The most boring diary you can ever imagine zzzzzzzzzzzzzzzzz

cocalls

Hello hope you dont mind me adding my diary on here as you seem like such nice folks and I now have a debt so i can join in woo woo!
(sorry you see i really like reading peoples diaries on here and i never had a proper debt-well ok apart from a few hundred on cc, grad od & student loans! But id read them to keep me on the straight and narrow & to pick up tips so thank you all!)

Ive decided to write a diary as ive just finished a challenge of saving £5000 in 5 months which ive done woo woo (Would insert link to diary here but i cant figure out how)

However, our bathroom is on its last legs the toilet and bath both leak so we've bought one from B&Q and put it on a 0% CC which ends its 0%ness in nov.
The total now stands at £2900 as ive been a bit daft and added holiday spends and other bits and bobs on it. So the first challenge is to get rid of this by nov

The other challenge is to get rid of my OD its O% at the mo until a month or so then the first £500 is interest free (its a grad one so keeps going down in £250 increments each yr) so its standing at £750 at the mo and i need it to be £500 then pay off £50/month until it's all gone.

Wish me luck SOA to follow!

cocalls

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 1300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700
Monthly Expense Details
Mortgage................................ 378.9
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 89.48
Electricity............................. 24
Gas..................................... 43
Oil..................................... 0
Water rates............................. 11.4
Telephone (land line)................... 13
Mobile phone............................ 30
TV Licence.............................. 11.95
Satellite/Cable TV...................... 28.5
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 25
Car Insurance........................... 37.5
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 159
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 22.72
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 680
Holiday................................. 0
Emergency fund.......................... 0
Amount given to mother to help her out.. 15
charity................................. 2
Total monthly expenses.................. 1781.45

Assets
Cash.................................... 5000
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 130500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72600....(378.9)....1.2
Total secured & HP debts...... 72600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
leeds bs cc....................2900.47...79........0
Grad od .......................750.......50........0
Total unsecured debts..........3650.47...129.......-

Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including HP & secured debts). 1,781.45
Available for debt repayments........... 918.55
Monthly UNsecured debt repayments....... 129
Amount left after debt repayments....... 789.55
Personal Balance Sheet Summary
Total assets (things you own)........... 130,500
Total HP & Secured debt................. -72,600
Total Unsecured debt.................... -3,650.47
Net Assets.............................. 54,249.53
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

hypno06

£680 is a lot for "entertainment" - it might be worth breaking that down more to see if there is anything else you can cut back on there.

But apart from that, you seem well in control of things - you have a decent surplus, so that bathroom and overdraft should be gone in just a couple of months.

What about joining in the £10 a day challenges if you don't already do so....then the extra that you make from that can form a savings "cushion" for next time something is on its last legs?

Keeping_Positive

Ditto the £680 enterainment comment from Hypno - Its the most tricky area to budget but often where sneaky spends are added.

Good luck

cocalls

many thanks for the comments guys well when i say entertainment im thinking that everything can come out of that inc clothes, petrol (we both dont need the car to get to work so anytime we actually go anywhere it's for days out etc) haircuts, and misc spends it basically means we have £85 per week to spend on us it that makes sense?

cocalls

ok it's not going v well so far- i personally had a NSD yest but my dad who has just had a heart attack so not working (& is self employed so no money coming in) rang to ask if i can pay his car insurance which needed paying yesterday. So i have to bang it on my cc as that doesn't give me enough time to get to my savings. I know he will pay it back........sometime!

Oh informed me yest that we're going to cromer for the week end as his folks have rented out a cotage and we can stay for free the trouble is ive got £30 which will probabaly pay for a meal and maybe a ice cream if im lucky. Oh dear!
Well i get paid on the 16th so i'll just have to chuck as much at the card as i can then!

MissKJ

You need to get your OH on board or else you will find this happens too often. Even though it is going in the cc, still BUDGET what you can afford to add to it by working out what you will get and cutting back the entertainment budget for next month. If you don't, it might run away with you again.

Good luck!

cocalls

hhmmm budgetting how does that go again?

Do people actually have seperate bank accounts where they put in clothes, holidays, xmas, etc? we do have one for the car so thats a start i suppose. Was thinking of getting one for the cat as have no insurance on her so we should save up for vet bills i suppose?

miemie

Hi cocalls, fresh diary and i'm sure it won't be boring, how much exactly is on the card and where are you keeping the card? if its in your purse take it out put it in a freezer bag stick it in a tub of water and freeze it then you have it for emergencies but can't get to it easily;)

You did really well saving the £5000 i'm sure you will do this in no time,
if your card is 0% would it be better to pay the minimum off every month and save the rest and pay the balance when the 0% runs out at least then you will be earning interest on your money.

cocalls

Hi miemie! You found me then?
ahem card is in purse yes ok will freeze it when i get home!
I hear what you're saying about interest rates i might give that a go.

tasha-debt

Hi Cocalls,

Amount left after debt repayments....... 1,637.45

If you paid your suplus off your cards for just two months, and the third month off your OD you would be debt free in three months and thats with your £85.00 a week extra spends and not including what you already pay towards them a month?

I would be very good for 3 months clear it and then start saving at leat £800 a month in to a high interest savings account to clear your mortagae quicker.

But if your finding that you do not have a suplus as much as £1600 a month I would suggest that you keep a spending diary and you ask you OH to tell you exacley what he spends each day?

x