Need a bit of motivation

A question about : Need a bit of motivation

Hi all,

I've been hovering around here for a while now but been too scared to post in case people think im just stupid but I need a bit of motivation now.

I'm 23, single mum to a 2.5yo and in quite a lot of debt my ex (FOB) got me into it all about 2/3 years ago and I'v been slowly chipping away at it since I got my job a year ago but that seems to be all I'm doing. I don't seem to be making a dent in it and on my friends suggestion of joining Equifax instead of noddle I discovered I had even more debt I didn't know about til recently .

I know I have a problem with money in that I spend impulsively but I want to get this debt out of the way now and hopefully have it all paid off by this time next year.

I will post a SOA in a minute.

Guess I just think if I post here and update every month with what I have paid off it will give me motivation to pay it off.

Thanks for reading

Best answers:

• 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................ 1000
  Partners monthly income after tax....... 0
  Benefits................................ 698
  Other income............................ 22.4
  Total monthly income.................... 1720.4
  Monthly Expense Details
  Mortgage................................ 0
  Secured/HP loan repayments.............. 0
  Rent.................................... 120
  Management charge (leasehold property).. 0
  Council tax............................. 35
  Electricity............................. 34
  Gas..................................... 34
  Oil..................................... 0
  Water rates............................. 55
  Telephone (land line)................... 35
  Mobile phone............................ 12
  TV Licence.............................. 12
  Satellite/Cable TV...................... 0
  Internet Services....................... 0
  Groceries etc. ......................... 200
  Clothing................................ 20
  Petrol/diesel........................... 0
  Road tax................................ 0
  Car Insurance........................... 0
  Car maintenance (including MOT)......... 0
  Car parking............................. 0
  Other travel............................ 61
  Childcare/nursery....................... 660
  Other child related expenses............ 0
  Medical (prescriptions, dentist etc).... 0
  Pet insurance/vet bills................. 0
  Buildings insurance..................... 0
  Contents insurance...................... 0
  Life assurance ......................... 13
  Other insurance......................... 0
  Presents (birthday, christmas etc)...... 20
  Haircuts................................ 10
  Entertainment........................... 30
  Holiday................................. 30
  Emergency fund.......................... 0
  Total monthly expenses.................. 1381
  
  Assets
  Cash.................................... 0
  House value (Gross)..................... 0
  Shares and bonds........................ 0
  Car(s).................................. 0
  Other assets............................ 0
  Total Assets............................ 0
  
  No Secured nor Hire Purchase Debts
  Unsecured Debts
  Description....................Debt......Monthly.. .APR
  Lowell.........................433.......0........ .0
  Virgin.........................269.......0........ .0
  Natwest........................1406......0........ .0
  Friends and Family.............600.......0.........0
  Avon...........................63........0........ .0
  Lowell.........................795.......0........ .0
  Provident......................270.......0........ .0
  BT.............................313.......0........ .0
  Wonga..........................441.......0........ .0
  Total unsecured debts..........4590......0.........-
  
  Monthly Budget Summary
  Total monthly income.................... 1,720.4
  Expenses (including HP & secured debts). 1,381
  Available for debt repayments........... 339.4
  Monthly UNsecured debt repayments....... 0
  Amount left after debt repayments....... 339.4
  Personal Balance Sheet Summary
  Total assets (things you own)........... 0
  Total HP & Secured debt................. -0
  Total Unsecured debt.................... -4,590
  Net Assets.............................. -4,590
  Created using the SOA calculator at www.stoozing.com.
  Reproduced on Moneysavingexpert with permission, using other browser.
• Hi Stephg20,
  You've done the right thing posting here. There is so much support on this forum, it amazes me and many posters have been in your situation previously so are familiar with your worries, feelings and challenges ahead.
  post the SOA and and many of the kind people on here will try to advise the best places to save money. Don't forget to post all debt balances including APR as snowballing debts really does work.
  here's the link to give you an idea of when you will be debt free........https://www.whatsthecost.com/snowball.aspx
  Don't give up, keep posting and you will have the diary to look back on and reflect how far you get on your journey. That in itself will be motivating.
  I wish you all the best but well done to post here, it takes courage and is the first step in the right direction.
  DB
• Hi
  Thanks for reading
  I appreciate my SOA is quite vague and I seem to have a lot of money left over at the end of the month but I really don't I don't understand where it all goes.
  My wage is just a variable as I work shifts so sometimes its more and sometimes its less but it seems to be around the Ј1000 mark at the moment, depends if I get more or less hours.
  I don't get charged any interest on any of my debts, I don't know why but I have had the wonga loan out for over 2 years and it has never gone up (I had a debt management plan in place when I first split with my ex and I think they managed to cancel all the interest) but I don't really want to go down that route again.
  I do alot of surveys online too (onepoll, populus live, newvista, valued opinions and clixsense) and any money I get off them goes straight on my debts
• My water rate is high because last year I was on benefits and I didn't pay it for a few months so its my current water bill plus the money that I didn't pay last year.
  I'm trying to get my grocery bill down but I find it really hard plus I think my extra money is going on food because I do shift work if I finish at 8pm I'll just think its easier to get something from KFC or something D: need to stop doing that lol
• Not really
  What I think I'm gonna do is make sure all my bills are paid which is about Ј450 a month then put Ј200 away in another account for the rest of the month (Ј50 a week) then the rest I'll just put on a debt.
  MY tax credits and child benefit (Ј175 weekly) pay for my nursery costs (Ј165 weekly).
  I keep saying I'll do this then I'll get my wage in my account, think ooohhh money, then I'll go and buy something
  I also have a vanquis credit card (limit Ј250) which I got 2 months ago saying I'll put Ј30 on a month and pay off in full to help my credit rating but for the last 2 months I've had it up to the limit then had to pay that off first and I've been left with nothing grrr. I don't know whether to pay it off this month and shred it or keep it and try and show a bit more restraint or use it to pay off my debt? Just stick something on it every month to pay off next month, I know I'll pay it then because the interest is 59.9% but I don't know if thats a good idea :/
• Pay off the vanquis card, 59.9% is very high and you don't want to add that to your list of creditors. If you want to use this card and pay off in full then maybe use it for your groceries each month.
  Ј200 pcm only equals Ј50 pw on a 4 week month though and if we have a 5 wk month then this budget will equal Ј40 pw or Ј46.15 when calculated annually (keep an eye on that one)
  By splitting your money up into different categories it should stop that big lump sum once a month seem so appealing to spend. The day it goes in make sure you've got it allocated for a purpose/pot/account/jar etc
  Pick the debt with the highest interest rate and overpay on that along with minimum payments to that and all others to keep them up to date. When that one has finished move onto the next highest rate debt and use the minimum and overpayment money from the 1st debt and add this to the minimum payment of the 2nd debt to get that balance down to zero (it is a hard long slog but will be worth it and the reducing balance should give you motivation and determination to keep going)
  I hope this is helping in some small way
  DB
• It is, thank you
  I've just made a spreadsheet on my computer as well with all my debts on it with how much I'm paying off each month, I think it'll help seeing the total go down
  And I've made one with all my incomings and outgoings on it, I really want to know here this Ј300+ a month is going, probably to mcdonalds lol
  Thank you for all your help
• oooh I do love a good spreadsheet
  I found this link handy for spreadsheets off someone on here
  https://www.vertex42.com/ExcelTemplates/budgets.html
  Everything becomes so much clearer when it's down in black and white
  DB
• Just to check Op your rent looks very low - is that because you get housing benefit - if so do you receive the Hb or is it paid direct to your landlord - just wanted to make sure you weren't counting it twice! Good luck, the beginnings of this journey are always the hardest, and there is plenty of good advice here.
• yeah i get housing benefit i live in a council house so it goes straight to them, the Ј120 is the difference I pay.
• Hi Steph
  Good to read your post, I think you could make a saving on your groceries if it is just you & one little one? I feed 2 adults & a 5 year old on around the same so it is doable. Do you meal plan? Shop around for bargains? Etc. Is there a lot going to waste at the moment?
  Not a criticism just an area you have control over at least. Have you seen the grocery challenge on here? It's great fun with a lot of motivation from others.
  Good luck clearing your debts, they look like you definately can do it.
  Bob
• Hi bob,
  I do struggle with my groceries to be honest, i hqve a chest freezer and two cupboards full of food atm but i can never find a meal out of it all then i go shopping for more :/. I think thats my main problem with money atm
  But, saying that, i only have Ј40 to last me til the 21st when i get paid so im going to try and hang on to most of that and eat out of my freezers and cupboard then start again with my food shopping. Then i can try and do it for Ј40 a week then eventually Ј30.
  I feel so much better now that i have posted on here, i feel that i am already looking at money differently iv had a NSD yesterday and today, so proud lol.
• You know, when you said you had a lot of debt i was thinking a very high number but i think it is not that high and it is doable ! I am sure now you know where money is going, you will get it sorted in no time. Good luck.
  Food planning helps to stick to a budget.x
• Hi morocha,
  It seems alot to me because i got nothing out of it and most of it isnt my debt. I know what you mean though.
• Hi Steph, re the groceries bill.. you can easily get that down..I have 2 adults, a 9yr old and 4 cats here on Ј200 a month for groceries/toiletries.
  I'd recommend looking on the agirlcalledjack website. She cooks some fabulous meals for very little cost and lots of the recipes are great…you can cook big batches too so you will always have something in the fridge when you're home from work.
  For example I cooked this last night: https://agirlcalledjack.com/2013/01/2...-chasseur-48p/
  I made double, so we are having the left overs tonight with crusty bread. It's delicious and super cheap.