Mooooving Into 2010 - Bovine Adventures In Budgeteering!

mooomin

Hello!

I'm flying_fresian and I have been a regular on the DFW boards for what seems like ages but is actually less than a year. I had a real LBM in November 2008 and my old diary, Flying Gleefully Into 2009 has been ongoing since just before New Year. Clicky for 40 pages of fun!

I think I have done pretty well (figures below) but I need a kick up the *rse to stop me getting complacent and forgetting my aims of being Debt Free ASAP!

So, a little copy and paste from my old diary I think!

A bit about me

I'm 28, I live in Edinburgh with t'other half and our two cats. I am working full-time, t'other half was at college but had to quit for health reasons and we are living on my income at the moment. We're hoping he will be able to return to collegue soon.

Boo hiss, here come the debts

My total debt when I had my LBM was £9,112.63 :eek:

I have cleared quite a bit since then and the total is:

Loan £5202.60 (More than that but I now have savings which are offset against the balance. Savings!)

Overdraft I didn't have one for ages (Woo!) but lent some money to Mr Fresian and now it's £400. I aim to clear this soon. Hopefully by Christmas.

No credit card debt to speak of at the moment, although I have just bought a new laptop but I think I should clear this off next payday. Woo!

So, debts were £9,112.63 and debts are £5,602.60, meaning I have paid off £3,510.03 I didn't realise I had done that well

Challenges

Regular viewers will know that I like a good challenge I do the grocery challenge every month and have signed up for the NSD challenge for September (15 pledged *gulp*) Also, my favourite one:

• A Payment A Day....makes the debt go away :rotfl:Does what it says on the tin, you pay one amount per day to your debt to reduce it quicker. It has helped me to make amazing progress and is recommended to all!
  

Statement of Affairs

To follow shortly.

I Like A Plan, I Do

I was "talking" to moo2moo about the Live On 4k For A Year Challenge and while I love the idea it sounds too scary to me. I'm going to do my own version with moo2moo which will take us up to January 1st 2010. A full budget will follow, but my challenge won't be as much as 4k I don't think.

Right, possibly a new contender to Longest Post Ever, but never mind. I hope all my old friends will find this thread so I'm off to pimp it on the old one!

To 2010 and Beyond!!

angelicmary85

YAY!! I like to be the 1st to relpy to a new thread!!

mooomin

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 2

Monthly Income Details

Monthly income after tax................ 1100 Rough guesstimate - never less than this
Rent....... 355
Other income............................ 10 (Reward payment from Halifax account)

Total monthly income.................... 1465

Monthly Expense Details

Mortgage...............................213
Council tax............................. 122
Electricity............................. 122
Mobile phone............................ 35 Actually less but I budget this so I have spare money in case of emergency!
TV Licence.............................. 12.01
Satellite/Cable TV...................... 58 For TV, Phone, Internet. I know it's bad and I need to call about reducing the package this week.
Groceries etc. ......................... 250 For 2 adults and 2 spoiled cats. Normally spend less and put the rest to debts
Clothing................................ 0 Rarely buy clothes so don't budget for it.
Other travel............................ 42 Bus pass
Pet insurance/vet bills................. 21.07 Must shop around
Buildings insurance..................... 16.47 Ditto (B&C)
Life assurance ......................... 29.48 Rip off mortgage insurance
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0 Long hair is cheap!
Entertainment........................... 50 Rarely spend all this, spare to debts.
Holiday................................. 20
Emergency fund.......................... 10
Mr Fresian's debts...................... 20
Mr Fresian's Phone...................... 15
Union subs.............................. 13
Mum (Debt for old overdraft)............ 5
Total monthly expenses.................. 1064.03


Assets

Cash.................................... 1000
House value (Gross)..................... 115000 Total guess!
Shares and bonds........................ 250 Shares in work. Worth a little more than loo roll so holding on to them for now!
Total Assets............................ 116250 Wow, I have money on paper!

Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 49000....(213)......0.5 Woo, staff rate!
Total secured & HP debts...... 49000.....-.........-


Unsecured Debts

Description....................Debt......Monthly...APR

Loan...........................5202.6....129.......7.9
Overdraft......................400.......0.........0 Will just clear this in one I think.
Total unsecured debts..........5602.6....129.......

Monthly Budget Summary

Total monthly income.................... 1,465
Expenses (including HP & secured debts). 1,064.03
Available for debt repayments........... 400.97
Monthly UNsecured debt repayments....... 129
Amount left after debt repayments....... 271.97

Personal Balance Sheet Summary
Total assets (things you own)........... 116,250
Total HP & Secured debt................. -49,000
Total Unsecured debt.................... -5,602.60
Net Assets.............................. 61,647.40

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

hypno06

Hurrah for MSE challenges :T

Silaqui

A lovely shiny new thread, hoorah! Your SOA is looking good with a nice bit left for general spends and of course PADDING

xx

SarahNeedle1872

Loving the title of the new diary F_F!

honeybear_2

I love your cats, FF :T

mooomin

Right, if I understand the £4k For A Year Challenge, it's everything apart from the Council Tax and mortgage. I would like to allocate £400 per month for these (In case of base rate rises) but this isn't included in my mini challenge. I am going to see how little I can live on....

The following will be my costs over the next three months which I have to pay really:

Scottish Sodding Power (Oh, how I hate them) £366
Mobiles (Myself and Mr Fresian) £90 - contracts so not just nice to haves!
TV Licence £36.03
Bus pass £126
Home insurance £49.41
Union subs £39 (Troubling times in my work at the moment)
Mr Fresian's minimum payments £60

Total = £766.44

This leaves:

Debt repayments £399.99 (Loan x 3 payments and payments to mum)
Holiday £60 (Essential)
Emergencies/Xmas £60
Going out £150
Groceries £750

New total = (£1419.99+£766.44) £2186.43

Right, so if I challenge myself to £3,000 between 1st September and 1st January for all of the above and:

Telly/cable/phone - need a new deal anyway and it will cost me £175ish over three months otherwise!
Pet insurance
Life insurance
ALL other spending. Even if it's a cup of tea at work or money I give to Mr Fresian. It shall be very tight! I'm not sure if I will include my PAD - I don't want to PAD less to hit this challenge.

Can anyone spot any obvious gaps?

mooomin

honeybear wrote: »

I love your cats, FF :T

This is one of my real cats (Modelling a recent comping win!)



I don't have a picture of the other one on Photobucket but I will post one soon!

honeybear_2

Nice! I will subscribe & keep up to date with your progress & your cats

Best of luck with it all

yukkibear

Good luck on the 4k. I wish i could do something like that