Trials and tribulations of a Debt Free Wannabee!

savingholmes

Well today I took DD to put another £2 in her savings account - she was desperate lol - and so proud! She then spent another £1.20 or so on sweets!

OH has confirmed that he didn't buy any petrol this week - so that is £50 saved off this week's budget - good job - as we overspent on food.

With DD spent £1.25 on chips between the two of us - it was 90p for a cone but the chips came in a foam box - so just tore it in two at the join - so had same amount of chips each but for the equivalent of 63p each rather than 90p! Very MSE

I was pretty good - I bought 3 books from the charity shop for £2.45 - and donated another charity bag full - reducing more of the clutter in our house! I resisted costa coffee although I am hoping to fit in a nice cappucino one day next week.

I went to Asda and spent £27 or so of next week's budget. I decided that my current shopping pattern demonstrates the "big" shop method isn't working for me so I thought I would see how things worked if I did a smaller shop and then topped up! Wish me luck! I also took £50 out cash - ideally would have taken out £73 but £50 was the max cashback.

I also managed to convert my coppers etc into £1 coins so that was good!

I will have to spend £40 on physio on Tuesday but can't be helped.... If it gets me fit for work quicker it will be money well spent!

savingholmes

Well just paid £100 to barclaycard and have other payments going out this month that will bring my debt down to approx £13584

Also - DS has used £4 of my amazon vouchers - so increasing my no-guilt spend money available. Have counted it on book spend earlier...

milann

Well done on the chip share - and the payments too. Hope ds isn't too disappointed

Eaten far too many chocs and had a few vino with tea - so feeling very full and sleeeeeeeppppppyyyyy - think I'll go and have an early night

Milann

Milann

savingholmes

savingholmes wrote: »

Statement of Affairs and Personal Balance Sheet 170808 vs today

Monthly Income Details
Monthly income after tax................ 1914 320 while off sick
Partners monthly income after tax....... 1617 1617
Benefits................................ 125 132 plus tax credits £42
Other income............................ 0
Total monthly income.................... 3656 2111

Monthly Expense Details
Mortgage................................ 753 753
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 138 140 (10 months)
Electricity............................. 70
Gas..................................... 40 73 combined
Oil..................................... 0
Water rates............................. 23 16
Telephone (land line)................... 28 27 internet and phone combined
Mobile phone............................ 25 15 average
TV Licence.............................. 11 11
Satellite/Cable TV...................... 0
Internet Services....................... 19 included above
Groceries etc. ......................... 360 not sure
Clothing................................ 25 not sure
Petrol/diesel........................... 400 150
Road tax................................ 40 20 pay annually in practice
Car Insurance........................... 60 60 pay annually in practice
Car maintenance (including MOT)......... 170 40 pay as and when
Car parking............................. 2 0 found free place to park
Other travel............................ 0
Childcare/nursery....................... 110 currently £32
Other child related expenses............ 25 approx 32
Medical (prescriptions, dentist etc).... 16 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 12 8.5
Contents insurance...................... 12 8.5
Life assurance ......................... 70 72
Other insurance......................... 33 33
Presents (birthday, christmas etc)...... 30 cost neutral
Haircuts................................ 25 30
Entertainment........................... 40 0
Holiday................................. 50 cost neutral
Emergency fund.......................... 0
Child sponsorship 2..................... 18 21
Child sponsorship 1..................... 18 21
Charitable giving 0H.................... 175 20
Cleaner 90
Total monthly expenses.................. 3068 1890 (includes 360 for groceries but target is 200 but 0 for clothes)

Assets
Cash.................................... 1300 1400
House value (Gross)..................... 200000 same hopefully
Shares and bonds........................ 0
Car(s).................................. 3300 4000
Other assets............................ 0 5000 motorbike
Total Assets............................ 204600 210400

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 151000...(753)......5.95 same
Total secured debts........... 151000....-.........-

Unsecured Debts
Description..Debt......Monthly...APR
C12..........7168......100.......0
E............ 300.......10........18
V...........10500.....25........0
bh............960.......40........0
C1...........1262......10........0
BC.......... 500.......10........6.5
MS............250.......5.........18
Total unsecured debts...0940.....200.......now £13584

Monthly Budget Summary
Total monthly income.................... 3,656 2111
Expenses (including secured debts)....... 3068 1890
Available for debt repayments........... 588 221
Monthly UNsecured debt repayments....... 200 253
Surplus(deficit if negative)............ 388 -32

Personal Balance Sheet Summary
Total assets (things you own)........... 204,600 210400
Total Secured debt...................... -151,000-151000
Total Unsecured debt.................... -20,940 -13584
Net Assets.............................. 32,660 45816

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

2 adults, 2 children. 1 car and 1 motorbike

I thought I would compare my soa today with the one I did just after I joined.... Don't worry about the -32. If I manage to reduce my grocery spend or up my income this is taken care of. Also pay most car bills annually - around the time when I have no council tax to pay so again not a big problem. It was encouraging to see how far we've come tho - that we can manage on such a small amount compared to the much better money that we failed to manage on before

clearmydebts

Well done SavingH - you certainly have come a really long way. You don't have to up your income by a whole lot to be able to make good headway on your debt too

savingholmes

clearmydebts wrote: »

Well done SavingH - you certainly have come a really long way. You don't have to up your income by a whole lot to be able to make good headway on your debt too

True but fuel, childcare and food costs go up significantly when I am working.... plus harder to control my spending!

I am encouraged that our net worth has improved despite having to take on a £4K car related debt with my MIL.

BEAT_THE_DEBT

Your diary is very motivating!x Keep up the good work. Chip sharing no i want them all ha ha ha !!!!!!!!!:rotfl::rotfl::rotfl::rotfl:

milann

SH - just throwing ideas into the pot really - I might be brarking up the wrong tree here - but would you be able to manage working part-time in the area you work?? You seem to be on a good wage in what you do do. So if you either worked longer hours for fewer days eg a job share style of work or shorter days. The take home pay would be less but so would the child care costs. You would still have time with the kiddiwinks and the pressure on you would reduced a lot. Just my two penny worth - not sure if it would be feasible/workable or doable or even if anything like that exists - and I'm certainly not trying to tell you what to do in any way. Just food for thought really as it was the first thing that struck me when I read your SOA.

You have come a long way - your spending habits must have changed a lot. It's scary when I think back - I certainly don't know where my cash used to go - wheras I can now and if I do overspend - at least I know where it has gone. Well done you!!

clearmydebts

milann wrote: »

SH - just throwing ideas into the pot really - I might be brarking up the wrong tree here - but would you be able to manage working part-time in the area you work?? You seem to be on a good wage in what you do do. So if you either worked longer hours for fewer days eg a job share style of work or shorter days. The take home pay would be less but so would the child care costs. You would still have time with the kiddiwinks and the pressure on you would reduced a lot. Just my two penny worth - not sure if it would be feasible/workable or doable or even if anything like that exists - and I'm certainly not trying to tell you what to do in any way. Just food for thought really as it was the first thing that struck me when I read your SOA.

You have come a long way - your spending habits must have changed a lot. It's scary when I think back - I certainly don't know where my cash used to go - wheras I can now and if I do overspend - at least I know where it has gone. Well done you!!

That is a great suggestion

savingholmes

hi milann and cmd

unfortunately part time jobs doing what I specialise in are rare - but yes I think that could be a way forward - if I could find one...

Still hoping the physio will help with my knee...

I've found out the DS's trip in Feb is likely to be £20 and the one in May is likely to be £115. So slightly better than I thought