Start of my Debt-Free Journey

[Deleted User]

Thanks daviesalie, what a good idea sending the £1 payments- blow to the cheek, theyve made enough money out of us over the years!
Can you tell me how I can subscribe to your thread 'A Pleasant Surpise' - I'm pants t
at navigating the forums at the mo, have read some great threads but then cant find them again- sooo frustrating!

IndigoBlue- many thanks for the link, I will sit down after work and fill it in to post.

Cheers everyone- your stars x

bugslet

I used to feel like you and still do sometimes about missing out on buyingthings, but i became an avid fan of this board and the inspirational sories on here but also of the minimalist sites - not the style of interior design but the anti-consumer / enjoy what you have already lifestyle. When you make it a conscious choice that you are not going to be suckered in, it does make it a bit easier. Love miss m!namilst's site and her wardrobe has to be seen to be believed - clue it's about 2% of mine:)

Yargo1

Hi Lillykins, at work but didnt want to read and run. will subscribe to your thread now.

go to top of the thread you want to subscribe to, hit thread tools and then subscribe.

x

jonjamie1970

Good luck on your journey, my LBM was in January although I knew I had problems prior to this but didnt have any room to make the differences.

Now my life has changed totally, new life in fact in a different country, albeit Wales.

I look forward to catching up on your progress however small.

[Deleted User]

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 1200
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3030
Monthly Expense Details
Mortgage................................ 946.9
Secured/HP loan repayments.............. 55.31
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 54 £108 in total for gas and elec so halved
Gas..................................... 54
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 0
Mobile phone............................ 35.1
TV Licence.............................. 12.37
Satellite/Cable TV...................... 62.5
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 240
Road tax................................ 12
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 6.7
Buildings insurance..................... 21.95 Combined with contents
Contents insurance...................... 0
Life assurance ......................... 19.99
Other insurance......................... 17.67
Presents (birthday, christmas etc)...... 50
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 2257.49

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 165000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(946.9)....4.25
Hire Purchase (HP) debt ...... 2000.....(55.31)....0
Total secured & HP debts...... 142000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Santander Loan.................20000.....465.......14.9
Egg Loan.......................2166.33...247.6.....6.9
Barclaycard CC.................401.13....20........22.9
Overdraft......................2381.51...11........NaN
Tax Credits Debt...............947.......50........0
Family Loan....................300.......50........0
Nationwide CC..................4644......58........0
Capitol 1 CC...................3259.31...98........0
Total unsecured debts..........34099.28..999.6.....-

Monthly Budget Summary
Total monthly income.................... 3,030
Expenses (including HP & secured debts). 2,257.49
Available for debt repayments........... 772.51
Monthly UNsecured debt repayments....... 999.6
Amount short for making debt repayments. -227.09
Personal Balance Sheet Summary
Total assets (things you own)........... 165,000
Total HP & Secured debt................. -142,000
Total Unsecured debt.................... -34,099.28
Net Assets.............................. -11,099.28
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Hi guys, this is my SOA, would be grateful for any comments advice.
Would love to cut to one car but we both work in community and car essential for work. My car is leased from employer so set amount comes out of my wage (taken in to account on SOA), have to put fuel in both.

Have just changed to a 0% cc but could not get full balance transfer, got £4500 which leaves £401 on one card, aim to pay this one off.

Just realised I forgot to add NEXT - owe them £297.23 at 25.99%- again need to prioitise paying this one off too.

Thanks for your time x

NeverAgain_2

I was paying £60+ to Sky until I phoned to moan and they reduced it by half for six months.

Several people have done the same.

I've heard (fairly reliably) of a couple of customers whose price has not been put up again, so they are on half-price 'for ever'.

Back to your budget, £300 for groceries is a lot, even though there are three of you.

Should be possible to take £100 off that fairly easily.

Mobile at £35 is a lot, unless that's more than one phone.

Fuel for the cars seems high, but I see you mention travel work, so perhaps there's no way to cut that.

You have a good income, but you are being wiped out each month by the mortgage and Santander loan.

Not much you can do about the mortgage, does the Santander loan have long to go?

dukess86

Hello I am new too and have just done the numbers and am horrified at how far down that road we have gone. When my salary disappeard after leaving work due to ill health we did not change our lifestyle, still had two holidays each year and lived like we still had 2 incomes. Oh how bad things get.

I left work due to ill health and struggling to stay in my job caused both my illnesses to peak (rheumatoid arthritis and bronchiectasis) and left me with really bad depression. I don't want to go back down that road so am taking this approach. It is hard cos I am now home all day but that helps me shop more economically for food, started my personal challenge this week to cut my shopping bill. Also cook a lot now from scratch which the family prefer. This week I am going shopping with a list, found cheap fruit/veg and I mean half the cost of the supermarket, a cheap meat shop and am going to Asda but not impulse buying. Then I will total up what a week's shopping cost and try to stick with that. Plus I will do the brand thing and drop down a make. Good luck to you for sorting out your situation. As we are both newbies maybe we can keep track of each other?

zarazara

lilykins wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 1200
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3030
Monthly Expense Details
Mortgage................................ 946.9
Secured/HP loan repayments.............. 55.31
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 54 £108 in total for gas and elec so halved
Gas..................................... 54
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 0
Mobile phone............................ 35.1
TV Licence.............................. 12.37
Satellite/Cable TV...................... 62.5----Could you cancel this for the time being?
Internet Services....................... 0
Groceries etc. ......................... 300----look on the Old Style board,lots of ideas about money saving food there
Clothing................................ 20

---

reduce,reduce,use what you have for now
Petrol/diesel........................... 240

---

walk short journeys and try parking further away from work or shops,reduces fuel consumpion as less miles and gets you fitter!
Road tax................................ 12
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0

Childcare/nursery....................... 120---any relatives or friends wo can take child for day or two and reduce these costs?

Other child related expenses............ 30---reduce
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 6.7
Buildings insurance..................... 21.95 Combined with contents
Contents insurance...................... 0
Life assurance ......................... 19.99
Other insurance......................... 17.67
Presents (birthday, christmas etc)...... 50---cut substantially,family and friends do not NEED presents! £10 a month should be plenty
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 2257.49

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 165000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 140000...(946.9)....4.25
Hire Purchase (HP) debt ...... 2000.....(55.31)....0
Total secured & HP debts...... 142000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Santander Loan.................20000.....465.......14.9
Egg Loan.......................2166.33...247.6.....6.9
Barclaycard CC.................401.13....20........22.9
Overdraft......................2381.51...11........NaN
Tax Credits Debt...............947.......50........0
Family Loan....................300.......50........0
Nationwide CC..................4644......58........0
Capitol 1 CC...................3259.31...98........0
Total unsecured debts..........34099.28..999.6.....-

Monthly Budget Summary
Total monthly income.................... 3,030
Expenses (including HP & secured debts). 2,257.49
Available for debt repayments........... 772.51
Monthly UNsecured debt repayments....... 999.6
Amount short for making debt repayments. -227.09
Personal Balance Sheet Summary
Total assets (things you own)........... 165,000
Total HP & Secured debt................. -142,000
Total Unsecured debt.................... -34,099.28
Net Assets.............................. -11,099.28
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


Hi guys, this is my SOA, would be grateful for any comments advice.
Would love to cut to one car but we both work in community and car essential for work. My car is leased from employer so set amount comes out of my wage (taken in to account on SOA), have to put fuel in both.

Have just changed to a 0% cc but could not get full balance transfer, got £4500 which leaves £401 on one card, aim to pay this one off.

Just realised I forgot to add NEXT - owe them £297.23 at 25.99%- again need to prioitise paying this one off too.

Thanks for your time x

I've listed some ideas,the money saved can pay off the debts. Usual advice is to pay off the highest interest rate first, I would add to this that if you have a debt which is little compared to the others,eg £100 then get this paid off ASAP as it gives a phycoligical boost. Cut up the cards also so you cannot use them anymore and cancel each card when its paid off. :T

[Deleted User]

Thank you so much for your comments guys.

Have decided I might need to give up wine for a while, thats at least £50 a month of the grocery budget. It'll be good for me too.
Going to speak to DH about giving up sky, keep your fingers crossed for me!

Dukess86 would love to support each other.

Mobile is £35 for one orange phone- in contract til December, does anyone have experience of trying to negoitate a cheaper contract in middle of exisiting contract?

Have applied to existing mortgage company for new deal as on normal rate but not sure if we got enough equity. That should save us £120 per month, more to pay off debt.

I have never felt this determined before- these forums are so valuable and you guys are wonderful- thanks so much.

Onwards and upwards, over to old-style boards now to look for ideas to plan shopping list and menus!! :T:T:T:T

zarazara

Well Done Lilykins,its a great start. I think its a good idea to take apeek at the 5 pleasures in your day thread on the OS board. theres such happy themes there and lots of free ideas for fun too.