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  • FIRST POST
    • Caspeia
    • By Caspeia 13th Nov 17, 3:16 PM
    • 16Posts
    • 21Thanks
    Caspeia
    Debt free dream
    • #1
    • 13th Nov 17, 3:16 PM
    Debt free dream 13th Nov 17 at 3:16 PM
    Hello!
    We're a family of four, 2 adults, a 2.5 year old and a 2 month old. We also have 4 cats and a fish! Me and my partner are in our early twenties and we are getting married in March 2018.

    I'm normally the one who controls the money (and was quite good at it!) but I've struggled with my mental health recently and have just been spending money left right and centre so we've built up a bit of debt,

    Our debt currently stands at:

    Honeymoon: £87.50 (due by 26th December)
    CC1: £1643.36 (0% interest until Feb 2018)
    CC2: £1155.40 (0% interest until November 2019)
    Sofa: £1449.56 (0%, on payment plan until its finished)

    Total: £4335.82

    I would like to pay it all off before December 2018 so we can start saving for a deposit on our own house.

    My first goal is to pay off the first credit card before the interest is up and also to pay off the honeymoon. I've got a direct debit to pay £25 off CC2 which is double the minimum payment and the sofa payment is £46.76 a month so that will also be going down but these two are not my priority yet.
    I also don't have anything saved up for the wedding, my parents are paying for most of it but I don't have anything to cover my share. I need to work out how much that will be.

    This month is really difficult as my partner has gotten a new role at work but he's becoming a salaried member of staff which means he's moving from weekly pays to monthly paid. We have 3.5 weeks that he won't be getting paid and I'm only on maternity pay. I need to work out how much we have until Friday.
    Last edited by Caspeia; 20-11-2017 at 7:36 PM. Reason: accidentally put wrong figures in
Page 1
    • 166million
    • By 166million 13th Nov 17, 4:07 PM
    • 1,110 Posts
    • 4,654 Thanks
    166million
    • #2
    • 13th Nov 17, 4:07 PM
    • #2
    • 13th Nov 17, 4:07 PM
    Hi there,
    I struggle with MH issues so know how difficult it can be so well done for being here
    First thing to do is soa that will show outgoing And income then will show if you can make any savings or pay towards debts
    http://www.stoozing.com/calculator/soa.php
    People on here are really helpful
    **Debt Free as of 15:55 on Friday 23rd March 2012**And I am staying that way
    377 166million Sealed Pot Challenge 2018
    My debt free diary http://http://forums.moneysavingexpert.com/showthread.php?t=3630099
    No. 90: Emergency fund £250
    • Caspeia
    • By Caspeia 20th Nov 17, 7:33 PM
    • 16 Posts
    • 21 Thanks
    Caspeia
    • #3
    • 20th Nov 17, 7:33 PM
    • #3
    • 20th Nov 17, 7:33 PM
    [font=courier new]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................ 1180
    Partners monthly income after tax....... 616
    Benefits................................ 300
    Other income............................ 0
    Total monthly income.................... 2096


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 46.76
    Rent.................................... 395
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 50
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 18.99
    Mobile phone............................ 71
    TV Licence.............................. 13.47
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 200
    Clothing................................ 50
    Petrol/diesel........................... 30
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 100
    Childcare/nursery....................... 185
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 41
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 6
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    gym..................................... 29.99
    driving lessons......................... 160
    cat expenses............................ 100
    netflix................................. 9.99
    SCAA.................................... 4.34
    Total monthly expenses.................. 1671.54



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 1449.56..(46.76)....0
    Total secured & HP debts...... 1449.56...-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    CC1............................1643.36...16.43.... .0
    CC2............................1155.4....11.55.... .0
    Honeymoon......................87.5......0........ .0
    Total unsecured debts..........2886.26...27.98.....-



    Monthly Budget Summary

    Total monthly income.................... 2,096
    Expenses (including HP & secured debts). 1,671.54
    Available for debt repayments........... 424.46
    Monthly UNsecured debt repayments....... 27.98
    Amount left after debt repayments....... 396.48


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -1,449.56
    Total Unsecured debt.................... -2,886.26
    Net Assets.............................. -4,335.82




    There's a couple of things I've missed out, car stuff, birthdays etc. I need to decide how much I want/need for each section. I'm kind of leaning towards working out how much I will put in an account for each individual thing but keep in all in one big account as I don't need any more accounts than I already do.

    Also the debt payments are slightly different than the original post as I accidentally got one wrong, its only off by a fiver but will update the proper totals on the post.
    • Caspeia
    • By Caspeia 20th Nov 17, 8:22 PM
    • 16 Posts
    • 21 Thanks
    Caspeia
    • #4
    • 20th Nov 17, 8:22 PM
    • #4
    • 20th Nov 17, 8:22 PM
    This week has been a mixed bag of emotions.

    On the negative side, my partner has been suspended from his job. He has been falsely accused of something, luckily its on full pay pending investigation. He's been accused of gross misconduct and if they find him guilty then he's been told its immediate dismissal. Its a scary thought but I'm trying to stay positive.

    Positives:
    I've not spend anything on the credit card since the 13th of November. That's a full week that I have not used the credit card! Everything has been paid for by cash/debit card, I normally have both my cards on me at all times but this time I left them in the house.


    Theres been times in the past I've transferred out my savings if I wanted to buy something but I haven't done that either! I've actually transferred so much out of my savings in the past month that the wedding fund is gone and theres no money in the cat account (I have a separate account for the cats where their insurance comes off, save up for their food & vet vills) All I have in saving is £130.

    I have a spreadsheet where it worked out daily how much I need in my account to cover bills so when money comes in, anything above that figure can be allocated elsewhere. Tax credits came in today so going to allocate that money. I never use this towards bills as it seems to always change, its very unreliable so I just use it as 'bonus' money, I'm going to start using this towards the debt instead of wasting it
    • SunshineBecks
    • By SunshineBecks 20th Nov 17, 8:50 PM
    • 46 Posts
    • 80 Thanks
    SunshineBecks
    • #5
    • 20th Nov 17, 8:50 PM
    • #5
    • 20th Nov 17, 8:50 PM
    Good luck on your debt busting!

    Becks
    Halifax CC £4583.88 £3660 Aqua CC: £300 £242.20 Capital one: £200 £0 Santander OD £500 £464 Very: £1050 £658.98 TSB OD: £100 Family debt: £300
    Total paid off so far: £1608.62
    Emergency Fund: £0
    Trying to become debt free by Feb 2019 and build up those savings!
    • Caspeia
    • By Caspeia 21st Nov 17, 5:33 PM
    • 16 Posts
    • 21 Thanks
    Caspeia
    • #6
    • 21st Nov 17, 5:33 PM
    • #6
    • 21st Nov 17, 5:33 PM
    So I've made a list of everything I need to pay off for the wedding, its looking at around £1500 for everything I still need to pay. Current savings... zero. Only 4 months to go which is absolutely stupid of me. I had almost £1000 saved up 5/6 months ago and I used it paying off the credit card cause it was at £2500 which was at its limit. I've looked back at my statements and every month I've paid off between £300 - £400 but I then spent £400 - £500. I have nothing to show for it, its mainly on takeaways and meals out. Loads of £5/6 spends in shops, getting a drink and a snack.

    Last night I remembered about quidco, earlier this year I used it to get cashback for the cats insurance as they had a good deal on it but never checked it again until last night. £50 ready to be cashed out, just set up the payment details so in a few days that will land in my account! This is going straight towards the cat food as I have no money set aside for it. I buy in bulk every 10 week or so, it costs me £210 for their food and some treats as well but I've decided to cut their treats out so it takes me down to £177.75, their favourite flavour is the vension but its expensive so for this one order while I get things sorted I will buy the basic cheaper flavours which comes to £165.60. I have enough food for a month so need to put some money towards that each pay day. Theres 4 of my pays and one of my partners before I need to order it. After the next order I will start paying weekly again to their account so I have 10 weeks to save up instead of only 4.

    I decided to put the tax credits money towards the honeymoon since that needs paid off first. The last £87.50 has been paid off! I also remembered the baby will need a passport, I will do this in January.

    then paid £23.36 off the credit card.

    Totals now

    Honeymoon: £0
    CC1: £1620
    CC2: £1155.40
    Sofa: £1449.56

    Total: £4224.96

    Total payments off of debt £110.86 which is 2.6%

    I'm setting myself a goal of being under £4000 by the 31st December... £224.96 to pay off in 40 days time.
    • Caspeia
    • By Caspeia 21st Nov 17, 8:01 PM
    • 16 Posts
    • 21 Thanks
    Caspeia
    • #7
    • 21st Nov 17, 8:01 PM
    • #7
    • 21st Nov 17, 8:01 PM
    So normally our weeks look like this... go shopping for food, forget it exists, buy 90% of our meals out and about, throw out rotten food, occasionally throw any slightly good food in freezer. Repeat cycle.
    This week we've still eaten a few meals out and about but its only about 25% of our meals out and the from home.
    Tonight I couldn't be bothered cooking and normally we'd order a takeaway. I almost did but decided against it. I had some left over tuna pasta from last night, there was only enough for me and the toddler. So I made my partner a curry dish from the left over chicken from a few nights ago. An onion, tin of chopped tomatoes, chicken and some tandoori spice mix we had. He then wanted to have it with hash browns (strange combo I know!)
    I decided to check the freezer to see what there was. I discovered to flat breads with garlic butter on them and a couple of balls of mozzarella also in there so I'm going to make them into pizzas for tomorrows tea with some sweet potato fries I also found.
    Thursday night I'm going to have sausages with sweet potato mash (can you tell I love sweet potatoes)

    There's some lamb mince in the freezer I can use on Friday, not sure what I want to make yet. I'm thinking either spag bol or meatballs as we have all the ingredients already in the house.

    I'm also going to make some carrot and lentil soup for lunch tomorrow. My auntie bought me a soup maker a couple of years ago, its brilliant but doesn't get as much use as it deserves. Roughly chop veg, throw it in with a stock cube and some water. 21 minutes later I have fresh soup. I love soup and so does the toddler. Shes refusing to eat her lunch at playgroup so I might start sending her with soup, just need to hunt out a thermos as the playgroup won't heat up food. Everyday shes coming home with her sandwich left over, her banana left over and her yoghurt left over. All she has is a smoothie.
    • Scott_Weiland
    • By Scott_Weiland 21st Nov 17, 8:16 PM
    • 659 Posts
    • 1,621 Thanks
    Scott_Weiland
    • #8
    • 21st Nov 17, 8:16 PM
    • #8
    • 21st Nov 17, 8:16 PM
    Right two things jump out

    first thing re your soa is pet insurance i understand you have cats etc but 400 quid plus py is a bit steep. I would if your not a member join top cashback.co.uk and look at quotes on that or do they sensible thing ie just open a savings account and whack 20 quid pm in 4 vet bills as a precaution and bin the insurance.

    Next same again 840 plus for mobile phones can that not be reviewed lowered etc I pay 29 for mine pm and a tenner for a giff gaff sim only for my son.
    Debts 15981.64 total paid 2078
    Cashback Earnings YTD £167.28 Survey Earnings YTD £552.88
    • Caspeia
    • By Caspeia 21st Nov 17, 9:56 PM
    • 16 Posts
    • 21 Thanks
    Caspeia
    • #9
    • 21st Nov 17, 9:56 PM
    • #9
    • 21st Nov 17, 9:56 PM
    Cats.. I have four of them so its never going to be cheap! I do have an account for them... I just kept dipping into their account constantly. I'm not getting rid of the insurance. Its just too risky in my eyes.
    Knowing my luck, I would have a couple of them needing treatment at the same time and completely draining my money away. I've seen a couple of family and friends have huge bills with their cats, my friends cat ate a bit of cooked bone, it got caught in the cats stomach and had to have surgery costing over £2000. The cat has issues with their gut now.

    Mobiles I should have explained, I pay 3 contracts. Mine, my partners and my sisters. Mine is £21 and my partners is £27. I just automatically put the cost of all 3 mobiles on, my sister gives me the money in cash every month for her phone (and also half of Netflix, we share the account) Maybe I should have not included her one (or included the money she gives me) I took out the contract for her originally as she was babysitting my toddler a lot before maternity so it was a 'thank you' but now she pays it herself, when the contract is up in June she is opening her contract in her name. My partner is considering taking the insurance off his contract which will lower it to £21 as well.
    • Scott_Weiland
    • By Scott_Weiland 22nd Nov 17, 12:41 AM
    • 659 Posts
    • 1,621 Thanks
    Scott_Weiland
    492 quid for cat insurance per year is high i can understand with 4 cats you want to keep it but have a look at getting it cheaper. Think of it this way you maybe able to save a few quid on top cashback per month and on there from memory some pet insurance companies will pay 40-50 quid for a new pet insurance policy.

    I recently got my other half to join topcashback and got 15 quid just for referring her its easy money. I think gocompare does a thing via topcashback that even for a quote re pet insurance you get £2.50 ish.
    Debts 15981.64 total paid 2078
    Cashback Earnings YTD £167.28 Survey Earnings YTD £552.88
    • Caspeia
    • By Caspeia 23rd Nov 17, 2:46 PM
    • 16 Posts
    • 21 Thanks
    Caspeia
    So I've used the credit card but for once it was actually on purchases I needed rather than wanted. Its all things for the wedding. I'm proud of myself for thinking through purchases instead of just buying the first thing I see!

    1st thing I bought was the rings. I originally had a budget of £200 for both of our rings. We both just wanted a plain band and when I originally looked I found ones at about £90 each I liked. I looked yesterday and went on a different website, Goldsmiths. I went via quidco. I found two rings we liked, combined cost £110. I'm a student so I decided to check my discount apps and found a 10% off code, bringing the rings down to £99 for the two of them! There's £2.48 cashback show Iing on my quidco account, hopefully it pays out.

    2nd thing I bought was a smart collared bodysuit for the baby and a pair of shoes for the toddler. Found a code for 20% and free delivery so the shoes should have been £9.99 but ended up being £7.99 and the vest should have been £7.99 but was £6.39. Total cost: £14.38

    Total spend on everything: £113.38

    My original budget for the baby was £70 on a custom made kilt, I realise this is very expensive so I've found a kilt on amazon for £19.99, a bow tie for £2.03, kilt socks £8.99 (all sitting in my basket, not actually bought them). Vest was from H&M which was £6.39. Total cost for his outfit: £37.40

    I had a budget for my toddler of £40 for her outfit, we have a dress in the house that has never been worn and is the same colour I've picked for the wedding colour scheme. Instead of buying a new one, she will wear this one. It was hidden in a cupboard and I had forgotten about it. I've bought her shoes to match, bringing her total cost down to £7.99 on a pair of shoes.

    My next thing on my list to organise was favours. I had originally set a budget of £50 for everyone. I had a look around and I've decided to get little net bags and put heart shaped chocolate in the bags. Total cost for these off of amazon are £26.87

    So compared to my original budget (which was based on things I had seen and wanted to buy)
    ...
    Rings: £99 instead of £200
    Baby: £37.40 instead of £70
    Toddler: £7.99 instead of £40
    Favours: £26.87 instead of £50

    Total: £171.26 instead of £360
    Less than half the price I originally wanted!

    I have £57.88 worth of things to buy from amazon. I've been using swagbucks the last few days and I've got exchanged my first lot of points for an amazon voucher. I also went on my partners quidco account and exchanged the money in his account for amazon vouchers.
    Its not much but when it clears we should have £6.79 in vouchers. I've decided to challenge myself and see if I can get all £57.88 in amazon vouchers!
    • Caspeia
    • By Caspeia 27th Nov 17, 3:06 AM
    • 16 Posts
    • 21 Thanks
    Caspeia
    I've taken out another credit card to do a balance transfer, I've only got 10 months 0% on it but it gives me 7 more months than I did have to pay it off. Just waiting on it processing but I could only transfer £950 over and there was a £28 fee. I decided the £28 would probably end up being cheaper than if I had to start paying interest on this, it also has given me a bit of breathing room.
    This leads me with £670 on my Halifax card to pay off in 3 month which is more realistic, will be difficult but not impossible.

    My partners disciplinary meeting is tomorrow, I'm praying everything will be okay and he won't lose his job. I am absolutely terrified, if he loses his job we are screwed.

    For the wedding I'm going to do a practice run to see if I can successfully make homemade tablet, if so I'm going to do this for my favours as it will be a lot cheaper than buying the chocolate.

    I bulk buy everything for the cats, their food is due to run out in 3 weeks. I normally order 36kg worth as it qualifies for free delivery. This lasts them 10 weeks a time, if I don't have enough saved up for my normal order I will just order the amount I can afford. Delivery is between £6.50 - £11 (depends on weight) so I'm hoping I have enough to do my normal order as £11 is around 5 days worth of food! My gran normally adds on to my order for her dog so hopefully if I don't have enough, she'll order and take us over the amount for free delivery. I have £20 in their account, the quidco money should be in my bank account by tomorrow so that will be £70 towards their food

    I also need cat litter, there's 2.5 bags left. I've tried a lot of litter over the last 2 years and I've settled on one brand in particular. The one I buy is between £3 to £4.50 depending where you get it. I know you can get cheaper ones but I found the cheap ones needed changed more often so I'd use more. When I used Tesco own it was 2 bags a week as it just clumped together and smelt so bad, this one I only need half a bag a week and it doesn't smell as long as I scoop it out daily.
    I've just looked on wilkos, I've only ever seen the 10L bags but they have 20L bags for £5! so 25p per litre where as the cheapest I can find the 10L bags right now is 35p per litre. My partner gets paid on Tuesday so will buy a couple of the big bags
    • Caspeia
    • By Caspeia 27th Nov 17, 11:55 PM
    • 16 Posts
    • 21 Thanks
    Caspeia
    My partner lost his job, fired with immediate effect
    • starting_again_in_the_sun
    • By starting_again_in_the_sun 28th Nov 17, 8:15 AM
    • 48 Posts
    • 173 Thanks
    starting_again_in_the_sun
    Hi Caspeia,
    I'm so sorry about your husband's job! You need to have an honest discussion about whether he was responsible or not. If not, post on the employment board for advice.

    Either way, check a benefits calculator to be sure you are getting everything you are entitled to.

    The good news is you do have surplus in your SOA.

    Good luck with everything.
    • Little Miss Winner
    • By Little Miss Winner 28th Nov 17, 12:15 PM
    • 3,966 Posts
    • 135,920 Thanks
    Little Miss Winner
    Hello. Aw thats terrible about your hsband job - can he appeal ?? would it be worth it - I just looked at your SOA - did he earn just £616 a month? what was it he does?

    He needs to apply ASAP for anything he can get just to keep you afloat for now. Theres lots of places taking on Christmas Staff, could he just apply for everything and anything for now?

    hugs x
    • DebtFreeDuo
    • By DebtFreeDuo 28th Nov 17, 12:33 PM
    • 608 Posts
    • 2,995 Thanks
    DebtFreeDuo
    Oh no, sorry about your partners job. There are lots of jobs around at the moment, even if he can just go for a temporary job over the Christmas period, it should help tide you over and give him chance to find something more permanent. I hope you get everything sorted.
    Loan:1780.49 2207.38 Car Loan:2039.22 2419.64 0% CC:984.98 1063.48 Overdraft: 860 Overpayment:1781 Total: 7445.69 DFD Dec 18
    SPC 586
    • fay66
    • By fay66 28th Nov 17, 1:41 PM
    • 661 Posts
    • 1,560 Thanks
    fay66
    Ys mental health I suffer too depression and anxiety , I have just had a relapse
    Inland revenue £4500=
    Loan £2610
    Pay day loans - 135+600+300+300
    Credit card 1 - 5186
    CC2 -1038
    CC3 - 548 cc4 234
    • Caspeia
    • By Caspeia 28th Nov 17, 4:33 PM
    • 16 Posts
    • 21 Thanks
    Caspeia
    When i filled out the SOA I put our figures the wrong way round, mine is the £616. So we've lost our main source of income, I've applied for housing benefit and informed tax credits of our change so hopefully that kicks in and helps out for the time being.
    Hes going to appeal the decision, they wouldnt even show him the 'evidence' they had on him.
    Luckily he contacted his old employer, he technically still had a zero hours contract with them but hasnt worked there since last year. They phoned him this morning offering him to do 4hrs work for tomorrow! Shes going to speak to him in person tomorrow, hopefully he will manage to get regular shifts. Its not much but at least 4hrs is a start, hes also going to cycle there and back so will save the £8 on bus fair. He will work 12 - 2 at one school and then cycle to the other one and work 3.30 - 5.30. It will take him 25 minutes from our house to the first school, 40 minutes between schools so will have time for a break and then 30 minutes home.
    • Caspeia
    • By Caspeia 29th Nov 17, 12:08 AM
    • 16 Posts
    • 21 Thanks
    Caspeia
    When I took my Halifax card out it said I had 20 months interest free which I worked out to be the start of Feb 2018, I've just checked my statement and it says it doesn't expire until 1st June 2018. Very confused! That's an extra 4 months, if I had known this I wouldn't have taken out the balance transfer card but at least I have more time for the money I couldn't transfer.
    OH had his pay from his employer today. I'm only going to pay the minimum until we have worked out what hes doing job wise. Don't want to put too much into debt saving and end up not having enough for bills. He should get some pay next month as well, should be around £400 in owed holiday pay
    • Little Miss Winner
    • By Little Miss Winner 29th Nov 17, 10:00 PM
    • 3,966 Posts
    • 135,920 Thanks
    Little Miss Winner
    When i filled out the SOA I put our figures the wrong way round, mine is the £616. So we've lost our main source of income, I've applied for housing benefit and informed tax credits of our change so hopefully that kicks in and helps out for the time being.
    Originally posted by Caspeia
    Looking at your SOA and in light of the statement above - I would say that any luxuries on your SOA will have to be put on hold with immediate effect. Just temporary - or at least till your OH gets a full time salary coming in again.
    Gym & Driving lessons would save you nearly £200 per month. You cant afford these with only one wage coming in.

    xx
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