Old hand needs a fresh pair of eyes on SOA

Nottoobadyet

Maybe he can get suit shirts and things in non-EU airports? I've never done much shopping there but is a place where you definetly have time!

[Deleted User]

My suggestion is to have a nose around the charity shops in a posh area you can get very nice (designer/upmarket label) clothes a good sight cheaper than new!

1666hby

Well done to the Spirit family on all the debtbusting so far and best wishes for your health.

Shooting - are you sure you have allowed enough in the budget for this? I know the finances of a keen clay pigeon shooter and it costs a lot. Not just the consumables such as cartridges, but special (necessary) clothing, gun gadgets, maintenance and repair, not to mention thousands for the next really good gun - and all the boys want at least one of those. That's without counting the costs of breakfast and lunch at a nice venue. The shooter I know also spends at least £100 monthly on petrol to go to competitions.
Would Mr Spirit have the time and inclination to keep a note of shooting costs for a few weeks? Just to get a handle on the true cost, not to threaten him with giving up a hobby he loves.

Clothing - most women seem to wear only about 30% of their wardrobe and go shopping for what else they need. If this sounds like you, go through your clothes to put aside stuff for the bin and charity shop. Hopefully you will then find 'old friends' you've forgotten and can enjoy wearing again, especially if you tend to buy good, lasting pieces.
Put aside good stuff that will never fit you again and which Ms Spirit will need for posh interviews/jobs in her twenties.
Anything good which just doesn't suit you could be used, if you have the time and inclination, for a swapping party with your neighbours. Very middle class thing to do. Don't bother to invite the local aristocracy - they're busy shooting with Grandpa's Purdeys and wearing Granny's Lanvin!

Spirit_2

Shooting cost is a syndicate. The members share the beating and some of the maintenance responsibilities. He has a half gun, as he is not home enough to do all the days. You are right though - this does not include odd clay days or cartridges (to be fair he does'nt use that many) . Kit he gets as presents and he has one gun which he has no desire to upgrade.

I will go through my wardrobe - it is not extensive - as I really hate shopping - and see what can have a new lease of life.

Spirit_2

A little update -we gave notice on the field we rent today!

Saving £250 a year...but psychologically a big deal.

beanielou

Well done you

Spirit_2

We have made a number of changes and the debts are coming down - focusing a bit more on reducing the overdrafts. I am using this to keep track and motivate myself as they are all small changes that add up.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 3792 now 3877
Partners monthly income after tax....... 2375
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 6167
Monthly Expense Details
Mortgage................................ 1159
Secured/HP loan repayments.............. 196
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 197 now 203
Electricity............................. 41
Gas..................................... 0
Oil..................................... 112 now 75
Water rates............................. 8
Telephone (land line)................... 39
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 22
Groceries etc. ......................... 300
Clothing................................ 70
Petrol/diesel........................... 250
Road tax................................ 22
Car Insurance........................... 63 now 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0 now 17
Buildings insurance..................... 40
Contents insurance...................... 0
Life assurance ......................... 100 now 70
Other insurance......................... 18
Presents (birthday, christmas etc)...... 120
Haircuts................................ 52
Entertainment........................... 100
Holiday................................. 200
Emergency fund.......................... 0 now 100
Savings................................. 100 now 0
bank fee................................ 15
Bank Interest........................... 76 now 66
Gardener................................ 80
Boiler servicing........................ 21
Sports clubs............................ 76
Field Rental............................ 21 now 0
Cesspit................................. 27
Total monthly expenses.................. 3578

Assets
Cash.................................... 0
House value (Gross)..................... 375000
Shares and bonds........................ 3000 now 3700 emergcy Car(s).................................. 3000
Other assets............................ 65000
Total Assets............................ 446000

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 72847....(1159).....2.5<
Mortgage (mum).................50000....(196)......3.99
Total secured & HP debts...... 122847....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
barclaycard....................2946......35....... .10.9 now 2240
Overdaft 1.....................2000......17........18.9 now 667
Loan...........................8338......222...... .7.9 now 7794
Overdarft 2....................4000......59........12.9 now 3000
Total unsecured debts..........17284.....333.......- now 13701

Monthly Budget Summary
Total monthly income.................... 6,167
Expenses (including HP & secured debts). 3,578
Available for debt repayments........... 2,589
Monthly UNsecured debt repayments....... 333
Amount left after debt repayments....... 2,256
Personal Balance Sheet Summary
Total assets (things you own)........... 446,000
Total HP & Secured debt................. -122,847
Total Unsecured debt.................... -17,284
Net Assets.............................. 305,869
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Lexxi

Well done on making the savings! I know I'm coming into this a bit late but could you request to the bank that they reduce your overdraft say £250 a month(well whatever you think you wont miss). You shouldn't notice the money going 'missing' each time and it willl be bringing your overdraft down, this is one of the highest APRs.

You're mortgage is high, I know you mentioned this is because it is over a short term but it's one of the lowest APRs and will more than likely always be, could you extend the term by 5 years to free up some of the repayment then shorten the term again and over pay when your debts are clear?

You mention the gardener and the slug invasion on the veg patch. I'm guessing there is more land than the slug invaded veg patch, could you create a new veg patch somewhere else? Even growing things in window boxes or pots?

Barclaycard have just offered me a life of balance of 6% on balance transfers, speak to them, or all yor cc companies, then transfer the balance off that card to one of the existing cards then back again with as many other of the debts as you can. I was also offered 2% for a year or 0% for a few months, wasn't going to include those but then you are on track to be debt free really quickly! Welll done, hope some of this helps

tattoed_bum

I know this not be of much help but as you seem to have good taste in clothing would it be possible to have a sort out of your clothing and maybe ebay some that you no longer use ,It may bring in enough to posibly clear your overdraft