Jo_R's debt-free diary, slow and steady progress!

Jo_R_2

Thanks, yep bit-by-bit I keep thinking.

I know it sounds bad but I keep wishing I could have total control over all the finances. I keep having to rely on OH for transferring money, and although that's just the way it is as his pay goes into his account, I'd feel much more in control if I were the one transferring money, sorting out grocery shopping spends and savings pots for Christmas and whatnot.

Whilst he's fine with me having daily rein over things, it's still a pain because I have to keep reminding him, and more than once he's said, well, we won't transfer money this week as things are tight and don't want to go over my overdraft - which I can understand but he's quite happy to go out and buy beer then worry about what's left after, that's how tight things are at the mo!

Also he popped the question the other night (YAY!) so have no idea how we're going to factor it in- it doesn't make any sense to be saving for a wedding whilst simultaneously paying off debts, which makes me feel a bit disheartened... Ooooh what to do, maybe this could be a mtoivation for being debt free!

Jo_R_2

Okay. So today:

• going to register baby, which means I can then phone Tax Credits with baby name details to add him to our claim, and send off our Child Benefit form
• will pay in cash from OH's last week's wages to bank
• have already checked online banking, need to work out when have couple of charges coming out and also unauthorised overdraft fee which I think comes out next month
• need to work out how much money we need to pay in to cover direct debits at start of next month and also factor in new monthly council tax payment

Am also hoping to do some decluttering and put some maternity clothes and bits and bobs on ebay. Have a fair few decent bits so am hoping I can raise a good few pounds.

Still been thinking about fundage for wedding, although it's not a priority by any means. My close friends took out a loan to pay for some of theirs, which is something I'm not really willing to do. I don't think we have any generous relatives, and tbh even if we did I'd rather use generous monetary gifts for something more DFW!

Have to say it does motivate me to want to work harder at paying off our debts so we can have some actual savings to put towards stuff like a wedding and a deposit on a house.

ragstoricheswannabe

Congratulations on your engagement and your new bundle of gorgeusness!!!!! thinking about weddings would spur me on no end to get debt free! just need to find a way to get my oh to pop the question...................... good luck with it all hun!

love rags
xxxxxxxx

Jo_R_2

Thanks ragstoricheswannabe! Here's hoping your OH pops the question soon too - then maybe we can start a "how to be a DFW and plan a wedding" thread!

Well went to town yesterday and ended up sat in the bank, me, OH and baby, adding up our money and working out how far it would get us with direct debits and rent... We spent so long sat there going to and forth from the cash machines with receipts, mini statements and cash that I was sure someone was going to come over and accuse us of loitering!

Anyway we now have enough in my account to cover our DDs and some left over for rent day the week after, although I need to work out how much exactly and what shortfall there is. Luckily OH gets paid again next Friday after DD day (LOL) but before rent day so that will go some way to covering the rest of the rent.

Was discussing the money situation with OH yesterday as well. He was reassuringly interested (sometimes he's quite passive and seems to think our money has a mind of it's own!) and we were working out together hopw to go about sorting things out, saying we needed to really rein things in for the month so we can even things out. That was nice because usually it's me worrying about the practicalities so was good to share:D

We had planned to go to the cinema but decided given the money situation that it wasn't a good idea. So planned a night in (DDs are at my parents, so have baby on our quality time but that's fine by both of us!) but after we'd rented a DVD, got beer and a teeny bottle of wine, and a takeaway, we'd somehow managed to spend £30, which I think sums up why we have these problems with money :eek: :eek: :eek:

Felt really bad but then realised it was done, not through thinking, oh sod it we'll spend it anyway, but more that we didn't think as we were buying these things what they would add up to sort of thing. It would have been cheaper to go to the cinema!

We've vowed not to fall out over money so we've made a mental note and are gonna move on and BE AWARE OF WHAT WE'RE SPENDING. Just so I don't forget I've put it in capitals LOL:rolleyes:

So for the next four weeks/month, my/our target is to be careful with the pennies, curb the excess spending and make sure we're going week-by-week with sorting out rent money. We also said we need to be really careful with grocery money which I've let slip.

GTG as baby crying!

panambi

Hi Jo, congrats on the new baby and the engagement! How exciting!!!

I know how it is when there is a new baby, one doesn't really care about money and finances when you are just tired all the time and so on, but I am sure you will get into control of your money matters very soon again.

Well done for talking with your OH and going through everything. It sure helps when you both know where you stand and so can work together to try and not spend too much! I really need to do that with my OH as he just keeps spending and spending what is not there, every month he pays his CC minimum or just over, but then spends it again! :mad: And there are always things he "really needs"!!! But it helps reading diaries like yours to keep me motivated and I really will speak to him today or tomorrow!

All the best, Jo, with baby and also wedding plans - much better to try and pay off as much debt as possible before the big day! And save up for it if possible!

claire1234

congrats on the engagement and baby -- so exciting, how have you managed time to come on here?!!?

i must say it is a lot easier when one is doing all the money,
i handle anything financial in our household, my hubby use to take his 2 kids to asda n let them pick what ever they want that would be around £100 per week!
the house insurance was over £500 i got it down to £160,

i cancelled the DD for the mortgage and pay when i know there is enough money,
i have all the other DD`s coming out and the day oh gets paid to make sure we dont go over drawn and no charges,
i do the shopping (tesco online) once a month, also petrol from tesco once a month,

its a lot easier now i do everything, i can budget plan nowing that oh isnt going to spend what we havnt really got.

good luck!

Jo_R_2

Well it's been a while... My old PC crashed so how moneysaving is this... OH got this laptop FOR FREE off a friend who was getting an upgrade (is that what you call it?) so had it going. Absolutely nothing wrong with it woohoo!:j

Have been up to a handful of things whilst I've been 'away'...

• Set up a direct debit for the council tax overpayment
• sent off forms for Child Benefit and received the confirmation letter back today
• updated Tax Credits claim to add baby

Some more evidence that OH is thinking on the same lines about money... We popped to the supermarket last night to get something for dinner, me having suggested something already that used up storecupboard stuff so just needed the meat part for OH (I'm veggie but OH is a meat eater) and rather than do what we usually do which is end up picking up various bits and pieces and spending a good £10/£15/£20, we went in and only got what we needed :eek: Shock horror! Felt so pleased with ourselves like little kids LOL!

Recently we've been talking a lot about moving house. Unfortunately we're no way in a position to buy anywhere, and the last few days has involved muchos talking from one of us saying how we wish we had more money, how we know it isn't everything but it would be nice to have a little more, with the other then reassuring that yes it's hard but it won't be forever, I'll be going back to work eventually and how we can start to save up.

Fortunately somehow in the last month we have broken even (and I mean that in the sense that the rent came out a few days ago without incurring charges by staying within my overdraft, literally by the princely sum of £3) and so now starts the new month, by keeping on top of things from now. This involves the regular routine of:

• checking my online banking at least once a day
• keeping a notebook/diary of things to do and things that have been done - almost a written version of what goes in here
• setting a grocery budget and STICKING TO IT - haven't been too bad with this but will be better with a menu planner, shopping list and storecupboard check

I also need to do a revised SOA. Have been holding off on this until we knew how much we'd be getting in tax credits and child benefit now baby has been born but that's something I'll be working on...

Primula

Hi there
Just read your whole diary and wanted to pop in and say hello, congratulations on your new arrival and your engagement and well done on getting your finances sorted.
Also, this works for us, every month we sit down with a spreadsheet detailing all the income and outgoings, put a set amount away for food, milk, fuel, personal spending, etc, discuss it all together and work on that budget. We have a joint account for all the bills, gas, phone, insurance etc and then a wee separate one each for our own spending, works for us. Definately working through it together every single month is good. I also have little "pots" which I save just a little every week (only started in January this year) and already they are building up. I do my free scratchcards every day and have one for the OH too and any money I make from this or quidco is going straight into yet another pot and that will be used for buying gifts in the sales!
Anyway, enough rambling from me, good luck.
P
x

beanielou

Sounds like you are really on track~well done you

Jo_R_2

MY SOA

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3 Aged 5, 2 and 5 weeks old
Number of cars owned.................... 0 Don't own one but currently have dad's on 'loan'
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1000
Benefits................................ 821.5
Other income............................ 120
Total monthly income.................... 1941.5
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 465
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 33
Gas..................................... 33 Elec and gas set at £66 per month DD
Oil..................................... 0
Water rates............................. 24.99
Telephone (land line)................... 10.5 Have separate line rental with BT, this confuses me a bit as the amount varies from month to month?
Mobile phone............................ 35 Mine is £10 PAYG, partner's *about* £25 per month on contract but varies
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 25 Internet and phone calls combined
Groceries etc. ......................... 200 Food and household items
Clothing................................ 40 Projected figure, don't allocate this at moment but guesstimating
Petrol/diesel........................... 100 Temporary loan of car prob for next couple of months
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 6 Playgroup
Medical (prescriptions, dentist etc).... 15 Contact lenses
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Again projected, mainly for Christmas
Haircuts................................ 0
Entertainment........................... 120 Mainly for OH, includes a couple of evenings at the local, beers at home and roll ups
Holiday................................. 0
Emergency fund.......................... 50Again projected, want to have an emergency fund for household repairs etc
Total monthly expenses.................. 1277.44

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Jo loan........................9000......154.2.....12.75
Jo credit card.................2630......47........ ? Interest is stated as monthly 1.4% I think?
Council tax....................440.......36........0
Tax credits overpay............400.......20........0
Matt credit card...............800.......25........? Not sure at mo, need to check
Housing benefit................170.......15........0
Jo overdraft...................800........0........? Need to check interest
Total unsecured debts..........13440.....297.2.....-

Monthly Budget Summary
Total monthly income.................... 1,941.5
Expenses (including HP & secured debts). 1,277.44
Available for debt repayments........... 664.06
Monthly UNsecured debt repayments....... 297.2
Amount left after debt repayments....... 366.86
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,440
Net Assets.............................. -13,440
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.