Dallas does debt.

Fire_Fox

dallas85 wrote: »

Hi All,

Just made a positive step and registered us for council tax from 1st September which is our move in date. I wasn't sure of the figure before, so now that I know the bill I've done an SOA including estimates for electricity, water and internet as I won't know for sure until I set up the new accounts.
Obviously this is my new budget from September so I'm hoping to keep any bills down, and will be getting my hands on a showersmart, a hippo or save a flush, energy saving lightbulbs and lots of jumpers so hopefully not a huge heating bill!
I'd like to keep my grocery bill down under £100 but food is really my thing, and I enjoy it so much that I think I might hit that each month. My mobile is pretty low and I'm on a good contract with 3 which suits me down to the ground and I don't exceed the limits.

Just can't wait for my credit card to be at £0!!!

You could half your mobile bill with some tough negotiation when you are due an upgrade. I have the 15GB for £15 mobile internet deal from Three, which saves me having to pay for a landline, and I also have inclusive calls to landlines with Orange at £12 a month.:money:

I agree with Knitty, can you cut back your entertainment budget to, say, £100? What is this being spent on - if you are a foodie can you cook for friends rather than eat out? I got absolutely hammered in the week on £15 as we go to the cheap places first and share a bottle of wine or three. :beer: What sort of food is your thing? Have you analysed your receipts and seen where the money goes? Are you wasting much fresh produce? Are you buying branded products?

dallas85

Hi Knitty and Fire Fox - Thanks for the feedback.

I put down £150 as a bit of a guestimate really because I haven't been budgeting as such since I started work, just making sure I had the money for the letting agent's deposit and anything other than that just sort of went. So yes, I expect this can be brought down, but I didn't want to under-estimate. I'm still getting used to working life, and not being able to rely on student nights for socialising! It does include my gym membership which is £30. I'm not tied in, it's a rolling month-by-month thing and I did without it last month, but I count it as entertainment as it includes all classes and the swimming pool and I love it!
I love, love, love cooking for friends, and having dinner parties, so when I was a student I split the cost of entertaining between my own grocery budget and entertainment. I have to say that I am quite bad for wasting fresh food - I hate doing it, and I've vowed to stop. In fact, at the moment I pop into M&S on the way to the train station and buy whatever has got a yellow sticker on to stop myself from doing this!So usually only spend £1-£2 on dinner and bring in my own sandwiches. It seems to be working out for now, but as soon as I'm in my new flat, I'll be meal-planning and budgeting as hard as I can to keep below £100 a month.

I've kept all my receipts since May, and I noticed a big portion was going on takeaway coffees, breakfast when I was running late, and I've put a complete stop to that now by giving up coffee!! (apart from the odd instant at home) It's really helped me keep track, and made me feel so much better with none of the caffeine ups and downs I was having before, which usually involved buying another coffee to solve!

Anyway, sorry for the long old ramble. It's actually really nice to be picked up on these things. I'm the only person who knows about my credit card debt - I can't tell my parents as they'd be mortified - and with no significant other there's not really anyone else! It feels really good to get it off my chest and tackle it head on.
Thank you!

dallas85

Happy Tuesday!

I had a pretty good and MSE weekend thanks to some generous friends on Friday night. Went to a pub in Chalk Farm and ended up not paying for a single drink! What a treat! Had to head home pretty early which was a shame, but at least I didn't have to spend half a lifetime on the nightbus.
I allowed myself a budget of £20 for the weekend. On Saturday I bought some lamb kebabs and a bottle of wine on the way to a barbecue - a total of £7.40 - and had a lovely afternoon in the sunshine. On Sunday I had tickets to the Proms at the Royal Albert Hall and I took a friend of mine for free as I'd bought the tickets ages ago (for only £7 as restricted view!). The concert was amazing and I felt good for returning the good karma I'd received on Friday. I did buy an icecream and also bought a newspaper and some milk that evening. By Monday I still had more than £5 left from my £20 budget!

One more day until payday which is great. I spent £9 this lunchtime on some rope and a bottle of wine, both necessary items for picking up my free bed this evening! The wine is obviously a thank you gift, and the rope will ensure it doesn't fall out the back of the car! To counteract this spending, I've signed up to do a mystery shop next Wednesday and also done a few surveys on Onepoll and Pureprofile. I sent my mobile off yesterday as well so hopefully the cheque will come through nice and quickly for that.

Hope everyone is well!

dallas85

Still chipping away and watching my spending. Got a Graze box today and supplemented it with a free orange juice with a voucher from a free newspaper!! Not bad!
I've spent quite a lot over the last few days after payday but all within the budget that I've set for myself to sort out the new house and buy presents for a couple of people who have been very kind to me over the last year.
So, I ordered a mattress for £80 to be delivered next Monday, and also went to ikea last night to pick up a duvet (£20), and some things for the bathroom and kitchen. Spent just over £50 but did not buy anything outside my list which was good going, esp in ikea!
This lunchtime I spent £37 on some things for a hamper for my cousin and her boyfriend who I've been living with for the past year. In the past I would have gone overboard but I stuck to a list and even totted everything up on my phone calculator as I went along. I hope they like it!

dallas85

Wow it has been 2 months since I last posted in my diary - it has been a really busy but productive time for me. I have now moved house and am living much closer to work with friends.

I have been keeping up with others diaries and the rest of the MSE forums, but just not posting myself. However, I have now set myself the challenge of getting my existing credit card down to £500 before the end of the year and my N/Wide overdraft to 0 (whilst keeping a £100 limit for emergencies).

Big challenge! But thanks to all the amazing tips and stories on the forums and in others' diaries, I've picked up some hints on how I can do it. I am planning to post my new SOA in the next day or so as it has considerably changed from my earlier one.

Thanks to everyone who has read so far and I hope you are all well!

Knitty78

Good luck with bringing your debt down. I'm still chipping away at mine but it's happening so slowly I'm not posting so much. You should update us more often though. :j

dallas85

Thanks Knitty - I read your diary religiously and personally think you are doing great! Thank you so much for reading!

Knitty78

I think it feels like so much of a slog because I have no patience - it took me years to get into debt and I'd like to get out of it by the end of next week please

dallas85

haha - I totally know what you mean! I'm just hoping that the slog of it all will convince me never to get temped to go into debt again in future - we'll see if it works!!

dallas85

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1540
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1540

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 505.56
Management charge (leasehold property).. 0
Council tax............................. 43
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 8
Telephone (land line)................... 4
Mobile phone............................ 25
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 80
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 15
Entertainment........................... 75
Holiday................................. 0
Emergency fund.......................... 0
Charity Donation........................ 10
Horse Riding............................ 25
Total monthly expenses.................. 905.56


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1836......55........16.9
Overdraft......................1222......0.........0
Total unsecured debts..........3058......55........-


Monthly Budget Summary
Total monthly income.................... 1,540
Expenses (including HP & secured debts). 905.56
Available for debt repayments........... 634.44
Monthly UNsecured debt repayments....... 55
Amount left after debt repayments....... 579.44

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,058
Net Assets.............................. -3,058

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