Struggling and feeling down about it...

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DigitalDevil
DigitalDevil Posts: 42 Forumite
in Debt-free wannabe
Hey,

How’s everyone’s week going so far?

I’ll keep this short and sweet, I’m “30 something, single and living with parents” but I seem to really struggle with budgeting and more importantly saving to afford to move out...

My monthly take home is £1350 and my expenses are as follows:

Rent: £250
Car: £400
Phone: £140
Other Debts: £400

Total: £1190

Leaving me with £160 each month to cover everything else, obviously “living with parents” means I can manage but the long term is pretty bleak.... I just don’t know what to do to better my situation.... and I’m on the bottom with things.... hopefully you guys can help with some advice :)

Thanks in advance,
DD
«1345

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  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    Please could you give a breakdown of your £400 monthly debts and £400 car monthly payments, as that is where the majority of your income is going. In fact, why not just post up your Statement of Affairs (SOA) so that we can see in detail exactly where you income is going... :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • HonmaDP
    HonmaDP Posts: 69 Forumite
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    Car and phone are way too high.

    What other debts do you have?
  • DigitalDevil
    DigitalDevil Posts: 42 Forumite
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    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Monthly income after tax................ 1350
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1350

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 300
    Rent.................................... 250
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 140
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 0
    Clothing................................ 0
    Petrol/diesel........................... 50
    Road tax................................ 12
    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...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 10
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 812


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


    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 0........(300)......0
    Total secured & HP debts...... 0.........-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    Loan...........................0.........275.......0
    Credit Card....................0.........62........0
    Credit Card....................0.........62........0
    Total unsecured debts..........0.........399.......-


    Monthly Budget Summary
    Total monthly income.................... 1,350
    Expenses (including HP & secured debts). 812
    Available for debt repayments........... 538
    Monthly UNsecured debt repayments....... 399
    Amount left after debt repayments....... 139

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

    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
  • JayRitchie
    JayRitchie Posts: 526 Forumite
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    As said above best to do an SOA and also note what part of the country you are in/ what property prices are like.
  • JayRitchie
    JayRitchie Posts: 526 Forumite
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    How much are the debts and what are the interest rates.
  • Yellow_mango
    Yellow_mango Posts: 450 Forumite
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    I don’t think I’ve ever seen a phone contract that high. How long is left on the contract?
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    okay...so £140/month for a mobile is ridiculous. Example: I have a SIM-only deal for £8/month.

    Would I be correct in assuming the HP/secured debt is on the car? How much is still outstanding on that secured debt?

    How much do you owe on the loan, and on each of the cards? And what are your credit limits on each card?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • HonmaDP
    HonmaDP Posts: 69 Forumite
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    Sell the car, clear the finance and get a run around.

    The mobile contract is ridiculous, who are you signed up with?
  • DigitalDevil
    DigitalDevil Posts: 42 Forumite
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    Willing2Learn wrote: »
    okay...so £140/month for a mobile is ridiculous. Example: I have a SIM-only deal for £8/month.

    Would I be correct in assuming the HP/secured debt is on the car? How much is still outstanding on that secured debt?

    How much do you owe on the loan, and on each of the cards? And what are your credit limits on each card?

    The £140 phone contract is due to end in September and I will be moving across to a SIM-only plan (they appear to be around £15 last time I checked).

    Yeah the £300 is the car, 36 months remaining on the contract.

    I don’t know the exacts for the loan, it has around 18 months remaining. The CC’s have around £1200 on each, limit on one is £1500, other is £1800.
  • Jmaho
    Jmaho Posts: 24 Forumite
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    Being brutal but you don't earn enough to afford to drive a car that costs you 300 quid a month. And as we've already mentioned that mobile phone bill is just ludicrous. If cars and shiny gadgets are important to you then unless you significantly increase your salary, you'll be living at home for a long time
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