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Elbereth's debt free challenge
elbereth
Posts: 140 Forumite
Hi everyone
Recently got back from an absolutely amazing holiday in California with my OH and while we were away really got talking about our future and am really excited about our plans to move in together next year! I currently own a flat which I have had for 2 and half years, was really proud when i got my foot on property ladder... independent woman and all that... but in the last few years I have managed to accrue a bit of debt, basically due to spending beyond my means, clothes, shoes etc.
Really want to get rid of a large portion if not all of this debt before we start looking at getting a house together, my boyf is working away next year in New Zealand and the plan is to start house hunting when he returns mid march, so thats my goal date!!!!
Have been pretty good so far this month by paying £250 off my credit card bill, reducing my overdraft limit by £200 and paying a lump sum £206.66p off my personal loan (got a really meaty pay packet as worked the most hideous month of nightshifts and weekends!)
But beginning to lose motivation... topshop was calling to me.... so hopefully this diary will spur me on somewhat........ any suggestions would be grately appreciated!
Heres my S. O. A
Household Information[/b]
Number of adults in household........... 2 Me and my sis
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1650 (this does vary monthe to month depending on amount of unsociable hours I work, this is an average, but my basic wage with no unsociable hours is £1487)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 230
Total monthly income.................... 1880
Monthly Expense Details
Mortgage................................ 532
Secured/HP loan repayments.............. 26.940000000000054
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 115
Electricity............................. 37
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16.37
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 9.79
Groceries etc. ......................... 150
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 19.95
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7.73
Life assurance ......................... 15.13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 25
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
ltsb account fee........................ 7.95
union membership........................ 19.18
lovefilm................................ 3.91
Total monthly expenses.................. 1317.95
Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 115000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103000...(532)......4.99
Hire Purchase (HP) debt ...... 431.2....(26.94)....0
Total secured & HP debts...... 103431.2..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
ltsb credit card...............193.65....0.........11.95
overdraft......................1000......0.........18.86
ltsb personal loan.............3910.03...0.........24.9
Total unsecured debts..........5103.68...0.........-
Monthly Budget Summary
Total monthly income.................... 1,880
Expenses (including HP & secured debts). 1,317.95
Available for debt repayments........... 562.05
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 562.05
Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total HP & Secured debt................. -103,431.2
Total Unsecured debt.................... -5,103.68
Net Assets.............................. 6,465.12
:jLove Elbereth:j
Recently got back from an absolutely amazing holiday in California with my OH and while we were away really got talking about our future and am really excited about our plans to move in together next year! I currently own a flat which I have had for 2 and half years, was really proud when i got my foot on property ladder... independent woman and all that... but in the last few years I have managed to accrue a bit of debt, basically due to spending beyond my means, clothes, shoes etc.
Really want to get rid of a large portion if not all of this debt before we start looking at getting a house together, my boyf is working away next year in New Zealand and the plan is to start house hunting when he returns mid march, so thats my goal date!!!!
Have been pretty good so far this month by paying £250 off my credit card bill, reducing my overdraft limit by £200 and paying a lump sum £206.66p off my personal loan (got a really meaty pay packet as worked the most hideous month of nightshifts and weekends!)
But beginning to lose motivation... topshop was calling to me.... so hopefully this diary will spur me on somewhat........ any suggestions would be grately appreciated!
Heres my S. O. A
Household Information[/b]
Number of adults in household........... 2 Me and my sis
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1650 (this does vary monthe to month depending on amount of unsociable hours I work, this is an average, but my basic wage with no unsociable hours is £1487)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 230
Total monthly income.................... 1880
Monthly Expense Details
Mortgage................................ 532
Secured/HP loan repayments.............. 26.940000000000054
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 115
Electricity............................. 37
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16.37
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 9.79
Groceries etc. ......................... 150
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 19.95
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7.73
Life assurance ......................... 15.13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 25
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
ltsb account fee........................ 7.95
union membership........................ 19.18
lovefilm................................ 3.91
Total monthly expenses.................. 1317.95
Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 115000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103000...(532)......4.99
Hire Purchase (HP) debt ...... 431.2....(26.94)....0
Total secured & HP debts...... 103431.2..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
ltsb credit card...............193.65....0.........11.95
overdraft......................1000......0.........18.86
ltsb personal loan.............3910.03...0.........24.9
Total unsecured debts..........5103.68...0.........-
Monthly Budget Summary
Total monthly income.................... 1,880
Expenses (including HP & secured debts). 1,317.95
Available for debt repayments........... 562.05
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 562.05
Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total HP & Secured debt................. -103,431.2
Total Unsecured debt.................... -5,103.68
Net Assets.............................. 6,465.12
:jLove Elbereth:j
:j
0
Comments
-
Hiya, welcome to the site, keep contributing to your diary, it really does make a difference!! I hope you dont mind but I have added some bits to your SOA.
Household Information[/b]
Number of adults in household........... 2 Me and my sis
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1650 (this does vary monthe to month depending on amount of unsociable hours I work, this is an average, but my basic wage with no unsociable hours is £1487)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 230 - what's this?
Total monthly income.................... 1880
Monthly Expense Details
Mortgage................................ 532
Secured/HP loan repayments.............. 26.940000000000054
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 115
Electricity............................. 37
Gas..................................... 0 - No gas?
Oil..................................... 0
Water rates............................. 16.37
Telephone (land line)................... 0
Mobile phone............................ 20 - is this contract or payg?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 9.79
Groceries etc. ......................... 150 - could this be reduced at all?
Clothing................................ 100 - could this be reduced at all?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 19.95
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7.73
Life assurance ......................... 15.13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 25
Entertainment........................... 100 - could this be reduced at all?
Holiday................................. 0
Emergency fund.......................... 0
ltsb account fee........................ 7.95
union membership........................ 19.18
lovefilm................................ 3.91
Total monthly expenses.................. 1317.95
Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 115000
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 103000...(532)......4.99
Hire Purchase (HP) debt ...... 431.2....(26.94)....0
Total secured & HP debts...... 103431.2..-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
ltsb credit card...............193.65....0.........11.95
overdraft......................1000......0........ .18.86
ltsb personal loan.............3910.03...0.........24.9
Total unsecured debts..........5103.68...0.........-
Monthly Budget Summary
Total monthly income.................... 1,880
Expenses (including HP & secured debts). 1,317.95
Available for debt repayments........... 562.05
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 562.05 - Do you find that you have this amount left at the end of each month?
Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total HP & Secured debt................. -103,431.2
Total Unsecured debt.................... -5,103.68
Net Assets.............................. 6,465.12:j6 debts cleared since joining MSE:j:eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek::smileyheaGetting Married 04.12.10 - The MSE way :smileyhea:dance: Making this house a home :dance:0 -
Hi thanx for your comments, my additional income is the rent my sister pays,
nope no gas, I have got those storage heater things, so I reckon my leccy bill aint that bad as it includes heating and hot water! Oh yeah could definately reduce my entertainment/clothing and that is going to be one of my main goals!
I never have that much money left at end of month and know that I am either underestimating the clothing/food/entertainment or just fritter away my money on rubbish..... probably both!:j0 -
Hi elbereth, it may be worth starting a spending diary so you can see exactly where you money goes, I started one yesterday
xx :j6 debts cleared since joining MSE:j:eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek::smileyheaGetting Married 04.12.10 - The MSE way :smileyhea:dance: Making this house a home :dance:0 -
Well I always carry a wee notebook in my handbag as I love a good list so gonna keep a spending diary to see exactly where my money goes.... ta muchly moneytroubles for advice! Looking at my SOA I actually seem to have a lot of money at the end of every month so this will hopefully help me see where it "disappears " to every month!
Also was thinking would have to do a food shop tomorrow as cupboards are a bit like old mother hubbards however on closer inspection there is quite a bit for meals!!!! So....
Tomorrow Sausages, butternut squash mash, roast parsnips and carrots.
Wed Lasagne (make extra for dinner at work)
Thurs Chicken casserole.
Bloomin eck I feel very domesticated x:j0 -
Good luck on your journey and welcome to diaryland. If you tackle clothes, entertainment and grocery spend - that should help move things forward. Perhaps look at the Make £10 a day challenge on the DFW board as a way of funding the presents - and then use that money to pay off your debts...Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £167.4K Equity 38% 3/4/26
2) £2.1K Net savings after CCs 14/5/26 (but owed £1.3K) so £3.4K
3) Mortgage neutral by 06/30 (AVC £42.5K + Lump Sums DB £4.6K + (25% of SIPP 1.7K) = 48.8K of £127.5K target 38.3% 24/5/26 (If took bigger lump sum = 71.K or 55.9%)
4) FI Age 60 income target min £17.1/30K 57% (may need more) If bigger lump sum £15.8/30K 52.67%
5) SIPP £5.7K updated 29/5/260 -
Well had a bad money saving day yesterday... I had been keeping to my budgets and was hoping to have a small amount left at end of month to pay off a bit extra of my credit card bill! But then at the opticians yesterday needed a new pair of glasses which I really hadnt budgeted for... I was hoping to keep the old crooked ones! So thats £158.25 that has gone on my credi card and I just feel all he small savings and MSE things I have been cancelled out :-(
On the plus side I did get 50% off the cost of the glasses as I get my contact lenses from them too, also downloaded a voucher for my eyetest half price off the website (its dolland and aitchison by the way if anyone needs there eyes testing and there are vouchers on the website)!!!:j0 -
My next plan is to properly keep a spends diary and then update my SOA accordingly so then can see where I can realistically make savings and find out where my £500 odd quid each month goes!!!:j0
-
So the spends diary starts tomorrow!! Thought monday would be a sensible day to start! Have also sat down with my sis and investigated the contents of fridge and freezer and planned meals for this week. Got £64.72 to last untill pay day - 10 days to go!!! Am hoping to have a bit left even if its only a tenner to pay off a bit of my credit card!!! right going to peruse the threads for some inspiration!!!
:jlove Elbereth:j:j0 -
Have started my spends diary and spent £7.79 today on not very much, £7.79 a day would be...
£54.53 a week
£2835.56 a year!
YIKES!!!
:jelbereth:j:j0 -
My spending diary is turing out to be a really interesting read, already I can tell buying sneaky bits of food/ lunches is my downfall!!!!
Hoping to keep going with the spending diary o get a realistic picture of what I spend in a month and then can update my SOA!!
Been into town his morning and apart from getting a crimbo pres for my sister didn't spend at all!!!!!
Hope everyone is having a good day
:jelbereth:j:j0
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