New Life Pending.....

Here it is, my attempt at debt busting, learning to budget and create a saving pot!

Im hoping this diary will help me, and enable me to get some tips along the way.

Now ive actually started looking at money (like i should of done years ago) Im shocked at home much money ive just wasted. I literally did not think twice about any of it, even though ive never really had any savings. Every month i would wonder why i had no money, despite earning an ok wage - now i can see so clearly!

I hope you guys can join me in my journey - Please dont hesitate to give me tips on where im going wrong!


Background and info about my life:

I am a single mum, in my early thirties. I work full time and live in London. I have always been silly with money, can even remember it when i was younger wasting money out of my piggy bank/spending it as soon as i was given it etc. I am ashamed to say, I do not think I have ever saved up for anything. I get it, deal with the consequences later. That has meant, I have never learnt the value of things. I have paid ridiculous interest rates, and most importantly to me left myself in a really weak financial situation. If i was to lose my job tomorrow, everything is finished.

So, enough is enough.

I made a budget cutting back everything. I have closed all subscriptions, and taken down all my TV, phone and internet bills ( im contracted in all). I have also set up a bank account and separated each heading off my budget into 'pots' so am always 100% clear on what i have left in my budget as i go through the month.

SOA - New Budget, and what i am living to now.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 2604.17
Partners monthly income after tax....... 0
Benefits................................ 82.8
Other income............................ 0
Total monthly income.................... 2686.97

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1000 (London)
Management charge (leasehold property).. 0
Council tax............................. 114 (moved to over 12 months)
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 45 (just cut this, contracted till may 2020)
TV Licence.............................. 12.5
Satellite/Cable TV...................... 28 (as above)
Internet Services....................... 24 (as above)
Groceries etc. ......................... 200 (sticking to this well with meal planning!)
Clothing................................ 40
Petrol/diesel........................... 120 (company car for private use, no other costs bar tax)
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 280
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 12.5
Entertainment........................... 50
Holiday................................. 20
Emergency fund.......................... 50
Total monthly expenses.................. 2295


Assets
Cash.................................... 50 (only just started this, this month)
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 50

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
CC 1...........................1373.19...42.71.....38
CC2............................442.7.....15.66.... .38
PayPal Credit..................218.76....8.........0 (not sure)
Loan...........................1345.47...90....... .89%!!! (ridiculous i know, and is correct)
CC 3...........................188.2.....50........38
Total unsecured debts..........3568.32...206.37....-


Monthly Budget Summary
Total monthly income.................... 2,686.97
Expenses (including HP & secured debts). 2,295
Available for debt repayments........... 391.97
Monthly Unsecured debt repayments....... 206.37
Amount left after debt repayments....... 185.6

Personal Balance Sheet Summary
Total assets (things you own)........... 50
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,568.32
Net Assets.............................. -3,518.32