Elbereth's debt free challenge

elbereth

okay so after keeping my spending diary religiously for the last month!!!! here is my new updated SOA,

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2 Me and my sis
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1487 this is my salary without any enhancements for unsocial hours so usually get more than this
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 230
Total monthly income.................... 1717
Monthly Expense Details
Mortgage................................ 532
Secured/HP loan repayments.............. 26.940000000000054
Rent.................................... 0
Management charge (leasehold property).. 60
Council tax............................. 115
Electricity............................. 37
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16.37
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 9.79
Groceries etc. ......................... 159.66 this I reckon I can bring down
Clothing................................ 72.65 this too could be reduced, bear in mind this is me on a frugal month... i know this is a very unncessary expense!
Petrol/diesel........................... 0
Road tax................................ 0 get a travel pass through my employer which is taken straight out my wages and allows me unlimited bus travel which is great
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 2.3
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7.73
Life assurance ......................... 15.13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 25
Entertainment........................... 217.75 well this is an eyeopener!
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
tea fud at work!!!...................... 2.4
wine and choc!!......................... 14.22
lunches at work......................... 35.58 this gotta go!!!
union membership........................ 19.18
lovefilm................................ 3.91
lloydstsb account fee................... 7.95
Total monthly expenses.................. 1487.56

Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 115000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103000...(532)......4.99
Hire Purchase (HP) debt ...... 431.2....(26.94)....0
Total secured & HP debts...... 103431.2..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
ltsb credit card...............306.77....10........11.95
overdraft......................1000......0.........18.86
ltsb personal loan.............3775.84...0.........24.9
Total unsecured debts..........5082.61...10........-

Monthly Budget Summary
Total monthly income.................... 1,717
Expenses (including HP & secured debts). 1,487.56
Available for debt repayments........... 229.44
Monthly UNsecured debt repayments....... 10
Amount left after debt repayments....... 219.44
Personal Balance Sheet Summary
Total assets (things you own)........... 115,000
Total HP & Secured debt................. -103,431.2
Total Unsecured debt.................... -5,082.61
Net Assets.............................. 6,486.19
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

well I reckon I can definately reduce alot of this and then throw more at the debt!!!! After reading some others posts on this forum I am so lucky to be in this position, not struggling and able to nip this in the bud!
So here goes..........

Any more suggestions would be greately appreciated!

elbereth

Well... last month cleared the balance of my credit card which left me with v little money so inevitably (spelling???) stuff got put back on it! :rolleyes: but have managed to put alot less on it this onth and that includes crimbo pressies!:j

Have paid the balance off again as its payday today and left with a considerable amount more money than last month so hoping that even less or dare I say it nothing goes on it this month.

I forgot to claim my enhanced payments for unsocial hours this month so my pay wasn't huge but it does mean I will get a monster pay packet next month so hoping to knock a chunk off the overdraft or loan with that... optimistic coming up to crimbo????

:jelbereth:j

elbereth

well mde a massive lasagne at the beginning of the week which did me for lunches at work which is good! Pretty stressed at work at the mo which is bad! Not very good at switching off from it and have been sat in all morning worrying when I should be enjoying my day off.

elbereth

This month has been an expensive one with a wedding as well as all the christmas socialising so not managed to throw much at the debt. It was my birthday however and got a bit of wonga so plan is spend half on treats for me!!! And use half to put towards the debt probably my loan! With the new year rapidly approaching have been thinking alot about getting a new place with my OH so excited about it but really want rid of this debt, it would be lovely to have some savings too x

Lemon_Tree

hi, was just reading through your SOA and wondered why you're paying account fees to Lloyds, do you get something you really need for the money or is it just that they've sneaked it in without you noticing it?
Do you have a diary at work? maybe you could set yourself up a note/appointment each month so that you claim back your enhanced money each month and don't run the risk of forgetting about it.
Don't fret about what you want to acheive, you sound like you've made some decent progress, and your signature shows it, so at least you're on the right road.

elbereth

Hi all
Not posted for a while but am still here and trying to keep aboard the debt free band wagon, this month set to be a hard one as am sure alot of people will agree. A few ... ok quite a bit went on the credit card in december but I paid it all off and really hoping to but none back on and reckon if I can do this the other debts can be chipped away at in the coming months. The aim was always to be debt free for when the boyf and I move in together and time is running out!!!!! Am hoping I will have anough money at the end of this month to pay off 100 off the overdraft and also 100 off my personal loan eeek xx

lemon tree you are right, will be on the phone to lloyds tsb and cancelling that account fee asap ta!!!!

elbereth

just reduced my overdraft by 250 squids!!! Keep hinking that when am debt free that could have been 250 on shoes..... I mean in my savings account

elbereth

ooo just edited my signiture and it looking healthier! Feels much better to have my overdraft in the hundreds and not thousands!!!!

:jelbereth:j

elbereth

pay day!!! hooray!!! Loads to do but so far have only managed to sit and watch this morning!!! Which I guess is better than shopping! However I do need to go out and buy a drill as got some essential diy tasks to do before my gorgeous flat goes on the market, looked into borrowing one but no one has one!!! 15% of b and q voucher i noted on my weekly email from martin so gonna down load that!

Also reduced my overdraft by a further £150 this morning, may also make a payment on my loan but may see how I go with money this month as am still putting stuff on my cr card each month although I am now clearing it in full every payday so at least thats something???

:jelbereth:j

elbereth

aaaagh! Just don't feel I am getting anywhere at the mo! The credit card is back up to £450 and although I have reduced my overdraft feel like I am robbing peter to pay paul!:(
My sister has moved out so am left with 230 less a month and although I love her dearly she has left me in the lurch a bit, not telling me untill two days after she usually pays her rent in! Also had a lot to pay out for this month booo!
Had me lovely little flat valued and am in negative equity so the plan to sell may be put on hold for a bit .......

Thnk i may have to have another brew to cheer myself up!