355 - How long is left?
Mobile - 25 - Is this contract, if so, reduce it, or cancel & go on PAYG
Food - 140
Road Tax - 11
MOT & Maintenance - 20
Pru Health Cover - 25 Do you really need this?
Pru Health Gym - 38 (will drop to 0 in June) Cancel
Petrol - 20
Broadband - 35 (Use USB modem as travel with work a lot & bought one for mum as present) Can you get it cheaper?
LoveFilm - 12.99
LoveFilm - 14.99 (Mum Gift) Need to work out why they are not both same price This & above is loads of money to be spending on dvd's!! If you really want it, can't you just have one subscription & share it between you?
Weekly Cash Budget - 20
Barclaycard - 200
Electricity Insurance - 11 Whats this?
Mortgage Insurance - 10 (only cover 150 of payment?!!! looking into better deal)
Student Loan Overpayment - 100 If you can overpay on the car loan you should overpay on that rather than the student loan seen as its a higher rate of interest. Or if the 0% offer doesnt have long to run on CC, put £100 in high savings account & use to pay off that.

My OH pays landline while I pay contents ins/tv licence. Is everything else split half and half?

Total - 1731.35

OK, now the scary bit............

Student Loan - 6528.09 (4.8%, 212 a month)
Barclaycard - 4800 (0%, 200 a month) How long left at 0% on this?
Car Loan - 6275 (6.5% 355 a month)

Total Debts = 17333.09

100 comes out of my salary for my student loan but I am paying 100 dd extra too.

So..........my salary isn't covering all of my outgoings and I haven't allowed for emergencies, clothes etc!

I am fed up of burying my head in the sand and letting my overdraft, credit card etc get out of control and want to kill this debt once and for all. We would really like to move and get a bigger house but this is not going to happen as any further increase in mortgage would kill me!

I am a AQA researcher but have been doing v little or nothing of it lately and this could really help me out of this mess.

In order to keep myself on track and motivated, I am starting this 'diary'. Anyway I better stop rambling on and come up with a plan to finally sort myself out! _pale_

Welcome & congrats on posting your SOA!

Skye_27

Thank you for your post!!

Not sure how to quote reply in my post so...

Mortgage - Just switched to repayment as rate was going up and seemed good idea to switch..... Maybe not! Will speak to OH about this.
Scottish Power - OH has sheepishly admitted he left hot water switch on for four months which is causing massive bills.:mad: :mad:
Council Tax - Over 10. Didn't realise you could do 12!
Car Loan - Will finish Aug 2009
Mobile - Contact until Sept then will def go PAYG
Pru Health - Don't need but did to get free gym. Will be free in June and policy will decrease to v little as they give you points for gym, healthy eating etc.
LoveFilm - This is ridiculous! Need to cancel. Just gotta find the dvd's.....:rolleyes:
Elec Insurance - Covers if anything goes wrong with heating, water etc.
Student Loan - Aaahh, sounds much better! :T

Yes everything is split 1/2 and 1/2, even if I have to forcibly remove the money from his wallet!! :rotfl:

IWantToBeFree_2

Is the above just what you are paying then or between the two of you?

I.e. £140 a month is a hell of a lot if it is just for you and your OH is also spending that much on food.

firesidemaid

do you and OH earn similar amounts ie. are you splitting the bills equally (would that help or make it worse?!)

you can ring your mobile provider and tell them that you cannot afford it and ask them to reduce the price of your contract/minutes etc.

how central do you live in london? do you really need a car? it costs you over £400 a month and you are only using £5 a week in petrol?! - would public transport be cheaper/possible? does your employer offer interest-free season ticket loan?

makes sure you are taking your own food to work. you also cannot afford all the unneccessaries such as pru health/gym/dvds etc - they add up to over £90 a month!

Merlot

Skye_27 wrote: »

Hello! :j :j

Well I've been a lurker for quite a while now and have got loads of fantastic ideas which have helped me moneywise over the past few months. However I finally listed my SOA and debts and realised its not enough and I need to become a proper DFW!

Little about me, I'm 26 and life with my OH in London. I work as an account manager for a finance company. We bought our first house a couple of years ago and have just switched from interest to repayment which is a bit...............:eek:

I have posted my SOA below, any comments are more than welcome!

Salary - 1663

Mortgage - 548 - Switch back to interest only until you lower your spending
Scottish Power - 53 (1/2 share of 106) Way too high, trying to figure out why. - Blimey, that is the highest I have seen £106 per month? You need to switch everything off at the sockets
Council Tax - 61 - pay over 12 months instead of 10
Contents Insurance - 16 - Too high, does this include buildings?
TV Licence - 11
Car Loan - 355
Mobile - 25 - Lower you tariff now, you could ask them to, they can only say no
Food - 140
Road Tax - 11
MOT & Maintenance - 20
Pru Health Cover - 25
Pru Health Gym - 38 (will drop to 0 in June)
Petrol - 20
Broadband - 35 (Use USB modem as travel with work a lot & bought one for mum as present)
LoveFilm - 12.99 - Get rid and get the free trial from Tesco, and then cancel
LoveFilm - 14.99 (Mum Gift) Need to work out why they are not both same price
Weekly Cash Budget - 20
Barclaycard - 200
Electricity Insurance - 11 - Cancel this
Mortgage Insurance - 10 (only cover 150 of payment?!!! looking into better deal) if it only covers £150 get rid, and take out another policy, use Quidco and you will receive cashback on your purchases
Student Loan Overpayment - 100

My OH pays landline while I pay contents ins/tv licence.

Total - 1731.35

OK, now the scary bit............

Student Loan - 6528.09 (4.8%, 212 a month)
Barclaycard - 4800 (0%, 200 a month)
Car Loan - 6275 (6.5% 355 a month)

Total Debts = 17333.09

100 comes out of my salary for my student loan but I am paying 100 dd extra too.

So..........my salary isn't covering all of my outgoings and I haven't allowed for emergencies, clothes etc!

I am fed up of burying my head in the sand and letting my overdraft, credit card etc get out of control and want to kill this debt once and for all. We would really like to move and get a bigger house but this is not going to happen as any further increase in mortgage would kill me!

I am a AQA researcher but have been doing v little or nothing of it lately and this could really help me out of this mess.

In order to keep myself on track and motivated, I am starting this 'diary'. Anyway I better stop rambling on and come up with a plan to finally sort myself out! _pale_

Welcome to the DFW board, I have put a few comments in above, do you have water? What is the credit card limit on the Barclaycard? Is you creidt rating OK, could you get a settlement figure for the car loan and transfer the balance onto a 0% credit card, it will save you some money, I know car loans generally front load the interest but you will get a reduced figure for settling it early.

I recommend you keeping a spending diary, I think you are possibly spending more than you think, its amazing how the 50p for this and that can add up in a month.

Merlot.x.

Skye_27

Right! I clearly can not add up or I did my SOA when I was a bit tired. :rolleyes:

Got my salary wrong, not enough petrol money, missed off water and management fees!

I have a season ticket for train & tube to get to work, bought with 0% credit card so I don't have to worry about that again until Jan next year. Use oyster when go out after work.

My barclaycard is 0% for the next 12 months which is v good.

My OH earns quite a bit more than me but we split everything 50 50 which is the only way I would want to do it!

Thank you all for your comments on my SOA. Cancelling lovefilm, ridiculous mortgage insurance. However not the gym............. will be free in June and I like going (:eek: ). My OH has just joined and we will probably spend less going out as a result.

Skye_27

As for food, spend wayyyyy too much. I have included all householdy stuff too so cleaning etc. OH eats like nuclear war is about to be declared. :rotfl:

Getting myself over to the OS style board in a bit to cut this way down in preparation for weekly shop.

Really do need car, I bought in July and took car loan over only 2 years as was keen to pay off quickly (bit stupid probably). We live on outskirts of London, but I drive quite a bit for work and OH uses it quite a lot. Handily he puts in quite a bit of petrol regularly so I don't have to fill up loads!

He is also a former mechanic so I never have to take in for repairs and I just pay cost for any parts. Men have their uses I suppose.................:D

firesidemaid

Skye_27 wrote: »

Right! I clearly can not add up or I did my SOA when I was a bit tired. :rolleyes:

Got my salary wrong, not enough petrol money, missed off water and management fees!

I have a season ticket for train & tube to get to work, bought with 0% credit card so I don't have to worry about that again until Jan next year. Use oyster when go out after work.

My barclaycard is 0% for the next 12 months which is v good.

My OH earns quite a bit more than me but we split everything 50 50 which is the only way I would want to do it!

Thank you all for your comments on my SOA. Cancelling lovefilm, ridiculous mortgage insurance. However not the gym............. will be free in June and I like going (:eek: ). My OH has just joined and we will probably spend less going out as a result.

how much do you pay out a month for travel then? ?£5-600

Skye_27

My season ticket was 950 quid for the year which is v cheap for zones 5-2. Thankfully I work in zone 2 and not zone 1 which saves me around 500 quid a year. Whenever I go in zone 1, I use oyster which is about half the price of a cash ticket.

Skye_27

Low spend day so far. Returned some clothes which didn't fit so 60 quid refund (:D ) and a trip to Poundland! Spent only 28 on load of stuff we needed (cleaning, shower gel, jiffys for ebay etc). Bought some wrist weights while there to tone up my arms when play the wii. :rotfl: