New Wannabe

Gord86

Hi all,

I'm new to the forums so any help/advice would be great

Here is a list of out goings etc

1st of everymonth Welcome -£155.95 (nothing but trouble with these - trying to get back ppi - is it possible?)
lloyds ins -£78.95 - (one year ncd - saxo 1.4 - could i get this cheaper?)
Ics - £53.55 - home learning (is it possible to get CDL for these?)

28th of everymonth GE money HP - £120 (3 payments left)
Capital one - £30

Incomings

Weekly (friday) £150

It doesn't look a lot - anyone have any tips or ideas where i can cut costs

clearmydebts

Hi,

I'm new myself so don't have much advice but just wanted to say. Hello and welcome!

Horace

Welcome to both newbies.

There is a board on this forum called PPI reclaiming and there is all sorts of useful advice on there.

Try looking at comparison sites for insurance and then where possible use Quidco or one of the other cashback sites and buy your insurancee that way earning money back.

If you could list a statement of affairs - showing all your spends e.g. rent, groceries etc, we will be able to see in more detail where you could save money.

smashedbooboo

Hi and welcome honey, if you can do an SOA for the lovely peeps on here to take a look at, that would be great. Include everything you spend money on. Rent, rates, bills, fuel, hair care, social life, everything. Someone will be along to see where you can cut down a bit or make savings. Keep posting and again welcome to the forum. x x

Miia

Hello and welcome

It will help if you can do the SOA (sticky at the top of this forum) so people can help.

I guess the insurance for your car could be cut but it will depend on age and driving years I suppose.

Gord86

Thanks for the reply!

Well i live at home and have a full time job whilst studying form home also so i do have things pretty easy at the moment, however i seem to struggle with money.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 600

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 78
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 148

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................2000......155.9.....55
credit card....................100.......25........30
Hp.............................400.......120.......20
Total unsecured debts..........2500......300.9.....-

Monthly Budget Summary
Total monthly income.................... 600
Expenses (including secured debts)....... 148
Available for debt repayments........... 452
Monthly UNsecured debt repayments....... 300.9
Surplus(deficit if negative)............ 151.1

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total Secured debt...................... -0
Total Unsecured debt.................... -2,500
Personal net worth...................... -500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I know it doesnt seem much and it looks like an easy life, its not i assure you

I'm in the process of looking for a better well payed job which will help no end but its a !!!!!! to find one
I have found cheaper car insurance but can't find the money to pay for deposits (£136) and i also need to save for a holiday in september (approx £300)

tyllwyd

I don't think your soa is being completely honest with yourself - do you really spend nothing on clothes and entertainment. Nothing on food at all, not even snacks? Nothing on road tax or car maintenance (OK these are annual bills, but you need to budget for them).

Horace

You have missed road tax off your listing.

With regard to your credit card, can you not transfer to the balance to a 0% balance transfer card - some may charge a fee e.g. Virgin is 2.98% but at least you don;t pay any interest on the remainder - don't use it to buy stuff though.

Have you thought of taking on an extra job e.g. bar work or a supermarket at night? Also look at the various money challenges on this board, there is one at the moment which is good called make £10 a day.

I am sure that someone will come along with advice on your loan and HP.

helping_hubby

Hi, welcome to the board.

It does seem like you've probably missed bits off.

Do you not save any money for Christmas, Birthdays, Mothers Day etc etc.

If you have a car, there is raod tax as mentioned above, MOT, Services, what if it breaks down and needs fixing? New tyres?

Going out...cinema? Meals? Take away? Surely you spend some on these?

From what you've said, areas you could possibly improve upon are car insurance, £78 a month is £936. Based on this I'm guessing you are young and a new driver (I see you say 1NCD). It's probably still worth checking confused.com etc for quick quotes to see if this is a fair amount.

Also, when you do come to renew, look into cashback sites such as Quidco. For an example: http://www.quidco.com/lloyds-tsb-car-insurance/ quidco offer £60 cashback.

What sort of deal is your mobile phone? There are phones for £15 a month, could you survive with less minutes/texts?

Gord86

darn yeah i missed those

MOT £45 yearly - never failed yet -touch wood
TAX £115 yearly
£50 approx on myself - cinema, night out whatever - a month

Can't get credit - bad credit rating 1 default (satisfied) 3 missed payments in the last 12 month (none missed since dec 07) mainly due to company take over and pay was changed to weekly cheques to begin with.

I know i desperately need to up my income

mobile phone 18 month contract 600 mins and 600 texts on o2 i could survive with less as i never use the whole lot

insurance - I'm 21 get my second years no claims in oct - have found it cheaper else where but can't afford deposit and seems silly as im getting discount in oct

Honeybee_2

There are some really good PAYG mobile phone deals out there now, I'm on O2 and get 400 texts, 150 off peak x-net minutes plus 10% of my top ups back every 3 months as call credit, all for 11.99 per month.

I am a reformed contractoholic.