Debt free before 30.. can I do it?

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  • Hi Diary land,
    We have been carving pumpkins today, watching hocus pocus and there is a roast dinner cooking-yum!
    I have had a productive last few days on the money front.

    - My pay was lower than I expected as I had not been paid 24 hours that I was owed :( it has now been added on to next months pay.
    - I was due my 2 yearly phone renewal so got a cheaper contract saving me £20 a month. I have arranged to sent my current phone to Mazuma, I should get £170 in Paypal, £40 will go in the Christmas pot and the rest will be paid towards my Aqua CC.
    - Worked out that I have paid off £1320.01 off my debts over the last few months. that has been a major motivator, not sure why I haven't done this before.
    - I have been keeping up with the surveys, getting there slowly but surely.
    - Christmas shopping is coming along nicely- that Christmas app has been great.
    - I sold an expensive candle on Ebay yesterday, I used the money to buy a new jumper in Asda and the rest went in my emergency fund.
    - I had a NSD day yesterday
    - I have 20 items currently listed on Ebay.

    My goals for the week ahead are:
    - Enjoy helping out on my sons school trip.
    - List old scaletrix on facebay/gumtree
    - List 10 items on Ebay
    - pay any extra money towards the Aqua CC as i'm determined to get rid of it!

    Speak soon,
    Becks
  • Hello,

    Its been a couple of weeks since I last posted. There has been some good and bad on the money front.

    -My new phone arrived and I have sent the old one and an old ipad to Mazuma, fingers crossed I should get £170, I should hear from them tomorrow.
    -I have sold 5 items on Ebay over the last week- I have 12 listed items and 6 more scheduled for tonight.
    - I had a relapse last night and ordered 3 new pair of pjs of a total of £60 :mad::mad:so angry with myself and will have to return a couple when they arrive.
    - I am still doing surveys daily, I will be able to cash out my first £6 from PA tomorrow :T
    - I have got my emergency fund up to £16, although I have a dentist appt. Monday which I am dreading.
    -I have my first mystery shop assignment this Friday, I am very nervous!
    - As I wear a uniform to work I signed up for a small tax rebate, fingers crossed I hear from them soon.

    Speak soon,
    Becks
  • Lots of good things going on. Don't worry about the pyjamas if you are going to send them back xx
    September 2017 Debt = £25330

    Starting afresh.

    You can do anything if you put your mind to it. x
  • Here is our SOA- any feedback or advice would be most welome :)

    Statement of Affairs and Personal Balance Sheet

    Household Information

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

    Monthly Income Details

    Monthly income after tax................ 1050
    Partners monthly income after tax....... 1678
    Benefits................................ 82.2
    Other income............................ 0
    Total monthly income.................... 2810.2


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 361.4
    Rent.................................... 495
    Management charge (leasehold property).. 0
    Council tax............................. 107
    Electricity............................. 65
    Gas..................................... 75
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 77.5
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 40
    Internet Services....................... 41
    Groceries etc. ......................... 300
    Clothing................................ 30
    Petrol/diesel........................... 40
    Road tax................................ 9.62
    Car Insurance........................... 46
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 165
    Childcare/nursery....................... 168
    Other child related expenses............ 190
    Medical (prescriptions, dentist etc).... 5
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 10
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 45
    Haircuts................................ 16
    Entertainment........................... 47.49
    Holiday................................. 10
    Emergency fund.......................... 20
    Sons savings............................ 10
    itunes.................................. 0.79
    spotify................................. 4.99
    netflix................................. 7.99
    Total monthly expenses.................. 2410.15



    Assets

    Cash.................................... 14.8
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 5014.8



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Secured Debt.................. 7776.....(162)......0
    Hire Purchase (HP) debt ...... 5200.....(199.4)....0
    Total secured & HP debts...... 12976.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Cylesdale Loan.................280.......28.71.....0
    Halifax CC.....................3710......50........0
    Santander OD...................500.......50........0
    Very...........................873.99....60........39.9
    TSB OD.........................100.......5.........0
    Family.........................300.......5.........0
    Aqua CC........................248.......50........39.9
    Total unsecured debts..........6011.99...248.71....-



    Monthly Budget Summary

    Total monthly income.................... 2,810.2
    Expenses (including HP & secured debts). 2,410.15
    Available for debt repayments........... 400.05
    Monthly UNsecured debt repayments....... 248.71
    Amount left after debt repayments....... 151.34


    Personal Balance Sheet Summary
    Total assets (things you own)........... 5,014.8
    Total HP & Secured debt................. -12,976
    Total Unsecured debt.................... -6,011.99
    Net Assets.............................. -13,973.19


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
  • I'm in a similar position, I'm 27 this month and hoping to sort out my finances before I turn 30!


    I'm still trying to figure everything out, but my thoughts on your SOA:
    Your gas and electric seem pretty high, we pay £75 a month for both.
    Groceries could probably be reduced as well, there are some great threads on the 'Food Shopping & Groceries' forum here :)
    What TV services do you have? I believe sometimes Sky will give discounts if you ring and ask.
    Internet looks a little high too, might be worth looking on Uswitch?
  • Sarastro
    Sarastro Posts: 400 Forumite
    Target your over-payments onto the most expensive debt first and keep going at that one until it's all gone. And for goodness sake, do a budget!
    Debt 1/1/17 - Credit Cards £17,280.23; overdrafts £3,777.24
    Debt 5/1/18 - Credit Cards £3,188; overdrafts £0
  • Hi Becks

    Well done on returning to your diary. Most people find it easiest to keep on track if they post regularly.

    Looking at your SOA, my thoughts are
    • do you really have the £151 left at the end of the month?
    • gas and electric are very high. Can you get a better deal?
    • water rates. Are these included in your rent?
    • groceries. High. Have a look on the Old Style Boards for ideas on how to cut costs
    • spending diary. Keep a spending diary to record every single purchase from extra treats to unexpected school costs. It will surprise you.
    • satellite, Netflix etc. Are you using all to their fullest advantage? Could you cancel or renegotiate deals
    • Have you got an emergency pot saved along with the holiday budget etc

    This is a good start for your SOA but I would suggest going back over the last four months or so of bank and credit card statements to see exactly where your spending really is.

    That is usually a painful thing to do but will help you tremendously on your debt free journey. It will help you highlight your temptation areas as well as giving you a more accurate SOA.

    There are lots more suggestions I could make. Definitely get rid of the two accounts with the high interest rates as a matter of urgency.

    And finally, if you have got this far, what are your plans for Christmas?

    Good luck on your journey, keep posting
    Pauline
    Don't get it perfect - Get it going
    Better Than Before
  • Thanks all for your replies- I really appreciate it!

    Gas and Electricity are very high- we missed a couple of payments so overpaying. I have also been reading up on saving energy etc so I am aiming to get that down a lot!

    Grocery budget- we have started meal planning and I have had ‘talks’ with the OH- he pops into Tesco etc after work and ends up spending £10 £20 a time which is just ridiculous and that’s where the left over money ends up

    I know I need to avoid buying my lunch- I have started to leave my purse at home which has helped, this also means I can’t buy anything else.
    I am also actively trying to get NSD’s in.

    The budget has been done for next month, and we have to keep to it as it will be tight with Christmas.

    This week I will be getting
    £82.20 child benefit
    £10.20 tax refund
    £50 Mazuma

    Out of that I need to
    Pay £60 to the Gas
    Pay £14 off the Santander OD
    Pay £25 Ebay fees to avoid it coming out of next months budget
    Pay £16.50 for my sons school photos
    Pay £10 off TSB OD
    Pay £10 for the cinema on Wednesday night

    Speak soon,
    Becks
  • I forgot to add I have had 3 NSD last week and sold 3 Ebay items.
    I am aiming for NSD for the next 5 days apart from the above payments and Ebay postage :)
  • SunshineBecks
    SunshineBecks Posts: 56 Forumite
    edited 17 November 2017 at 1:13PM
    Another update from me,

    Child benefit £82.20 and Mazuma £60 went into today. I paid the £ 60 Gas bill and £14 over to the Santander OD
    I am still waiting for £10.20 from HRMC.
    I need to pay: £20 PayPal (silly purchase that I regret!)
    £28.10 Ebay fees
    £9.20 cinema
    £16.50 Little ones school photos
    £1.50 little ones school on Fri
    £3 dance class

    I have 20 items listed on EBay and 4 have bids on them. Day off tomorrow, to do list:
    - list 5 items at least on EBay DONE
    - list Christmas lights in facebay/gumtree DONE sold for £5 :)
    - clean bathroom Will do today
    - look out little ones Christmas books ready to start reading

    Lots to be doing, sigh!

    Becks
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