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  • FIRST POST
    • Midgetgem82
    • By Midgetgem82 15th Nov 17, 12:09 PM
    • 71Posts
    • 604Thanks
    Midgetgem82
    Time to take control
    • #1
    • 15th Nov 17, 12:09 PM
    Time to take control 15th Nov 17 at 12:09 PM
    Hello everyone
    I know to some my debt may seem small but to me i feel like im drowning and its time to take control and do something about it. This morning i have written down all my debts for the first time and have come on here for help and hoping that by doing this i will follow through and hold myself accountable. I have filled in an SOA and will copy it below.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 4
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 0
    Partners monthly income after tax....... 0
    Benefits................................ 2952.14
    Other income............................ 0
    Total monthly income.................... 2952.14


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 895
    Management charge (leasehold property).. 0
    Council tax............................. 28
    Electricity............................. 52
    Gas..................................... 52
    Oil..................................... 0
    Water rates............................. 32
    Telephone (land line)................... 0
    Mobile phone............................ 107
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 320
    Clothing................................ 30
    Petrol/diesel........................... 200
    Road tax................................ 13
    Car Insurance........................... 24
    Car maintenance (including MOT)......... 28
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 60
    Haircuts................................ 30
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    window cleaner.......................... 8
    spotify + netflix....................... 23
    kids clubs.............................. 133
    contact lenses.......................... 18
    Total monthly expenses.................. 2096



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 2000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    barclay card...................352.9.....10........0
    h +m...........................72.89.....18........0
    very...........................1825.21...100...... .0
    next...........................319.56....20....... .0
    argos card.....................698.02....10........0
    Total unsecured debts..........3268.58...158.......-



    Monthly Budget Summary

    Total monthly income.................... 2,952.14
    Expenses (including HP & secured debts). 2,096
    Available for debt repayments........... 856.14
    Monthly UNsecured debt repayments....... 158
    Amount left after debt repayments....... 698.14


    Personal Balance Sheet Summary
    Total assets (things you own)........... 2,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -3,268.58
    Net Assets.............................. -1,268.58


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


    Heres to holding myself accountable and becoming debt free
    DEBT FREE WANNABE
    H+M £72.89 NEXT £319.56 22.9%APR BARCLAY CARD £352.90 26.43%APR ARGOS CARD£38.26/ £698.02 29.9%APR VERY £221.19/ £1825.21 47.9%APR
Page 3
    • Midgetgem82
    • By Midgetgem82 25th Nov 17, 5:01 PM
    • 71 Posts
    • 604 Thanks
    Midgetgem82
    Nothing much to report today, a spend on food shopping £19.98. No other spends today, im feeling rough and in pain and have spent most of he day sat on the sofa. Luckily both ds' have been well behaved and been looking after me
    DEBT FREE WANNABE
    H+M £72.89 NEXT £319.56 22.9%APR BARCLAY CARD £352.90 26.43%APR ARGOS CARD£38.26/ £698.02 29.9%APR VERY £221.19/ £1825.21 47.9%APR
    • camz2017
    • By camz2017 25th Nov 17, 5:45 PM
    • 141 Posts
    • 184 Thanks
    camz2017
    Hope you feel better soon

    Rest up and have some fruit, vitamins always help.
    • 117pauline
    • By 117pauline 25th Nov 17, 7:05 PM
    • 457 Posts
    • 5,618 Thanks
    117pauline
    Hi Migdgetgem82

    Sorry to hear you aren't feeling well.

    It's rather hard to see all your purchases when you categorise them, isn't it?

    I have some musings which might help a little:
    • make getting debt free your major challenge and try to lower your totals each month
    • Christmas - have you bought all the presents and foods needed
    • use google calendar to put in all the dates for upcoming end dates of any contracts
    • emergency fund should be for the big stuff. Try to keep the different pots separate
    • put away the budgeted money away immediately, not in your ordinary account
    • where is your coffee fund on the Soa? Can you change to a cheaper drink or move to Wetherspoons for free refills.
    • pay even £1 over the minimum at the very least - it will help your credit scores in the future. Pay the extra cash you make immediately into the accounts so it reduces the interest
    • cash envelopes for each week. It might be easier to budget if you separate money into 4 or 5 weeks
    • magazines - are you a member of a local library? Most have e-books and magazines available, mine has 170 magazines available, all free
    • keep a record of your successes to encourage you when it gets even tougher

    These are just some ideas I have noted whilst reading your diary.

    I know surveys are boring but I have managed to fund all presents this year from them.

    You are absolutely right to focus on the very account. It will make such a difference to you once it has been cleared.

    Is this a budget you are hoping to start in December? It will be harder given the time of year but write down everything, if you can whilst you are doing it, on the day it happens.

    Sorry if there are too many ideas here, just try a couple so you make them into habits.

    I really hope some of them will help. Take care and keep posting
    Pauline

    Do you ever have takeaways? And does the child related expenses cover all the extras at school?
    Don't get it perfect - Get it going
    Better Than Before
    • Midgetgem82
    • By Midgetgem82 27th Nov 17, 12:45 PM
    • 71 Posts
    • 604 Thanks
    Midgetgem82
    Hello Pauline
    Thank you for taking the time to reply.
    Becoming debt free is all im currently thinking about, i want the financial freedom and peace of mind that will come when the debts disappear.
    Christmas is already all done, paid for and wrapped up. I save with Park throughout the year for this so i dont have to worry come christmas time.
    Ive never used google calendar but ill definitely look at it to help keep track.
    I plan to only use my emergency fund to replace things when they break down or for car emergencys
    I have started to put all my budgeted money in different envelopes and only deal with cash apart from my bills which are all paid by direct debit.
    Ive always paid slightly over minimum payments, rounding it up to the next £10 mark. so if its £6 i will pay £10 etc.
    I will only buy magazines for the boys on rare occasions and as a treat. I myself had a subscription to national geographic gifted to me so i dont tend to buy magazines for myself. We dont have takeaways, we tend to make our own homemade versions.
    i'm keeping up with this diary as a way to log all my successes but also as a way to see where i need to cut down and where i tend to slip up.
    Like you say the surveys are boring but its nice watching the totals add up. I,m hoping these will help to make a dent in the present buying budget next year.
    School trips and events arent currently budgeted for so i need to take a look at this and start a budget for this.
    I have already made a start with this budget as my money went in on the 14th, I know ive chosen a difficult time to start but if i can stick to it over xmas then the rest of the year should be easier........i hope

    Not a bad weekend after all. Ds 2 had a gymnastics competition yesterday so with entry and raffle tickets i spent £7.50 and today I picked up a £10 xmas tree from sainsburys but used money from the grocerie budget to cover that. The kids wanted a real tree and I told them no as it expensive. Ds 3 saw a small real one for £10 outside sainsburys so i said id compromise and get it for them.
    Ive listed a few bits on fb this morning so hopefully that will drag in a few pennies
    DEBT FREE WANNABE
    H+M £72.89 NEXT £319.56 22.9%APR BARCLAY CARD £352.90 26.43%APR ARGOS CARD£38.26/ £698.02 29.9%APR VERY £221.19/ £1825.21 47.9%APR
    • camz2017
    • By camz2017 27th Nov 17, 12:51 PM
    • 141 Posts
    • 184 Thanks
    camz2017
    If you have a real tree be sure to water it a lot - See here https://www.youtube.com/watch?v=TeZk2IrvAOU

    Also for 2018, definitely consider the usage of sites such as PARK, in the past a few have gone bust part way through the year and you are quite far down the list in terms of where money is allocated in the event one goes under. My aunt bless her, had no money at Christmas with one of these.

    You might want to consider a bog standard saving account with another bank to your usual one (ie isolating the money to somewhere else) where the funds are guaranteed protection.

    Great job as always
    • Midgetgem82
    • By Midgetgem82 27th Nov 17, 1:57 PM
    • 71 Posts
    • 604 Thanks
    Midgetgem82
    Afternnon Camz
    It is something that plays on my mind but im not sure i could be strict enough to leave the money alone if it was in a savings account thats why ive used park for the last 5 years. something to think long and hard about i guess.

    Thanks
    DEBT FREE WANNABE
    H+M £72.89 NEXT £319.56 22.9%APR BARCLAY CARD £352.90 26.43%APR ARGOS CARD£38.26/ £698.02 29.9%APR VERY £221.19/ £1825.21 47.9%APR
    • camz2017
    • By camz2017 27th Nov 17, 2:38 PM
    • 141 Posts
    • 184 Thanks
    camz2017
    Makes sense, a good write up on this wonderful forum:

    https://www.moneysavingexpert.com/family/christmas-savings-clubs

    Hope you have a great day ahead, I’m working from home and have a presentation to client at 3pm, I fully intend on signing off at 4PM after the webex
    • Midgetgem82
    • By Midgetgem82 27th Nov 17, 3:58 PM
    • 71 Posts
    • 604 Thanks
    Midgetgem82
    Thanks for the link, an interesting read and has made me think about how to save for next years xmas.
    I'm going to look at other ways of saving and pushing myself at becoming more responsible with money as if i don't save i'll really struggle next year for xmas
    DEBT FREE WANNABE
    H+M £72.89 NEXT £319.56 22.9%APR BARCLAY CARD £352.90 26.43%APR ARGOS CARD£38.26/ £698.02 29.9%APR VERY £221.19/ £1825.21 47.9%APR
    • camz2017
    • By camz2017 27th Nov 17, 4:04 PM
    • 141 Posts
    • 184 Thanks
    camz2017
    I am sure better to use Park and likely have something, than have nothing Without the self control, it's not a bad risk to take necessarily.

    But absolutely, it could help get you even more on track for saving and budgeting
    • Midgetgem82
    • By Midgetgem82 28th Nov 17, 4:57 PM
    • 71 Posts
    • 604 Thanks
    Midgetgem82
    Currently still undecided about Park, did have a thought that i could buy a voucher every month instead of paying into park.......hhhmmmmmm

    Today ive done a grocery shop £45.26
    Filled the car with fuel £40.59 the remaining weeks fuel budget £9.31 was put towards VERY
    I've had 2 FB sales so £15 in the savings pot also downloaded we buy any books so will look at that later and see if its worth getting rid of my books via them.

    DS1 is really trying my patience this afternoon, must find a cheap thing to do to help me relax
    DEBT FREE WANNABE
    H+M £72.89 NEXT £319.56 22.9%APR BARCLAY CARD £352.90 26.43%APR ARGOS CARD£38.26/ £698.02 29.9%APR VERY £221.19/ £1825.21 47.9%APR
    • DebtFreeDuo
    • By DebtFreeDuo 28th Nov 17, 6:32 PM
    • 606 Posts
    • 2,975 Thanks
    DebtFreeDuo
    Buying a voucher each month is a good idea, just make sure to check expiry dates as some only last a year so if you don't use it at Christmas then you could lose it. What about opening an account that you can only access in branch? My DS has a regular saver with a pretty good interest rate, pay over up to £100 per month and once the 12 months are up it gets transferred over, I don't think you can access it until the 12 months are up but that might also be something to consider, this way you're earning interest too.
    Loan:1780.49 2207.38 Car Loan:2179.17 2419.64 0% CC:1010.98 1063.48 Total: 4970.64 5690.50 DFD Dec 18
    SPC 586
    • Midgetgem82
    • By Midgetgem82 28th Nov 17, 7:41 PM
    • 71 Posts
    • 604 Thanks
    Midgetgem82
    Thanks Debtfreeduo. I'll take a look into this
    DEBT FREE WANNABE
    H+M £72.89 NEXT £319.56 22.9%APR BARCLAY CARD £352.90 26.43%APR ARGOS CARD£38.26/ £698.02 29.9%APR VERY £221.19/ £1825.21 47.9%APR
    • WannabeFree
    • By WannabeFree 28th Nov 17, 8:00 PM
    • 384 Posts
    • 2,604 Thanks
    WannabeFree
    Or save with the local credit union?

    I think you have to go in branch to withdraw so that might remove some of the 'ease' of dipping into it x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • Midgetgem82
    • By Midgetgem82 29th Nov 17, 4:34 PM
    • 71 Posts
    • 604 Thanks
    Midgetgem82
    Thanks WB i'll take a look

    Toady has been a nsd, have started leaving my purse at home so i'm not tempted into spending money on a whim
    I have had a good day from FB sales £33. £5 each to ds2 and ds3 from that for the school xmas fayre on saturday as i forgot about it and didnt add it to my budget. Ive secured myself a stall at the fayre so will hopefully make a bit of money then.
    DEBT FREE WANNABE
    H+M £72.89 NEXT £319.56 22.9%APR BARCLAY CARD £352.90 26.43%APR ARGOS CARD£38.26/ £698.02 29.9%APR VERY £221.19/ £1825.21 47.9%APR
    • camz2017
    • By camz2017 30th Nov 17, 12:28 PM
    • 141 Posts
    • 184 Thanks
    camz2017
    Good luck! You are doing well!

    I have a budget called "things I didn't budget for" - I end up using it every month, and I would say get one also.
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