Gotta get Debt Free

Knitty78

Ashamedly we spend more then £300 per month on the two of us and we eat out on top. This can defintiely be improved. I roasted a chicken on Tuesday and I will use the leftovers tomorrow for dinner and make a stock with the bones rather than binning it all like I used to. This is going to take some changes, both in lifestyle and mindset.

I spent £1.00 yesterday on a bottle of pop. More than I should have spent but it was hot on the tube yesterday. I now have a refillable bottle to use.

Today will be more as I didn't bring lunch in and I need bits for dinner, however, I have some M&S vouchers and lunch was purchased on my way in with one of those (total cash spend 87p) and I will buy the other bits on the way home with more. As these don't give anything back if I underspend I will continue to pay little bits of cash (as I have them in £3 lots).

I called Fitness first today and agreed £75 to buy out the remaining on the gym membership I have with them. Costly one off fee but cheaper in the long term so one more thing off my monthly list. Now to sort the leisure centre membership that I also don't use (how bad/mad was I with money beforehand?)

Lemon_Tree

well done for the positive moves you are making, each little step helps you and is compounded up into a debt free life at the end of the road.

Knitty78

I spent another 14p cash and got potatoes, box of tissues for my desk (I used my last one up earlier) and a bulb of garlic. :j Not the cheapest place to get these bits but I may as well use the vouchers on something useful.

I checked my accounts earlier and one has gone overdrawn. :mad: Authorised luckily but I'm waiting for some mystery shopping to come through and a payment came out that I thought I had accounted for and I hadn't. On a positive note the mystery shop payments will cover the overdraft and I checked my quidco and I have a payment of just over £150 this month thanks to a payment of £115 that's been owed to me forever clearing on top of some other smaller bits :T

Knitty78

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................ 1885.3
Partners monthly income after tax....... 900 (how much he gives me for bills each month)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2785.3
Monthly Expense Details
Mortgage................................ 646.3
Secured/HP loan repayments.............. 0
Rent.................................... 357.67 (shared ownership this include the management charge as well as the rental on the portion we don't own)
Management charge (leasehold property).. 0
Council tax............................. 81
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 47 (I need to take a meter reading as I spoke to them about this and they said we hadn't paid enough last year and they did an estimate not a proper reading)
Telephone (land line)................... 0 (included in Sky)
Mobile phone............................ 42.29 (this includes a wireless dongle which is in contract until October, I can and will reduce my tarif as I have an add on I can remove.)
TV Licence.............................. 11.95
Satellite/Cable TV...................... 41.8 (includes phone rental and broadband)
Internet Services....................... 0 Included in above
Groceries etc. ......................... 350 (guestimate but I know this can be reduced)
Clothing................................ 20 (guestimate but I can cut this out completely - I have more than enough in my wardrobe)
Petrol/diesel........................... 50 (guestimate, probably not that much in reality)
Road tax................................ 0 (I pay this yearly as and when it comes up)
Car Insurance........................... 41.29 (due for renewal this month, did all the comparisons and this is the cheapest I could get!)
Car maintenance (including MOT)......... 0 (this is the first year I am going to have an MOT done, no idea how much this will be. Services until now have been paid as and when they come up)
Car parking............................. 0
Other travel............................ 118 (tube pass)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 (been advised by the housing association we do not need this)
Contents insurance...................... 11.43 (renewed last month and this was the cheapest we could get. We have a couple of items we insured that are above there usual payout)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 (pay for these as and when)
Haircuts................................ 31 (uncluding waxing - have found beauty school to do the waxing and am looking for somewhere cheaper to get hair cuts)
Entertainment........................... 200 (guestimate)
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 90 (going to be cancelled this month so probably only one more payment to make - have to give 1 months notice and they take this from next payment)
Total monthly expenses.................. 2179.73

Assets
Cash.................................... 0
House value (Gross)..................... 82500 (for the portion of the flat I have a mortgage on)
Shares and bonds........................ 0
Car(s).................................. 1000 (at a guess, may be more)
Other assets............................ 0
Total Assets............................ 83500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82500....(646.3)....7.9
Total secured & HP debts...... 82500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Card 1....................1391.97...25........29.9
MBNA Card 2....................15000.....25........0 (this is OH card and the minimum is paid from the bills account)
Egg............................4223.96...90........0
A&L Loan.......................10478.5...291.......7.9
Total unsecured debts..........31094.43..431.......-

Monthly Budget Summary
Total monthly income.................... 2,785.3
Expenses (including HP & secured debts). 2,179.73
Available for debt repayments........... 605.57
Monthly UNsecured debt repayments....... 431
Amount left after debt repayments....... 174.57
Personal Balance Sheet Summary
Total assets (things you own)........... 83,500
Total HP & Secured debt................. -82,500
Total Unsecured debt.................... -31,094.43
Net Assets.............................. -30,094.43
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

In reality I don't have this at the end of the month to pay towards my debts and as you can see I don't make any provisions for birthdays/christmases or for car expenses. As of the 1 August I am keeping a spending diary and a spreadsheet which shows how much we spend on food/going out/petrol so going forwards I will have more of an idea of who much is really spent. Anything else you can have is much appreciated. According to this I should have more than I do to put towards debt repayments.

Canda_2

Hi knitty just wanted to come over and say well done for starting your diary (you posted on mine today!). You've made a really good start. I'm realising myself a spending diary is definitely the way to go.

Keep up the good work!
Canda

Fire_Fox

I used to spend a fortune on waxing, then I bought an epilator! With hair cuts I don't have the blow dry and sometimes not even a wash (arrive with wet hair) which saves loads. If you travel to work on the tube do you actually need to run a car? Can you work out what you spend on groceries by looking at your bank statements - a month without starting the Grocery Challenge is another month with money wasted.

princesscici

hi knitty just thought id say hi looking forward to reading how you get on !!

Knitty78

I have an epilator but I have to admit I can't do it! My legs always feel stubbly (maybe that's my technique?) and I cannot do more than a hair on my underarms or bikini line. As I've found a beauty school where I can get this done for half the price I was paying previously I think I'll try to stick to there. Especially as it's really convenient for work!

Yesterday I went to the pub and came home with more money than I originally had! Not sure how I did that, especially as I only had two drinks! I did crumble on my way into work this morning and bought a breakfast baguette from Pret so that's £1.80 unneccesary spend. Lunch today is from Subway but that is a mystery shop so will be reimbursed.

I can't check my statements for the grocery bill as sometimes they were paid for by debit card and sometimes cash. This is why I am keeping the receipts as we do/did a lot of top up shops which would push the spends up. I've not been good with money, this is why I am here to try and change. Going forwards I want to be a lot more in control of where my money goes.

Fire_Fox

Knitty78 wrote: »

I have an epilator but I have to admit I can't do it! My legs always feel stubbly (maybe that's my technique?) and I cannot do more than a hair on my underarms or bikini line. As I've found a beauty school where I can get this done for half the price I was paying previously I think I'll try to stick to there. Especially as it's really convenient for work!

I was squealing the first time I did my underarms with the epilator! I had to do it is stages and got an ice pack out of the freezer. I used to wax legs and bikini regularly anyway but only ever did underarms once as they killed and bled. :eek: I now epilate weekly, I found that the first epilate was the worst cos it was so many hairs. If you started epilating a week after you wax you might be able to get used to it?

Knitty78

I might try tonight then and see if it's any easier (read less painful). i shall get an icepack out the freezer in preperation