Money Fritters 'Enough Now' DFW Diary

Money_Fritter

Hello Everybody,

I have been a fan of this site for several months now and read as many posts as I can possibly fit in when I have spare time .The amount of tips I have used from this website is amazing, and I want to thank everybody, you are all inspirational. :j

Anyway I thought I would start a diary of my own. I know there are lots of diaries out there. However, I feel I need to do this to try and keep me motivated. With most things in life I tend to start things really keenly and enthusiastic and then I run out of steam or give up.

I actually joined this forum about three/four months ago and made some really good changes. I switched my gas and electric, I changed my Car insurance, House insurance, mortagage protection and transferred my barclaycard debt to a 0% for 15 months virgin credit card. But then I was stupid and wrecked all the good work by using my Barclaycard again to pay for things, resulting in ~£2500 of extra debt.:eek: I have not used my virgin card. I leave that at home in the draw. So this time I thought enough is enough I need to do this. Hence this diary. Sorry for waffling!!!!

Anyway I will post a SOA shortly for everybody to have a look at. Comments would be appreciated.

Thanks in advance.

Money Fritter

Money_Fritter

Right Folks, here is my SOA:-

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1881
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1881

Monthly Expense Details
Mortgage................................ 756.16
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 73
Electricity............................. 29
Gas..................................... 29
Oil..................................... 0
Water rates............................. 29.54
Telephone (land line)................... 10.5
Mobile phone............................ 35
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 110
Clothing................................ 0
Petrol/diesel........................... 175
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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..................... 13.77
Contents insurance...................... 13.77
Life assurance ......................... 0
Other insurance......................... 25.52
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Household goods (Cleaning,etc).......... 25
Total monthly expenses.................. 1337.21

Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 6995
Other assets............................ 0
Total Assets............................ 131995

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 109000...(756.16)...6.78
Total secured debts........... 109000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................2378.03...50........19.2
VirginCard.....................6334.05...25........0
Interest Overdarft.............2500......40........19.2
Car Loan.......................8371.75...146.9.....0
Total unsecured debts..........19583.83..261.9.....-

Monthly Budget Summary
Total monthly income.................... 1,881
Expenses (including secured debts)....... 1,337.21
Available for debt repayments........... 543.79
Monthly UNsecured debt repayments....... 261.9
Surplus(deficit if negative)............ 281.89

Personal Balance Sheet Summary
Total assets (things you own)........... 131,995
Total Secured debt...................... -109,000
Total Unsecured debt.................... -19,583.83
Net Assets.............................. 3,411.17

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

Money_Fritter

Hello Everybody,

As you can see by my SOA, I do appear to have ~£280 spare every month. However, I am not sure were it goes. I seem to Fritter it away. I think I will have to keep a record of all my spending.

Anyway here is a list of things I need to do:-

1) Start a money spending record system (diary).
2) Sort out my signature for my posts.
3) Examine ways of cutting back on things, particularly food budget.
4) Look and take up some of the great challenges on this website.

Bye for now.

skint_spice

Good luck MF, the only thing that jumps out at me is the mobile - seems a bit high - could you reduce the contract? also no money for entertainment or pressies?

Good luck with the spending diary, this should be a big help to you.

Money_Fritter

Thanks Skint_Spice. I cannot believe I have got into this mess. Believe it or not it has only taken me just over 1 year to accumulate all this debt. Although some of the debt is for a car loan for my new car, as my old car died, so I bought a new diesel car that will definetely save me money in the long run. However, that is small comfort at the moment.

Anyway, I am hoping that the spending diary will help. Also I was thinking of joining the 20p, £2 and 1p,2p,5p challenges, as I do collect lots of change around the house. I was thinking that every so often I could use what I have got to pay off more debts :j

As for the mobile phone, I am tied in for another couple of months. It is with orange, however, I get free broadband with the deal and it includes free text messages and 600 mins a month of talk time.

Thanks for the help

skint_spice

Don't dwell too much on the past, it's horrible at first when you add everything up as it's always more than you expect but just have confidence that this will be the worst it'll ever get and you are moving forward from here.
I never have much for those challenges as I tend to only shop once a week! When you have to change insurances just make sure you do it through quidco and get some cashback.

urg123

Hi Money Fritter,

Your SOA looks a lot like mine. I hope you don't mind me asking - are you on your own? If so, it looks like you might be able to cut down on the groceries. Have a look at the Old Style boards - they're brilliant for ideas on cutting your grocery budget - I was so shocked at how much I wasted on basic things and even more disgusted at the amount of food I chucked. I have started to take my lunch into work at least three times a week and am more realistic when I visit the supermarket.

The two things that we really differ on is the car - I share BFs car; and I have taken in a lodger. It is really helpful to my income. Look at some ways you can make money - selling stuff on ebay etc. If you do have a spare room - think about taking in a lodger. It can be an interesting experience (I've got some stories) but it does bring in a bit of extra cash that can be focused on dealing with the debt.

Take advantage of the cash back sites for all sorts - I've got quite a bit coming my way soon for things I would do anyway (i.e. switching gas and electric suppliers).

It is hard - but you can manage it. It's a big learning curve but I see as a way of developing some skills for life.

I hope this helps.

Good luck - URG

tealady

Hi It might only help with small amounts but check out www.petrolprices.com to ensure you go to the cheapest garage when you fill up.

Money_Fritter

Hi everybody, up early this morning to try and get things into motion really determine today

Urg123 - Thanks for the advice. I do live on my own, which sometimes can make it harder as there is no one to kick you up the backside when you run out of steam. I thought my grocery bill was high. I am going shopping today for my weekly shop so I will look at down branding as Martin Lewis says and just try and be more frugal. I wil let everybody know how it goes. As for the car, I bought my new car about six months ago. I live quite far from work and public transport is none existence so I thought I would get a diesel. My old car only did ~32mpg. My new car does ~68mpg and is the lowest emission bracket so only costs £35 tax per year. Car sharing would help but nobody in work lives anyway near me so I cannot really reduce my diesel budget. Also my GF lives miles away as well.

I have started doing matched betting and registered for each site through the cashback sites, so I have indeed get quite abit of cashback (~£190) at the moment, but waiting for it to come through. I also got some cashback when I did my car insurance and switched my gas and electric.

tealady - thanks for the tip, it is amazing how petrol/diesel prices can vary, even when petrol stations are a few miles away.

Bye for now folks

Money_Fritter

Right,

I have joined two challenges.

I have joined the 20p club and start with £1.60. It is amazing what change you can find

I have also joined the £2 club and start with £2.

Although I do not think there is a club, unless somebody knows different I am going to start saving my 1p,2p and 5p. I have loads stored in a big jar. Just finished counting them, took an age.

I have £10.51 to start with.

I will add my signature later. Now I am going to have some breakfast, boiled egg.:j

Cheers

Money Fritter

Money_Fritter

Hi Everybody,

Really enjoying the forum at the moment and glad to be part of it. Reading other threads helps you realise that you are not the only one in this boat.

Anyway finished my boiled egg, I love boiled egg!!!!:D

Anyway I have joined the daily clicks challenge as I am already a member of several cashback sites and I thought I would give it a try and try and make £2-£3 per day and use it to pay off my debts. Has anybody else done it? Is it easy to do?

Right it is time to food shop. Hopefully try and reduce my budget from £25+£5 for household goods (i.e cleaning stuff). I think I am going to keep my budget for food and household stuff the same. However, the difference I save I wil pay off my debt, what do you think? I might keep a running total on my signature and then at the end of every month pay it off my card or something.

Thanks

Money Fritter