Advice on the final few months...what would you do?

Little_Miss_Uni-Debt

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.................... 2
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 512
Total monthly income.................... 1362
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 225
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 7
Telephone (land line)................... 10
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 11
Car Insurance........................... 19
Car maintenance (including MOT)......... 17
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................................ 5
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 594

Assets
Cash.................................... 300
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................2200......36........17.64
Overdraft......................800.......0.........21
Loan...........................232.......232.......0
Total unsecured debts..........3232......268.......-

Monthly Budget Summary
Total monthly income.................... 1,362
Expenses (including HP & secured debts). 594
Available for debt repayments........... 768
Monthly UNsecured debt repayments....... 268
Amount left after debt repayments....... 500
Personal Balance Sheet Summary
Total assets (things you own)........... 2,800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,232
Net Assets.............................. -432
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

LeeSouthEast

I'm in the same position as OP... and to be honest, now I can see the end nearing, I am working harder than ever. I'm spending even less (on my musts.. like food), doubling my income increase efforts... I want to try and shave more time off my goal, even though it's only 4 months away maximum.

Powerful stuff this 'DFW' thing when it takes over.

Little_Miss_Uni-Debt

Hi all again,

I have posted my current SOA above.

Me and my boyfriend keep our own money separate but have a joint account to pay bills, we pay half of everything. Anything that is our own (cars, phones, etc) comes out of our own accounts.
I have a few blank areas on this one however those amounts are not forgotten.

TV Licence - paid already for full year - will add in £6 pcm on next SOA
Water rates - Already paid for full year currently, this is what I am saving towards my half of next years.
Contents Insurance - Already paid for this year - will add £5 on next SOA
Petrol - I get my petrol reimbursed from my day job so I only spend £10 a month on my own driving. The other £40 is cost to get to and from my 2nd job each month. This would go if I stopped my 2nd job.
Food - We put £100 each towards food, however we do a shop that we make last for a month but I intend to take more lunches to work and have better meals instead of having poor supplies for the latter part of the month. I'm terrible for skipping meals especially between jobs. Being more organised means having a meal to keep me going!!!
Entertainment - This will go up on next SOA's as I will be starting back to my hobbies of martial arts and guitar lessons.


Any thoughts on this one currently? Improvements? Am I missing anything vital?

Thanks!!!

Little_Miss_Uni-Debt

Oooooh Determined To Be Debt Free - you have just inspired me to go bake some fairy cakes!!!!

I LOVE them...they will be a nice surprise for my bf when he returns from his 2nd job at 3:30am!!!!

If there are any left by then!!! ;-D

Little_Miss_Uni-Debt

Well done LeeSouthEast it looks like you're doing great at smashing through that debt!!

It certainly is addictive, it's like a crazy scramble to the finish these last few months!!!

Good luck with your debt free aim of New Years Day!!! Not long now! Yay!!

Little_Miss_Uni-Debt

This SOA is my ideal one whilst doing both jobs. It includes saving for next years bills and not paying for them month by month.

I've taken out the debt and included what I would like it all to be. I am mainly interested in what my finances look like each month instead of how much is left to pay off.

I have kept the food budget the same however I would like to improve what I buy for this amount and get one meal out at a pub per month out of this also.

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.................... 2
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 512
Total monthly income.................... 1362
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 225
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 7
Telephone (land line)................... 10
Mobile phone............................ 10
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 50
Road tax................................ 11
Car Insurance........................... 19
Car maintenance (including MOT)......... 17
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...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 80
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 695


Total surplus with 2nd job = £667


Here is the kicker - if I give the 2nd job up here's what I am left with

Total Monthly Expenses without 2nd job = £655

Total surplus without 2nd job = £195

Determined_2b_Debt_Free

Lol, enjoy your fairy cakes!

x

Little_Miss_Uni-Debt

So that's kind of answered my question!!!

If I had my ideal spends each month and didn't have a 2nd job it would take me another 16 months!!!!! to pay off the rest of my debt by throwing my surplus cash at it each month.

3 months of hard work vs 16 months of wishing and waiting.... bit of a no brainer isn't it!!!

moneymakestheworldgoround

I'm glad you answered your own question - it sits better in the logical part of your brain I think and makes you more determined.

Its only 90 days, much less than 3 months !!

In 90 days, you can post on here and join the debt free honour roll, and you will be choosing when to work, where to work and what to eat, rather than being forced into it by an ambitious plan.

I wanted to be debt free in 365 days. It started off as a hard task and I have shed many a tear over it, but I did enjoy the military style planning and focus needed.

I think you are doing a marvellous job, and it sounds like you have a boyfriend to be proud of too - a lot of people on here dont have the support and commitment from their partners.

Go get em !!

Little_Miss_Uni-Debt

Hey all!

Hope your week is going well so far! Thought I would just pop on whilst on lunch. I have finaaaaaally recieved my income details from my previous evening job. It has taken months for them to send it! One final letter to them did the trick. So now I can claim for my 08/09 tax back. I was paying BR on both jobs :-( as neither had received my P46.

They have sent me a P60 and NOT a P45 as I requested. I left Dec 08 so by rights they should have sent my p45 straight away but it got left til after the end of the tax year so I presume that they have to issue a p60 and then a P45 as well????

Now i've got all my income details for that tax year, is there any mathmatically minded or tax-minded person out there who knows roughly how my rebate will be calculated?

Do I just add up total earnings for the year and total tax paid and then work out how much tax I should have paid then work out the difference?

It would be nice to know what kind of amount I am in store for!!!

Also as a side note to Determined 2b debt free - the cakes were lovely! I shared them out with 6 or 7 people and they went down a treat!

I've also got lots of ingredients left over so I can make lots more

Yay for being a DFW!!!