Well the large majority of it, in fact £686.84 a month goes on three loan repayments, approximately £80 on credit card repayments and about £15 on store cards. That’s an eye-watering total of £781.84 a month in debt repayments!

I can’t believe I’m being so honest about all this, but I’ve been doing my research on money saving tips and debt free advice and all this honesty is allegedly going to help me in the long run. According to the money experts when you are honest to yourself about your spending habits it’s the first step in the right direction to freeing up your debts.

My loans can be reduced by cancelling the insurance on them, but more about that at a later date. I have already balance transferred my two credit card balances to other cards that are giving either interest free or lower interest rate deals- I just need to make sure I don’t spend on them again and to then reduce my monthly repayment to the minimum.
I have to admit I’ve not cut the old ones up, as is so often advised, as they may in the future offer one of these deals so I can continue transferring my balances until they are paid off, you get the picture.
What I can’t change is the rent and food bills, so they will stay the same, coming in about £300.

When calculating a budget plan of my finances like this its clear from the totals that I’m spending more than I earn and I’ve not even started to take into consideration living costs each month like petrol, gym membership, mobile phone, clothes and make-up, not to mention my daily lunch-time trips to Tesco for my magazine fix, Asda for my bargain cashmere and DVD’s and finger-licking KFC, MacDonald’s and Costa coffee! But at least now I can see where I need to start my penny pinching.

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