Bumpy ride expected

niges6

Unfortunately the petrol is commute. Am keeping eyes open for local work but enjoy my job and it’s fairly secure (not certain in these times) there is an option of staying local that I am looking into.

Kids are early teens and able to appreciate the fact that belts are tightening. I have just buried my head in the sand tried to do everything without having the funds and let it catch up with me.

This weekend we are planting runner beans that in laws gave us spuds are in and raspberries also. Adding a few toms once we have got a month or 2 into the budget.

Lightbulb moment has well and truly happened and my whole mindset has changed. Debt free by 2013 is such a fantastic aim. One I must reach. I have never felt so in control of where I am heading financially.

Another big sit down with the sums this weekend making sure the SOA is 100% correct and loaded on this thread. It’s all in my hands and I’m actually excited at the prospect.

slig

niges6 wrote: »

Lightbulb moment has well and truly happened and my whole mindset has changed. Debt free by 2013 is such a fantastic aim. One I must reach. I have never felt so in control of where I am heading financially.

Another big sit down with the sums this weekend making sure the SOA is 100% correct and loaded on this thread. It’s all in my hands and I’m actually excited at the prospect.

:T Yay, well done. I know for me once I took control I felt infinitely more positive. Look how far you've come since 10.27am yesterday! That's quite amazing, really. You should feel proud of yourself.

niges6

Statement of Affairs



Monthly Income Details[/b]
Monthly income after tax................ 1711
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 100
Total monthly income.................... 1811

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 254.67
Management charge (leasehold property).. 0
Council tax............................. 57
Electricity............................. 17.33
Gas..................................... 13.67
Oil..................................... 0
Water rates............................. 5.33
Telephone (land line)................... 8.33
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 4.33
Internet Services....................... 0
Groceries etc. ......................... 133
Clothing................................ 10
Petrol/diesel........................... 280
Road tax................................ 5.5
Car Insurance........................... 32
Car maintenance (including MOT)......... 83.33
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 155
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1335.49


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
smile..........................7232.15...214.......11.04
RBS............................4038......90........13.01
Egg............................1274......38........22.9
Cap1...........................2938.36...66.11.....20.12
Barclaycard....................1985.61...43........22.9
Total unsecured debts..........17468.12..451.11....-


Monthly Budget Summary
Total monthly income.................... 1,811
Expenses (including HP & secured debts). 1,335.49
Available for debt repayments........... 475.51
Monthly UNsecured debt repayments....... 451.11
Amount left after debt repayments....... 24.4

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,468.12
Net Assets.............................. -13,468.12



Total Debt @Lightbulb moment £17468.12 07-05-2009
Debt today £17468.12 0% Paid Off
Debt free by June 2013

RAS

Hi

Hit that mobile cost - you can.

And as we suggested think about the kids costs. Not sure where you are but is there anywhere you can take a tent and chill out together? Think barbie (not the blonde).

Do you know about https://www.freecycle.org for free kit?

Does your local council do free events/festivals?

urg123

I agree about the mobile

The entertainment budget needs to be reviewed drastically - look for inventive ways to keep you and the kids entertained

The car maintenance seems high - that might just be me!

Petrol - can you share the journey with someone who lives near you? Maybe you can do alternate weeks - saves money on the commute.

The spending diary really works - keep with it. You'll learn lots about your spending.

Take lunches/snacks into work - don't spend money on expensive sandwiches etc.

you can also look at selling some stuff to make some money. Things you no longer need/want.

Prioritise the debts. Pay off the ones with the highest APRs. Think about moving the debt to lower cards if you can - if possible a life of balance card.

Join some of the challenges - No Spend Days; Make £10 a day; Grocery Challenge.

Good luck

urg x x

niges6

Thanks guys,
Don’t know of anybody that I can commute share with but I will explore. I travel 70 miles round the M25 to work and then return. Big contributing factor of getting into this position is the fact that I moved in with my partner who lives miles away from work. Don’t need to tell you I didn't do the sums. Very happy but now counting the cost of living in a bubble. Looking at staying nearer work a couple of nights a week but this is an option I would rather not take I like going home.
My transport is a motorcycle which unfortunately has given me a couple of problems in the last few months (another contributing factor) tyres etc need replacing fairly regularly. should run forever now but for once in my life I want to make sure I am more than covered to deal with any unforeseen problems.

expected to get shot down in flames for this one but what are your thoughts on keeping 1 card, the 1 with the lowest limit and using it as a petrol card?
My thought is to still pay the snowball amount on this card but add my petrol and maintenance costs to this payment. I think there is a possibility that I can reduce the amount of petrol I buy depending on when I fill up. I’ve been topping my tank up every day but if I fill every other I seem to save about £2.00 per day not sure why this works. I’m still "researching" this method.
Now I’ve had my LBM there is no way I will use that card for any other reason. It’s another way of getting the card down quicker and short term gives me the availability of getting the bike fixed if required.
Once that card is finished just the petrol money will go onto it and the maintenance money into a separate account.
Going to sort the mobile out. I’m 4 months into a 18 mth contract but there must be a thread relating to this. I will plow through.
Granted my entertainment seems high but I have included travel with this. I know it should be in a different pot but if I meet friends or take son to football (2 games left on season ticket not being renewed) I have to travel into London. I want to make sure that each time I venture out I have to calculate my fare as well. They are not regular trips this may not be the ideal method but it tells me I have this amount to spend on getting there enjoying event whatever that may be and getting home.

I’m hoping to get 6 mths or a year into my snowball and apply for a 0% transfer. Unable to at the moment and I’m not sure how long I need to wait before I can reapply but hopefully it will help.
Spending diary is great really makes me think about what I am/am not spending.
Cut my lunch money by half, buying the ingredients and making sarnies at work. Also taken in the camping stove so that I can make my own bacon sarnie (for that extra treat) cheaper than the cafe

Just joined my local freecycle

Told my folks & brother so I don't need to keep making lame excuses. And told them that b’day’s and chrimbo have been downgraded. They are all very supportive and takes another weight of my mind. Just a few mates to tell now. Again it will stop the lame excuses.

I’m getting there it’s been a big step this week.
Since leaving school and that was over 20 yrs ago, I have never felt in control. Now I do.




Lightbulb moment? more like LIGHTHOUSE MOMENT

Total Debt @Lightbulb moment £17468.12 07-05-2009
Debt today £17468.12 0% Paid Off
Debt free by June 2013

urg123

Hi

It sounds like you've made some progress. I think people are quite understanding when you are open and honest and given the current economic situation, a lot more people are aware of financial issues.

I understand your rationale behind your wanting to use a CC but you need to recognise that this might be a dangerous move. Why don't you see how it goes for a month - if the balance ends up being worse then go back to square one and stop using the card.

urg x x

niges6

2 weeks on the new regime and all is well I’m keeping to my budget. My diary is really helping me to keep tabs on what goes out. I have decided to use1 card for petrol but not for maintenance. The maintenance can go into a separate account and will be there when required. The petrol card just keeps my commute safe by pre-paying the amount i need, and I now have the tools to keep this for petrol only. Used part of my expenses’ budget to buy a water butt, which after this weekend’s rain is already full. Hopefully this will help the water meter and still keep the veg’s well watered. Lunch money has been halved (looks like I might be losing a few pounds as well as saving them)
Looked into reducing house insurance, gas and elec payments. All possible but my girlfriend is not quite ready to hand over control of all she has kept going for the last 10 yrs. So the research has taken place and we just need to sit down and make a joint decision (only taken 40yrs to grow up).
Getting married in Sept which we have kept to a minimum I’m sure there is a forum for weddings on MSE which I will post onto.
I also started to reclaim bank charges a while ago but when it all got put on hold I bottled it. I now need to explore again.

If you’ve made it this far through this post thank you, I really needed the encouragement offered here on earlier posts to kick me into shape.

All I need is payday now to put the rest of the plan into action. There is talk of a 10% pay cut which could put a spanner in the works. But as I mentioned earlier I truly believe I now have the tools to overcome what is thrown at me


All thanks to MSE