£77,366.35 reasons to be debt free!

In_my_dreams

Ok, here goes!! Deep breaths - no judgments, hopefully you're all in bed and this will go unnoticed :cool:................

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.................... 2

Monthly Income Details
Monthly income after tax................ 1827
Partners monthly income after tax....... 2790
Benefits................................ 132.8 - Child Benefit
Other income............................ 0
Total monthly income.................... 4749.8

Monthly Expense Details
Mortgage................................ 1684
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 152
Electricity............................. 35
Gas..................................... 55
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0 - Husband's work pays for landline
Mobile phone............................ 35 - my mobile, know I need to cut back.....
TV Licence.............................. 11.95
Satellite/Cable TV...................... 55 - includes cost of calls, looking at cancelling it if we can get freeview in our area.
Internet Services....................... 0 - Husband's work pays.
Groceries etc. ......................... 300 - first Grocery challenge this month to see if I can drop it down.
Clothing................................ 60 - only guessing based on extravagance before, but will reduce a lot!
Petrol/diesel........................... 150
Road tax................................ 20.83
Car Insurance........................... 34 - average month as normally pay it in full
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 56.44 - swimming lessons and babybonds
Medical (prescriptions, dentist etc).... 25.66 - Denplan
Pet insurance/vet bills................. 50 - four pets, may need to have another look around.
Buildings insurance..................... 10 - guessing both as paid them in full
Contents insurance...................... 10
Life assurance ......................... 16.24
Other insurance......................... 180 - Critical Illness cover, Unemployment/sickness cover.....I know, I know!
Presents (birthday, christmas etc)...... 50
Haircuts................................ 25
Entertainment........................... 88.5 - gym and golf membership
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3189.62

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 257000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 220440...(1684).....6.19
Total secured & HP debts...... 220440....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................8923.74...210.......0
Halifax........................8623.53...87.1......0
Virgin.........................11180.6...63.4......0
Natwest Loan...................22253.....310.3.....0 have the figure outstanding as it is now, not settlement figure
Barclaycard....................8466.19...160.......5.8 LOB interest rate
Egg............................11127.9...200.......0
MBNA...........................6790.82...25........0
Total unsecured debts..........77365.78..1055.8....-

Monthly Budget Summary
Total monthly income.................... 4,749.8
Expenses (including HP & secured debts). 3,189.62
Available for debt repayments........... 1,560.18
Monthly UNsecured debt repayments....... 1,055.8
Amount left after debt repayments....... 504.38
Personal Balance Sheet Summary
Total assets (things you own)........... 257,000
Total HP & Secured debt................. -220,440
Total Unsecured debt.................... -77,365.78
Net Assets.............................. -40,805.78
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

At the moment we pay all of the above as detailed however for insurance, kids/our clothes, presents, car insurance etc we are putting £280 away every month to cover these items.

£300 is put away for food and £150 for petrol. We pay in total £1200 off our debts as opposed to the £1,560.18 which is left. We than have £75 per week which we take out of the bank and put in a tin. My thinking is, if we don't leave ourselves short, we CAN do this! Anything left out of the £75 per week will go straight off the debt.


My OH also gets bonuses every 3 months of between £100 - £500 and so we can use this to pay the debt and I have a new contract with new terms re commission so that will help.


Re Insurance - OH's industry was in a bit of a mess a few years ago and I was threatened with redundancy a few years ago as well (panic stations) and so we have found the cheapest redundancy cover. Also got cover for Critical Illness. For me, these are essentials as if we are made redundant, we have no savings etc and would be stuffed!


Gym and Golf - we both agreed to keep one thing unless things get really bad and this was them. We use the memberships a lot and have got our money out of them and I feel it is important for us. Obviously if things became dire we will cancel them.

So that's that, actually doesn't feel too bad looking at it. Haven't factored in costs of a holiday as we have decided no holiday until we have tackled at least a quarter of the debt.


Phew..........all done, off to bed.


Be kind!

kissjenn

In_my_dreams wrote: »

Kissjen - we do have a few NT sites around but TBH when I looked today not as much as I thought. Would like a pressie like that for Xmas as it would mean we can have cheaper days out but we've told him we're going to have a look round first to make sure it's the right thing for us. I had a look at the English Heritage site but they don't seem to have family membership?

I think you join as an adult couple and the kids are included. Prices below. Cheaper than Scotland grrrrrrrr!! Our kids become adults at 16 and need proper membership.

The event days are good with tons of stuff for the kids usually, lots of re-enactments. Was at one in Deal where there was a guy dressed up as a medieval surgeon who started on about trepanning. The kids loved it, especially when a woman in the audience screamed and ran out!
Membership Benefits

As a member of English Heritage you'll be joining forces with us in safeguarding our heritage for the benefit and enjoyment of us all. In addition you can enjoy:

• Free entry to over 400 properties for up to 6 accompanying children (under 19) within your family group.
• A welcome pack with full-colour guide to all properties.
• Members' quarterly magazine, Heritage Today.
• Free or reduced price admission to events*
• Half-price admission to historic properties in Scotland, Wales and the Isle of Man (free after your first year of membership).
• Reduced price entry to many other historic sites in England.
• The opportunity to participate in a diverse range of heritage related activities from lectures and behind-the-scene tours to short breaks and world cruises.

Renewing Annual Memberships

Adult (age 19 - 59)£41.50Senior (age 60+)£29.50Couple (age 19 - 59)£72.50Couple (age 60+)£48.50Adult and Senior (1 address)£59.50Student (under 19 or NUS member)£31.50

In_my_dreams

Thanks for that kissjen, will have a look as I think I would prefer English Heritage although I think my kids would wet themselves at anyone screaming!

Today's tasks are:-

1. Ring taxman to discuss why he thinks I owe him £100 for late delivery of a tax return that I didn't even need to send :mad:

2. Fill in form for OH's sickness cover......yes dear, I'll fill it in and you just sign it there.....

3. Defer Great North Run place on grounds of economy.

4. Take kids to get school shoes and school jumpers which will cost a fortune no doubt!

5. Clean the carpets

6. Oh and do some work as I am working from home, and despite what people in my house think, I do actually have to work!

Think that's my day for the day............how exciting :cool:

kerron7

In my dreams have just read your diary and wanted to wish you good luck. My DH knows we have debt and rarely any money to do anything but he hasn't a clue how much we pay out or what bills we have, trying hard to get him onboard but its not happening!

Will continue to follow your diary with interest.

Kerron7 x

In_my_dreams

Has took me ages to get my OH to appreciate how bad it is. Told him ages ago and he chose to bury his head in the sand, writing it down and putting it in the snowball calculator helped. Just trying to do something about it now whilst we have the available funds to overpay.

Just waiting for tax people to answer the phone.............:mad:

Keeping_Motivated

Hi

You've dobe really well putting your SOA up. I might make scarey reading to you but you have done a good job of it and the you've done the hardest part by taking it on board and taking control. Well done its not easy to face.

I take it you are waiting for find out interest rates?

Are any of them horrendous? If so it may be worth taking a look at your mortgage and seeing if you can get a payment holiday and paying the £1600 per month for a little while to any horrendous % card/loan? Just a thought.

Good luck

ragstoricheswannabe

Hiya!!! have just read through your diary and it was as though i was reading about me!!!! :rotfl:My OH is totally the same and leaves everything up to me (then tells me im nagging when i say we cant have things coz we are shaving so close to the overdraft limit) I have found it really hard to get him on board, we talk, he agrees, he forgets!!:mad:

Have agreed this month to get reciepts for EVERYTHING which will show us (him) how much we are spending on what! would love a spike thing but have no idea where to get one?!

I have subscribed to your diary so will be here cheering you on!
love rags
xxxxxxxx

In_my_dreams

Keeping_Motivated wrote: »

I take it you are waiting for find out interest rates?

Are any of them horrendous? If so it may be worth taking a look at your mortgage and seeing if you can get a payment holiday and paying the £1600 per month for a little while to any horrendous % card/loan? Just a thought.

Good luck

All the credit cards are currently on 0%, majority until after xmas and then the huge CC shift begins! Luckily (or maybe not as that is why we are in this position) we have been CC tarts recently and have three spare so I can shift money around to make the most of any deals. Just have a bit of breathing space until xmas.

Holiday break re mortgage is a no no at the minute. I did ring and ask but they said no as we were in negative equity (?) however if we made a one off payment of a few thousand then we could have a break!!

Facing up to it is the hardest thing though!

In_my_dreams

ragstoricheswannabe wrote: »

Hiya!!! have just read through your diary and it was as though i was reading about me!!!! :rotfl:My OH is totally the same and leaves everything up to me (then tells me im nagging when i say we cant have things coz we are shaving so close to the overdraft limit) I have found it really hard to get him on board, we talk, he agrees, he forgets!!:mad:

Have agreed this month to get reciepts for EVERYTHING which will show us (him) how much we are spending on what! would love a spike thing but have no idea where to get one?!

I have subscribed to your diary so will be here cheering you on!
love rags
xxxxxxxx

I want a spike thing to but that's what I do, get an idea I want (need) something and then go and buy it and add to my debt :rolleyes: so sticking to my tin for now! He has gone off to work with his debt control book and orders to write everything down so we shall see what happens when he comes home.

Sadly he thinks we have a bottomless bank account as there is always money in there........it's like magic

Looking forward to the cheering on, need to do my signature at some point...

jojitsui

I'm very new to all of this so i don't really quialify to give advice. Just wanted to say well done for being so brave and putting your SOA up and best of luck x