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  • FIRST POST
    • Sunkencosts
    • By Sunkencosts 8th Jan 18, 4:56 PM
    • 29Posts
    • 33Thanks
    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 3
    • Bigskies
    • By Bigskies 11th Jan 18, 4:22 PM
    • 66 Posts
    • 272 Thanks
    Bigskies
    Itís getting there. Iím driving, just about, and walking, just about but itís been a long slog!
    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 12th Jan 18, 8:53 AM
    • 29 Posts
    • 33 Thanks
    Sunkencosts
    So this morning I've had to drive for over an hour for an all day meeting and training session for a job I'm actually leaving at the end of this month. I've also had to take annual leave from my other job to be here. I'm not feeling well and was expecting there to be access to a kitchen like there has been before to make tea/coffee etc. Only a canteen here now so I've had to spend 70 pence on a bottle of water. Small change but it reminds me to never assume!

    I have packed a lunch (a salad which is going to be minging by lunchtime as again I thought there'd be a fridge to store it in) but didn't pack a drink.

    Can't wait for today to be over!
    • Sunkencosts
    • By Sunkencosts 12th Jan 18, 8:55 AM
    • 29 Posts
    • 33 Thanks
    Sunkencosts
    And now I'm sat in an AGM for an organisation I'm not even part of. What is happening today?!
    • Sunkencosts
    • By Sunkencosts 12th Jan 18, 5:54 PM
    • 29 Posts
    • 33 Thanks
    Sunkencosts
    OK, total planned spends today

    20 childminder
    15 petrol

    Unplanned.

    70 pence water
    90 pence cup of tea.

    Hardly last of the big spenders so I'll make do with that
    • Storm89
    • By Storm89 12th Jan 18, 7:15 PM
    • 140 Posts
    • 186 Thanks
    Storm89
    No I'd take that £1.60 over any huge unplanned payment lol. Happy Friday , bet you're glad it's all over now x
    • Sunkencosts
    • By Sunkencosts 16th Jan 18, 10:00 AM
    • 29 Posts
    • 33 Thanks
    Sunkencosts
    Carrying on through this long long month. My cat broke and took me 47 odd quid to get fixed. Still love him though.
    Good news my OH has been promised a slight pay rise, which after tax should equate to around an extra 130 pounds a month, so really no reason not to pay that high amount off credit card now. I wider if we could stretch to a full 500? That would really see it fall apace.
    Not sure if we can keep going til payday without using card, this month was always going to be ridiculous - but we're both on board with it still, and there has been no frivolous spending.

    Holiday plans this year, we really are only looking at one or two weekends camping, and I think I'm fine with that. Time enough to splash out when things are a little easier.
    • Sunkencosts
    • By Sunkencosts 16th Jan 18, 10:39 AM
    • 29 Posts
    • 33 Thanks
    Sunkencosts
    Also, still not drinking and sticking to the low carb diet. I may not be doing much but still want to feel like I'm moving forward.
    • Sunkencosts
    • By Sunkencosts 19th Jan 18, 9:38 AM
    • 29 Posts
    • 33 Thanks
    Sunkencosts
    Well kept trying to post on my phone over last few days but after writing lengthy epistles they then wouldnít post. Grrrr.

    Still on it. Always knew January was going to be a difficult month, but there have been some real positives too.

    OH has been promised a pay rise Ė which after tax I think will be around another £130 or so every month. Not to be sniffed at, and makes me hope we can pay down the credit card at around 500 a month. Iíd love to be able to make big payments like that, as it would be so heartening to see the figure fall rapidly; particularly as the rest are loans which have set end dates.

    As we havenít made any savings for January, Iím planning to use the two council tax free months (Feb/Mar) to overpay the Emergency, Christmas, Car and Holiday fund.

    I think our holidays this year will be a very modest 4 days camping in June and 2/3 nights camping in August. A low key year will really help us.

    My youngest is joining the rest of the family in doing martial arts, which Iím really happy about. I donít think I have to pay for her as we have a family membership (although Iím not yet sure about this!) but grading fees will increase another £30 a quarter so that needs to be budgeted for.

    I have opened up a First Direct account for my OH and his bank switch over should be mid Feb. This makes sense not only for the cash joining bonus, but also as they have a £250 0% overdraft. OH currently has a £300 authorised overdraft which attracts interest, so this makes real sense as weíre usually a couple of hundred pounds into it by the end of the month.

    I have considered doing the same on mine, but I currently have a reward account from TSB and get some money monthly.

    Itís weird with our bank accounts. I read about husbands and wives having separate accounts and spends but, although we each have our own account and one joint one, itís basically all one big pot for us and money gets shifted about as and when needed. OHís account is the one most of the Direct Debits go out from so as soon as he gets paid I move any extra money out (recently there hasnít been any as our debts have increased so much) and then it stays put. I canít even remember where the debit card for that account is! I only have a couple of direct debits from my account (bank insists on this for reward), and they go out at beginning of month, so when all the shifting, paying and saving is done at the beginning of the month, what we have left is what we have left.

    Currently weíre left with too much month at the end of the money. OH payday is I think next Friday, and we only have about £50 left available to us. What with petrol requirements etc I think the credit card will be employed, but it shouldnít be for too much really. Weíre being really careful at the moment.

    I have got the habit of getting an advice slip when I take cash out, but I need to remember to write on that slip what the cash is for if Iím going to track our spends properly.

    When the focus isnít on spending I can turn it to health. I am sticking to my low carb high fat diet, which I think is going well. Also no drinking. We are also really making an effort to attend all martial art training (twice a week). It sounds so cheesy but weíve realised that looking after our health is really the best investment we can ever make. Besides, it no hardship really, who doesnít like to start the day with a big fry up?!
    • Sunkencosts
    • By Sunkencosts 19th Jan 18, 9:39 AM
    • 29 Posts
    • 33 Thanks
    Sunkencosts
    Also, just updated energy readings (something OH kept promising to do!) and we are 127 in credit. I'll have that back please, depending on how quickly they can get it into my account, might solve the cash flow crisis somewhat!
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