LBM!!! Pinkys NS Diary

Pinky15

Hello everyone have been a frequent lurker for a while and many of you and your efforts have inspired me to be DF!!!
Here we go then I am aiming to pay off my CC which stands at 2900 by July. I then have a IF loan for 7000 which I would love to pay off. We are already cutting back in many ways. I have
- Used quidco cutting cost of insurances etc
- Started a sealed jar
- Sorted stuff out for a car boot sale
- Cut back our food shopping bill

I have called IF to try and make overpayments on that loan which I know we can do but they keep saying save the money then pay it off in one go - which I never do. So 2009 and need to sort that.
Thankyou for reading so far, comments and any support will be greatly appreciated!! x

mooomin

Pinky15 wrote: »

Hello everyone have been a frequent lurker for a while and many of you and your efforts have inspired me to be DF!!!
Here we go then I am aiming to pay off my CC which stands at 2900 by July. I then have a IF loan for 7000 which I would love to pay off. We are already cutting back in many ways. I have
- Used quidco cutting cost of insurances etc
- Started a sealed jar
- Sorted stuff out for a car boot sale
- Cut back our food shopping bill

I have called IF to try and make overpayments on that loan which I know we can do but they keep saying save the money then pay it off in one go - which I never do. So 2009 and need to sort that.
Thankyou for reading so far, comments and any support will be greatly appreciated!! x

Hello and welcome

For your IF loan - how about opening a savings account with a bank you don't bank with at the moment? You could then transfer money over and because it won't show on your online banking, you don't remember you have it. I have been doing this for my overdraft debt since the start of December and have saved over £160. If I had left that in the account with the overdraft I would have spent it.

Try joining the Payment A Day thread http://forums.moneysavingexpert.com/showthread.html?t=1384751 which is amazing - the motto being "A payment a day helps the debt go away" and is really supportive and motivational.

Have you done a Statement of Affairs? You could post it on here and people will happily look it over and suggest ways you could save some money. Link is below:

http://www.makesenseofcards.com/soacalc.html

I look forward to reading about your progress

Pinky15

Hi thanks for the comments I will certainly look into that and will get on with my SOA! x

Pinky15

Can I quickly ask - what are the daily clicks and scratch cards everyone is doing? x

savingholmes

Hi Pinky15 - if you pm jesarose she will send you details re the scratch cards and if you pm eagle learner she will send you details of the daily clicks thing...

Good luck with your journey - post your soa no matter how scary and start making real progress. I did....

TDC_2

Hi Pinky15, Daily Clicks are found on lots of different cashback sites and basically you earn a small amount of money for doing a price comparisons/ or product search and then clicking through to of the retailers which appears in the results. Although you only get a few pence for each one there are lots of cashback sites where you can find daily clicks.

Pinky15

Thanks I will pm them every little helps. We are hoping once the loans are paid off we can then overpay on the morgage. It would be great to be DF!!! x

Pinky15

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 480
Partners monthly income after tax....... 1450
Benefits................................ 450
Other income............................ 0
Total monthly income.................... 2380

Monthly Expense Details
Mortgage................................ 600
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 45
Gas..................................... 0
Oil..................................... 30
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 10
TV Licence.............................. 15
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 100
Emergency fund.......................... 0
Total monthly expenses.................. 1550


Assets
Cash.................................... 2500
House value (Gross)..................... 124000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 131500


Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 64000....(600)......5.5
Total secured debts........... 64000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................2900......100.......0
IF Loan Car....................7000......158.......5.5
N Rock Loan....................6500......90........5.5
Total unsecured debts..........16400.....348.......-


Monthly Budget Summary
Total monthly income.................... 2,380
Expenses (including secured debts)...... 1,550
Available for debt repayments........... 830
Monthly UNsecured debt repayments....... 348
Amount left after debt repayments....... 482

Personal Balance Sheet Summary
Total assets (things you own)........... 131,500
Total Secured debt...................... -64,000
Total Unsecured debt.................... -16,400
Net Assets.............................. 51,100

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

Pinky15

I know £100 for hols seems quite a lot but I have saved enough in May to pay for our family holiday and pay outright for a caravan. The hol is all inclusive so will be cheap when we get there. The caravan we are going to use for future hols in order to save money and pay off what we owe quicker. The DD will end in may it was on a 10% interest rate also so should get some extra money!!

Pinky15

Right here is my to do list today
- chase up cheap family travel insurance
- look into an account I can set up a DD to make loan overpayments
- Phone my joiner about building some cheap space saving wardrobes
- List a couple of bits on ebay!:rotfl:

mooomin

Pinky15 wrote: »

Monthly Income Details
Monthly income after tax................ 480
Partners monthly income after tax....... 1450
Benefits................................ 450
Other income............................ 0
Total monthly income.................... 2380

Monthly Expense Details
Mortgage................................ 600
Council tax............................. 98
Electricity............................. 45
Oil..................................... 30
Water rates............................. 20
Telephone (land line)................... 15
Mobile phone............................ 10
TV Licence.............................. 15
Satellite/Cable TV...................... 55 Does this include your internet?
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 50 Is this for the whole family?
Petrol/diesel........................... 100
Road tax................................ 0 If you're paying for petrol, you should be saving for road tax, where's your insurance payment? Do you save for your MOT as well?
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Childcare/nursery....................... 120
Buildings insurance..................... 0 Eek! No home insurance? You should make sure you're insured in case the worst happens. I thought this was a condition of most mortgages...
Contents insurance...................... 0
Life assurance ......................... 12
Presents (birthday, christmas etc)...... 0 Set up an account and start paying into it monthly. That way Christmas won't be a big surprise that costs you a fortune.
Haircuts................................ 0 Budget a small amount and go a couple of times a year.
Entertainment........................... 0 Everyone needs entertaining! At least if you budget for it and don't use it you can put the money towards your debts.
Holiday................................. 100
Emergency fund.......................... 0 As with Christmas, start putting money away monthly for an emergency fund "just in case"
Total monthly expenses.................. 1550


Assets
Cash.................................... 2500
House value (Gross)..................... 124000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 131500
Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................2900......100.......0
IF Loan Car....................7000......158.......5.5
N Rock Loan....................6500......90........5.5
Total unsecured debts..........16400.....348.......-


Monthly Budget Summary
Total monthly income.................... 2,380
Expenses (including secured debts)...... 1,550
Available for debt repayments........... 830
Monthly UNsecured debt repayments....... 348
Amount left after debt repayments....... 482

Personal Balance Sheet Summary
Total assets (things you own)........... 131,500
Total Secured debt...................... -64,000
Total Unsecured debt.................... -16,400
Net Assets.............................. 51,100

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

Hello!

Don't fear my red notes, my mum's a teacher and I think I picked up the "red pen gene"

According to the SOA, you have almost £500 per month spare. Does it feel like that? If not, start a spending diary and find out where your money goes. There are a couple of area where it looks like you should be spending more money, and I have highlighted them for you.

Cheers :beer: