Yorkshirechicks DFW journey -

Yorkshirechick

Hi All,

This is the first time I've posted on DFW, as it's the first time I've acknowledged we actually have debts. They'r not huge by most people's standards, but I'm still worrying about them and want to get them paid off ASAP.
Well I'm 27, live with my lovely hubby (got married in December) and our DS who is 1. I work 3 and a half days a week, and have 3 and a half home with DS.

Our debts are:
Credit for new boiler £1800 - interest free, needs to be paid off by September ths year
Credit card - £1800(ish) - on 0% at the moment, due to run out in September
Overdraft - around £500 at the moment

SOA
DH wage £1475
My wage £1100
Total incoming £2575

Mortgage £736 (interest only, would be £1050 if repayment)
Council Tax £106
Gas/Elec £85 (but for last quarter received aditional bill of £200)
Mobile £10
Broadband £5
Life Ins £37
Pet Ins £25
Home/Contents Ins £25
Landline £13
TV License £11.95
Groceries £160 (but often more)
Fuel £150
Nappies £20
Child Trust Fund £10
Car Ins £75
Tax/MOT £25 (put this amount away monthly, but doesn't cover it)
Xmas £25
Boiler £250
Credit Card £60
Total Outgoings £1828.95

Leftover
£746.05

That seems a huge amount to be left, yet every month we struggle because something always comes up... For example this month we had to buy a new tyre for my car that was £42.50, DH had to pay his car tax which was £115.50, but then somehow we've spent about £600 on just stuff:eek: I'm sure we probably needed some of it, but I bet we didn't need all of it.

I'm hoping that posting on here will stop me from wasting so much money on rubbish, and get our debts paid off, so we can have another baby, and start repaying our mortgage again.

Any comments/suggestions welcome

debt_cruncher

Hi Yorkshirechicks

I have a similiar level of debts like you. They are not a huge amount but I would like rid of them ASAP.

You can put your debts into the snowball and it tells you when you will be debt free and in which order to pay the debts off first. This is the link below

http://whatsthecost.com

Keep a spending diary and then you will see where you spend all your surplus cash. I did this for a few months and was suprised where my money was going.

You should also put away some money each month to cover car repairs, services etc. You may also want to put some money into an emergency fund each month to cover the unexpected bills.

I joined the payment a day challenge and any excess money I have at the end of each day I pay off a credit card. It really does make a difference. I have only been doing it for a few weeks but I have already paid £173 off a card.

Also good through the house and ebay any stuff that you don't need anymore. It's amazing what type of things you can sell. Even if you only make £30 per month it is still money which you can throw at a debt.

I hope some of these points you will find useful.

Anyway you have come to the right place and everybody is very friendly. I will definately keep reading your diary.

Debt cruncher

Yorkshirechick

Thanks. I did used to Ebay stuff quite a bit, but since having my DS I haven't really been doing it. I'll have to have a hunt around and see what I can find to sell.
I think you're definitely right about putting some money in an emergency fund, especially with the job market the way it is at the moment...

Fire_Fox

Hello and welcome!

If you are struggling with your budget as it is, I would suggest you complete a full Statement of Affairs (www.makesenseofcards.com) which includes things that tend to get forgotten, like haircuts and child benefit. Anything that isn't a regular payment - like car repairs - work out the true annual cost and divide by twelve. Then you will know what you really have left each month, not what you hope you will have left! If you still can't see where the money is going then you might consider a spending diary, where you literally list every penny that you spend in a notebook or on here if you choose.

:A

Yorkshirechick

Well today has got off to a great start. I dropped my laptop and the screen has broken, i,e, the ink has kind of splodged on the screen. DH reckons we can get a new screen for about £60 and he can fit it. Yet more spending I could do without - brilliant!!

debt_cruncher

Check and see if the laptop would be covered under your house insurance. I think a new screen will cost a lot more than £60.

DC

Yorkshirechick

I've rung up to make a claim, and am waiting for the underwriters to call me back. They've said accidental damage isn't covered though, even though I rung up about a month ago to check and they said it was :mad:

Yorkshirechick

Good news, the underwriters called me and said it is covered under the insurance:j
Also, my sister rung me and she's got me a plastic greenhouse for free, so I can grow my own fruit and veg.

Looks like this week might be getting better

debt_cruncher

That's great news. :T

Have a good day.

DC

chevalier

good luck on your debt free journey. Definitely look at birthdays and xmas spends and put something away each month, takes the pain out of it. Also I bargain hunt through out the year, so I often have pretty much all of the xmas presents covered before December

Yorkshirechick

I do put away £25 a month for Christmas, but think I should be putting more away to cover birthdays etc too. December/January are very expensive months for us, as there's Xmas, BIL, Sisters, DS, FIL's birthday and our wedding anniversary all within a few weeks of each other. I'm definitely going to keep an eye out for bargains