The Marching Minimalist

angelpye
angelpye Posts: 995
First Anniversary Combo Breaker
Forumite
edited 25 January 2017 at 11:31PM in Debt free diaries
So this is my journey.

Like so many I have started a diary to motivate myself into staying on the right track...the track that leads to living a more simple, happy, guilt free, low stress, debt free, possession light, experience heavy, financially secure life of freedom. Just the idea of that brings me a moment of peace. I can do this.

Today was the second thing in a week to go wrong with my car (the first would normally send me into a tail spin and back into denial) so need something to keep me on track.

How did I get here? Stupidity would be the short answer. The long one is a catalogue of bad behaviour, a series of unfortunate events, a few conscious decisions that have made me money poor but life more fulfilled and spells of low mood. The perfect storm.

LBM. My finances took a serious nose dive recently due to ill health, bad planning and refusal on my behalf to face it. I am now on the lowest monthly budget I have had in over 13 years...If I got struck by lightening my hair would be an amazing glass sculpture due to the amount of time I have stuck my head in the sand! But seriously, it's bad, really bad (for me) but I can and I will fix it.

LBM blues...oh how hard the last couple of weeks has been facing up to the mess I made. The guilt, shame and panic has been overwhelming at times but I have had support on here and just reading other peoples plots and plans has motivated me to be brave. Reading peoples signatures has made me believe.

Time for action. My SOA is tight, so very tight, until April when my income will rise by £150. Not a lot but enough to make it manageable and close enough to make it tolerable. I hope.

The bottom line. The thing that makes the weight of the debt so heavy is not the amount of debt (although any debt is not good) it's the fact that my budget is so tight there is nothing left to pay the debt off quicker. I have things I can sell so I will have to start there. Things I don't need, don't look at, and are stored. Getting rid of excess belongings and every penny I make by doing so will bring me that one step closer to freedom. My house needs quite a bit of work as I bought a 'project' due to circumstances at the time.

The good. I am blessed in my life to have wonderful people whom I love and love me. I have a home that is safe and is slowly becoming a beautifully calm place to live as I make the necessary renovations. I am creative and this brings me great joy and challenges my mind. So many things to be thankful for the list could go on and on.

The aim. At the very least I want to be debt free, house sorted and small emergency fund by my 40th birthday. That gives just over 3 years to achieve that. I can't find the Snowball thing again at the moment but it is telling me about 60 months...nope, not acceptable. These first couple of months will be hard as very little time and the tightest of budget so will be easy to see no progress but I will not accrue more debt so it will still be a win. My income will rise as circumstances change but this low moment is my chance to realign myself to a simple way of living so when finances improve its all about security and experiences.

I am calling this my 'march' because this is not going to be a walk in the park but with determination I will get there.
Happiness is wanting what you have...
Debt Jan 2017: £2589.22 DFD: [STRIKE]Sept 2022[/STRIKE] April 2022 but this Marching Minimalist can beat that!
Use it or Loose it gym target: Feb'17 5/6 Mar 4/6 :j
EF £0/£4200
«13456724

Comments

  • angelpye
    angelpye Posts: 995
    First Anniversary Combo Breaker
    Forumite
    Posting SOA as it stands today and will update as things pick up.

    Statement of Affairs and Personal Balance Sheet

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details[/b]
    Monthly income after tax................ 864.305
    Partners monthly income after tax....... 0
    Benefits................................ 188.7
    Other income............................ 200
    Total monthly income.................... 1253

    Monthly Expense Details[/b]
    Mortgage................................ 513.1
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 74
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 28.1
    Telephone (land line)................... 40 locked into contract
    Mobile phone............................ 35.99 locked into contract
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 7.49 netflix - want to keep atm
    Internet Services....................... 0 in landline figure
    Groceries etc. ......................... 165
    Clothing................................ 10
    Petrol/diesel........................... 30
    Road tax................................ 16.2
    Car Insurance........................... 40.48
    Car maintenance (including MOT)......... 14
    Car parking............................. 1.75
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 5
    Buildings insurance..................... 15
    Contents insurance...................... 0
    Life assurance ......................... 43.66
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 4.5
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Pet food etc............................ 26
    Gym..................................... 38 will use it or loose it
    HMRC.................................... 26
    Child Trust Fund........................ 10.01
    Adobe + itunes storage ................. 9.36 necessary
    Total monthly expenses.................. 1185.76


    Assets

    Cash.................................... 0
    House value (Gross)..................... 213300
    Shares and bonds........................ 0
    Car(s).................................. 1200
    Other assets............................ 0
    Total Assets............................ 214500


    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 113000...(513.1)....3.38
    Total secured & HP debts...... 113000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    CC1 ...........................1589.22...50........26.18
    CC2............................500.......10........12.9
    CC3............................500.......5.........0
    Total unsecured debts..........2589.22...65........-


    Monthly Budget Summary
    Total monthly income.................... 1,253
    Expenses (including HP & secured debts). 1,185.76
    Available for debt repayments........... 67.24
    Monthly UNsecured debt repayments....... 65
    Amount left after debt repayments....... 2.24

    Personal Balance Sheet Summary
    Total assets (things you own)........... 214,500
    Total HP & Secured debt................. -113,000
    Total Unsecured debt.................... -2,589.22
    Net Assets.............................. 98,910.78

    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.

    Some of the yearly things have been reduced due to income but will need increasing a little as income increases so that I am not worried I haven't got things covered.

    I also need to address the emergency fund, fun and holidays because it is unrealistic for these to stay at £0. I won't be able to be generous to these for some time but I know to do this for the long haul I need to be honest with myself.
    Happiness is wanting what you have...
    Debt Jan 2017: £2589.22 DFD: [STRIKE]Sept 2022[/STRIKE] April 2022 but this Marching Minimalist can beat that!
    Use it or Loose it gym target: Feb'17 5/6 Mar 4/6 :j
    EF £0/£4200
  • -taff
    -taff Posts: 14,423
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    If you want to keep netflix, then why not ditch the tv licence?
    As for cloud storage, can you not store it somewhere else?
    What about getting a lodger for a few months? Maybe monday to friday lets for business people?
    Shampoo? No thanks, I'll have real poo...
  • angelpye
    angelpye Posts: 995
    First Anniversary Combo Breaker
    Forumite
    -taff wrote: »
    If you want to keep netflix, then why not ditch the tv licence?
    As for cloud storage, can you not store it somewhere else?
    What about getting a lodger for a few months? Maybe monday to friday lets for business people?

    Thanks -taff for the reply, I appreciate it. Your suggestions do raise things I have been thinking about.

    Netflix is for me but my DD watches normal TV so need to stay legal. I have been considering dropping Netflix as it is a treat only really used by me so not a necessity but I have committed to not going out to socialise which will be hard as I am a lone parent and not dating so can feel quite isolated - I think you are right though. It probably needs to be one or or the other. My friends only socialise in restaurants and pubs really, although I have asked my best friend to go walking with me when our commitments allow. I can always reinstate it when things improve. And to be honest it can be a bit of a crutch to hide from the world through binge watching rather than facing my to do list.

    I wrote a different answer to that at first, trying to justify my keeping it but when I read it back it seemed ridiculous. Thanks for the push.

    I will cancel the storage although its only 79p of that amount.

    My house is not in a state of repair where I could charge someone to live here. I am keeping this in mind as a possible solution in the future.
    Happiness is wanting what you have...
    Debt Jan 2017: £2589.22 DFD: [STRIKE]Sept 2022[/STRIKE] April 2022 but this Marching Minimalist can beat that!
    Use it or Loose it gym target: Feb'17 5/6 Mar 4/6 :j
    EF £0/£4200
  • Bobarella
    Bobarella Posts: 10,824
    Savvy Shopper! I've been Money Tipped!
    Forumite
    Good luck Angelpye it is hard having a very tight budget and wanting to make more payments. I shall be here with pom poms to cheer you on!
    " Your vibe attracts your tribe":D

    Debt neutral :) 27/03/17 from £40k:eek: in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
  • Good luck, I'm a fellow diarist aiming to beat this once and for all before 40. I'll follow with interest.
    Starting point Aug 2016 - £13,853.38
    Current total May 2018 - £0.00 - 100.00% paid off
    Debt free date (worst case) - December 2019
  • angelpye
    angelpye Posts: 995
    First Anniversary Combo Breaker
    Forumite
    Bobarella wrote: »
    Good luck Angelpye it is hard having a very tight budget and wanting to make more payments. I shall be here with pom poms to cheer you on!

    Thanks Bobarella, it is very hard emotionally to be so stuck. Poms poms are very much appreciated!:D
    Happiness is wanting what you have...
    Debt Jan 2017: £2589.22 DFD: [STRIKE]Sept 2022[/STRIKE] April 2022 but this Marching Minimalist can beat that!
    Use it or Loose it gym target: Feb'17 5/6 Mar 4/6 :j
    EF £0/£4200
  • angelpye
    angelpye Posts: 995
    First Anniversary Combo Breaker
    Forumite
    Good luck, I'm a fellow diarist aiming to beat this once and for all before 40. I'll follow with interest.

    I will look you up! 40 is such a strange milestone for me - don't feel ready to be 40 and seems impossible that I am not far off it. Debt free at 40 has a nice ring to it though :T
    Happiness is wanting what you have...
    Debt Jan 2017: £2589.22 DFD: [STRIKE]Sept 2022[/STRIKE] April 2022 but this Marching Minimalist can beat that!
    Use it or Loose it gym target: Feb'17 5/6 Mar 4/6 :j
    EF £0/£4200
  • 1LuckyLady
    1LuckyLady Posts: 1,206
    First Anniversary First Post Name Dropper Photogenic
    Forumite
    Hey Angelpye, I turn 40 in a few months time and I still don't feel ready!!
    Re your SOA, you've not got a council tax figure in there..
    Are you tied into a contact with your gym? Could you try somewhere else? My gym is £16/month gym/classes but no swimming.
    Good luck on your March :)
    Sticking with the "Small things" thread to keep up us on the straight and narrow.
  • Maybe other MSErs will correct me on this one but do you need life assurance? Seems like a lot? Could the cover be reduced for a short time to free up some cash?

    Between now and April you can have a ball on eBay and the extra cash will lighten the load. Every 99p counts!
    Save £12k in 2017 / Dec 2017 Travel Cash = £12,400 / £14,000 88.5%[/COLOR]

    House Deposit = £20,500 / £18,000:money:
  • angelpye
    angelpye Posts: 995
    First Anniversary Combo Breaker
    Forumite
    edited 26 January 2017 at 10:12PM
    1LuckyLady wrote: »
    Hey Angelpye, I turn 40 in a few months time and I still don't feel ready!!
    Re your SOA, you've not got a council tax figure in there..
    Are you tied into a contact with your gym? Could you try somewhere else? My gym is £16/month gym/classes but no swimming.
    Good luck on your March :)

    Hi and thank you for posting 1LuckyLady, no council tax as I am exempt.
    The classes I do, when well, are mostly pool based which to be honest are the only ones I enjoy and feel motivated to do plus my membership allows me to take DD swimming etc. Classes in my area are at least £6 and £7 for water activities plus £9 a session at the gym. I am sure there will be cheaper options for purely gym but I mainly do the other stuff. I have been ill so haven't been using it but better now and can't afford a social life - I am going to monitor how much I use it and if its not used enough will loose it. I need to be doing 6 sessions a month for it to pay not including taking DD for swims etc.

    Being 40 seems like such a grown up number! I am in denial about being a grown up! :D
    Happiness is wanting what you have...
    Debt Jan 2017: £2589.22 DFD: [STRIKE]Sept 2022[/STRIKE] April 2022 but this Marching Minimalist can beat that!
    Use it or Loose it gym target: Feb'17 5/6 Mar 4/6 :j
    EF £0/£4200
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards