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Thanks guys

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Hello,

I'm relatively new to MSE and just wanted to say how uplifting I've found reading these boards. :j

I'm only 23 but when I was a student, I had credit thrown at me - credit cards, overdrafts etc and I got into the habit of spending more than I earned. Even when I decided to pay off credit cards or debts, I often ended up relying on them to tide me over to pay day.

Since the beginning of the year, I've really started to tackle this debt (£4,000) and I'm also trying to put a wee bit of money aside because my boyf and I are trying to save for a mortgage.

At first, it was really easy but lately I've started to feel a bit frustrated with the slow progress - it was starting to feel a bit futile. But by reading these forums and knowing that there is a community out there who can understand what I'm trying to do, it's really given me a lift.

I'm aiming for six no spend days in March, and have already started with my payment-a-day (so far, only £1.44 but it's a start!). I just wanted to say thanks for making it all worthwhile. :beer:
Goals for 2010 - pay off £3160 debt. Come on Pamela!

Comments

  • Welcome, this is the best place to be

    TPAx
    MFW - We've only gone and blooming done it!
    May 2013:j
  • TurnaroundSue
    TurnaroundSue Posts: 1,214 Forumite
    Hi Pamela and welcome - why not post your SOA (found at www.makesenseofcards.com) and let us see if we can help to reduce your outgoings in any way.

    It really is a great place to be and I would never have got debt free without this wonderful site.
    When you were born, you were crying and everyone around was smiling. Live your life so at the end, you're the one who is smiling and everyone around you is crying! :rotfl:
  • Pamela1705
    Pamela1705 Posts: 99 Forumite
    I don't know if I've done this right, because I only put my half of the bills in and not my partner's. But here goes anyway

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household.........
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1160
    Partners monthly income after tax....... 884
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2044


    Monthly Expense Details

    Mortgage................................ 0
    Secured loan repayments................. 0
    Hire Purchase (HP) repayments........... 0
    Rent.................................... 200
    Management charge (leasehold property).. 0
    Council tax............................. 50
    Electricity............................. 40
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 10
    Mobile phone............................ 15
    TV Licence.............................. 5
    Satellite/Cable TV...................... 10
    Internet Services....................... 0
    Groceries etc. ......................... 100
    Clothing................................ 0
    Petrol/diesel........................... 20
    Road tax................................ 0
    Car Insurance........................... 56
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 10
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 30
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 0
    Savings................................. 150
    Total monthly expenses.................. 786



    Assets

    Cash.................................... 400
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 600
    Other assets............................ 0
    Total Assets............................ 1000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Zopa...........................603.......40........8.87
    Overdraft......................1900......0.........0
    First trust....................190.......11........12
    Natwest credit.................747.......16........11
    Total unsecured debts..........3440......67........-



    Monthly Budget Summary

    Total monthly income.................... 2,044
    Expenses (including HP & secured debts). 786
    Available for debt repayments........... 1,258
    Monthly UNsecured debt repayments....... 67
    Amount left after debt repayments....... 1,191


    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -3,440
    Net Assets.............................. -2,440


    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using Firefox browser.
    Goals for 2010 - pay off £3160 debt. Come on Pamela!
  • debrag
    debrag Posts: 3,426 Forumite
    if this is only your bills when what does your OH pay? or do you mean debts?
    To me this seems like both your wages so both paying bills & debts

    What debts does your OH have you have 1191 left over each month
  • doodledo_2
    doodledo_2 Posts: 4,676 Forumite
    Hi and welcome to the board :D

    Only thing from your SOA that jumps out to me is your £150 saving a month. Dependent on the interest rate you might be better throwing this at your debts as any interest on the savings is being lost by the interest on your debts.

    Good luck with your debt free journey.
    Proud to be dealing with my debts - DFW No: 712

    03/09/09 - DEBT FREE AT LAST :D
    Racing Hypno to Save - £10/£5000
  • Pamela1705
    Pamela1705 Posts: 99 Forumite
    Ah, I think I've done it wrong then. And I forgot lots of stuff. Not as good as I hoped!! Anyway, I'll try again in a bit. Thanks soo soo much for your help and advice so far!!
    Goals for 2010 - pay off £3160 debt. Come on Pamela!
  • Pamela1705
    Pamela1705 Posts: 99 Forumite
    Hello again,

    I think I've done it right this time - got mine and the OH's payments in, so that should be right.

    I got a bit carried away last night and didn't really explain my situation.
    Basically, I've never been a massive spender and I don't really have extravagant purchases or anything like that. But I have been known to use the credit available to me as a stop gap before pay day.

    So like, I might want to buy a book, but know that if I buy it now it might leave me short, so I'll buy it on my credit card with great intentions to pay it off. Which of course, I never do.

    We've decided that we want to buy a house so I'm putting as much money away as possible for a deposit, and that's my number 1 priority at the minute. The debt itself is not a huge concern, it's manageable but I just want rid of it.
    The savings account I've got is the Halifax regular saver and gets me 7 per cent interest, and I really want to see that grow. But I also want to see the debt shrink, even though I'm managing it. Am I going about it the right way?



    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household.........
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1160
    Partners monthly income after tax....... 884
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2044


    Monthly Expense Details

    Mortgage................................ 0
    Secured loan repayments................. 0
    Hire Purchase (HP) repayments........... 7
    Rent.................................... 400
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 80
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 38
    Mobile phone............................ 15
    TV Licence.............................. 11
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 120
    Clothing................................ 0
    Petrol/diesel........................... 20
    Road tax................................ 0
    Car Insurance........................... 56
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 10
    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)...... 10
    Haircuts................................ 20
    Entertainment........................... 70
    Holiday................................. 0
    Emergency fund.......................... 0
    (Unnamed monthly expense)............... 0
    Savings................................. 150
    Total monthly expenses.................. 1147



    Assets

    Cash.................................... 450
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 600
    Other assets............................ 0
    Total Assets............................ 1050



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 0........(7)........0
    Total secured & HP debts...... 0.........-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    My zopa........................603.......40........8.87
    OH Zopa........................1000......50........9
    Natwest credit card............747.......16........12
    OH Capital One.................150.......15........15
    Overdraft......................1900......0.........0
    Natwest loan...................800.......33........7
    First trust credit.............190.......7.........11
    Total unsecured debts..........5390......161.......-



    Monthly Budget Summary

    Total monthly income.................... 2,044
    Expenses (including HP & secured debts). 1,147
    Available for debt repayments........... 897
    Monthly UNsecured debt repayments....... 161
    Amount left after debt repayments....... 736


    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,050
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -5,390
    Net Assets.............................. -4,340


    Created using the SOA calculator at https://www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using Firefox browser.
    Goals for 2010 - pay off £3160 debt. Come on Pamela!
  • doodledo_2
    doodledo_2 Posts: 4,676 Forumite
    Well just my personal opinion but I would chuck any savings and the £150 at the month as nearly all your debts are accuring more interest than your savings.

    Your £450 cash and one months payment of £150 would clear the Zopa debt. Or would clear the smaller debts with the high interest rates.
    Proud to be dealing with my debts - DFW No: 712

    03/09/09 - DEBT FREE AT LAST :D
    Racing Hypno to Save - £10/£5000
  • Pamela1705
    Pamela1705 Posts: 99 Forumite
    Thanks Doodle-do. That makes a lot of sense but there is something in me that wants to save.

    When I was growing up, we never had much money and lived in a council house. Now I'm earning a decent wage, my boyfriend and I really want to buy a house. I know that sounds silly, but I don't know what to do. Throwing the £400 at Zopa would feel great, but part of me thinks that it's only £40 a month, compared to £150 in the savings pot.

    I know common sense should kick in here and tell me that I'm just paying interest for nothing, and I totally agree. I am making additional payments with my wages and I'm really trying to get it all in order - I want to make my money work for me. I think it's mental but I can't seem to shake it. Any advice?:confused:
    Goals for 2010 - pay off £3160 debt. Come on Pamela!
  • Until commonsense kicks in, you will never be financially happy.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
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