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  • FIRST POST
    • SunshineBecks
    • By SunshineBecks 21st Oct 16, 7:06 PM
    • 34Posts
    • 43Thanks
    SunshineBecks
    Debt free before 30.. can I do it?
    • #1
    • 21st Oct 16, 7:06 PM
    Debt free before 30.. can I do it? 21st Oct 16 at 7:06 PM
    Right this is the start of the new me, new beginnings and becoming debt free. I am determined to sort myself out financially before the big 30- only 3 short years away! I guess I have had my LBM, I start a new job in two weeks so it feels like a fresh start.

    As of today my debts are as follows:
    Halifax CC: 4570
    Aqua CC: £300
    TSB overdraft: £100
    Santander overdraft: £500
    Brother: £300

    Total: £5770

    and a grand sum of £0 in savings.

    My goals for the rest of 2016-
    - Get up to date with my Halifax payments to avoid any more charges etc
    - Pay off TSB overdraft and stay in the black
    - Pay off Aqua CC
    - reduce phone bill
    - Do not buy any more clothes, shoes or make up in 2016
    - Ebay the hell out of life
    - start meal planning and spend less in supermarkets.

    I will report back daily.

    Here's to becoming debt free

    Becks xx
Page 2
    • SunshineBecks
    • By SunshineBecks 29th Oct 17, 2:53 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    Thanks Nicknak- all the best to you! We can do this!!
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • SunshineBecks
    • By SunshineBecks 29th Oct 17, 3:43 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    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
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • SunshineBecks
    • By SunshineBecks 7th Nov 17, 6:46 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    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 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
    - 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
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • Nicnak
    • By Nicnak 7th Nov 17, 7:40 PM
    • 411 Posts
    • 1,664 Thanks
    Nicnak
    Lots of good things going on. Don't worry about the pyjamas if you are going to send them back xx
    September 6th 2017 start Updated 4th NOV 17
    Credit Card £430 now: £0 Tesco Loan £7500 = £6891 Car loan £17450 = £16,748 Total = £25,330 £23,749 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • SunshineBecks
    • By SunshineBecks 10th Nov 17, 12:40 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    Soa
    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 www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • GunShotResidue
    • By GunShotResidue 11th Nov 17, 8:32 PM
    • 38 Posts
    • 181 Thanks
    GunShotResidue
    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
    • By Sarastro 11th Nov 17, 9:50 PM
    • 225 Posts
    • 161 Thanks
    Sarastro
    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!
    • 117pauline
    • By 117pauline 12th Nov 17, 9:33 AM
    • 421 Posts
    • 5,184 Thanks
    117pauline
    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
    • SunshineBecks
    • By SunshineBecks 12th Nov 17, 9:03 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    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 Ďtalksí with the OH- he pops into Tesco etc after work and ends up spending £10 £20 a time which is just ridiculous and thatís 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 canít buy anything else.
    I am also actively trying to get NSDís 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
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • SunshineBecks
    • By SunshineBecks 12th Nov 17, 9:12 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    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
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • SunshineBecks
    • By SunshineBecks 13th Nov 17, 9:36 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    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
    Last edited by SunshineBecks; 17-11-2017 at 1:13 PM.
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • SunshineBecks
    • By SunshineBecks 17th Nov 17, 1:10 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    The one debt I hate the most is the Very account currently sitting at £813.50- the reason I hate it as I have no excuse apart from greed and wanting shiny new things that I couldnít afford. Itís biting me in the bum again as I was looking through my statements and realised my BNPL purchase (presents for last Christmas!) hasnít been paid off- I didnt realise I had to allocate payments towards them rather than the balance- so £272 of interest will hit the account on DEC 17! I am so angry with myself, i have been making PAD towards it to try and get is as down as much as possible! Thankfully I have sold 8 items on ebay this week so all profits from that have been paid straight off Very.
    My credit limit is £850 as I reduce it by £50 each month to take away temptation so with the interest added on it will take me over the limit which is worrying me. I have applied for a loan to pay it off in full before the interest was added but was declined (I wasnít surprised). My plan of action is to throw as much money as possible at it over the next 4 weeks. I was planning on getting my hair done next month but will put the money towards Very (£45) instead.
    So much stress and itís all my fault from pure greed and Ďkeeping up with the Jonesí, I hate credit now and feel mentally different about money which is one positive from this mess!

    That was one big brain dump!
    Speak soon,
    Becks
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • SunshineBecks
    • By SunshineBecks 17th Nov 17, 3:06 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    I really want to work in my NSD’s, I would like working days to be no spends and it’s completely achievable with planning. That’s going to be my goal for next week, hopefully it will set a pattern.
    I currently have 20 items listed on EBay a few buy it nows and the rest bids. I want to list another 10 items over the next week.
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • enthusiasticsaver
    • By enthusiasticsaver 17th Nov 17, 7:02 PM
    • 4,691 Posts
    • 8,808 Thanks
    enthusiasticsaver
    You should definitely be targeting the Very and the Aqua credit cards first and then the overdrafts. It looks as if eBay and Paypal may be sites you should avoid until the debt gone.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Nicnak
    • By Nicnak 17th Nov 17, 7:18 PM
    • 411 Posts
    • 1,664 Thanks
    Nicnak
    Firstly, well done on your NSDs and the fact you are tackling this, and recognising why things are like they are.

    I made excuses for years, and you are beyond that. Only when you do that, can you really change your mindset and start to do things differently. This is exactly what you are doing now.

    You are already make huge progress. Could you call them and explain that you can see it will take you over the limit with the interest? I'm pretty sure they have to have the amount a certain percentage lower than the credit limit to build in things like this.

    Selling the things on eBay will, and can help. If you can get the money for them in from paypal, then you can obviously bring down that payment enough so that it doesn't go over the limit you are worrying about.

    Good luck with the sales. I used to love them coming in and seeing where they ended up at the end of the month. xx
    September 6th 2017 start Updated 4th NOV 17
    Credit Card £430 now: £0 Tesco Loan £7500 = £6891 Car loan £17450 = £16,748 Total = £25,330 £23,749 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • Nicnak
    • By Nicnak 17th Nov 17, 8:42 PM
    • 411 Posts
    • 1,664 Thanks
    Nicnak
    A motto I have been living by recently, and it has helped is 'believe and you can achieve'. if you believe that you can get that money down by the £272 then you will. x
    September 6th 2017 start Updated 4th NOV 17
    Credit Card £430 now: £0 Tesco Loan £7500 = £6891 Car loan £17450 = £16,748 Total = £25,330 £23,749 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • SunshineBecks
    • By SunshineBecks 18th Nov 17, 4:41 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    I agree Enthusiasticsaver- although I never shop on Ebay I use PayPal to buy stuff online, and it doesn’t feel like ‘real money’ I’m sure there’s a way to disconnect PayPal from your bank account which I will look into. I am aiming to pay off debts in that order, I can’t wish you close that Very account!

    Thanks so much Niknak- I love that quote. I will ring them tomorrow and see if there is anything they/I can do. I feel much more better mentally regarding money also my other half is on board which has made a huge difference.

    NSD today

    Becks xx
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • Nicnak
    • By Nicnak 19th Nov 17, 8:26 AM
    • 411 Posts
    • 1,664 Thanks
    Nicnak
    I agree Enthusiasticsaver- although I never shop on Ebay I use PayPal to buy stuff online, and it doesnít feel like Ďreal moneyí Iím sure thereís a way to disconnect PayPal from your bank account which I will look into. I am aiming to pay off debts in that order, I canít wish you close that Very account!

    Thanks so much Niknak- I love that quote. I will ring them tomorrow and see if there is anything they/I can do. I feel much more better mentally regarding money also my other half is on board which has made a huge difference.

    NSD today

    Becks xx
    Originally posted by SunshineBecks
    Did you manage to call? Glad you are feeling better. It's so nice when hubbies are on board too. x
    September 6th 2017 start Updated 4th NOV 17
    Credit Card £430 now: £0 Tesco Loan £7500 = £6891 Car loan £17450 = £16,748 Total = £25,330 £23,749 EMF #252
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • SunshineBecks
    • By SunshineBecks 19th Nov 17, 1:53 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    Having a very lazy day today- me and little one are still in our pjs!
    All the washing done, kitchen cleaned and 3 more items listed on Ebay.

    Managed to get my first £5 amazon voucher through swag bucks
    Sold a designer bag on eBay, £75 after fees postage etc. I put £20 in emergency fund and paid another £30 off the Very account- which takes it below £800 - Very happy with that. I will ring Very later to find out if the interest will take me above credit limit and what I can do about it!

    Another NSD today- itís so cold here doubt we will venture out.
    Will post my goals for the coming week later- Iím really into making goals at the moment

    Becks
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
    • SunshineBecks
    • By SunshineBecks 19th Nov 17, 4:16 PM
    • 34 Posts
    • 43 Thanks
    SunshineBecks
    Week ahead goals
    A few things I am aiming to achieve next week:
    - work one day overtime- will see this is Dec pay so will be nice for the long Jan.
    - payout from PA- roughly £6
    - do some surveys daily
    - list 5 ebay items
    - write final Christmas list ready for payday
    - write Christmas activity list to make Little ones Christmas as magical as possible DONE
    - look in to football club for little one
    - continue to pay as much as poss off the Very account
    - Have 5 NSD- a big one for me but I aim determined!

    Thatís all for now

    Becks
    Last edited by SunshineBecks; Yesterday at 8:42 PM.
    Halifax CC £4583.88 £3710 Aqua CC: £300 £248 Capital one: £200 £0 Santander OD £500 £462 Very: £1050 £785.50 TSB OD: £100 Family debt: £300
    Total paid off so far: £1429.38
    Emergency Fund: £20
    Trying to become debt free by Feb 2019 and build up those savings!
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