A sorry state of affairs....

MrsNotAPenny

Another chunk off my debt this morning ANNNNDDDDD

SOFA: £0 :j

It was due to finish end of April anyway, but I've paid it off 2 Direct Debits early. 4 years that debt has been lingering, only dropping £40.94 a month. To be honest though, I'm glad I have the sofa. It's could potentially last me a good 7 or 8 years more, maybe even longer if I could convince the kids not to jump on it :rotfl:

Debt as of today £10,246.50. Still a huge amount, but it's certaining moving in the right direction

Now, updated my gas and elecrticity readings last night to find I am £102 in credit with the elecrticity :eek: I can get £82.82 refunded. Not sure if I should or just leave it as a back up. I don't scrimp on electricity (or gas) I'm scared to have it refunded in case it's a mistake and the put my DD sky high, like they did when I first separated. I know if I had it refunded it would go straight to a debt, I have learnt to do that at least!

If I leave it, I could see it as savings and maybe treat us to a couple of days out during the summer holidays? (we're not away until the end of the year on our £9.50 holiday)

I really must be changing my ways because two years ago it would have instantly been refunded and blown on shoes or some usless beauty product/kitchen gadget/night out drinking or a couple of massive takeaways Hmm I might have to sleep on it for a few days.

Counted my 20p and 50p jars, £20 odd over the two of them. Haven't been saving them on purpose just seem to have build up. Not that I'm complaining! Have also go some 5ps and 10p in a jar but haven't totally them up yet.

Goodness, that was a bit epic! Only came on to tell someone I'd paied off the sofa!x

MrsNotAPenny

Well, after thinking about it long (too long) i've decided to have it refunded and doing the grown up thing and pay my contents insurance in full for the year. Save getting charged 29% on £80!

Happy weekend everyone!x

MrsNotAPenny

NSD number 4 today :j

Counted up my grocery spends..... £99 spent so far. This is bad! (Not including £15.50 on napped/wipes) cupboards are bursting but I'm a little bit addicted to buying food Allowing myself £20 per week for groceries each Thursday (so £60 more)

This is part of the month when the debt repayments slow down to weekly payments. Draaaag!

MrsNotAPenny

Spendy spendy weekend. I need to replace £14 to my credit card. It was for a Mother's Day gift, so not feeling too guilty about it - just desperate for Thursday to pay it back!

Got me thinking - and I know Martin says throw savings at debts but - I really need to be putting money away for these things. I save for Christmas (£20 per month) but anything else just comes out my spending money or a wee reshuffle of my budget. Would be nice to have a wee bit to fall back on or use for birthdays and such.

Wonder how much is an acceptable amount? £200/£300 to get me started? Then add to it monthly? £20 a month?

Next month I have a spare couple of hundred pound (double child benefit) I had planned to put it to debt repayment. However, everything will be at 0% so perhaps I should put it aside. Maybe into a credit union account? Our local one is only open two days a week, so I would have to consider purchases more carefully. I don't think I could have it in a regular account, the temptation would just be too much. I don't trust myself!

beanielou

Credit union is a good option.
As you say it is less easy to access it but you can still get to it in an emmergency.

MrsNotAPenny

Opened one today :money: Nothing in it, but I'll get there - eventually!

So, I phoned the second credit card to ask when my 0% finishes. Good news is that I have until 17th September to pay off the balance (currently £1,695, won't be paying any paying any more April) Six months to pay it, works out just above £280 a month.

I think I can manage that. Think I'm going to have to allow myself a bit of give with the debt busting, I keep feeling a spending binge coming on. Tiring fighting it!

I think allowing myself maximum £400 each month for debt payment (not including loan repayment, I've been including that in my bills been paying it for so long and have such a long time left to pay it just feels like Bill!)

Here's my month bills:

Gas: £50
Electricity: £50
Loan: £104.23 (finishes Sept 2016. Yikes)
Tv licence: £29.10 (reduces in June to £12.33)
Council tax: £23
Mobile phone: £18 (contract is actually only £15.50, just giving myself some space in the budget)
Sky/phone/internet: £50 (only £44.75, but same as above)
Xmas savings: £20

Total: £344.33 (allowing £350)

I think that's reasonable outgoings? I think this will be my limit for bills, let myself have whatever I want as long as my monthly DD'S don't exceed £350. Will that work? Worth a try I suppose.

Food budget is going up to £200, broken down its only £50 a week for me, two hungry growing boys (that includes 6 packets of baby wipes (£4/£4.50) and £11 worth of nappies) entertainment staying at £30 a week/ £120 4 weekly.

Then my £400 debt repayment budget, £280 to credit card, £90 (guesstimate of minimum payment) to Bcard. Leaves £30 to go to either debt.

Is budgeting an exact science? Or am I doing ok with my vague figures? It's difficult to know what I should be spending and what's acceptable (although Stepchange have quite a nice 'suggested figure' bit in its debt remedy)

As of Friday, my debt will be down to £10,065! Then when my loan repayment comes off I'll be into the 9k zone!!

9k zone! SINGLE.FIGURES. Then I'm starting a new diary. Leaving this one behind. The new one will be my final debt busting diary.I can't wait to 'move on'

beanielou

Your figures look good to me.
Im no expert though.
Do you have a DFD yet?

MrsNotAPenny

beanielou wrote: »

Your figures look good to me.
Im no expert though.
Do you have a DFD yet?

Yeah, officially September 2016 when my loan finishes. However, I think I can have my credit cards/overdraft paid off by March or April 2014! Hopefully I will be able to move the remainder of the bcard debt (ideally only £1,360, maximum £1,500 - if I pay my overdraft off) in February. I'll be 30 next June, DS1 will start school/DS2 nursery. Ideally May 2014 at the latest. Then my focus will be saving for a car, unless I can get a blinding finance deal!

This hadn't put me off having debt, it really hasn't. I think there is a place for debt, if you have something to show for it! (Unlike me who has squat to show for it, well maybe a thicker waist line and some nice boots!):o

beanielou

Not too long then

MrsNotAPenny

I'll know! Feels like in making good headway this year

*please stay on lightbulb, please!!*