Jazzie's Superfast Debtbusting Diary!

Jazzie99

Hello! Just updating......

I have reduced my hours (and pay) in work so I can pick up the kids from school thus not needing before and after school childcare. Making good headway on debts. Will do another SOA at the end of February.

We have paid just over 50% of our debt in 8 months! Outstanding debt in January 2010 is.......

£15,640

Jazzie99

Updating again...

I've had a nice £3.5k bonus from work so going to pay off my virgin card this month. I'll then transfer the remaining Lloyds debt onto Virgin (0% interest rate).

Hubby has also had a promotion and a good pay rise which should see us pay off debt even quicker!!

Its a bit disheartening spending our bonuses and pay increases on debt but it has to be done, afterall we spent the money in the first place! We just have to keep remembering that it will all be very different next year!

Outstanding debt at the beginning of March is ....

£11,652

63%

Jazzie99

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................ 1137
Partners monthly income after tax....... 2600
Benefits................................ 132
Other income............................ 0
Total monthly income.................... 3869

Monthly Expense Details
Mortgage................................ 1071
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 36
Gas..................................... 25
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 29 (includes internet)
Mobile phone............................ 9 (only 1 mobile as work pays for mine)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400 (includes nappies, wipes and all household items)
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 17
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 190 (underground travel)
Childcare/nursery....................... 381 (3 days a week,actual cost:£624-childcare vouchers! I live in London!)
Other child related expenses............ 40 (school meals etc)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 2668


Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 252000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 126000...(1071).....5.98
Total secured & HP debts...... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds.........................5942......500.......0
Virgin.........................6160......500.......0
Total unsecured debts..........12102.....1000.........-


Monthly Budget Summary
Total monthly income.................... 3,869
Expenses (including HP & secured debts). 2,668
Available for debt repayments........... 1,201
Monthly UNsecured debt repayments....... 1,000
Amount left after debt repayments....... 201

Personal Balance Sheet Summary
Total assets (things you own)........... 252,000
Total HP & Secured debt................. -126,000
Total Unsecured debt.................... -12,102
Net Assets.............................. 113,898

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

wantabetterlife

Well done Jazzie, at this rate you will be debt free in no time :j:j. Childcare fees break my heart too....lol.
Best of luck
WABL

Jazzie99

wantabetterlife wrote: »

Well done Jazzie, at this rate you will be debt free in no time :j:j. Childcare fees break my heart too....lol.
Best of luck
WABL

Thanks "wantabetterlife"..... childcare fees are a right bummer !!

Well its been a while again... still plugging at the debt. Its May now and we are doing well. Hubby had a small bonus and did some overnight support so we've had a bit more money - all gone to debt!

Outstanding debt is now £8,730, thats 72.23% paid off.

We are so tempted to buy a new car - we talk about it and then remember our long term goal - to provide a secure and better future for our kids. We will get a new car but after we've saved for at least half of it. We also keep umming and arrhing about moving house. We're in a 2 bed with 2 kids - fine for now as they are both under 5.