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  • FIRST POST
    • MeenaM
    • By MeenaM 5th Nov 17, 6:01 PM
    • 53Posts
    • 75Thanks
    MeenaM
    Dear Diary
    • #1
    • 5th Nov 17, 6:01 PM
    Dear Diary 5th Nov 17 at 6:01 PM
    Day 1 ....and we're off! so here is my list of income outgoings and debts, I have not included my husband's as for the moment I am concentrating on getting rid of my own debt ,

    so I have filled this in and copied here

    Statement of Affairs and Personal Balance Sheet

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

    Monthly Income Details
    Monthly income after tax................ 1300
    Partners monthly income after tax....... 0
    Benefits................................ 222
    Other income............................ 137
    Total monthly income.................... 1659

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 71
    TV Licence.............................. 14
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 150
    Clothing................................ 0
    Petrol/diesel........................... 50
    Road tax................................ 15
    Car Insurance........................... 19
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 86
    Childcare/nursery....................... 100
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 8.6
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 19
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 8.78
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 15
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    kids swimming........................... 14.5
    kids dancin............................. 16.67
    kids saving............................. 50
    national trust.......................... 9.55
    joint account........................... 400
    Total monthly expenses.................. 1087.1


    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 1500

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    next...........................117.......6........ .29.9
    aa.............................860.......25....... .19
    barclays.......................4812......110...... .19
    sainsburys.....................425.......10....... .18
    virgin.........................4130......41.8..... .18
    Total unsecured debts..........10344.....192.8.....-


    Monthly Budget Summary
    Total monthly income.................... 1,659
    Expenses (including HP & secured debts). 1,087.1
    Available for debt repayments........... 571.9
    Monthly UNsecured debt repayments....... 192.8
    Amount left after debt repayments....... 379.1

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -10,344
    Net Assets.............................. -8,844

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























    I really want to figure out the best way of paying off the credit card debts , the AA is 0% until 13 December 2017 , The Sainsburys is 0 % until 20 Februrary 2018 and the Barclays is 0% until 1 April 2019

    Next- £117
    AA- £860
    Sainsburys £425
    Barclays £4800
    Virgin £4138

    total £10340
    Atm I am paying £280 towards the credit card debts

    I need help with either snowballing or high interest first , when the credit cards revert to interest charged they wil be about 22.5 %


    any help , advice or encouragement will be greatly appreciated
    Last edited by MeenaM; 25-11-2017 at 4:02 PM. Reason: adding information
Page 2
    • MeenaM
    • By MeenaM 24th Nov 17, 10:34 AM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Hi Kodagirl and thank you for your good luck wishes .

    Yes I got two tickets for Peter Kay for that price as soon as he announced those extra dates on twitter i got them from the gigsandtours website so very pleased , quite a long wait but i am sure it will be worth it !

    Pay day today and I have made some payments off my debts and adjusted my signature , will decide on what to allocate to my AA card once i have worked out the budget but hope to make at least £200 off it ,will update when i have decided , feels good to get started on the debt reduction plan and to have cleared the Next debt yay!

    I have had so many emails about Black Friday deals but i have deleted and unsubscribed to them so i wont be tempted this year!
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • DebtFreeFrog
    • By DebtFreeFrog 24th Nov 17, 4:12 PM
    • 42 Posts
    • 83 Thanks
    DebtFreeFrog
    Hi MeenaM.
    Just popping by to see how you're getting on.
    Well done on clearing the Next Debt!
    I am also resisting the temptation of Black Friday, I saw something earlier that said 'It's not a good deal if you don't need it' that's what I've been saying to myself every time I've seen an offer today
    07/11/17 £8199.31 Debt
    • MeenaM
    • By MeenaM 24th Nov 17, 8:44 PM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Thanks DebtfreeFrog and well done for resisting, that;s a good mantra to have i will have to remember that one too
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 25th Nov 17, 3:41 PM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Have paid off £131 from AA card as this was a refund on dog insurance i had paid out, will hope to snowball more to this debt in a few days time i am hoping a further £180
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 27th Nov 17, 10:05 AM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Just when I was starting to be more positive we get the news that DH will have £160 less money each month due to a tax recalculation on his company car

    did the weekly shop this morning in Aldi and spent £100 ! it's usually £80 but had to get some cleaning stuff and as we havent had fish in ages ( due to price) I bought some fresh fish and some fresh beef , this shop will cover us until next Monday for main meals not sure about snacks as we have a hungry 17 year old who doesnt seem to do anything but eat atm!

    seems one step forward and two steps back atm but still determined to put some more money this month towards the AA debt

    have a good Monday everyone
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 28th Nov 17, 10:49 AM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Paid off £100 on my AA card today, I plan on paying some more but will leave it until just before payday in case need any money to cover DH short fall.
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 1st Dec 17, 4:11 PM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Put £2 in my sealed pot today, took out £20 cash as was meeting friends for lunch , so that together with having to buy some essentials like bread etc means i have £3 left from it . Will try not to spend that , shouldnt need anything for a week now
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • SnowBallBunny
    • By SnowBallBunny 1st Dec 17, 10:29 PM
    • 30 Posts
    • 67 Thanks
    SnowBallBunny
    Good Luck with your debt-free journey! A detailed 'Statement of Affairs and Personal Balance Sheet' is a great start along with your updates.
    Credit Card 1 £6,000/£5878.86 Debit Card 2 £5,000/£4747.63 Credit Card 2 £1,200/£960.66 Accountancy Bill £144 (Last Payment 14.12.17) Tax Bill £600 (Monthly instalments 15.12.17 - 15.5.18 / £150 per month) Debt Snowball Baby Step 1 Emergency Fund: £200 Total £12,187 (Emergency Fund £200)

    A SnowballBunny, hopping my way to Financial Freedom.
    • MeenaM
    • By MeenaM 2nd Dec 17, 10:29 AM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Thank you Snowball, I've been looking at my budget this morning and we are doing better than I thought so fingers crossed we can stay in the black this month, also the water rates will not come out of the joint account now until March so that's a very welcome extra £46 per month until then , I'm feeling positive today! also i kept within my budget yesterday for the lunch with friends .
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 4th Dec 17, 10:08 AM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Spent £87 in Aldi this morning, better than the £100 last week! I have also worked out that will last us until next Monday including lunches for work

    have to get cat food this week looking for some offers ,,,,
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • EscapingTheAlarm
    • By EscapingTheAlarm 4th Dec 17, 8:59 PM
    • 42 Posts
    • 62 Thanks
    EscapingTheAlarm
    Hello! I just thought I'd pop in and say that it sounds like you're doing really well! Well done for clearing the Next account already - that's really quick! I think that £87 including lunches is great! Do you find that going to Aldi makes a big difference to your shop? I need to do something about my food bill...
    ETA x
    • MeenaM
    • By MeenaM 5th Dec 17, 7:09 PM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Hi ETA !

    I def think Aldi has made a big difference, when i shopped at ASDA for example i never got the weekly shop below £100 and it was mostly over it , i also cook a lot more stuff from scratch now too
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 8th Dec 17, 10:41 AM
    • 53 Posts
    • 75 Thanks
    MeenaM
    well so far so good this month with sticking to my budget! I have more money left at this stage of the month than i usually do, and it feels good to be "in control" !

    I sold an item on ebay so had an extra £7 and that has been used for a christmas present for DD , I get paid earlier this month on the 20th

    I am wondering whether to put any left over money at the end of the month into saving or to pay off some of the AA card, there is no interest on the next payment due but the following month there will be so i do want to pay this off asap

    i really need to get an emergency fund together as atm i have £65 in a isa savings account and £10 in an instant savings account

    i have enough food still until monday when i will do the weekly shop

    have looked at ynab but dont want to pay a monthly fee and so far i think i am doing ok with the spending tracker app so i will carry on with that

    trying to get DH to control his spending too but its a struggle as he gets a bit snappy when i ask how much he has spent each day to add it to the budget planner

    have a good Friday all and stay warm
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 8th Dec 17, 10:43 AM
    • 53 Posts
    • 75 Thanks
    MeenaM
    oh i forgot to add , I will have £250 coming , hopefully next month from switching bank accounts, I am unsure whether to apply that to my debts or save it , i was planning on paying off debt ,

    what does everyone else think i should do? thanks
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 9th Dec 17, 12:15 PM
    • 53 Posts
    • 75 Thanks
    MeenaM
    i've had an email with an offer of 2 months free for the ynab , am considering it

    i keep working and re working my budget , can't seem to leave it alone for a day atm , its becoming a bit of an obsession!
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • EscapingTheAlarm
    • By EscapingTheAlarm 9th Dec 17, 5:03 PM
    • 42 Posts
    • 62 Thanks
    EscapingTheAlarm
    Well done for having more money at the moment than you would usually! Especially in December! If most of your debt is 0% then maybe you could save the £250 for a while as it might stop you from having to go into more debt if something unexpected comes up...
    ETA x
    • Vegainer
    • By Vegainer 10th Dec 17, 1:28 PM
    • 9 Posts
    • 5 Thanks
    Vegainer
    Hope all is well Meena! If all your debt is 0% then I can't see a problem saving it - but as soon as there's interest on something I'd use it to towards something
    Starting Debt: £6344.23 (Dec 2017)
    Saving for Christmas 2018: £31/£365
    • MeenaM
    • By MeenaM 10th Dec 17, 2:43 PM
    • 53 Posts
    • 75 Thanks
    MeenaM
    thanks for the advice , i think i will save it for my emergency fund x
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • MeenaM
    • By MeenaM 12th Dec 17, 6:34 PM
    • 53 Posts
    • 75 Thanks
    MeenaM
    Managed to get to Aldi today through the snow and ice , so spent £86 and that will cover lunches and dinners for 7 days , so according to my budget i have £259.83 left this month until pay day on the 20th and that is after paying off the extra on my debts , i think i may pay half of anything that is left over to my AA card and the rest to my emergency fund
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/4781.15- 0% ends April 2019 virgin 0% ends july 2020 £4138 4096.20AA Credit Card £860 629- 0% ends Dec 2017 Sainsburys Credit Card £521.27-511.80 0% ends Feb 2018 AIM TO BE DEBT FREE JULY 2019
    • EscapingTheAlarm
    • By EscapingTheAlarm 12th Dec 17, 7:13 PM
    • 42 Posts
    • 62 Thanks
    EscapingTheAlarm
    Wow! That's a great amount to have left over! You are building your emergency fund really quickly!
    ETA x
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