MY Debt Free Journey

Forris

Hi again. Great to see you did your SoA ok. I have just a couple of thought to add:

Tv Licence - You list this as £25 per month. Is this correct, as should only be £11-ish.

Sky - If this is the one 'luxury' that will encourage your OH to get onboard then perhaps it may be worth it. But it would still be good if you could cut out the multiroom. Also, can you get SkyTalk phone in your area? If so, then you could save at least £30 per month on your home phone costs.

RAS

Hi

You are 40K euros in debt. Your OH cannot afford for you to spend 2,000 euros a year on Sky and entertainment. At the moment you owe just under one year's salary BUT your mortgage and childcare is eating over 40 percent of your income.


Do you have a debt charity in Eire, like CCCS?

mogchops

Just wanted to say Hi, I am new here too, but feeling really positive that with the help & support of peeps here, I can really sort things out! Good luck, & well done on the reductions you've made so far!xxx

Karmacat

Forris wrote: »

....Tv Licence - You list this as £25 per month. Is this correct, as should only be £11-ish.

The OP is in Eire, Forris, £11ish is usually what we work on in the UK .... tbh, I was assuming its a different amount in Eire.

Annamarie_2

Hi mogchops

Finding this site so good and helpful i have just finished a spreadsheet on all my income and out goings and i am aiming to be debt free in August 2012 this will be me and my hubby working veryt very hard and spending very little

I did my shopping in tescos on friday and it was only 90.oo euro and got loads so i am going to continue this

Thanks again every one for all your help

Annamarie_2

well my biggest debt (excluding my mortgage ) is my mbna credit card i have just spoke to them and they have cancelled my card i have also cut it up and binned it:T :T
Anyhow they have also agreed to cut my interest from 11.9 to 8.0 so happy days i have agreed to pay 220.00 euro a month so they are very happy with this.

Gosh i am so ecited about all this:rotfl:

helnag

Hi,

Just wanted to say well done on what you have achieved so far. I'm only 1 week in but already feeling so much more positive about the future. There are so many great people on here that will give you so much advice.

Good Luck:rotfl:

TotallyBroke

Annamarie wrote: »

[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 1800
Benefits................................ 330
Other income............................ 0
Total monthly income.................... 4230
Monthly Expense Details
Mortgage................................ 1045
Electricity............................. 80 Try energy saving bulbs. Only your fridge and freezer should be switched on at the plug 24hours a day. Remember clocks on microwaves, ovens, videos etc all use electricity
Gas..................................... 80 We are getting into the warmer weather now so will get cheaper. Look at your usage. If you always go to bed at 11pm then switch heating off at 10pm it'll still be warm when going to bed.
Telephone (land line)................... 50 Eircom line rental is approx 30pm so again this can be reduced
Mobile phone............................ 30
TV Licence.............................. 25 Tv licence is 160pa so 14pm so this can be reduced.
Satellite/Cable TV...................... 65 Do you have the option of freeview boxes over in Dublin.
Groceries etc. ......................... 500 Shopping is more expensive over there than here. But you can still reduce. Check out Lidl for a lot of things. Meal plan and only buy what is needed for that week.
Clothing................................ 50 Check and see if you have freecycle or something similar for clothes
Petrol/diesel........................... 80
Road tax................................ 25
Car Insurance........................... 50
Childcare/nursery....................... 740 What hours are you both working? Your 6yo will be in school for most of the day. So think your Sil could be cheaper
Medical (prescriptions, dentist etc).... 25
Buildings insurance..................... 29
Life assurance ......................... 32
Presents (birthday, christmas etc)...... 50
Entertainment........................... 100
Total monthly expenses.................. 3056

Assets
House value (Gross)..................... 400000
Total Assets............................ 400000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 288000...(1045).....3.5
Total secured & HP debts...... 288000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
halifax cc.....................4900......200.......9
mbna cc........................12900.....200.......11
loan1..........................9100......279.......6
loan 4.........................4000......169.......0
loan 3.........................6200......192.......0
loan2..........................7500......200.......9
Total unsecured debts..........44600.....1240......-

Monthly Budget Summary
Total monthly income.................... 4,230
Expenses (including HP & secured debts). 3,056
Available for debt repayments........... 1,174
Monthly UNsecured debt repayments....... 1,240
Amount short for making debt repayments. -66
Personal Balance Sheet Summary
Total assets (things you own)........... 400,000
Total HP & Secured debt................. -288,000
Total Unsecured debt.................... -44,600
Net Assets.............................. 67,400
[/tt]



oh my god when i look at it it is awful

Do you pay into a Credit union. Could you look into getting a cheaper loan from them.
You can cut back to get rid of the 66euro deficit each month. Then as the months go on you can have spare income to pay off the debts

Dex

Hi Annamarie,

Just wanted to wish you luck on your debt free journey, it's amazing the money you can save when you really start to think about things. I have finished this month with money in the bank, I don't remember the last time I did that

Karmacat

Well done on negotiating with mbna, thats great. Good to know that you've worked with the snowball calculator and got a debt free date, that all sounds brill.