My debt free wannabe diary.....

Crap_with_money.com

Afternoon all!!

I've been lurking around the site for a while now, and have even joined a few challenges! I thought maybe starting myself off with diary on here might help me reign it in a bit further!

I got myself in a bit of trouble with money during and just after leaving uni, and although I'm on a much more even foot now, I'm still not quite in the clear! I moved back home almost 2 years ago (Jan 07), and at that time had close to £18k debt (I hadn't discovered MSE at that point, so don't know exact figures as I was still being a bit vague about everything).

I have a First Direct Credit Card (Limit of £500) and First Direct overdraft (Again limit of £500, with the first £250 interest free) and I also have a First Direct Bank Loan, which in September had a settlement value of approx £5.5k. I've yo-yo'd a bit with the credit card and overdraft, but am aiming to have both cleared by Christmas (have approx £110 on the credit card at the mo, although I managed to get it cleared, I still have the bad habit of putting a little on it each month and clearing it then when I get paid - something I really wanna get out of the habit of! I've made a concerted effort over the last two months to get out of the overdraft, and I'm hoping that if I'm not out of it by the end of this month, I should be about £50 overdrawn at most come payday).

Anyway, I have my bro's wedding in Mexico in July to pay for, and all going well, I'll also be going back to uni in September '09 (interview date for teacher training in 3 weeks time). So upshot, I've accepted that if I can clear the credit card and over draft and stay out of them, I'll just have to live with the bank loan until it runs out (still has about 3 years left), and in the meantime I need to save as much as I can to make life as easy as possible when I do hopefully go to uni.

I've kinda been thinking I had really tightened things up as much as I can, but I suppose a second opinion never hurts! I'm off to do my SOA, if any of you have anything to add any help will be greatly appreciated - but if not, I'm hoping that writing things down fairly regularly will be another reason to think again any time I go to spend any money!!

Enough rambling for now, I'm off to get a bit more productive.......

L xx

Crap_with_money.com

My SOA:

Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1003.22Partners monthly income0Benefits0Other income0Total monthly income1003.22

ExpensesAmount(£)Mortgage0Secured loan payments0Rent222Management charge (leasehold property)0Council tax0Electricity0Gas0Oil0Water Rates0Telephone (land line)0Mobile phone25TV Licence0Satellite/Cable TV0Internet services0Groceries etc.50Clothing100Petrol/diesel0Road tax0Car Insurance0Car maintenenance (including MOT)0Car Parking0Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance0Contents Insurance0Life Assurance0Other Insurance0Presents (birthday, christmas etc.)50Haircuts20Entertainment200Holiday85Emergency Fund0Total monthly expenses752

Secured Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage0(0) 0Secured Debt totals0- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)First Direct Loan5537.2716611.9Unsecured Debt totals5537.27166-

Asset DescriptionValue (£)Cash0House Value (Gross)0Shares and bonds0Car(s)0Other assets (e.g. endowments, jewellery etc) 0Total Assets0

I have no savings (only debt!!), I don't own a house, and have a company car (with fully expensed fuel card). I moved back home with my parents almost 2 years ago to give me a break on rent etc to try and cut my debts. For the first year or so I wasn't paying anything into the house (at my parents insitence), but things changed a bit in January when my dad passed away - so I now pay £200 rent (which covers all utility bills and my food - my mum won't accept any more) and my bro, sis' and I have also taken on the mortgage repayments, so I pay £22 a month to cover that.

I think that pretty much covers everything!

Crap_with_money.com

hhhhmmm - I'm not sure why my SOA doesn't seem to be copying properly, it looks ok until I press "submit reply"?

xx

laura2481

Only advise- cut up your CC or leave it at home to avoid temptation! I wish I had :rolleyes:

laura2481

weird, try copying and pasting again!

laura2481

SOA for crap_with_money

IncomeAmount(£)Monthly income after tax1003.22
Partners monthly income0
Benefits0Other income0
Total monthly income1003.22

ExpensesAmount(£)Mortgage0
Secured loan payments0
Rent222
Management charge (leasehold property)0
Council tax0
Electricity0
Gas0Oil0
Water Rates0
Telephone (land line)0
Mobile phone25
TV Licence0
Satellite/Cable TV0
Internet services0
Groceries etc.50
Clothing100
Petrol/diesel0
Road tax0
Car Insurance0
Car maintenenance (including MOT)0
Car Parking0
Other travel0
Childcare/nursery0
Other child related expenses0
Medical (prescriptions, dentists, opticians etc.)0
Pet Insurance/Vet bills0
Buildings Insurance0
Contents Insurance0
Life Assurance0
Other Insurance0
Presents (birthday, christmas etc.)50
Haircuts20
Entertainment200
Holiday85
Emergenc y Fund0
Total monthly expenses752

Secured Debt
DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0(0) 0Secured Debt totals0- -

Unsecured Debt
Description Debt(£) Monthly(£) APR(%)
First Direct Loan 5537.27 166 11.9
Unsecured Debt totals 5537.27 166-

Asset DescriptionValue (£)Cash0
House Value (Gross)0
Shares and bonds0Car(s)0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets0


Any help?! you may have done it yourself by the time I've messed Around :rotfl:

mum2one

laura2481 wrote: »

SOA for crap_with_money

IncomeAmount(£)Monthly income after tax1003.22
Partners monthly income0
Benefits0Other income0
Total monthly income1003.22

ExpensesAmount(£)Mortgage0
Secured loan payments0
Rent222
Management charge (leasehold property)0
Council tax0
Electricity0
Gas0Oil0
Water Rates0
Telephone (land line)0
Mobile phone25 - can you consider pay and go or sim only get a better deal, use cash back sites
TV Licence0
Satellite/Cable TV0
Internet services0
Groceries etc.50 - bit expensive for 1 person, consider downgrading brands,
Clothing100 - this is a big no no, cut this right back
Petrol/diesel0
Road tax0
Car Insurance0
Car maintenenance (including MOT)0
Car Parking0
Other travel0
Childcare/nursery0
Other child related expenses0
Medical (prescriptions, dentists, opticians etc.)0
Pet Insurance/Vet bills0
Buildings Insurance0
Contents Insurance0
Life Assurance0
Other Insurance0
Presents (birthday, christmas etc.)50 - this needs to be drastically reduced, pop over to "money neutral thread" and "organised christmas thread" for great ideas and moral support
Haircuts20
Entertainment200 - this is a big no no - cut in back to £50.00 per month
Holiday85 - thats a luxury, if you missed a hol for a 10 mths that would £850. to pay off debt
Emergenc y Fund0
Total monthly expenses752

Secured Debt
DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0(0) 0Secured Debt totals0- -

Unsecured Debt
Description Debt(£) Monthly(£) APR(%)
First Direct Loan 5537.27 166 11.9
Unsecured Debt totals 5537.27 166-

Asset DescriptionValue (£)Cash0
House Value (Gross)0
Shares and bonds0Car(s)0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets0


Any help?! you may have done it yourself by the time I've messed Around :rotfl:

i've put a few suggestions to help cut back money, by just tweaking one or two and you would have extra money to chuck at debt. x

Crap_with_money.com

Any help?! you may have done it yourself by the time I've messed Around :rotfl:
[/quote]

Thanks very much! - I've been gabbing to my bro so hadn't even tried again to sort it - but I'm not the best on technical things! Thanks again! :T

xx

Crap_with_money.com

There's a few things on there that I reall had no idea I was spending so much on!!:eek:

I can't really change my mobile deal - I only started my new contract in June and it runs for 18 months - it's actually only £20 per month andI get a lot of mins/texts within that - it's only when I phone silly phone numbers that it goes above that - I suppose I need to think twice before every call I make!!

The groceries I can cut out altogether - the only time I need to spend money on food is when I forget to take lunch to work (which I don't do often) or when I have friends over for dinner. I've been doing a cookery course so had to buy the ingredients for that, and was having friends over quite regularly to practice my cooking - but that's something I really should stop altogether - plus the course only has one more week to go (and actually, when I averaged it over a few months - it's probably closer to £80 per month I've been spending!)

The clothing and presents are something I've drastically cut back on - but I had a bit of a blow out a few months ago on clothes since I needed new stuff for work as well as for going on hols - so I averaged that out! I think I need to get better at recycling the stuff I already have! - And I obviously need to get a little more imaginative with the pressies!

The holiday i can't do much about! I wouldn't normally spend that much - but my bro's getting married in a 4* all inc hotel in Mexico in July - so I need to save for that somehow!

Entertainment - £50 a month? Is that realistic? I'll defo try cut it down - but I'm just not sure how I'd get it that low? I probably used to spend around £600 per month on going out (I did earn slightly more and paid minimal rent!) - and already struggle a bit on the £200? Am I still being excessive?

How much do most people spend on socialising in the month?

xx

mum2one

Crap_with_money.com wrote: »

There's a few things on there that I reall had no idea I was spending so much on!!:eek:

I can't really change my mobile deal - I only started my new contract in June and it runs for 18 months - it's actually only £20 per month andI get a lot of mins/texts within that -guess its the extras that add up, just try and keep in your allocated slot of mins, also if u have a spare fone put a pay and go sim card in that, after topping that up for a month or two, ur soon reduce ur bill. it's only when I phone silly phone numbers that it goes above that - I suppose I need to think twice before every call I make!!

The groceries I can cut out altogether - the only time I need to spend money on food is when I forget to take lunch to work (which I don't do often) or when I have friends over for dinner. I've been doing a cookery course so had to buy the ingredients for that, and was having friends over quite regularly to practice my cooking - but that's something I really should stop altogether - plus the course only has one more week to go (and actually, when I averaged it over a few months - it's probably closer to £80 per month I've been spending!) Thats better,

The clothing and presents are something I've drastically cut back on - but I had a bit of a blow out a few months ago on clothes since I needed new stuff for work as well as for going on hols - so I averaged that out! I think I need to get better at recycling the stuff I already have! - And I obviously need to get a little more imaginative with the pressies!

if you go on the internet I use a company called Halfcost, its basically overstocks from catalogues, studio cards ace cards etc. Sometimes you see something you like other times theres nothing, but that has helped save me money.
www.halfcost.co.uk or com, I always get them muddled up.
The holiday i can't do much about! I wouldn't normally spend that much - but my bro's getting married in a 4* all inc hotel in Mexico in July - so I need to save for that somehow! - Ok, your allowed that one! (only joking.) At least with it being all inclusive you wont need to worry about food and drinks, so you could cut ur spending money to a bear minimum.

Entertainment - £50 a month? Is that realistic? Proberly not, but it depends on how you have a social life, if that doesnt sound daft.
Cut the nights out, is there any chance of maybe a pizza + dvd ngt
cut back what ur drinking, even change what u drink, look for special offers, promotions etc.
I'll defo try cut it down - but I'm just not sure how I'd get it that low? I probably used to spend around £600 per month on going out (I did earn slightly more and paid minimal rent!) - and already struggle a bit on the £200? Am I still being excessive? I would love to spend £200 per month going out, but I personally dont have that spare, so for me going out is a treat, but then Im a single mum, so things are different for me.

How much do most people spend on socialising in the month?

xx

The good point is yes your in debt, but you only have one creditor, you havent got a millstone of credit cards.

What I would suggest for the next 2 weeks is keep a spending diary, documenting every penny you spend, even if its a £1.00 for a mag or 50p 4 a packet of crisps, that way you can see what or where the money is really going.

Lets break birthdays and xmas into smaller chunks, ok this yr you have still got chance to save money. But write a list of who you need to buy for and much you aim to spend on them, is there any you could cut down.

Have you joned any of the cashback sites, as well as cashback for spends there are also promotion offers on, a recent example of Quidco, was £50 for opening a current account, you didnt have to do anything, ok offers like that dont come up every day, but things like that help.

Surveys, or reviews on internet, another one is www.qype.co.uk. Apparently when you do 50 reviews they pay you a £50 amazon vouchers.

x

Crap_with_money.com

Thanks mum2one! You've been really helpful!

I had a quick look through that site - there might just be some good ideas on there for xmas! I'm off to make a list out and see what I can come up with budget-wise! :eek:

I've sort of toyed with the on-line surveys, but it took me about 1.5 yrs on Lightspeed to build up £10 worth of points and claim them!!

I can't quite get my head round cashback sites either. I'll need to sit down and read through them and figure out how they work at some point!

I do need to get better at cheap nights in as well - my problem is, I invite people over, then spend a fortune on nibbles and stuff, and it costs as much as it would've to go out!

How old's your little one?

xx