Marching On
roxiepie_2
Forumite 229 Posts
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...
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
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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
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
Your mobile isn't too bad, for mine and DH's the bill (if we stick to call plan) is roughly £55-£60
Will pop in now and again to see how your doing if ok?
Good luck on your journey to being Debt Free
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!
Whoops on the weekend
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 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:
£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?
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!
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!