What do you think of my Money Diet?

MissRich

I need some advise as Im 29 have £1671 after tax and really want some suggestions over how to clear debit QUICKLY.
:money:
I brought a property over a year ago and in one year have collected a debit of £5500 (NEARLY £7000 including interest over 3 years). I want to clear this debit in a year! but need some advise over how to draw up a realistic budget.

I have used some of the money saving Experts tips and have drawn up a Budget plan and decided to consolidated my debit. My budget feels quite drastic and an financial adviser who said it was not realistic.

Morgage and bills 910
Water bill 26
Electricity 15
phone 40
Internet 12
Food 86.60
Going out 35
Travel 116
Loan 158
Saving / extra money for debit 80
Leisure 32.50
Christmas 7
Birthday 7
Clothes 20
Hair 67

Please let me know if you have any suggestions over cutting back money.

OliveOyl_2

Bumpety Bump

completelyspent

A couple of suggestions - if you are living alone then I would definitely get a water meter if you haven't already. My bill was similar to yours and i have saved about £15 by going onto a meter.
Your hairdressing bill seems high for a month - have you thought about trying local colleges for trainees which will cut your costs down there?

redsquirrel80

You could probably cut back on food a bit (I take it that's just for one person?). Have a look on the Old Style forum, especially the Grocery Challenge for ideas. Any way you could cut back on travel costs?

When you say you've decided to consolidate your debt, what exactly are you doing? This might end up costing you more - it'd be good if you could post up a breakdown of your debts so people can advise on the best way ahead.

Good luck!

bank_of_slate

MissRich wrote: »

I need some advise as Im 29 have £1671 after tax and really want some suggestions over how to clear debit QUICKLY.
:money:
I brought a property over a year ago and in one year have collected a debit of £5500 (NEARLY £7000 including interest over 3 years). I want to clear this debit in a year! but need some advise over how to draw up a realistic budget.

I have used some of the money saving Experts tips and have drawn up a Budget plan and decided to consolidated my debit. My budget feels quite drastic and an financial adviser who said it was not realistic.

Morgage and bills 910
Water bill 26
Electricity 15
phone 40 Can you change company? Is this mobile phone?
Internet 12 Can you combine phone, TV & internet to 1 company?
Food 86.60Do you meal plan and take packed lunches to work?
Going out 35
Travel 116 Is this public transport? Would your work be prepared to run a company discount scheme with the local travel company?
Loan 158
Saving / extra money for debit 80
Leisure 32.50 What is this for in addition to going out?
Christmas 7
Birthday 7
Clothes 20
Hair 67 Whoa! per month??????????

Please let me know if you have any suggestions over cutting back money.

Hi and welcome, hope these suggestions are helpful!
...Linda xx

MissRich

Hello completelyspent vbmenu_register("postmenu_11447417", true);
Thanks for your reply I have afro hair and I get a discount because get the hairdresser clients but I might try doing my hair myself although this would be very time consuming. Do you know if flats can have water meters?

MissRich

Thanks Linda for your reply!
I pay £25 as a discount for my mobile because I didnt upgrade my phone and pay £9 on BT land line and spend a couple extra for additional calls. Can you combine a T.V lisence with an Internet company? I spend around £20 on food shopping and try not to spend more than £2 a day on lunch. I havent heard of a company discount scheme whats that?
Many thanks
Daviniax

MissRich

Hello redsquirrel80 vbmenu_register("postmenu_11448045", true); thank you for your reply!

I will have a look at the old style forum although my food bill use to be 50 a month (I eat a lot!). I have also tried bying store brand food to cut the costs but I'm sure I could cut them even more!

I consolidated my debut into a personal loan because had two overdrafts and cardit bill and found the loan more productive because it forced me to organise and control my spending better although I must admit it my over draft costed 5 pounds a month and credit card was 0%. I just found it too difficult not to respend on the card and to ignore the overdraft.

I'm so annoyed that I took out the loan that I think it will motivate me to keep to my budget!