Damita trying to become debt free

Damita

Hi have been a member here for two years but I haven't been around lately, a bit of an intro since loads has changed in two years.

I live with my husband in the house we brought two years ago, we managed to only get a 70k mortgage which are already down to 68k.

I'm 24, 25 in October, I am in my third year at uni studying Computer Science and hopefully pregnant we our first child (test day isn't for two weeks!).

Debts, my loan is now at 3,500 down from 6,500 neither me or my partner have overdrafts, and he has no other debt.

We have 1k in savings and should have 9k by next June, which I am hoping to use some of it to clear the loan :j I think my next review date is next Feb/March, I am unsure...

I always said I would pay off the loan before I finished uni as I am going to have to figure out how much I owe on my student loan but I will figure that out later on.

I plan on taking a year and half off next year to look after the baby and then return to do my post grad in teaching.

My husband is getting a pay rise in Oct/Nov.

At the moment I budget like a crazy woman, the issue we have is spending too much on food..

Erm that's about it

Damita

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1195.42
Partners monthly income after tax....... 300
Benefits................................ 60
Other income............................ 0
Total monthly income.................... 1555.42

Monthly Expense Details
Mortgage................................ 459.7
Secured/HP loan repayments.............. 145.00000000000006
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 82
Electricity............................. 41
Gas..................................... 41
Oil..................................... 0
Water rates............................. 46.8
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 11.95
Satellite/Cable TV...................... 25
Internet Services....................... 10
Groceries etc. ......................... 235
Clothing................................ 0
Petrol/diesel........................... 30
Road tax................................ 0
Car Insurance........................... 36
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 179
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 10.02
Other insurance......................... 17.87
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1430.34


Assets
Cash.................................... 1000
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 124000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(459.7)....0
Secured Debt.................. 3555.....(145)......0
Total secured & HP debts...... 71555.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,555.42
Expenses (including HP & secured debts). 1,430.34
Available for debt repayments........... 125.08
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 125.08

Personal Balance Sheet Summary
Total assets (things you own)........... 124,000
Total HP & Secured debt................. -71,555
Total Unsecured debt.................... -0
Net Assets.............................. 52,445

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

Damita

Damn it forgot to add the husbands travel, what I can see is we need to cut down on the food, 235 includes fags for the husband, cat food (I have three cats, but it is normally £20-£30 a month) and then the rest £180 is on food!

ARUGH!!!!

Damita

Bits I can't cut down £179 travel for the husband to get to work...

The car insurance £36 is fully comp as I am learner and I have my test in 7 weeks, so hopefully I will pass and it will come down a bit.

The TV, Phone and Internet all through Sky but it is now £45 a month!! I really don't know what to do about this going to get the husband to call up and say we will leave if they don't cut it down

I use spending diary to write down everything, I put in my meter readings every month.. I am really careful and I never buy anything...

Damita

Ooooh found my old diary http://forums.moneysavingexpert.com/showthread.php?t=1374071

Damita

Not alot going on today towards making money, have earnt £60 from writing paid blogging, listing items for ebay... but have to pay out some of the savings for a garden fence never ending!!!

Damita

It's been two months since I last looked at this, we managed to get our sky down to £40, husband spoke to them on the phone, now only two payments until I owe under 3 grand!! I am so excited!! So 2011 I will only owe £2,900, amazing!!

We have also managed to save a decent amount I think we should reach our total by June next year.

On the baby front, still not pregnant but we are having fun trying

savingwannabe

Good luck with everything you sound very positive.

Damita

Thank you I think 2011 will be my year

beanielou

Hope you can carry on being so positive

Damita

Haven't been here for awhile, still have 2 grand left of the loan to pay of but nearly there, can't wait.

I completed my degree in computer science with a 2:1 (hons) now am job hunting, takes forever!!