Marching On

edited 31 August 2009 at 10:13AM in Debt free diaries
75 replies 3.2K views
roxiepie_2roxiepie_2 Forumite
229 Posts
Debt-free and Proud!
edited 31 August 2009 at 10:13AM in Debt free diaries
Hello, I've decided to take the plunge and join the wonderful world of the DFW diaries. I've been lurking for them on for a while now, so think I know how it all works!

My situation as it currently stands is that I am 26 (but days off being a very adult sounding 27), renting with my boyfriend, and am in full time work. My debts are currently as follow:

MBNA £849.86
NATWEST £1400.00
TOTAL £2249.86 (38.03% Paid)

After having my lightbulb moment this March (see sig), I had planned to be debt free by March 2010. Hence my oh-so-hilarious diary name! However, according to my spreadsheet, this is rapidly running away from me. So my main reason for joining (as I am sure it is for most people!), is to boost my motivation and get back on track to hit this date.

So that’s me! I will be posting a SOA next. Don't think there is much I can cut back on as I've already gone through the oh so painful process of cutting out every ounce of [STRIKE]fun[/STRIKE] spending that I didn't strictly need. The SOA is more to document where I am now, putting it all down in black and white. So here goes...
NOW DEBT FREE :j
NEW FINANCIAL GOALS
CAR COSTS POT : £0.00/£550.00________ REGULAR COSTS POT : £0.00/£396.25
£3K BEFORE 30 : £0.00/£3000.00_______£200 HOLIDAY FUNDS BY 2012 : £0.00/£200.00
«1345678

Replies

  • edited 11 September 2009 at 8:19PM
    roxiepie_2roxiepie_2 Forumite
    229 Posts
    Debt-free and Proud!
    edited 11 September 2009 at 8:19PM
    My boyfriend and I keep everything completely seperate in terms of money, so he's not been included in any way. Just to avoid any confusion I would also like to clear up the following:

    Rent - This is a set amount I pay to the BF. It includes the rent itself plus water, telephone, internet, sky, TV licence and council tax

    Mobile Phone - Stuck in a stupid contract with T-Mobile which is not due to end till mid next year. Annoyed at self when I stop to consider that this is £360 per year!

    Food - This is something we do do together! We put in £50 each and try and make it last the month

    Entertainment - May seem high but this includes everything I spend on myself: meals out, takeaways, treats, clothes, toiletries and of course going out itself! I break this down into £50 allowance per week. Apart fom the first week of the month when I have a full £100 to spend. Has been working well so far, but I would like to start forcing myself pay any left overs straight towards debt, rather than letting them roll over to the next week.

    Gas & Elecricity - These may be slightly high as I've over estimated to be safe. We get charged quarterly and the bills have varied a lot recently. Aiming to work out an average so - once I'm debt free - I can piggy bank that amount in advance.

    Credit Card - I've put min. repayments as £0 as it is a percentage of the balance, not a set amount. Plus it's helpful to see how much is left in total for repayments.

    So here it is...

    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................ 1206
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1206
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 375
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 30
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 50
    Clothing................................ 0
    Petrol/diesel........................... 15
    Road tax................................ 10
    Car Insurance........................... 20
    Car maintenance (including MOT)......... 20
    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)...... 20
    Haircuts................................ 15
    Entertainment........................... 250
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 885

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 1000

    No Secured nor Hire Purchase Debts
    Unsecured Debts
    Description....................Debt......Monthly...APR
    MBNA Credit Card...............849.68....0........19
    Natwest Overdraft..............1400......0.........0
    Total unsecured debts..........2249.68...0........-

    Monthly Budget Summary
    Total monthly income.................... 1,206
    Expenses (including HP & secured debts). 885
    Available for debt repayments........... 321
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 321
    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -2,249.68
    Net Assets.............................. -1,249.68
    NOW DEBT FREE :j
    NEW FINANCIAL GOALS
    CAR COSTS POT : £0.00/£550.00________ REGULAR COSTS POT : £0.00/£396.25
    £3K BEFORE 30 : £0.00/£3000.00_______£200 HOLIDAY FUNDS BY 2012 : £0.00/£200.00
  • Hi Roxie

    Just wanted to say hello and good on you for joining the diaries. I think they are wonderful for motivation and a good kick up the kyhber when being daft :)

    I don't have much advice for your SOA but would there be any chance at all of cutting the entertainment down just a little bit? £200 a month = £2400 a year, that could pay off your debts easily, although I'm not suggesting cut it out completely, we all need some time to let down our hair :) Maybe half it? so that £1200 could completely get rid of MBNA or a considerable amount on the Natwest :)
    Your mobile isn't too bad, for mine and DH's the bill (if we stick to call plan) is roughly £55-£60 :confused:

    Will pop in now and again to see how your doing if ok?

    Good luck on your journey to being Debt Free :) x
    :idea: Jan 09. Debt @ LBM - £11936.55 Debt at worst - £12600.55 Current Debt (01/03/2012) £8,859.51 29.7% Paid off
    Honeymoon Fund £410.40/£6000 House Deposit £1.50
    :A Proud to be dealing with my debts. DFW Nerd 1177 :A
  • Hey, thanks for the warm welcome Bevan. Feel free to pop by anytime, will be nice to know I am not talking purely to myself. I understand your point about the entertainment money, but is money I use for everything I spend on myself, down to clothes, cosmetics and pack lunches. I don't even manage to keep to the set £50 a week sometimes!

    Speaking of which I have already wobbled on my wagon today. My week's allowance started on friday (or my lovely payday as it is also known). Therefore I had £50 to last until this coming Friday. I've already spent it. And more. It went as follows:

    £2.76 downloaded music (payday treat to self)
    £30.00 Saturday night out
    £5.00 Sunday snacks (to counteract effects of above)
    £7.24 petrol
    £3.91 face wash
    £11.09 country park parking + chips, cake and drinks for two
    £60.00

    The reason I say that I failed today, is that despite spending all my money over the weekend, I hadn't broken my budget until today's attempt at a 'healthy' day out! That will teach me.

    I will simply have to go without spending until Friday now. I have food for lunches and I walk in every day. Lets see if I can do it!
    NOW DEBT FREE :j
    NEW FINANCIAL GOALS
    CAR COSTS POT : £0.00/£550.00________ REGULAR COSTS POT : £0.00/£396.25
    £3K BEFORE 30 : £0.00/£3000.00_______£200 HOLIDAY FUNDS BY 2012 : £0.00/£200.00
  • Hi Roxie

    Whoops on the weekend :) never mind though, hope you enjoyed the night out :)

    I've had to cut out a lot of things which I enjoyed but I know I'll get them back once we're more financially able to. I tend to put cosmetics/toiletries in with the grocery budget, in my house there is me, DH, 2 cats, and 2 sometimes 3 children at weekends or whenever DH can have them and I've managed to get our grocery budget down to £200 a month, and sometimes under, so £200 for 2 people does sound a little high (sorry if not sounding nice, dont mean it in a mean way)

    Hope your ok and don't think I'm the horrible one :) I'm nice really, just remembering how I felt when I first saw how much I was spending on groceries a month, it was shocking!! No wonder we ended up in my overdraft lol
    :idea: Jan 09. Debt @ LBM - £11936.55 Debt at worst - £12600.55 Current Debt (01/03/2012) £8,859.51 29.7% Paid off
    Honeymoon Fund £410.40/£6000 House Deposit £1.50
    :A Proud to be dealing with my debts. DFW Nerd 1177 :A
  • No all advice gratefully received! However, we only spend £100 on food per month Some times a little over, but never the £200 mark!
    NOW DEBT FREE :j
    NEW FINANCIAL GOALS
    CAR COSTS POT : £0.00/£550.00________ REGULAR COSTS POT : £0.00/£396.25
    £3K BEFORE 30 : £0.00/£3000.00_______£200 HOLIDAY FUNDS BY 2012 : £0.00/£200.00
  • sorry, was me being daft and not reading it correctly :doh: my fault :)
    :idea: Jan 09. Debt @ LBM - £11936.55 Debt at worst - £12600.55 Current Debt (01/03/2012) £8,859.51 29.7% Paid off
    Honeymoon Fund £410.40/£6000 House Deposit £1.50
    :A Proud to be dealing with my debts. DFW Nerd 1177 :A
  • edited 2 September 2009 at 1:13PM
    roxiepie_2roxiepie_2 Forumite
    229 Posts
    Debt-free and Proud!
    edited 2 September 2009 at 1:13PM
    Okay, so it’s no going fantastically so far!

    I have spent £67.14, which is £17.14 over my budget for the week. However, believe me when I say this still a vast improvement on my usual post-payday activities! Also, I’ve started the process of noting EVERYTHING down. It really works as I dislike dirtying my pretty clean pad of paper with anything that isn’t strictly necessary.

    I’m going to try and reign myself in by capping this week's spend at £100. I know - this is much higher! However, I still have a few bigger items I know I must buy before money starts getting tight further down the month. Also I will now make it last until Sunday rather than Friday. This will shift all my weeks’ budgets onto a Sunday-Sunday rota and will take me neatly up to next payday (28th). So there’s my terrible justification for spending just a little bit more this weekend!

    In other news, I’ve joined in on the great One debt Vs 100 days challenge, in the hope that I will clear my MBNA credit card by then (currently £849). This is on top of the birthday challenge which I am now a frightening 13 days off. Still have £136.13 to go on that one. Have a little more money I could use but now hoping to only receive Birthday money! :rolleyes:
    NOW DEBT FREE :j
    NEW FINANCIAL GOALS
    CAR COSTS POT : £0.00/£550.00________ REGULAR COSTS POT : £0.00/£396.25
    £3K BEFORE 30 : £0.00/£3000.00_______£200 HOLIDAY FUNDS BY 2012 : £0.00/£200.00
  • Fire_FoxFire_Fox Forumite
    26K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite
    I think it's a great start that you know how and why you spent £67 this week!! :T

    £4 is quite expensive for face wash as it just goes down the plughole, have you tried downshifting a brand on some toiletries, or do you have any you could use up rather than buying new?

    Could you only take a limited amount of money on your nights out - say £5 less than you are spending at present? :confused: Also could you take food and drinks with you on a day out? Are you buying your hangover snacks from an expensive corner shop or cheapie pound shop or Home Bargains?
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • edited 2 September 2009 at 7:06PM
    roxiepie_2roxiepie_2 Forumite
    229 Posts
    Debt-free and Proud!
    edited 2 September 2009 at 7:06PM
    hehe, fire fox you've caught me out on nearly everything! thanks for dropping in to see me :)

    I use the face wash I do, because they don't test on animals (after some research I've found that so many do - btw Proctor & Gamble are evil), and it works on my particular skin. I have gone through using up all leftovers in the bathroom (there is so much room now!) so started to restock with less, but better quality stuff.

    As for the nights out, you are completely right! Trouble is after you've had a drink or two money seems such a silly little thing to worry about compared to how amazingly, hic, happy you are. Same goes for the 'morning after'. And yes I use the overpriced shop that is one, two...three doors away. Maybe I should prepare more for such events!

    However, thinking it will be my only 'big' night out this month. Going to be decidedly more grown up as I am edging closer to thirty _pale_. So there should be no more £30s thrown away in one go. Anyway, just paid some more off CC so not a complete loss this week! :o
    NOW DEBT FREE :j
    NEW FINANCIAL GOALS
    CAR COSTS POT : £0.00/£550.00________ REGULAR COSTS POT : £0.00/£396.25
    £3K BEFORE 30 : £0.00/£3000.00_______£200 HOLIDAY FUNDS BY 2012 : £0.00/£200.00
  • edited 7 September 2009 at 12:29PM
    roxiepie_2roxiepie_2 Forumite
    229 Posts
    Debt-free and Proud!
    edited 7 September 2009 at 12:29PM
    Okay, so in total I spent the allocated £100 from payday (28th) to Sunday. Managed it spot on thanks to some avid watching of the petrol pump to round it up! £100 might sound high to some, but I do tend to spend more in my first week on essentials and things I have been dreaming of buying since being broke for the second half of the month. Plus, I made good use of it as I have managed to have a night out, a day out, buy a full length mirror, a make up bag and play tennis! Now it drops down to a more frugal £50/week for the rest of the month.

    Really got to concertrate on the Birthday Challenge now as I am only 8 days off! :eek:

    I set myself a target of paying off £1500 as it a nice big round number. I currently have £1435.15 which gives me £64.85 to go. I also have the following coming to me:

    £48.51 owed by bf
    £2.13 left in my account after budgeting

    That leaves £14.21 to find....hmm. Have a couple of items on ebay, but can't see them making that much after fees, p&p etc. So the rest I will have to magic up!

    Watch this space!
    NOW DEBT FREE :j
    NEW FINANCIAL GOALS
    CAR COSTS POT : £0.00/£550.00________ REGULAR COSTS POT : £0.00/£396.25
    £3K BEFORE 30 : £0.00/£3000.00_______£200 HOLIDAY FUNDS BY 2012 : £0.00/£200.00
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