I WILL be debt free by 27th September 2009

saver03 · 21 September 2008 at 3:28PM

As of next Saturday, my 29th birthday incidently, I will have 12 months until my DFW date and still £10500 to go :eek: Is it possible?

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 95.68
Partners monthly income after tax....... 1450
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1545.68

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 16.98
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 11.63
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 21.86
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 100
Lottery................................. 20
OHs football............................ 20
Total monthly expenses.................. 1026.47

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Mum loan.......................10500.....500.......0
Total unsecured debts..........10500.....500.......-

Monthly Budget Summary
Total monthly income.................... 1,545.68
Expenses (including secured debts)....... 1,026.47
Available for debt repayments........... 519.21
Monthly UNsecured debt repayments....... 500
Surplus(deficit if negative)............ 19.21

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -10,500
Net Assets.............................. -10,500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

I have included my basic pay as I am only contracted for 4 hours per week but have been doing more so the extra can go straight off my debt.
There are 2 adults and 1 cat
OH has a van from work so don't pay any vehicle related costs
My mobile is on a cashback offer
I am on Virgin's £30 for phone, internet and TV
Lottery is £3.50 per week and OH wants to keep it as it's his hope!!
I left entertainment blank as I will be at college and working so probably won't really go out and if we do can always use the household emergency fund
I also ebay, when I have time, and make anything from £80-£500 a month

Please feel free to rip my soa apart and give me ANY advice as at this rate I will never achieve my goal of being debt free by the time I am 30 :mad: I am only paying £500 a month, well fingers crossed as it may be too much a struggle, but to reach my target I should be paying £875 so I have a shortfall of £375 a month :eek: I better hope I get a lot more hours at work and ebay like a woman possessed :rotfl:

I am still struggling to cope though with college and work as I have college work to do at home (didn't want to say homework as it sounds too much like school!) I just find that there aren't enough hours in the day and I am just constantly tired, which isn't good for my health. I don't want to get ill but I want to finish college, pay off my debt and also clear about 25 boxes for ebay, all in 12 months :eek: I will have to learn how to manage my time efficiently and also make sure I am getting as much rest as possible.

My 12 month goals:

Finish College with as many Distinctions as possible
Pay off my debt - £0/£10500
Clear my ebay boxes - 0/25
Save some money for drama school/university - £38.17

My mini goals:

Get under £7500 by 31/12/08 - £3001

I will start setting ebay goals when I finally get into a routine with college, work etc.

ANY advice is GREATLY received

redsquirrel80 · 21 September 2008 at 4:46PM

Hello again :hello:

At a first quick glance - are you classed as a full time student? If so you personally would be exempt from council tax and your OH would be able to claim 25% discount as the only person paying it in the household.

Just a flying visit, hopefully there'll be lots of people with more ideas along soon.

Good luck! x

saver03 · 21 September 2008 at 5:01PM

Unfortunately not as we only do 14 hours a week in college :mad: I looked into it and you have to be doing 21 hours :mad:

Monday 10am-4.30pm
Tuesday 10pm-5pm
Wednesday 10am-12.30pm

I wish it included travelling time too :rotfl:

The times I leave and get home:

Monday 8.45am-5.45pm
Tuesday 8.45am-6.20pm
Wednesday 8.45am-1.30pm

saver03 · 28 September 2008 at 1:30PM

It was my birthday yesterday :beer: was great fun as I got LOTS of presents!! I am so spoilt :rotfl: I was quite sensible though as I asked for some books for my college course. But I love opening presents so they could have wrapped a brick up and I still would have loved it :rotfl:

On a college note I do have more books to get as she finally gave us our reading list which was too late for my birthday list :mad: I now have 7 more books to get but I will look around online and see how cheaply I can get them for. I also have lots of college work to do so that should keep me busy and stop me spending money.

I haven't done any ebaying for a while :mad: but what I need to do is get fully caught up with my college work and get into a routine so I can do my ebaying but not fall behind with my college work. There just aren't enough hours in the day!

Well I must go now and get busy but at some point I will be budgeting for the next 5 weeks and hoping to pay a chunk off my debt and get it under £10000.

doodledo_2 · 28 September 2008 at 3:44PM

Happy belated birthday for yesterday. Hope you had a good day.

Good luck with trying to clear your debt before your 30th birthday. I am sure with some determination you will do it.

becky_rtw · 28 September 2008 at 4:25PM

saver03 wrote: »

It was my birthday yesterday :beer: was great fun as I got LOTS of presents!! I am so spoilt :rotfl: I was quite sensible though as I asked for some books for my college course. But I love opening presents so they could have wrapped a brick up and I still would have loved it :rotfl:

On a college note I do have more books to get as she finally gave us our reading list which was too late for my birthday list :mad: I now have 7 more books to get but I will look around online and see how cheaply I can get them for. I also have lots of college work to do so that should keep me busy and stop me spending money.

I haven't done any ebaying for a while :mad: but what I need to do is get fully caught up with my college work and get into a routine so I can do my ebaying but not fall behind with my college work. There just aren't enough hours in the day!

Well I must go now and get busy but at some point I will be budgeting for the next 5 weeks and hoping to pay a chunk off my debt and get it under £10000.

Hi Saver,

I used to get my uni books from last years students! Usually they cost peanuts...or borrow them from the library (quite often if they are core books then the library will have to have so many copies per student). Its also worth looking at whether the college do a hard up students books grant...always worth an ask...

saver03 · 4 October 2008 at 3:21PM

It is not good feeling tired all the time :mad: and I am permanantly cold but I don't really want to put the heating on as it is so expensive :mad:

I just don't have enough time to go to college, do college work and then do all the hours that work have been giving me. Well I do but only if I don't actually sleep :rotfl:

I am just taking a break from college work now and then I am in work tonight 5pm-10pm but at least I am off tomorrow and can have a lie in and try to get all my college work done.

I am also hoping to pay off extra to my mum at some point soon when I finally get time to work the budget out for this month.

racer256 · 4 October 2008 at 5:11PM

Hey saver, Just a wee note to offer you support. I think you can pay it off. A few suggestions are what is your emergency fund for? Can you half it and put it towards your debts? Your electricity & gas seem high. We pay £30 a month or less for a one bedroom flat. One tip is to unplug EVERYTHING apart from the fridge! It makes a difference towards your bill. Big Hugs xx

longhill · 4 October 2008 at 5:41PM

just a note on your books if you do have to buy them do forget to use cashback sites can save a bit

saver03 · 5 October 2008 at 12:49PM

racer256 wrote: »

Hey saver, Just a wee note to offer you support. I think you can pay it off. A few suggestions are what is your emergency fund for? Can you half it and put it towards your debts? Your electricity & gas seem high. We pay £30 a month or less for a one bedroom flat. One tip is to unplug EVERYTHING apart from the fridge! It makes a difference towards your bill. Big Hugs xx

Hi thank you for the support. To be honest the emergency fund is for things we forget to budget for and we generally spend it all most months, bad I know :mad: I agree with halfing it as in theory I shouldn't really need it if I budget correctly. The gas is very high as we have the oldest bolier ever and when we put the central heating on it is practically burning money :mad: It may even come to more than that with the price rises. We do try to add more layers before we put on the heating but in some cases it is just too cold. The landlord has been saying for months he will get a new boiler fitted and I believe this will help reduce the gas so I am going to get OH to chase it up. More recently I have become better at remembering to unplug things but if OH is the last one to bed he is not as diligent :mad:

longhill wrote: »

just a note on your books if you do have to buy them do forget to use cashback sites can save a bit

I have ordered my books online from Amazon as they were cheapest I could find and I went through pigsback so I will at least get something back there.

I am now off to work on my budget and see what kind of lump sum I can pay off my debt as my last pay at Morrisons was good as it included some holiday pay and surprinsingly we haven't spent it yet :rotfl: So I better get it out of my account quickly :rotfl:

redrabbit29 · 5 October 2008 at 1:37PM

saver03 wrote: »

It is not good feeling tired all the time :mad: and I am permanantly cold but I don't really want to put the heating on as it is so expensive :mad:

That, in my opinion is taking it too far. I agree with scrimping and scraping, however I don't agree with putting your life on hold, or camping out in your own house and putting your health at risk.

You are probably tired and have no motivation becasue your body is crying out for warmth as well as your mental state being down.

Stick the heating on, and it will be a few pounds well spent. It is an essential expenditure.

I WILL be debt free by 27th September 2009

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