A sad case and her light-bulb moment

TLWR

Emmy_L wrote: »

does the management charge cover your TV license and your water rates?
I'm just curious as you put nothing down for them at all?

Oops, should have said - I stuck that in there as I live in a shared house and we all pay £70 a month into a central billing account where all the direct debits come out, so I can't really split the bills out.

LilacPixie - you're right. Where is my cash going? I will have to keep a spending diary and find out.

MrsTine - I do the same but with an Egg Money card, but somehow it never gets far into credit. Again, spending diary time.

Right, I really am going to bed this time!

TLWR

Right, here is a new SOA. I have reduced the groceries budget to £80 - I know that seems like a lot for one person but I already take sandwiches to work and cook from scratch, so am struggling to think of ways to cut it down any more - I'll have a look at the old-style board for inspiration! The £150 for 'entertainment' is Everything Else, as it were - I don't really know how to split it out, as it's give and take: if I spend money on beer, I don't spend it on clothes, etc. It may be that that figure can also get smaller, but I'm leaving it big at the moment till I keep a spending diary for a week and figure out just where my money's going. Contents insurance I forgot last time (duh!). Haircut I put in after realising just how badly I need one!

I suppose what I can see from this exercise is that I'm lucky enough to have spare cash to throw at my debts: what I need help with is a) maximising that spare cash and b) making sure it gets to the debts. I've just set up a standing order to put £175 into a separate account on payday, and from there I can hopefully use it to snowball ASAP and avoid the temptation to spend it instead. Any similar tips?

The other problem I have is my car insurance, which is due for renewal in July. Not having a car is sadly not an option - my job claims not to require one (so they don't have to give us company cars) but really does - and I don't have the £680 or so that the lowest quote I've found will be. Do I go for instalments, with the corresponding heinous rate of interest, or do I do the unthinkable and put it on my card?

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1094
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1094

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 177
Rent.................................... 210
Management charge (leasehold flat)...... 70
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 10
Car Insurance........................... 50
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...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 801

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

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 0........(177)......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin card....................2777......50........20
M&S card.......................1777......50........5.8
HBOS card......................344.......6.........15
Total unsecured debts..........4898......106.......-

Monthly Budget Summary
Total monthly income.................... 1,094
Expenses (including secured debts)....... 801
Available for debt repayments........... 293
Monthly UNsecured debt repayments....... 106
Surplus(deficit if negative)............ 187

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -4,898
Personal net worth...................... -4,898

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