BK & Husbandface diary

Newlywed_Saving_Ninja · 19 October 2015 at 10:50PM

So, here we go again! We fought hard a few years ago to clear a lot of unsecured debt, and then consolidated the remaining £8000 with a Co-Op loan. We then saved our bums off for a deposit to buy our first home together.

We finally achieved our dream of owning our first home in April this year. After years of living in a hovel that made us miserable, we are just so chuffed.

Today though was another LBM for us, following a disastrous repair bill for my car of £1000+ (still waiting for the dreaded definitive price :eek:). We have ZERO savings as everything we had was ploughed in to the deposit to get us in to our first home and finally on the housing ladder. We had all the best of intentions of building our savings back up as a buffer, but almost 6 months on from buying our home, and we don't have a penny saved. So the horrific repair bill for my car is going to have to (you guessed it), go on a credit card

As mad with ourselves as we are, and as much as the car repair bill going on a credit card makes us feel ill, today was probably the best thing that could have happened. It was a much needed wake-up call that we were on a slippery slope again.

So we are now ready for another year or so of frugal living to finally, once and for all, clear all of our unsecured debt (cards and loans).

We are going to leave our bank cards at home to take the temptation to spend away. It's just so easy to swipe away isn't it?! We have worked our that we have around £1000-£1100 spare money a month (where the hell were we frittering all that money away?!?!?! I can't even figure it out!!!), so we could have this cleared in a little over a year if we really work hard. I am not naive, there will be obstacles in the way, like MOTs, car repairs etc, but we are SO determined to do this.

So there it is, that is our situation, and our plan. Our total unsecured debts as of today are below. Obviously this will increase by around £1000 due to the repairs to my car, but after that, we are determined they will go down all the way.

My Co-op loan: £5559.02 (consolidation)
Nationwide credit card: £360.99
Halifax credit card: £200
Husband's Barclaycard: £2524.00
Husband's First Direct Loan: £6386.52 (car loan)

crunch_time · 20 October 2015 at 7:19AM

Just wanted to wish you luck for your journey!!

Crunchy xx

Bobarella · 20 October 2015 at 8:42AM

Good luck!

Newlywed_Saving_Ninja · 20 October 2015 at 4:46PM

Thanks Bobarella and Crunchy!

Here is my SOA! Any comments, questions or feedback welcome

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1465
Partners monthly income after tax....... 1985
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3450

Monthly Expense Details
Mortgage................................ 787.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 52
Gas..................................... 0
Oil..................................... 50
Water rates............................. 13
Telephone (land line)................... 17.99
Mobile phone............................ 36
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 29.9
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 320
Road tax................................ 11
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 17
Pet insurance/vet bills................. 20
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 17
Other insurance......................... 15
Presents (birthday, christmas etc)...... 60
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1980.79

Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 5000
Total Assets............................ 139000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 117088...(787.9)....4.64
Total secured & HP debts...... 117088....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
First Direct Loan..............6386.52...153.7.....11.9
Co-Op Loan.....................5559.02...172.1.....10.74
Halifax Credit Card............200.......100.......0
Barclaycard....................2524......85....... .0
Nationwide Credit Car..........439.7.....25........9.9
Total unsecured debts..........15109.24..535.8.....-

Monthly Budget Summary
Total monthly income.................... 3,450
Expenses (including HP & secured debts). 1,980.79
Available for debt repayments........... 1,469.21
Monthly UNsecured debt repayments....... 535.8
Amount left after debt repayments....... 933.41

Personal Balance Sheet Summary
Total assets (things you own)........... 139,000
Total HP & Secured debt................. -117,088
Total Unsecured debt.................... -15,109.24
Net Assets.............................. 6,802.76

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

Paige · 20 October 2015 at 5:04PM

Just wanted to pop in and say Good Luck. x

Newlywed_Saving_Ninja · 20 October 2015 at 5:08PM

Thanks Paige

Newlywed_Saving_Ninja · 20 October 2015 at 9:45PM

Today was a particularly rubbish start to this mission to clear our unsecured debt! We both had eye tests today, my husband needs reading and distance glasses now, but not quite bad enough for varifocals yet, so we had to buy 2 pairs. My prescription worsened, so I needed new glasses too. Just the worst timing ever.

We got 4 pairs for £125, which I know isn't expensive as far as glasses go, but even so it is £125 we could have paid off our unsecured debts.

We nailed a few more Christmas presents today, stuck to our budget of £10 per person. We have decided to get our Christmas shopping finished next week so we can concentrate on getting our debts cleared. I flippin' hate Christmas so will be glad when it is over and I don't have to think about it anymore. It's too materialistic for me these days.

Things have changed with my car, the quoted ended up at £1900, double what was initially thought. We have decided not to spend the money. It isn't worth it, the car is in a driveable condition so will be fine for a while. My husband will have my car as he only has a six mile drive to work, I will have his as I have a 22 mile drive to work, my husband isn't happy to have me driving it any more. Ultimately my car is heading for the big scrapyard in the sky. At least we are prewarned and can prepare for it.

This weekend we have a 50th birthday to go to, it is close family so we can't get out of it, so more expense there, the present was sorted ages ago, but it is the cost of drinks etc, sigh.

And to top it all off last night we discovered that BT have hiked their prices, which should have given us the moment we have been waiting for, to leave our contract with them. Sadly we didn't get notified of the change, and in order to leave we needed to do it by 19 September. It's going really well.this week!!! To make it worse, as far as we were concerned we were only tied in until next May, it transpired last night that they have actually tied us in until May 2017!!! They signed us up for fibre optic broadband, this was definitely not what we asked for. We just asked for what we had at our old place (fibre optic broadband isn't available there). We hated BT before, hate them even more now!!! As soon as they hike their prices again we are out of there, I can't wait. I could bore you for hours with the many problems we have had with them over the years, they really are the pits!!!

I'm just writing off this week as a bad one and focusing on the task ahead. I'm looking forward to paying off nationwide and Halifax credit cards next week, and finishing off Christmas shopping, and starting our savings pot towards either a new car for me or paying off the co-op loan (we are going to assess things once we have the funds to clear the co-op loan).

AleMrsT · 21 October 2015 at 9:48AM

Will be following your progress. Sorry that the week seems to have got worse, but at least it can only get better from here on in, and you know what you're dealing with. Good luck!

Newlywed_Saving_Ninja · 21 October 2015 at 10:05PM

Thanks AleMrsT. My car is finally fixed, we just need to hope it lasts long enough for our finances to improve!!!

We had a chat with a member of the family today, and the subject of Christmas came up, and subsequently Christmas presents. We think we may have managed to plant the seed of not buying for the "adults", it will only shave off 3 from the 42 people we have to buy for, but it is a start and a few £££s off Christmas spends. Next year we will be addressing the difficult topic of present buying for the "children" in the family that are over 18 (I.e. adults).

Today was a no spend day which was brilliant!!!

Tomorrow we are going to Hampton Court palace for the day, tickets were booked before our LBM. We are currently making our slimming world friendly "all day breakfast" to take with us for lunch, we will also take some sandwiches, fruit and slimming world friendly snacks, so that we don't a) spend silly money in the cafe at Hampton Court palace/motorway services, and b) destroy our slimming world plan!!

That's about it for now from me.

Newlywed_Saving_Ninja · 22 October 2015 at 9:10PM

So today wasn't a no spend day sadly, but we didn't expect it to be as we had our day at Hampton Court palace today.

We took packed lunch and snacks with us, so no spends on ridiculously overpriced food. We did have a cup of tea and coffee in the cafe for £3.85, we were just really thirsty so it had to be done.

What I did begrudge was the parking charge! We got stung for £9.60 when we paid at the machine as we left. Maybe it is just me being tight, but I found it ridiculously expensive, as did my husband.

We stopped for bread on the way home as we have none, so 75p spent there.

But we are finally home now (1hr 25mins later than expected due to terrible traffic problems on the way home!), and have shut the door and won't be emerging again until Saturday!!! So a definite no spend day lies ahead tomorrow, hooray!

Newlywed_Saving_Ninja · 23 October 2015 at 7:44PM

So much for the no spend day! All because we forgot to pick up milk on the way home last night!!! But it is not additional spending, just bringing it forward by a day, so that is not so bad.

As we were out, we decided to get the weekly shop done, pick my car up, go to the butchers, basically make the most of the petrol we were using!!!

I have drawn up the meal plan for the week, this is done every week so that we know exactly what we need grocery-wise for the week. We have a shopping list and we stick to it:

Saturday: Homemade burgers, slimming world chips and salad
Sunday: Fillet steak, mushrooms and salad
Monday: Cottage pie with side of vegetables
Tuesday: Chicken and Bacon Rosti pots, with side of vegetables
Wednesday: Chicken and Spinach curry, cauliflower rice
Thursday: Omelette and slimming world chips, with salad

We spent £6.59 in the butchers 1kg chicken pieces, this will make three meals for us. We didn't need much meat this week, as I meal planned around what we had left in the freezer (steak mince was in there, and fillet steak from the yellow label section!).

Then we got the rest from Aldi. We did pick up two bags of "special" nuts for Christmas (£3.98). We have decided to pick up one or two bits each week so that we don't get hit with a massive shopping bill in December. Also, they had some cheap men's slippers for £3.49, and husband has been desperate for some. They were a bit "80 year old man"! but will do the job for now. For the price we couldn't really leave the slippers, as everywhere else has been a lot more for slippers when we have been looking. The shopping in Aldi came to £30.44. So £22.97 on our groceries for the week, then £7.47 on nuts and slippers.

We forgot to buy crisps from Aldi for the week, so will have to go back for those tomorrow, but that will only be a few pounds.

The good news is we have got to the end of the month with a bit over £20 left in the grocery account, so we are happy with that.

Other than the weekly grocery shop, there have been no other spends today, so happy with that.

Tomorrow won't be a no spend day sadly, as it is the family party, so £20 to go in the card, plus spends for drinks. I am driving, so my drinks shouldn't be too much. There is only so much soft drink I can get through before I have had enough, and then I just don't bother!! 3 drinks tops for me tomorrow night.

We have been looking at the sorts of cars we hope to buy to replace mine, and are looking at £7000ish for a decent car (£10,000 for what I would truly love!). So at least now we know where we are and what we need to do.

I am just looking forward to the party being over, as then we can knuckle down and crack on with things. We are so focused and ready to do this, we just want to get on with it now. We are resenting every penny spent!!!

I am hoping that a birthday gift I had made for my friend's daughter turns up tomorrow, as I need to send it. If it turns up tomorrow, it will enable me to send one parcel with my friend's daughter's gift, and my friend's gift, saving on postage (their birthday's are only a few days apart). But if it isn't here tomorrow, then I will have to send two parcels, the thought of which annoys me as it will be extra unnecessary spends. Hey ho, it will be what it will be.

BK & Husbandface diary

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free