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Where am I going wrong???

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Comments

  • Flylady_Flower
    Flylady_Flower Posts: 2,855 Forumite
    1,000 Posts Combo Breaker
    EssexHebridean wrote: »
    Well done on the Vanquis pay-off FF - it's a great sense of achievement when you get on a roll with it isn't it. I assume that the cards are now destroyed and there is a letter on the way to Vanquis closing the account?!

    Thanks Valli and EssexHebridean, you'd think so wouldn't you? ;):rotfl::rotfl::rotfl:

    I'm not sure what to do to be honest. We want to get a better credit rating as we would LOVE to be able to buy our own house again eventually back where we used to live, but not sure if that would even be feasable, but we can dream.

    Anyway, because we want to improve it, I am thinking that maybe we could use one of the cards for food shopping and fuel and put what we use in the savings account and pay off every month so no high interest charged. Trouble is, this means being VERY organised and religiously sticking to the savings. To be honest, I think I can do this BUT I'm not yet 100% sure I can trust myself (this diary has made me look at stuff so differently, so I'm pretty much there, but...:rolleyes:) So they are currently in an ice block in the freezer believe it or not...:rotfl:
    LBM April 2013 - £29,000.00
    Vanquis CC's PAID - Debenhams SC PAID - A+L OD PAID - Asda CC £783.75
    Barclaycard CC £1400.78 - BoS CC PAID - Freemans Cat PAID
    F/D Loan & CC £1458.96 - Santander Loan PAID - Mum Loan PAID
    RBS OD PAID - F/D OD £1026.52
    Weekly Grocery Challenge - £95.00 budget / spend £-
  • Flylady_Flower
    Flylady_Flower Posts: 2,855 Forumite
    1,000 Posts Combo Breaker
    edited 11 May 2009 at 9:22AM
    OK, new budget sorted - EVERYTHING included now hopefully (thank you guys for making me look at it properly - I have this time I think :D)

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned.................... 2
    Monthly Income Details
    Monthly income after tax..................... 649.50
    Partners monthly income after tax....... 3031.00
    Benefits (Child Benefit)..........................86.60
    Total monthly income.................... 3767.10

    Monthly Expense Details
    Rent..............................................541.25
    Council tax.....................................126.00
    Electricity....................................... 75.00
    Gas................................................ 35.00
    Water rates (Sewer & Water).............. 30.00
    Telephone (land line)......................... 35.00 (doh! added in internet too, so this should be about £20pm)
    Mobile phone for both of us + dongle.... 70.00
    TV Licence...................................... 11.95
    Satellite/Cable TV............................. 20.00
    Internet Services(just changed suppliers)... 15.00
    Groceries etc inc cleaning stuff, etc......... 259.80
    Clothing............................................... 35.00
    Petrol/diesel........................................ 259.80
    Road tax.............................................. 34.17
    Car Insurance....................................... 60.00
    Car maintenance (including MOT)............. 57.50
    Medical (prescriptions, dentist etc).......... 31.00
    Pet insurance/vet bills........................... 74.30
    Contents insurance............................... 13.80
    Life assurance (both of us).................... 27.14
    Other insurance (Holiday approx £50pa)..... 4.00
    Presents (birthday, christmas etc)........... 41.67
    Haircuts.............................................. 10.00
    Entertainment/days out........................ 216.50
    Holiday(not till we're debt free)................. 0.00
    Emergency fund.................................... 25.00
    Hubbys Rent & living costs while away..... 866.00
    Total Business Exp inc Yell & Subs...........194.00
    Hobbies / Karate................................... 43.30
    Christmas............................................ 86.60
    Eating Out / Lunches............................. 43.30
    Total monthly expenses.................. 3342.08

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 1500

    Unsecured Debts
    Description............................Debt......Monthly.....APR
    Personal Loan - FD.................2796.33......164.40.....19%
    FD Credit Card.........................980.00.......30.00.....27.9%
    Debenhams Store Card..............241.92.......18.00.....29.9%
    Overdraft - FD.......................1000.00.......10.00.....12%
    DWP Hardship Loan...................380.00.......43.33.....0%
    Freemans Catalogue................1804.13.......66.00.....0%
    Total unsecured debts..........7202.38.....331.73....-

    Monthly Budget Summary
    Total monthly income.................... 3,767.1
    Expenses (including HP & secured debts). 3,342.08
    Available for debt repayments........... 425.02
    Monthly UNsecured debt repayments....... 331.73
    Amount left after debt repayments....... 93.29
    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -7,202.38
    Net Assets.............................. -5,702.38
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using IE browser.[/font]
    LBM April 2013 - £29,000.00
    Vanquis CC's PAID - Debenhams SC PAID - A+L OD PAID - Asda CC £783.75
    Barclaycard CC £1400.78 - BoS CC PAID - Freemans Cat PAID
    F/D Loan & CC £1458.96 - Santander Loan PAID - Mum Loan PAID
    RBS OD PAID - F/D OD £1026.52
    Weekly Grocery Challenge - £95.00 budget / spend £-
  • Flylady_Flower
    Flylady_Flower Posts: 2,855 Forumite
    1,000 Posts Combo Breaker
    Still way to much going out, but this is based on what we have spent over the last year, so hopefully, with all the cutting back I have been doing, we can cut back on that even more... (fingers crossed). But I thought it best to put it all in just in case...

    Well, NOW THE VANQUIS HAS GONE :j:j:j The next debt according to the snowball is the Debenhams card - hopefully that will be a quick one as only a small amount on there...

    It looks like this:

    Month One - Extra £98.92 off Debenhams Card
    Month Two - Extra £104.63 off Debenhams Card
    Month Three - Extra £22.99 off Debenhams Card – PAID
    PLUS Extra £83.88 off First Direct Credit Card
    Month Four - Extra £114.73 off First Direct Credit Card
    Month Five - Extra £118.51 off First Direct Credit Card
    Month Six - Extra £112.36 off First Direct Credit Card
    Month Seven - Extra £126.30 off First Direct Credit Card
    Month Eight - Extra £130.31 off First Direct Credit Card
    Month Nine - Extra £144.38 off First Direct Credit Card
    Month Ten - Extra £74.60 off First Direct Credit Card – PAID
    PLUS Extra £105.02 off First Direct Overdraft
    Month Eleven - Extra £184.62 off First Direct Overdraft
    Month Twelve - Extra £184.62 off First Direct Overdraft
    Month Thirteen - Extra £184.62 off First Direct Overdraft
    Month Fourteen - Extra £184.62 off First Direct Overdraft
    Month Fifteen - Extra £125.51 off First Direct Overdraft - PAID
    PLUS Extra £59.11 off Freemans Catalogue
    Month Sixteen - Extra £194.62 off Freemans Catalogue
    Month Seventeen - Extra £194.62 off Freemans Catalogue
    Month Eighteen - Extra £167.78 off Debenhams Card - PAID
    Month Nineteen – Normal payment of £164.49 to First Direct Loan
    Month Twenty – LAST PAYMENT of £114.55 to First Direct Loan

    Twenty months and I should be debt free...:j:j:j Not as good as the original 14 months that I put, but much more realistic.

    I have also realised with a proper budget that I have been earning more than I thought - not sure if that's a good thing or not? It would be if I could see the benefit of it I suppose...:undecided. Because I am self employed, I am hoping this will continue though :rolleyes:

    Right, I am tired now and already in bed - up early as DS has college tomorrow and I have to go with my Mum to Vets - not looking forward to that at all... :(
    LBM April 2013 - £29,000.00
    Vanquis CC's PAID - Debenhams SC PAID - A+L OD PAID - Asda CC £783.75
    Barclaycard CC £1400.78 - BoS CC PAID - Freemans Cat PAID
    F/D Loan & CC £1458.96 - Santander Loan PAID - Mum Loan PAID
    RBS OD PAID - F/D OD £1026.52
    Weekly Grocery Challenge - £95.00 budget / spend £-
  • mooomin
    mooomin Posts: 13,703 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    A couple of quick things from me - I really can't resist a SOA :rotfl:
    Flylady_Flower wrote: »
    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned.................... 2
    Monthly Income Details
    Monthly income after tax..................... 649.50
    Partners monthly income after tax....... 3031.00
    Benefits (Child Benefit)..........................86.60
    Total monthly income.................... 3767.10

    Monthly Expense Details
    Rent..............................................541.25
    Council tax.....................................126.00
    Electricity....................................... 75.00
    Gas................................................ 35.00
    Water rates (Sewer & Water).............. 30.00
    Telephone (land line)......................... 35.00 This is high considering you have mobiles. What do you get for this? Do you actually use it?
    Mobile phone for both of us + dongle.... 70.00
    TV Licence...................................... 11.95
    Satellite/Cable TV............................. 20.00
    Internet Services(just changed suppliers)... 15.00
    Groceries etc inc cleaning stuff, etc......... 259.80 Reducable, but a good budget to work with.
    Clothing............................................... 35.00
    Petrol/diesel........................................ 259.80
    Road tax.............................................. 34.17
    Car Insurance....................................... 60.00
    Car maintenance (including MOT)............. 57.50
    Medical (prescriptions, dentist etc).......... 31.00
    Pet insurance/vet bills........................... 74.30
    Contents insurance............................... 13.80
    Life assurance (both of us).................... 27.14
    Other insurance (Holiday approx £50pa)..... 4.00
    Presents (birthday, christmas etc)........... 41.67
    Haircuts.............................................. 10.00
    Entertainment/days out........................ 216.50
    Holiday(not till we're debt free)................. 0.00
    Emergency fund.................................... 25.00
    Hubbys Rent & living costs while away..... 866.00 I don't know if I asked this before but does he get any of this back from his work?
    Total Business Exp inc Yell & Subs...........194.00
    Hobbies / Karate................................... 43.30
    Christmas............................................ 86.60
    Eating Out / Lunches............................. 43.30 Woo, packed lunches :D
    Total monthly expenses.................. 3342.08

    Assets

    Car(s).................................. 1500
    Total Assets............................ 1500

    Unsecured Debts
    Description............................Debt......Monthly.....APR
    Personal Loan - FD.................2796.33......164.40.....19%
    FD Credit Card.........................980.00.......30.00.....27.9%
    Debenhams Store Card..............241.92.......18.00.....29.9%
    Overdraft - FD.......................1000.00.......10.00.....12%
    DWP Hardship Loan...................380.00.......43.33.....0%
    Freemans Catalogue................1804.13.......66.00.....0%
    Total unsecured debts..........7202.38.....331.73....-

    Monthly Budget Summary
    Total monthly income.................... 3,767.1
    Expenses (including HP & secured debts). 3,342.08
    Available for debt repayments........... 425.02
    Monthly UNsecured debt repayments....... 331.73
    Amount left after debt repayments....... 93.29
    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -7,202.38
    Net Assets.............................. -5,702.38
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

    Couple of other things:

    • Do either of you do any of the things on the Up Your Income thread? Could bring home a little extra, even if it's vouchers you could use for birthday/Xmas.
    • The groceries budget looks good - I budget £200 for two of us (And two cats who know the difference between Whiskas/Felix and own-brand catfood) and have come in under this for the last two months thanks to the OS board, but I keep the budget the same so that the day before payday I can make a big PAD :D
    Hope you have a lovely week!
  • Flylady_Flower
    Flylady_Flower Posts: 2,855 Forumite
    1,000 Posts Combo Breaker
    flying_fresian wrote: »
    A couple of quick things from me - I really can't resist a SOA :rotfl:



    Couple of other things:

    • Do either of you do any of the things on the Up Your Income thread? Could bring home a little extra, even if it's vouchers you could use for birthday/Xmas.
    • The groceries budget looks good - I budget £200 for two of us (And two cats who know the difference between Whiskas/Felix and own-brand catfood) and have come in under this for the last two months thanks to the OS board, but I keep the budget the same so that the day before payday I can make a big PAD :D
    Hope you have a lovely week!

    Thanks F-F, great advice as always... answers below hopefully...

    Home Phone: We were with TalkTalk and I have just converted back to BT so this is a bit estimated and will hopefully be lower (I've worked it out wrong too :o) - our TalkTalk bills were about £25 including £11+ line rental and calling plan, this is going to be apparently £11.25 line rental and £4.95 calling plan plus 0845 and 0870 numbers free? (not 100% sure if I'm right on those, but hope so :D) so £16.20 + calls, which really are a minimum, so should be less than £5 extra. I am an idiot and included the Internet that they included, then put it seperate too, so I will adjust that now...:rolleyes: Internet will be £15.46 per month but you get a refund in the first bill of about £18 to bring it down to £12.46 for 6 months (have budgeted for full amount though ;)). Phew, that was long winded - hope it makes more sense now.
    Groceries - I agree, there are me & hubby plus DS and now DD is also back and also includes everything else we need for house, cleaning stuff, personal hygiene stuff, etc but like you, I add whats left over each week to my PAD :D In fact sometimes I get a bit carried away as I hate shopping anyway and we have nothing in the cupboards... :rotfl:
    Hubby's Rent/Working allowance - Yes, this is why his wages are so high, as it is part of this - £200 per week. His rent is £100 per week for renting a double room in a house (our rent for a full 3 bed house is only £104pw:eek:) and £100 for food, travel, etc to/from work. He hasn't been using all of this, and what I do is transfer it to our joint savings account and he has a cashpoint card to draw out what he needs and the rest stays in there - he has £180 in there at the moment and will probably need about £30-£40 to see him through till Thursday when next £100 goes in. I still include it though as he is saving to get a motorbike which will save us loads in fuel, tax, insurance, etc when he's got it and as that's his money, I tend to leave it alone, although we use it if we need it for anything - we don't have my money and his money as such - it's all mine! :rotfl::rotfl:
    Eating out - this is the biggest killer for us - I have only budgeted £10 a week, but it was much higher before, but I am determined not to go over this and not to use it at all if I can. Like you say, packed lunches are going to be a must, plus bulk cooking so we have stuff in the freezer for when I'm late home, I might even get some of those ready meals for real CBA days - 5 mins in micro and I can eat for less than £1 rather than £4 each in Kentucky or somewhere and even with all the additives, it must still be better for me health-wise... PLEASE NAG IF YOU SEE ME SPENDING ON TAKEAWAYS OR LUNCHES - I NEED THIS! (thanks guy's)
    Upping my income: I have done a few things on the up your income thread before, but it fell off as I didn't have time, but I will take another look and see what I can do. I use Quidco for buying stuff we need like insurance, etc and try to answer a few surveys when I can, but nothing to write home about...

    Thanks again. OK, need to get ready, I am off to the vets with my Mum this morning - my old dog is being put down today as she has Cancerous growths and has been fitting the last week, such a shame and sad, but it's for the best as she is suffering now but she had a good innings at 15 I think... :(
    LBM April 2013 - £29,000.00
    Vanquis CC's PAID - Debenhams SC PAID - A+L OD PAID - Asda CC £783.75
    Barclaycard CC £1400.78 - BoS CC PAID - Freemans Cat PAID
    F/D Loan & CC £1458.96 - Santander Loan PAID - Mum Loan PAID
    RBS OD PAID - F/D OD £1026.52
    Weekly Grocery Challenge - £95.00 budget / spend £-
  • Valli
    Valli Posts: 25,962 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I might have said this Flower but get/make some cereal bars and have 'em in the cars for when emergency snacks are called for.
    Re the self employment. Are you 'banking' for your tax bill? Paying NI etc
    Sorry about your doggie:o
    Don't put it DOWN; put it AWAY
    "I would like more sisters, that the taking out of one, might not leave such stillness" Emily Dickinson
    :heart:Janice 1964-2016:heart:

    Thank you Honey Bear
  • Flylady_Flower
    Flylady_Flower Posts: 2,855 Forumite
    1,000 Posts Combo Breaker
    Valli wrote: »
    I might have said this Flower but get/make some cereal bars and have 'em in the cars for when emergency snacks are called for.
    Re the self employment. Are you 'banking' for your tax bill? Paying NI etc
    Sorry about your doggie:o

    Yes, you did say, and yes, I have - 2 boxes of likkle snacks put in the dash... (half eaten already by DS thought?:rolleyes:)

    No, have been very naughty and not put any by at all, but OK this year as didn't earn enough to pay tax last year, but will need to this year or I will get myself in trouble... ;)

    Thanks for the thoughts x
    LBM April 2013 - £29,000.00
    Vanquis CC's PAID - Debenhams SC PAID - A+L OD PAID - Asda CC £783.75
    Barclaycard CC £1400.78 - BoS CC PAID - Freemans Cat PAID
    F/D Loan & CC £1458.96 - Santander Loan PAID - Mum Loan PAID
    RBS OD PAID - F/D OD £1026.52
    Weekly Grocery Challenge - £95.00 budget / spend £-
  • Flylady_Flower
    Flylady_Flower Posts: 2,855 Forumite
    1,000 Posts Combo Breaker
    Well, another full-on day finally over... so, what's been happening then....

    The Good Stuff...
    I was a very good girl today and made myself a packed lunch for work and didn't spend anything...:j I even went to get a coffee and changed my mind and drove straight past.
    Didn't finish work until 8.30pm and my Mum fed the kids for me so the chops I got out to defrost are in the fridge for tomorrow and my friend/boss took me to Macdonalds as we were both starving by then and I didn't have to pay :D:D
    I also earned £90 today...:j

    The Bad Stuff...
    Went shopping last night and spent £45.00 - We needed everything and I had a list (and nearly stuck to it), but it takes me over my grocery budget this week, but hopefully don't need much next week now... and I did get two punnets of plums for 20p each and 2 packs of four muffins for 20p each (OK, they wern't on the list, but still nice as treats for us all...

    The Naughty Stuff...
    Nothing, nada, zilch... I have been a very good likkle girl :D

    I am absolutly pooped though... my head is swimming as I have so much to do and think about. Tomorrow I must get up and do two things immediately - work out costings on a rental property furniture and book hubbies bike test... then I must sort out my to-do list and organise it into some sort of priority... and boss the kids about to do the housework... he he, they're both off tomorrow - DS is supposed to be studying for his Exams and DD has no work till Friday, so they can both help out a bit... should be fun, plus I still need to organise the rooms upstairs so I can get a wardrobe in, ect.

    Off to bed now, need to sleep... night all x
    LBM April 2013 - £29,000.00
    Vanquis CC's PAID - Debenhams SC PAID - A+L OD PAID - Asda CC £783.75
    Barclaycard CC £1400.78 - BoS CC PAID - Freemans Cat PAID
    F/D Loan & CC £1458.96 - Santander Loan PAID - Mum Loan PAID
    RBS OD PAID - F/D OD £1026.52
    Weekly Grocery Challenge - £95.00 budget / spend £-
  • mooomin
    mooomin Posts: 13,703 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Flylady_Flower wrote: »
    The Bad Stuff...
    Went shopping last night and spent £45.00 - We needed everything and I had a list (and nearly stuck to it), but it takes me over my grocery budget this week, but hopefully don't need much next week now... and I did get two punnets of plums for 20p each and 2 packs of four muffins for 20p each (OK, they wern't on the list, but still nice as treats for us all...
    If you needed everything then surely it's not a bad thing. Also, finding four muffins for 20p should be on the good things list :D
  • Flylady_Flower
    Flylady_Flower Posts: 2,855 Forumite
    1,000 Posts Combo Breaker
    flying_fresian wrote: »
    If you needed everything then surely it's not a bad thing. Also, finding four muffins for 20p should be on the good things list :D

    :rotfl::rotfl::rotfl:You are so right FF, and they were definitly good... :D Think I'm set in NO-SPEND-WHATSOEVER mode at the moment, which is a good thing, but I also need to be looking for bargains and I think that was a treat for making my lunch too... you need treats in life eh, otherwise, what's the point?


    Have started well today - downstairs all tidy and EVERYTHING put away :j (not vacuumed or dusted yet, but kids can do that for me ;)),
    Bike Test is booked for Hubby... :j am about to start on inventory for a rental property we are doing as I need that ASAP and will then start on the piles of stuff that are in my room since they were emptied out of my study, coz DD is now back in there - I have stuff everywhere and don't know where half my paperwork is, so I need to sort - see you in a bit...
    LBM April 2013 - £29,000.00
    Vanquis CC's PAID - Debenhams SC PAID - A+L OD PAID - Asda CC £783.75
    Barclaycard CC £1400.78 - BoS CC PAID - Freemans Cat PAID
    F/D Loan & CC £1458.96 - Santander Loan PAID - Mum Loan PAID
    RBS OD PAID - F/D OD £1026.52
    Weekly Grocery Challenge - £95.00 budget / spend £-
This discussion has been closed.
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