We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Another DFW signing up!

As you can see from the sig, I have a fair bit of debt built up, not as bad as some here, but still pretty rotten. Basically been spending more than I have coming in and so on. Ho hum! I've set a budget, and I think I should be able to stick to it and reduce the debts reasonably quickly, but I will probably need moral support...
DFW stats:
Currently under review


Proud to be dealing with my debts

Comments

  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    Moral support is definitely a big help :)

    Maybe a reminder post of your budget might help remind you - and the experts here might even be able to knock a bit more off outgoings than you realised.

    Good luck :T
    No longer using this account for new posts from 2013
  • amosworks
    amosworks Posts: 1,831 Forumite
    Welcome aboard!
    Updated SoA please a la SS's excellent guide which is sticky at the top of the thread listing page.
    Amos
    :)
  • Anwen_2
    Anwen_2 Posts: 234 Forumite
    Hmm, well this is according to the SOA calculator at Fool.co.uk, I think it's fairly accurate (I've got my actual budget written in a book and I can't be bothered to go and find it...):

    Monthly Income
    Income Amount
    Net Monthly Salary £ 1,066.00
    Benefits £ 400.00
    APPROX. MONTHLY INCOME £ 1,466.00

    Set (?) Monthly Outgoings
    Mortgage/Rent £ 338.00
    Council Tax £ 75.00
    Electricity £ 19.00
    Mobile Phone £ 5.00 - U-fix 15, just extended my contract and brought the line rental from £15 to £5/month
    TV Licence £ 10.00
    Internet, phone line rental + calls, TV £ 35.00
    Contents Insurance £ 11.00
    Life Insurance £ 8.00
    Other Travel £ 15.00
    Pets Insurance/Vets Bills £ 9.00
    Birthdays/Christmas £ 25.00
    Holidays £ 25.00
    After school/before school childcare £ 100.00
    School contribution £ 60.00
    Dinner money £ 35.00

    Variable monthly outgoings
    Groceries £ 200.00
    Phone top-up £ 5.00
    Pocket money for DD £ 20.00
    Pocket money for me £ 20.00
    End of month family treat £ 20.00
    Money put aside for clothing and other non-monthly expenses £ 25.00


    TOTAL MONTHLY OUTGOINGS £ 1150.00
    NET MONTHLY SURPLUS £ 306.00


    Monthly Debts
    Debt Total Debt Min Payment Rate
    Overdraft 1 £ 302.00 £ 0.00 11.90 %
    Overdraft 2 £ 391.00 £ 0.00 7.90 %
    Credit Card 1 £ 1,871.00 £ 54 0.00 % until Nov then 15.9%
    Credit Card 2 £ 1,866.00 £ 45 0.00 % until Dec then 14.9%
    Credit Card 3 £ 1,050.00 £ 34 0.00 % until Dec then 15.9%
    TOTAL DEBT £ 5,480.00

    The above is for me and my 6 year old DD, the school contribution is because she goes to a faith school, so there's a 'voluntary' (but I would rather pay things off slower and keep paying it) contribution to cover the costs of religious-related teaching. I realise I could probably cut back a bit more, but I don't think we'd be able to stick to it!!
    DFW stats:
    Currently under review


    Proud to be dealing with my debts
  • Lemon_Tree
    Lemon_Tree Posts: 10,202 Forumite
    Part of the Furniture 10,000 Posts
    good luck Anwen, i had my lightbulb moment earlier this year and it still scares me, (see signature for details), but i haven't looked back, at least i know things should never get any worse. Keep your chin up mate you can do it
    Lem
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.