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  • FIRST POST
    • Sunkencosts
    • By Sunkencosts 8th Jan 18, 4:56 PM
    • 25Posts
    • 32Thanks
    Sunkencosts
    Sunken's attempt to float...
    • #1
    • 8th Jan 18, 4:56 PM
    Sunken's attempt to float... 8th Jan 18 at 4:56 PM
    Right, anyone who thinks they have a lot of unsecured debt on their SOA prepare to be stunned, amazed and horrified at this bad boy!



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

    Monthly Income Details[/b]
    Monthly income after tax................ 1300
    Partners monthly income after tax....... 2328
    Benefits................................ 137
    Other income............................ 0
    Total monthly income.................... 3765

    Monthly Expense Details
    Mortgage................................ 671
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property) 0
    Council tax............................. 133
    Electricity............................. 77
    Gas..................................... 77
    Oil..................................... 0
    Water rates............................. 45.75
    Telephone (land line) 24
    Mobile phone............................ 10
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 400
    Clothing................................ 30
    Petrol/diesel........................... 120
    Road tax................................ 16.62
    Car Insurance........................... 25
    Car maintenance (including MOT) 50
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 160
    Other child related expenses............ 88
    Medical (prescriptions, dentist etc) 10
    Pet insurance/vet bills................. 25
    Buildings insurance..................... 18.45
    Contents insurance...................... 0
    Life assurance ......................... 50
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 20
    Entertainment........................... 150
    Holiday................................. 50
    Emergency fund.......................... 50
    christmas saving........................ 50
    grading fees............................ 30
    Total monthly expenses.................. 2422.82


    Assets

    Cash.................................... 0
    House value (Gross)..................... 200000
    Shares and bonds........................ 0
    Car(s).................................. 400
    Other assets............................ 0
    Total Assets............................ 200400

    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 149588...(671)......2.89
    Total secured & HP debts...... 149588

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Mum loan 1.....................11585.....331.......0
    mum loan 2.....................12852.....252.......0
    shawbrook loan.................15001.....231.......7.6
    credit card....................12000.....450.......0
    ikano..........................2500......69.45.... .0
    Total unsecured debts..........53938.....1333.45

    Monthly Budget Summary
    Total monthly income.................... 3,765
    Expenses (including HP & secured debts). 2,422.82
    Available for debt repayments........... 1,342.18
    Monthly UNsecured debt repayments....... 1,333.45
    Amount left after debt repayments....... 8.73

    Personal Balance Sheet Summary
    Total assets (things you own)........... 200,400
    Total HP & Secured debt................. -149,588
    Total Unsecured debt.................... -53,938
    Net Assets.............................. -3,126


    This is not a SOA of how things actually are at the moment, but how I'd like them to be from next month onwards. I could give you a picture of how things are at the moment, but it would be more akin to an internet meme showing a car falling off a pier or something.

    We have LOADS of debt, but do you know what? I'm not actually that disheartened. A lot of that debt was accrued through buying our house (had to borrow deposit) and then doing it up.

    For that debt we have a house with a new bathroom, new double glazing, new kitchen and redecorated, including installing a log burner.
    But now we have to sit in that house and never go out

    Very irresponsible.

    I have started and chopped and changed jobs recently, so my pay is a bit of a mystery and my tax code is so mangled even the bloke at HMRC sounded depressed when he tried to explain it to me, at one point he said I seemed to owe 11k in tax, which as I only earned 13k last year seemed a little unlikely, so I'm sitting tight til April when it will be one job, one tax code and potentially a small rebate due.

    I really really really want to build up car/emergency/christmas funds. So bored of the December disaster and post christmas blues, which is where I am currently sitting. Doesn't help that my current car is MOTd in December!

    We're lucky in that my OH has a company car and fuel card, naturally we pay highly in tax for it, but it does mean that on family trips/holidays we don't have to factor petrol into the equation.

    My own car is a tiny rustbucket and kind on fuel, but liable to break at any moment.

    Trying to decide what budget software to use. I got on quite well with YNAB last year when I had a free trial, but then it seemed to be costing over a fiver a month and it seems a bit daft to pay for that, so I'm looking around for something else.

    Any thoughts and questions welcome. I think my fuel seems a little high, so am going to submit up to date meter reading and then potentially switch suppliers.

    Phone and internet together are 25 - seems ok.

    I've set the intended cc repayment high because I'd like to pay it off in 2 years. Of course the actual minimum will be much lower, but I figure if we pay it off asap then suddenly we have another 450 a month to snowball with.

    Life insurance is high because my OH is not the slimmest chap and only a few companies will offer him insurance. Only 9.76 of that figure is mine.

    Buildings and contents are included together.

    I genuinely think that's not an unrealistic budget but more experienced people can give me their thoughts?
Page 2
    • Storm89
    • By Storm89 10th Jan 18, 11:29 AM
    • 125 Posts
    • 152 Thanks
    Storm89
    Hi sunken
    That made me laugh about your savings accounts, I started the same this year and already had one called Christmas with 21p in there, obviously I'd had good intentions in previous years. I've set up little accounts for holidays and birthdays/christmas etc now although still nothing in there until I start properly next month. Food budget - I got the savvy shoppers cookbook and follow the meal plans on the website & the most I spend now is £65 a week. That includes food, cleaning stuff, nappies , etc. we bake all our snacks.
    I would also love to be able to spend £1000 at christmas and not be left in January like I am now scrimping and hoping I can get to the end of the month. We also have trips out every December. Not panto but we do a theme park and lots of other days out. I'm excited too and just feeling empowered to do this ! I tried to start last year and failed miserably , only reducing debt by about £3k . Good luck & there's definitely others with debts as high as yours on here.
    • Scott_Weiland
    • By Scott_Weiland 10th Jan 18, 11:41 AM
    • 736 Posts
    • 1,829 Thanks
    Scott_Weiland
    I have a monthly food budget of £433.33 and that is for a family of 7 so a family of four should be able to go lower than £400 if I can manage on £433 for a family of seven and two of those seven being in nappies still which bumps up the cost.

    I think meal planning is key and having a list of what you need to buy so you don't end up with loads of the same thing and not enough to make dinners with.
    Originally posted by Mumoffourkids
    Totally agree with that my cousin is a single mom has two kids and she manages food eise on 70pw food wise. So unless you feed your oh steak everynight i think 50 can be shaved off that easy.

    Next thing i would say is get on top cashback.co.uk then search go compare and look at all your utility providers and insurances see if you can get them cheaper.

    Next lol your paying 25quid for pets etc is that for pet insurance?
    Cashback Earnings YTD £8.25 Survey Earnings YTD £38.38
    • Storm89
    • By Storm89 10th Jan 18, 12:09 PM
    • 125 Posts
    • 152 Thanks
    Storm89
    We are 2 adults and 2 children and spend around £60. We'll spend £65 max. I know there are facebook pages about feeding your family for £20 a week but I don't think I could go that low !
    • Scott_Weiland
    • By Scott_Weiland 10th Jan 18, 1:56 PM
    • 736 Posts
    • 1,829 Thanks
    Scott_Weiland
    9p tins of baked beans, stuff going out of date and cheap bland meals noooooooo
    Cashback Earnings YTD £8.25 Survey Earnings YTD £38.38
    • Sunkencosts
    • By Sunkencosts 10th Jan 18, 2:00 PM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    Hi, the pet thing, yes one cat and that's made up of separate amounts for insurance and to be a member of the vets pet club to get free regular flea treatment, worming, castration and then 10 percent off any bills.

    When I used to have smaller animals I didn't bother with that stuff much, but cats and dogs are liable to fall apart expensively!

    I will try and budget for food, and planning will be key with this, but for the first few weeks I'm going to aim for under 100 a week and get into the good habits that facilitate this, then see where we can cut back further.

    Just spent 47 in Aldi for a half a big shop. Biggest individual purchase? 240 pg tips for 3.99. Genuinely the only branded food (drink) I ever insist on. Everything else I'm value all the way!

    My OH gets annoyed because I always buy cheap coffee (I can't tell the difference and hardly ever drink it). You'd think I was trying to poison him.

    That's one thing we need to work on. I rarely buy drinks on the go because takeaway tea tastes like drain water whichever vendor sells it, but husband is addicted to Costa etc. Everytime we go out for any reason, trip to Park, wander round town, whatever he gets a coffee.

    He has promised to stop but I might get hold of that demotivator tool and show him how quickly 2.85 coffees add up!

    In fact I think we're going to need a real lifestyle change with things like that. We'll so often go to a cafe with the kids and spent over 20 for the pleasure of sitting on cold metal pavement chairs eating stale cakes whilst the kids squabble and get high on sugar. It's not even pleasurable but we're just too used to convenience.

    No more! By the time I'm through with reorganising our spending habits my kids are going to hate me and Costa will have seen a marked fall in their profits!
    • Sunkencosts
    • By Sunkencosts 10th Jan 18, 2:01 PM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    I do use the topcashback site, we got a pay out of 66 just before Xmas and have another one due in a few months of 65.

    Do need to check renewal dates for everything though, pretty sure I'm going to switch energy supplier this year.
    • Sunkencosts
    • By Sunkencosts 10th Jan 18, 2:14 PM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    Also, my car is beginning to clank in an unfriendly manner. As I have neither emergency nor car repair funds yet built up I have decided the best way to approach this is to turn the radio up as loud as it will go.....

    (points to head) not just a hat rack my friend! ��
    • Sunkencosts
    • By Sunkencosts 10th Jan 18, 9:32 PM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    Is it February yet?
    • Mumoffourkids
    • By Mumoffourkids 10th Jan 18, 9:38 PM
    • 236 Posts
    • 790 Thanks
    Mumoffourkids
    Nope not even close!
    Total debt Dec 2017 £22940.83/£23090.83
    Debt no 1 £493.29/£593.29 ~ Emergency fund £0/£600
    PAYDOBX2018 #97 £0/£12,000 ~ Make £10 a day #16 £28.90/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Sunkencosts
    • By Sunkencosts 10th Jan 18, 10:17 PM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    Nearly at the end of treadingonplaymobil's diary and trying to learn from her experiences and the advice she is given...... I guess I can expect some pretty brutal (but kindly) advice from the people on here as I walk the same journey!

    Have been thinking/talking with my OH about holidays this year. At the end of last year we asked another family we're friends with if they wanted to share a cottage holiday with us at Easter, they are keen and are coming to see us for lunch in a couple of weeks so the plan is to discuss it then. I think we're going to have to explain we're having a low budget year and that we've changed our minds. They will be absolutely fine, they're awesome friends and they have known lean times too.

    So the only trip we'd like to plan is a long weekend camping with other branches of the family which we also did last year in April/May time.

    Should easily have enough money in the holiday kitty for that by then, then perhaps we can get away for another camp in late summer. We had a LOT of holidays last year, all UK but I'm sure it won't kill the kids not to have so many this year. I'll just have to get organised with the free stuff to near our home!

    Will maybe ask friends if they'd like to plan something similar for next spring, and save up accordingly. Sounds obvious, but saving for stuff is never something we've really ever done. Always always buy then pay down. Brilliant strategy!!
    • Scott_Weiland
    • By Scott_Weiland 11th Jan 18, 1:04 AM
    • 736 Posts
    • 1,829 Thanks
    Scott_Weiland
    RE THAT

    Hi, the pet thing, yes one cat and that's made up of separate amounts for insurance and to be a member of the vets pet club to get free regular flea treatment, worming, castration and then 10 percent off any bills.


    I would look at buying the pet medication re fleas and worming yourself, i did have 6 huskies that me and the ex raced and we found buying the stuff ourselves saved us an utter fortune. We used to bulk buy it via top cashback through either pet supermarket or pet planet. I can understand stuff comes up re pets and treatment etc but to me you would be better having a separate emergency fund for your pet and paying the 25 into there.

    Vets are well rip off merchants re meds and worming stuff.
    Cashback Earnings YTD £8.25 Survey Earnings YTD £38.38
    • Sunkencosts
    • By Sunkencosts 11th Jan 18, 7:44 AM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    Hmmm, I don't know. His booster shots are also included. And I think two health checks a year. I do see what you're saying but I think I'll keep it on for now. When I actually have an emergency fund and money to bulk buy I may well rethink though!
    • Sunkencosts
    • By Sunkencosts 11th Jan 18, 8:16 AM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    Hoping today will be a NSD.
    and looking on the positive side, we have paid 1135 off our debt by making our payments this month.
    It's a scary amount of debt but I'm sure with discipline and, crucially, learning new habits, we can have this nailed within 4 years.
    The first loan to finish is the 331 one which is due to finish Dec 2020. If we can also have the credit card paid off by then that leaves us and extra 780 a month to throw at the rest.

    I'll try not to look too far ahead though, as I make plans and God laughs!
    • Cumbria lass
    • By Cumbria lass 11th Jan 18, 8:36 AM
    • 1,067 Posts
    • 5,827 Thanks
    Cumbria lass
    You have done well so far , it all just becomes a habit eventually, budgeting, meal planning, thinking before you something , is it a want or a need etc.

    There are other diaries on here that are very inspiring as well , TOPM is the one I have read from the start.

    Enjoy your day.
    Nov 2017 CC1 £3209 CC2 £400

    Debt Free Nov 2019: earlier if I have my way
    • Storm89
    • By Storm89 11th Jan 18, 10:18 AM
    • 125 Posts
    • 152 Thanks
    Storm89
    I agree with cumbria lass , I've only just restarted at the beginning of January after I failed miserably last year but I'm picking up great habits and sticking to my budget. I think this is my 'real' lightbulb moment. Oh yes I have thought far ahead and then things cropped up so know how you feel there - I got a big backpay in August and I knew it was coming, was looking forward to throwing it at the debt and then loads of big payments came up with the house and car. I'm sure someone was laughing at us- either that or telling us not to get too comfortable. 4 years is nothing in the scheme of things. Just set yourself little treats throughout the year and it'll fly by. Sharing a holiday cottage sounds lovely and maybe something you can aim for another time. We just had 2 camping trips last year and didn't go anywhere else. one of them was just one night away only a 30 minute drive away - but still felt like we were getting away. The other was just 3 nights.
    • Sunkencosts
    • By Sunkencosts 11th Jan 18, 11:02 AM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    I agree with cumbria lass , I've only just restarted at the beginning of January after I failed miserably last year but I'm picking up great habits and sticking to my budget. I think this is my 'real' lightbulb moment. Oh yes I have thought far ahead and then things cropped up so know how you feel there - I got a big backpay in August and I knew it was coming, was looking forward to throwing it at the debt and then loads of big payments came up with the house and car. I'm sure someone was laughing at us- either that or telling us not to get too comfortable. 4 years is nothing in the scheme of things. Just set yourself little treats throughout the year and it'll fly by. Sharing a holiday cottage sounds lovely and maybe something you can aim for another time. We just had 2 camping trips last year and didn't go anywhere else. one of them was just one night away only a 30 minute drive away - but still felt like we were getting away. The other was just 3 nights.
    Originally posted by Storm89

    Yes, I agree it's just the getting away. Luckily we've only ever holidayed in the UK with the kids, so there's no expectations of Disney World or anything.

    One of the things I remember as exciting as a child was staying in a hotel, even if it was for one night. So OH and I have discussed occasionally getting a late deal for a Saturday night in a premier inn or something at some point during the summer. You can get rooms for 30/40 pounds sometimes and if we were to combine that with a trip to the cinema or zoo or a local attraction (cadbury world maybe!) the kids would have a huge amount of fun and have something to tell people about. It would be a break for us too.
    • Storm89
    • By Storm89 11th Jan 18, 12:38 PM
    • 125 Posts
    • 152 Thanks
    Storm89
    exactly, getting away anywhere is a treat. It's all about spending time as a family isn't it I've got quite a few things planned for this year (all in the UK) to make up for not going away much last year and also we have a bit more disposable income. I just keep dreaming of the money we'll have once the debt is all gone !
    • Mags35
    • By Mags35 11th Jan 18, 3:11 PM
    • 10 Posts
    • 27 Thanks
    Mags35
    I just wanted to say good luck with your journey

    Iím a single mum to 3 girls we budget £50 per week for food but itís the area I overspend in most frequently!
    • Bigskies
    • By Bigskies 11th Jan 18, 3:49 PM
    • 66 Posts
    • 271 Thanks
    Bigskies
    Another failed from last year restarting, have subbed to your diary, as we’re at similar levels xx
    Jan 2018 £68k
    Percentage of total debt paid 0%
    2018 target £10k So far: £0
    Monthly target £833 January £0
    POAYDBX18 #124 0/10,000
    • Sunkencosts
    • By Sunkencosts 11th Jan 18, 4:00 PM
    • 25 Posts
    • 32 Thanks
    Sunkencosts
    Lol, just read your diary big skies, hope your foot is better?!
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