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  • FIRST POST
    • sunflowerlady
    • By sunflowerlady 14th Jan 20, 1:06 PM
    • 54Posts
    • 98Thanks
    sunflowerlady
    SOA - Any advice gratefully received
    • #1
    • 14th Jan 20, 1:06 PM
    SOA - Any advice gratefully received 14th Jan 20 at 1:06 PM
    A few people on here suggested I fill an SOA in, so here it is!


    We've had credit cards for as long as I can remember, cleared with a loan a couple of times but always gone back to the bad habits of living beyond our means and just putting it on credit.


    Bit older, and almost wiser, and we seem to have stopped reaching for the credit card like we used to and have been trying to pay them back but it's all getting a bit overwhelming with all the 0% rate swapping etc. etc.


    The CC/Loan debt is pretty much 17 years of living beyond our means at an average of £200.00pm!


    *we would like to clear our debts by taking equity out of the house*


    I know this is a big no, no for most people but we feel that we are able to close our CC accounts and with the excess we save, start to increase our savings/shares and use that instead of credit!


    If we could borrow £40k over 15 years and have it paid off at the same time as the mortgage that would really help us out with other goals - such as saving for POTENTIAL University and Weddings.


    We have 24/26 years left at work respectively and DH is looking at a promotion later this year (obvs not guaranteed) and I am currently studying to finalize my qualifications.


    And as a final note - DH gets anywhere between £1,500 and £3,000 bonus each year (not included below).


    Statement of Affairs and Personal Balance Sheet


    Household Information


    Number of adults in household........... 2

    Number of children in household......... 2 (Under 11)

    Number of cars owned.................... 1


    Monthly Income Details



    Monthly income after tax................ 2567.1

    Partners monthly income after tax....... 1909.9

    Benefits................................ 137.6 (Child Benefit)

    Other income............................ 0

    Total monthly income.................... 4614.6



    Monthly Expense Details


    Mortgage................................ 902 (15 years left and includes monthly overpayment)

    Secured/HP loan repayments.............. 275 (Loan to pay CC)

    Rent.................................... 0

    Management charge (leasehold property).. 0

    Council tax............................. 139

    Electricity............................. 42.5 (Elec & Gas Combined £90pm)

    Gas..................................... 42.5 (Elec & Gas Combined £90pm)

    Oil..................................... 0

    Water rates............................. 39.31 (Water meter)

    Telephone (land line)................... 0

    Mobile phone............................ 121.64 (inludes 3 x mobiles, no land-line, broadband, spotify, Netflix)

    TV Licence.............................. 12.83

    Satellite/Cable TV...................... 0

    Internet Services....................... 0

    Groceries etc. ......................... 400 (includes household items)

    Clothing................................ 50

    Petrol/diesel........................... 70

    Road tax................................ 3.21

    Car Insurance........................... 26.23

    Car maintenance (including MOT)......... 50

    Car parking............................. 0

    Other travel............................ 0

    Childcare/nursery....................... 40 (after school club)

    Other child related expenses............ 100 (Sports Club, Tutor)

    Medical (prescriptions, dentist etc).... 8

    Pet insurance/vet bills................. 0

    Buildings insurance..................... 7.5

    Contents insurance...................... 7.5

    Life assurance ......................... 70.45 (inc, Critical illness)

    Other insurance......................... 0

    Presents (birthday, christmas etc)...... 150 (def needs upping)

    Haircuts................................ 30

    Entertainment........................... 100

    Holiday................................. 200

    Emergency fund.......................... 100

    Bank Fee................................ 15.5

    Total monthly expenses.................. 3003.17



    Assets


    Cash.................................... 2000

    House value (Gross)..................... 280000

    Shares and bonds........................ 6000

    Car(s).................................. 1500

    Other assets............................ 3000

    Total Assets............................ 292500



    Secured & HP Debts


    Description....................Debt......Monthly.. .APR

    Mortgage...................... 160000...(902)......0

    Secured Debt.................. 2070.7...(275)......0 (ends Jan21)

    Total secured & HP debts...... 162070.7..-.........-



    Unsecured Debts
    Description....................Debt......Monthly.. .APR

    Credit Card....................7621.74...265.......0(over paying each month)

    Credit Card....................2877.96...100.......0
    (overpaying each month)


    Overdraft.......................500.......0....... ..0

    Overdraft......................1800......0........ .0

    Store Card.....................1000......90........23.9


    Credit Card....................7039.87...250.......0
    (overpaying each month)

    Credit Card....................10543.9...250.......0

    (overpaying each month)

    Credit Card....................6059.32...200.......0

    (overpaying each month)

    Credit Card....................5091.23...150.......0

    (overpaying each month)

    Total unsecured debts..........42534.02..1305......-




    Monthly Budget Summary


    Total monthly income.................... 4,614.6

    Expenses (including HP & secured debts). 3,003.17

    Available for debt repayments........... 1,611.43

    Monthly UNsecured debt repayments....... 1,305

    Amount left after debt repayments....... 306.43





    Personal Balance Sheet Summary

    Total assets (things you own)........... 292,500

    Total HP & Secured debt................. -162,070.7

    Total Unsecured debt.................... -42,534.02

    Net Assets.............................. 87,895.28



    Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.



    Thank you!
Page 1
    • EimearF
    • By EimearF 14th Jan 20, 1:15 PM
    • 30 Posts
    • 42 Thanks
    EimearF
    • #2
    • 14th Jan 20, 1:15 PM
    • #2
    • 14th Jan 20, 1:15 PM
    I dont think you should add the debt to your home. As you have said already you have consolidated before and it didnt prevent you racking the debt up again.

    You have high grocery spends and are putting £200 a month for holidays, which you cannot afford at the minute.

    You should switch your overpaying to the store card which you could clear within a months or two and free up money to snowball.

    I think snowballing - either Dave Ramsey or Martin Lewis method is right for you. Focus your overpayments so you see successes and you will stay motivated.

    Good luck. Its a tough journey but you have the means to solve this.
    Light Bulb Moment 13/09/17: Non- Mortgage Debt £42295
    01/04/19: Non-Mortgage Debt £13645
    01/10/19: Non-Mortgage Debt £9707
    01/11/19: Non-Mortgage Debt £5525
    14/01/20: Non-Mortgage Debt £883
    • Willing2Learn
    • By Willing2Learn 14th Jan 20, 1:40 PM
    • 5,199 Posts
    • 4,840 Thanks
    Willing2Learn
    • #3
    • 14th Jan 20, 1:40 PM
    • #3
    • 14th Jan 20, 1:40 PM
    If you were to keep your existing budget, you could use your £306.43 monthly budget surplus, to repay all your unsecured debt in 11.5 years. If you factor in unbudgeted bonuses, possible promotion for your DH, and your income increasing once you are fully qualified, then starting a debt snowball rolling could well be a sensible way to pay down those debts, over a reasonable period of time.

    There are two differing methods to snowball debts. They are described in the article linked below:
    https://www.thebalance.com/debt-snowball-vs-debt-stacking-453633
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • monetxchange
    • By monetxchange 14th Jan 20, 1:47 PM
    • 137 Posts
    • 253 Thanks
    monetxchange
    • #4
    • 14th Jan 20, 1:47 PM
    • #4
    • 14th Jan 20, 1:47 PM
    Donít put money on to your home. Youíve said it yourself - youíre bad with money and have been overspending to get to this point. How would that change if you suddenly have a lump sum to take the pressure off? Iíd guess youíd remain the same. Then youíd be back here in a few years with £20k of credit card debt PLUS an extra £40k on the house. Donít ever risk your home.

    Learning to spend within your means and tightening your belt for a while really helps to put things into perspective and teaches you how not to repeat the cycle in the future.

    Iím guessing this is an aspirational SOA, or else you wouldnít be in CC debt. Could you split mobiles, broadband and TV services such as Netflix onto separate lines so we can see if there are savings to be made?

    The presents budget is huge. Times that by 12 - £1800 a year for two small children. Thatís around £450 each for birthday and Christmas. A crazy indulgence. Stop buying for adults and buy young relatives token presents only. Ask your friends and relatives with kids if theyíd like to all agree to opt out of buying for each otherís kids - Iíd bet many would welcome it. At the end of the day, I bet youíre buying toys that get thanked for and mostly left to one side - a waste of everyoneís money.

    Learn how to cook from scratch and batch cook. Your grocery spend could go down at least £100 easily. Cancel your bank fee - packaged accounts are not a priority at the moment. Cancel your holiday money - or reduce it down to get a cheap Sun £9.50 caravan holiday. My friends kids love those, often much more than expensive trips abroad.

    You can do this! Now youíve taken the hardest step of writing it down and asking for help, the rest is all up. Youíve got a decent surplus, one you could increase, and you could smash the debt down in no time. Weíre always here to help, have been there myself
    Highest Debt: £29,500. LBM: April 2019
    TO GO: Barclaycard £11,307 £3,500 | Overdraft £2,575 £300
    GONE: HMRC £8,500 £0 | Renovations £3,500 £0 | Vanquis £3,222 £0 | Capital One £1,410 £0
    • -taff
    • By -taff 14th Jan 20, 2:48 PM
    • 10,813 Posts
    • 16,279 Thanks
    -taff
    • #5
    • 14th Jan 20, 2:48 PM
    • #5
    • 14th Jan 20, 2:48 PM
    Use the overpayment on the mortgage to pay the CCs. You definitely do not need to up your presents quota, you need to redue it, to maybe 10 a month..Check your mobile contracts, if they're up, go sim only. You don't need a flashy phone, in fact, unless you actually use it for anything else other than keeping in touch with people and emergencies, you can go down a version or two of whatever you have now.


    Get into the mindset that you need to pay your debt off, not increase it by saving for things that shouldn't be on your list right now until you've got a handle on your debt and how your budget actually works. Presents and holidays are not a necessity until you've done this because while you're thinking about them, then you're thinking, yeah, we can afford it, and you can't.

    As above, snowball your debts for a while, see where you actually are spending money [ have you really got 300 quid left every month?] and rejig your budget accordingly.


    If I've said anything above above that you're thinking, 'no, couldn't do that! I/they deserve...whatever it is' then you are not thinking in terms of debt owed, you're still in the mindset of, I can afford that monthly payment so why not have...whatever it is.
    • sunflowerlady
    • By sunflowerlady 14th Jan 20, 4:43 PM
    • 54 Posts
    • 98 Thanks
    sunflowerlady
    • #6
    • 14th Jan 20, 4:43 PM
    • #6
    • 14th Jan 20, 4:43 PM
    EimearF and Willing2learn......

    Thank you for this. I have just downloaded a snowballing tool which I am going to complete tonight. You're right about holidays, we've committed to a holiday in May this year and would lose more cancelling than going, but after that it's going to be camping only for us for a couple of years. I keep reading about people spending £200pm on food shopping, I really don't know how they manage!
    Last edited by sunflowerlady; 14-01-2020 at 4:57 PM.
    • sunflowerlady
    • By sunflowerlady 14th Jan 20, 4:54 PM
    • 54 Posts
    • 98 Thanks
    sunflowerlady
    • #7
    • 14th Jan 20, 4:54 PM
    • #7
    • 14th Jan 20, 4:54 PM
    Monetxchange,


    When you say aspirational do you mean not factual? I have put everything on there! But obviously it hasn't always had the same numbers for the past 17 years, this has been a slow and steady build up of debt, not a few sudden large purchases.


    Mobile phone............................ 121.64 (inludes 3 x mobiles, no land-line, broadband, spotify, Netflix)

    (Breakdown is - Vodafone £85.65 per month - this is my mobile (no landline), Broadband and Spotify. Then 2 x £15pm for DH and DS Mobiles and £6pm for Netflix)


    As for presents, we spend £100 each on the two children at Christmas, I know it is crazy crazy but as a family we buy for all nieces and nephews (gift vouchers since 2019), both of our own parents, my brother who is single, a couple of friends children, the old lady over the road, kids teachers, secret santa, then of course there are the million kids parties during the year plus nieces/nephews, friends kids, our own kids....I could go on but you are probably wanting to shake me as it is........We definitely spend £1800 per year!
    Last edited by sunflowerlady; 14-01-2020 at 4:57 PM.
    • sunflowerlady
    • By sunflowerlady 14th Jan 20, 5:00 PM
    • 54 Posts
    • 98 Thanks
    sunflowerlady
    • #8
    • 14th Jan 20, 5:00 PM
    • #8
    • 14th Jan 20, 5:00 PM
    [QUOTE=-taff;76721194]


    Get into the mindset that you need to pay your debt off, not increase it by saving for things that shouldn't be on your list right now until you've got a handle on your debt and how your budget actually works. Presents and holidays are not a necessity until you've done this because while you're thinking about them, then you're thinking, yeah, we can afford it, and you can't.

    You're dead right there Taff, I've been having conversations with some friends about a big holiday in 2021 - we can't afford it one bit and I am going to be honest and just tell them
    • EimearF
    • By EimearF 14th Jan 20, 5:05 PM
    • 30 Posts
    • 42 Thanks
    EimearF
    • #9
    • 14th Jan 20, 5:05 PM
    • #9
    • 14th Jan 20, 5:05 PM
    Sunflowerlady you are in a similar position as i was financially 2.5 years ago (debt level and amount available monthly to service it) and ill be debt free this month.

    You can do this in two years with some focus and 3 with a few falls form the wagon. I know it seems daunting but you can do it.

    Listen to Dave Ramsey's post cast if you need someone to yell at you a little to stay on track lol
    Light Bulb Moment 13/09/17: Non- Mortgage Debt £42295
    01/04/19: Non-Mortgage Debt £13645
    01/10/19: Non-Mortgage Debt £9707
    01/11/19: Non-Mortgage Debt £5525
    14/01/20: Non-Mortgage Debt £883
    • SusieT
    • By SusieT 14th Jan 20, 7:51 PM
    • 398 Posts
    • 882 Thanks
    SusieT
    With the changes to overdraft changes that are approaching it may be worth targeting them first and then not using them, as they are going to be expensive, and also can be recalled on demand so with savings in some categories and adding in the overpayments they should clear quite fast.
    Other than whats already been said above, presents should be reduced and try looking in £ shops for token sweets or similar for parties, no need to be spending loads on them. If you cut back to just children and tokens rather than spending a lot you can really save a lot there.
    Changing the mobiles (as the contracts end) all to gif gaf will save a lot, free calls to other gif gaf numbers and a lot cheaper plans than you have at the moment.
    Credit card debt - NIL
    Home improvement loans 41,000 now 30,130 26% paid original finish dates 2025 and 2027
    Mortgage 100,000 now 64,513 35% paid
    • monetxchange
    • By monetxchange 14th Jan 20, 7:59 PM
    • 137 Posts
    • 253 Thanks
    monetxchange
    I wasnít saying not factual in that you were making it up, just that you may be underestimating as it canít be the budget you actively stick to as itís relatively modest - if you had £300+ spare a month you wouldnít have any debt and much more in cash savings than £2K (plus savings for holidays and emergency fund and Christmas youíre presumably putting aside).

    Iím not surprised you can spend £1800 a year on presents, my point was you shouldnít be. You arenít in a financial position to until you clear your debts.

    Iíd seriously suggest cutting out some of the adults you buy for (via mutual opting out as described above). Iím sure a lot of friends and family would welcome it. Friends kids will get loads from family - you donít need to add to it.

    Any absolutely necessary buys: kids parties - by a token gift: goodie bag made up of Poundland sweets/toys. Split packs to make several gifts. Look for deals for cheap gifts for older relatives/neighbours - 2 for 1 sets, make a jam, get the kids to craft something.

    I know many teachers and the majority of gifts get given away - they get hundreds of chocolates and ďbest teacherĒ mugs that they simply canít get through them. Just get the kids to make a card. Secret Santa is inevitably tat - Poundland it is from future!
    Highest Debt: £29,500. LBM: April 2019
    TO GO: Barclaycard £11,307 £3,500 | Overdraft £2,575 £300
    GONE: HMRC £8,500 £0 | Renovations £3,500 £0 | Vanquis £3,222 £0 | Capital One £1,410 £0
    • sunflowerlady
    • By sunflowerlady 14th Jan 20, 9:05 PM
    • 54 Posts
    • 98 Thanks
    sunflowerlady
    Iíd never buy someone something that I wouldnít want to receive myself. Iíve always put a £10 budget on kids party gifts but I think from now on Iíll just put £5 in their card instead. It cuts my spending on this by 50% and then they can either save it or buy something they want. As for Secret Santa, I actually made half of it this year (bought the rest for the £10 budget) and the ungrateful recipient moaned about it in front of everyone! I wonít be partaking next year! Teachers - I arrange the collections and buy vouchers because I know this is what the teachers want and it keeps it to £5 per child.

    I actually can be quite savvy but these credit cards are weighing us down.
    • Happier Me
    • By Happier Me 14th Jan 20, 9:31 PM
    • 546 Posts
    • 1,218 Thanks
    Happier Me
    For kids birthday parties, we cut back by only allowing the kids to go to parties in their immediate friendship group. If an invite arrives and I haven't at least heard the child's name mentioned regularly then my kids would not be going to that party.

    If you stick to this SOA AND throw your £300 surplus at your debt AND your husbands bonus you could be debt free well within the next three yeass. That assumes the interest rates you quote are correct. So why not focus your energy on sticking to this budget and securing that surplus? Yes, you could make some savings on that SOA and there is a job to visit every line to either reduce costs by shopping around or asking if the spend is a genuine need or not. But you can address this in a few short years just be being disciplined.

    I have a question though (and it is meant with good intentions...) If you have genuinely been living to this budget for a while, then your debt should have reduced by around £15k over the last 12 months... is this the case or are you kidding yourself that your spending is under control?
    • middleclassbutpoor
    • By middleclassbutpoor 14th Jan 20, 9:47 PM
    • 649 Posts
    • 605 Thanks
    middleclassbutpoor
    Do not consolidate debt into your home.

    You have £2k in savings and you have £6k in investments. I would cash in the investments and take £1k from your savings. This will leave you with £1k as an emergency fund.

    Use the £7k against your debts

    Secured Debt.................. 2070.7...(275)......0 (ends Jan21)

    Unsecured Debts

    Description....................Debt......Monthly.. .APR

    Credit Card....................2877.96...100.......0
    (overpaying each month)

    Overdraft.......................500.......0....... ..0

    Store Card.....................1000......90........23.9


    You should then be able to apply the remaining amount to

    Overdraft......................1800......0........ .0

    You have mentioned you are overpaying on lots of your debts. How much are you overpaying including your mortgage? It looks like if you can stick to your budget above, you will have at least £770 to put towards overpayment with the £465 more per month you have freed up by using your savings and investments. I would then look at repaying the overdraft off with this next.

    I would pay £1 more than min balance on all your remaining credit cards and put your mortgage back to minimum and then apply all these overpayments to your £770 above and clear your debt through the avalanche/snowball method to your remaining debt of approx £36k.

    You need to budget your way out of this and you need to get control of your spending. You earn good wages but you are living well beyond your means at the moment carrying all of this debt.

    Ways you can squeeze more out of your budget - increase your income, reduce groceries, reduce your mobile phone costs, stop going on holiday, don't save any more into your emergency fund, spend less on birthdays/Christmas. Use your bonuses.

    I had £48k of debt and a good wage and Im nearing the end of my journey with my personal debt so it can be done with a bit of sacrifice. You need to think that you could clear this within 18-24 months if you knuckle down.

    I would ensure that I fully close down accounts once repaid.
    • monetxchange
    • By monetxchange 14th Jan 20, 10:47 PM
    • 137 Posts
    • 253 Thanks
    monetxchange
    Halving the present spend would be a great start. I personally can’t see the point of you putting a fiver in a card for a friend and then that friend putting a fiver in a card on your birthday and thus passing the same fiver around, but it’s important to keep some items on the budget that bring you enjoyment.

    I would question whether you’re that “savvy” though. Are you sure you’re not in a bit of denial about your spending? You say it’s built up over a while, but to amass £42k of unsecured debt is huge and indicates a fairly consistently high spend over your budget month on month.
    Highest Debt: £29,500. LBM: April 2019
    TO GO: Barclaycard £11,307 £3,500 | Overdraft £2,575 £300
    GONE: HMRC £8,500 £0 | Renovations £3,500 £0 | Vanquis £3,222 £0 | Capital One £1,410 £0
    • Andyjflet
    • By Andyjflet 15th Jan 20, 8:00 AM
    • 187 Posts
    • 179 Thanks
    Andyjflet
    As above, £40k of CC debt is a lot but then you know this.

    I would look up Dave Ramsey, watch the videos and podcasts and then sort yourself out which you should do quite quickly.

    BS 0 Bring your OD up to date £0
    BS 1 Save £1000 emergency fund
    BS 2 Start paying down your debts in a snowball method, take the smallest balance (for quick wins and good feeling !) so the store card of £1000 and throw everything at this, stop all other saving and investing at this point. Pay the minimum balances on the other payments.

    You could knock this out reasonably fast with focus, that means not holidays or luxuries.

    Once the store card is paid off then close it and throw the £90 a month at the £2877 credit card.

    Get a budget sorted, also consider cashing in your bonds of £6000 and adding that to the debt snowball.
    Baby Step 1 - £0 saved for emergency fund
    M&S Loan £14446 inc interest full term
    M&S Credit card 0% £3787.80
    Hitachi Loan 0% £173.44 ends March 2020
    • sunflowerlady
    • By sunflowerlady 15th Jan 20, 12:45 PM
    • 54 Posts
    • 98 Thanks
    sunflowerlady
    I've been busy since my last post.


    1. I have put together a spreadsheet of all debts (credit cards, store card, loan, overdrafts) - and unbelievably I found a CC that I forgot we had . The spreadsheet includes the balances at Jan 2020, the interest rates and their expiry dates, the minimum payment that is needed each month, and when the payment is due. I have sorted this list into priority of highest interest rates first (plus the two overdrafts) and I have made a plan to round all the minimums up to the nearest £10 on all the 0% debts and concentrate on paying off the priority debts.


    2. I have put £250 per month on a Standing Order to an account in DH's name - this is to cover Emergencies, Car Maintenance, Social events and Birthdays/Christmas.


    3. Holidays - we are committed to one in May - its all inclusive and 95% paid for so cancelling it would not make sense. We had a booking on a hotel for October, it was only reserved with free cancellation but we were planning (without any idea how would pay for it without reaching for the CC) on going so would have had to pay for that plus flights, plus spending - I have cancelled the reservation. On top of all that, we had been discussing a BIG holiday for 2021 which would have cost in excess of £10,000, Today, we have told our friends that we are not going and why.


    4. Groceries - We are sitting down at the weekend to go through the bank statement and figure out where we are spending the most.


    5. I love the idea of thinking of the big bad number as 100% and working in chunks of 1% at a time. We can pay 3 & 4% per month off, not including DH bonus (which is all going towards the debt) or my overtime (project for next 3 months).


    6. How do I make one of those signatures for the bottom of my post? I want to put a visual of where we started and update it regularly.


    Thanks all
    • Willing2Learn
    • By Willing2Learn 15th Jan 20, 1:32 PM
    • 5,199 Posts
    • 4,840 Thanks
    Willing2Learn
    If you have the forum setup the same as me, then you can access the 'Edit Signature' option by selecting the 'Quick Links' drop-down menu


    And don't be hard on yourself for missing a debt out from your SOA. It can take several attempts before your SOA reflects real life. Having a spreadsheet is an excellent way to track where all your money is going.
    Last edited by Willing2Learn; 15-01-2020 at 1:38 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • sunflowerlady
    • By sunflowerlady 15th Jan 20, 1:57 PM
    • 54 Posts
    • 98 Thanks
    sunflowerlady
    If you have the forum setup the same as me, then you can access the 'Edit Signature' option by selecting the 'Quick Links' drop-down menu


    And don't be hard on yourself for missing a debt out from your SOA. It can take several attempts before your SOA reflects real life. Having a spreadsheet is an excellent way to track where all your money is going.
    Originally posted by Willing2Learn
    Thank you!!!!!
    Jan 2020: Loan £3,576.17, Credit Cards £42,401.86, Store Card £1,833.61, Overdrafts £2,300.00. Total Debt: £50,111.64 / 1% = £501.12

    Jan 2020 Update: Loan £3,301.08, Credit Cards £41,333.86, Overdrafts £2,300.00. Total Debt: £46,934.94 / 1% = £469.35
    • OnlyPariah
    • By OnlyPariah 15th Jan 20, 2:38 PM
    • 123 Posts
    • 304 Thanks
    OnlyPariah
    You've done really well admitting to yourself there is an issue and getting your SOA done. As W2L says it can take a few goes to get it to reflect the true picture.

    Well done on cancelling the big holiday next year and the October break. It can be difficult getting used to not doing the things you want to do but you really need to break the habit and now and have a proper budget for these things. Once you've paid down the debt that is.

    You've got a good surplus and by being more careful on your spends you'll have this issue resolved in no time.
    Tesco £7647.88 £7,488.96 Asda £2,552 £2,300 Virgin ££4,204.95 £4,204.95
    Halifax £2,853 £2,796.64 Barclaycard £7,866.32 £7,866.32 Wedding £488 EF £63
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