Cakeys debt free diary. Day 1, OH's wardrobe :)

savingholmes

started new job - it is okay. Coping with the journey early starts and late homes! My handover person has been away most of the time I have been here tho so life is a bit strange. Initially I was a bit scared what had I got myself into but feel more okay about it now. Just hope I can get on well enough with the team etc.

Not due to be paid until end Nov tho which is a long time to wait.... Never mind it will all come in eventually!

Lemon_Tree

i would have also thought that reducing your overdraft improved your credit rating as it shows you have less credit available to you and that you are managing what you have extended to you. I used to be able to reduce mine in £50 chuncks online which is what i did when ever i could.

cakey

thats what we thought! we went into barclays as my OH had a bad credit rating and didnt use that account so went in to see about reducing the limit on a monthly basis. the lady said in the same way an increase of credit limit affects your credit rating, a decrease does also so told us to avoid sdoing that. i questioned this to find out if it affected in a negative way. she said unfortunately yes.

cakey

Feel very proud of myself today, have been paid the PPI money and the court money, so cleared 2291 worth of debt today!!!!! feels good, need to do another soa and see where the extra monthly payments can go

cakey

New SOA

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1460
Partners monthly income after tax....... 1540
Benefits................................ 0
Other income............................ 228
Total monthly income.................... 3228
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 229
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 137
Gas..................................... 0
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 23
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 28
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 32
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
wedding................................. 535
Total monthly expenses.................. 2127

Assets
Cash.................................... 3700
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 11000
Other assets............................ 0
Total Assets............................ 14700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 11000....(229)......0
Total secured & HP debts...... 11000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
JOINT od.......................2600......60........11
BARCLAYCARD 1..................2900......160.......27
HALIFAX LOAN...................4460......159.......9
RBS............................5700......110.......0
Halifax........................3000......50........0
Barclaycar 2...................3500......80........0
Captial One....................9000......280.......5.9
hsbc loan......................2000......108.......9
egg............................2100......50........16
Virgin.........................2895......30........16
Total unsecured debts..........38155.....1087......-

Monthly Budget Summary
Total monthly income.................... 3,228
Expenses (including HP & secured debts). 2,127
Available for debt repayments........... 1,101
Monthly UNsecured debt repayments....... 1,087
Amount left after debt repayments....... 14
Personal Balance Sheet Summary
Total assets (things you own)........... 14,700
Total HP & Secured debt................. -11,000
Total Unsecured debt.................... -38,155
Net Assets.............................. -34,455

Lemon_Tree

hey, that's a good start as it balances, always a positive. Having saved for my wedding whilst also paying back debts, i can understand why you have wedding savings on your budget, but don't be surprised if others think you should put all your savings against the debt first. (i'm assuming it's a new line as you aren't showing a savings balance as an asset).

cakey

the cash in my assets is what i have saved already i know i fully expext people to say my wedding saves should go on debt, which i agree, but if that were the case i would be well over 30 before getting married and at least 35 before having kids. So if i can pay more than the minimum on my debts and save for a wedding then thats good enough for me ..we have been engaged for 3 years and every year we kept thinking we need to start saving, so i bit the bullet... waiting now to get told off by fellow MSE peeps. hee hee

savingholmes

hi cakey - I agree you can't put your life on hold. My sis has had a quite mse wedding with advice from the weddings section of the special occasions board so strongly advise you to also start reading and posting on there!

Looking at your debts above - I would pay off the highest interest which appears to be barclaycard....

Lemon_Tree

i used the special occasions board as well when we were planning our wedding. It's possible to have a fab and wonderful wedding for a budget.

cakey

have been looking through the wedding boards and got some really good ideas. im really lucky as my mum has bought my dress (in the sale:)) and my dad is contributing 3K (i had 2 other sisters get married this year and we all got the same). plus i have 3K in savings, so im already nearly there. I dont feel so bad about it as i know i am also paying off massive chunks of debt as and when i can

Barclaycard is the next one im paying off, i didn't clear that one with the PPI money as there is an amount on there that my OH has used to purchase stock for his business. so i told him until he sorts that out ans seperates personal from business i wont clear it. its his card