2010- the start of forever

gardis

Well, here I am. I'm female, 30, married, mother to 2, mad hen keeper, mad cat woman. Hopping mad yo yo dieter. Part time admin bunny. Full time worrier.

18 months after my initial light bulb moment (that instigated us trying for an IVA but being declined and then taking on a self managed DMP). I've been gee-d up to pay this debt off as quickly as possible by a few big changes in our lives.

Firstly, DS started school. Secondly I became a mature student. Thirdly, actually having enough money to eat each month (thanks to the DMP) has given us enough energy to chase this debt and we intend on chasing it until we've worn it down to submission!

So, the SOA

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 486
Partners monthly income after tax....... 2632
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 3278

Monthly Expense Details
Mortgage................................ 958
Secured/HP loan repayments.............. 153
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 67
Gas..................................... 67
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 55
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 43
Petrol/diesel........................... 250
Road tax................................ 31
Car Insurance........................... 70
Car maintenance (including MOT)......... 58
Car parking............................. 9
Other travel............................ 0
Childcare/nursery....................... 180
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 37
Contents insurance...................... 0
Life assurance ......................... 26
Other insurance......................... 0
Presents (birthday, christmas etc)...... 63
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 58
Emergency fund.......................... 25
Total monthly expenses.................. 2563.2


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 120000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 160000...(958)......5.69
Hire Purchase (HP) debt ...... 4800.....(153)......24
Total secured & HP debts...... 164800....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
card 1.........................2700......25........0
card 2.........................400.......22.5......0
overdraft......................100.......1.........0
loan...........................12700.....157.......4.9
Total unsecured debts..........15900.....205.5.....-


Monthly Budget Summary
Total monthly income.................... 3,278
Expenses (including HP & secured debts). 2,563.2
Available for debt repayments........... 714.8
Monthly UNsecured debt repayments....... 205.5
Amount left after debt repayments....... 509.3

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total HP & Secured debt................. -164,800
Total Unsecured debt.................... -15,900
Net Assets.............................. -60,700

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


You may think some of the figures are high. I've been liberal in budgeting for household things, after spending most of my adult life with out a penny to my name (my mantra used to be 'life is too short to be in credit :rolleyes:) I now like to know I've got enough in my buffer account should the cars cost more to fix than we thought or whatever.

Time is in as short supply as money in this house. I'm a full time student, with a 5 and a 4 year old and a part time job. So opportunities to increase my earnings can't always be grabbed due to other commitments. However I plan to counter act this by being very sensible with how I spend what I have got.

I've started a spending diary, which has been excellent this month in keeping me on track. I've snowballed till the cows came home and am hopeful that we'll have cleared the majority of the debt in 2 years.

Unfortunately we've got a together mortgage, 125% ltv (that was before house prices dropped...) and owe approx 30k on an unsecured loan in line with that. I plan on tackling that after these other bits of debt are busted.

So, if you'll have me, it's to 2010 and beyond!

SarahNeedle1872

Hi gardis I've 'seen' you on another thread (PAD I think) and just wanted to say hello... good luck on your journey

Sx

gardis

Brr chilly.

DS couldn't get to his village school today so is home. DH wanted to go to work (10 miles away) but I persuaded him to work from home (and now most of his work colleagues are in and giving him grief for being wet - we've got 4inches of snow, I value his life too much to let him drive in that). Children are bickering. Chickens are at the back door, bokking in the hopes I'll let them in. And we've got no food in the cupboards. Well, at least no 'slimming world, gluten free' food for me anyway. long day ahead.

oh yes and I have a hell of a lot of uni work to do. It's causing me lots of problems, not least chest pains and palpatations. I'm toying with giving up but I know I'll kick myself if I do.

Today I plan to do 2 hours work, tidy the living room and work on the January budget/plan of attack.

Happy snow-day.

Nottoobadyet

gardis wrote: »

oh yes and I have a hell of a lot of uni work to do. It's causing me lots of problems, not least chest pains and palpatations.

:eek::eek:

gardis

Ok, my first 2 challenges.

Overdraft (£100) to be cleared from January's salary. No excuses.

Credit card 2 (£400 balance) to be paid off by April.

It would be sooner but we've got a few huge bills to pay Jan/Feb/Mar so April it is.

gardis

Well, it's all come to a head today.

The stress caused by doing my degree has taken its toll and I feel that a change needs to be made.

The only issues with this are:
I owe my dad £3000. A large proportion of this was going to be cleared by my student loan payment in January. This is important to him as he is desperate to retire and the money is needed there.

My husband wants me to see the degree though, partly because I never see anything through to the end (health issues have a part to play here, I've got auto immune issues)

I don't want to give up. I enjoy it while I'm there, I just can't keep up with the work load, 2 young children, a job and a house to run.

So, what the hell do I do? I could defer but wouldn't get my loan payment in January. I could ask for more hours at work but that is unlikely due to them having taken on 3 new staff at the start of last week. My husband can't increase his earnings easily either.

What do I do for the best? Are money stresses worse than workload stresses?

rupe34

Hey gardis - thought I would introduce myself before plunging in.

Firstly - are you me? Slimming World & gluten free - it can be a nightmare eh?

Secondly - if something has to give - which is the more important to you - the degree or the part-time job? I am NO expert about DMPs AT ALL - but can they be renegotiated if you lost your wage? Would tax credits etc increase to make up some the the short-fall??? Can you take the Christmas/New Year break to investigate??

Just a thought dude

gardis

Hi Rupe, thanks for your take on it. I've mulled it over and come to the conclusion that money causes me far more stress than my degree. So I'm going to plug on the way I am taking each day as it comes and make the decision further down the line. At least I know my options either way now. I've asked for more hours at work so if I do give up I could hopefully up my income. I think I'd be happier giving up the degree than my job.

So onwards to some goals for 2010. My gut feeling is to aim high but I think I'll start small and work up

1) Increase my income with mystery shops. Aim for 2 a month.
2) Decrease my outgoings by having 3/4 of the month as no spend days - especially those days I'm at uni when I scoff half of the canteen in a bid to find comfort....
3) Manage my time better so I'm not so grumpy or tired during family time.

January
Additional income- £20
NSD -23
1 full day a week of chill out time with my family.

gardis

My uni work load is getting on top of me. so here is my todo list:
Before Christmas:
Apply for finances for 2010
[STRIKE]Add 2 more plant names to bbc boarder[/STRIKE]
complete country garden plan
Print CAD assignment
Source items for mood board

Week after Christmas:
Draw and label uni boarder design
complete bill of quantities, pant schedule
Complete transpiration lab book
colour all drawings.

<hollow laughter>

elantan

can i ask what are you studying? and what year are you in?

gardis

Elantan - Horticulture and garden design. Year 1 )