Determined to do it this time!

cc82

Ive been lurking on here for quite some time and am amazed by how well some people are doing with paying off their debts. Im in need of some motivation and some help to succeed myself

Ive tried before and always end up finding something else to spend my money on, but this time i have to do it!

I have quite a good job and i am managing my debts, however, i am very aware of how much better my life could be if i didnt have them and so i am starting today with changing my attitude towards money.

I love spending the damn stuff, but its usually on crap! I love going out for dinner or lunch with my family and taking the kids to expensive soft play areas etc etc, but i need to majorly cut down. I know i have a generous sur plus every month and yet it disappears before my eyes every month

So, my SOA:

Adults: 2
Children: 2

Monthly Income Details[/b]
Monthly income after tax................ 2000
Partners monthly income after tax....... 1000
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 3134

Monthly Expense Details
Mortgage................................ 335
Secured/HP loan repayments.............. 187
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 65
Gas..................................... 65
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 55
TV Licence.............................. 11
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 10
Car Insurance........................... 55
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150
Childcare/nursery....................... 360
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 25
Other insurance......................... 18
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Car..................................... 257
Total monthly expenses.................. 1999


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 90000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 65000....(335)......0
Secured Debt.................. 16000....(187)......0
Total secured & HP debts...... 81000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................1250......25........0
Barclaycard....................4500......100.......0
Next...........................1920......160.......0
Kitchen........................8000......144.......0
Creation.......................600.......25........0
Total unsecured debts..........16270.....454.......-


Monthly Budget Summary
Total monthly income.................... 3,134
Expenses (including HP & secured debts). 1,999
Available for debt repayments........... 1,135
Monthly UNsecured debt repayments....... 454
Amount left after debt repayments....... 681

Personal Balance Sheet Summary
Total assets (things you own)........... 90,000
Total HP & Secured debt................. -81,000
Total Unsecured debt.................... -16,270
Net Assets.............................. -7,270

A few things i forgot:

GMB union - £11 per month
Kids trust fund - £20 per month
Bank account charge - £13 per month

I hav'nt put my car as a 'debt' as i trade my car in every 3 years and get a new one and i wont be changing this, so i dont intend on trying to pay that off.

My main aims are to pay off my 2 credit cards, my creation account and my Next account. If i can do this i will be in a much better position to fir into the bigger accounts, one at a time

I havent put anything in for clothes as we all have plenty (expecially the kids) and honestly dont buy much at all. Nor have a i put anything down for presents as i have neevr set anything aside for this before but will defo have to look into budgeting for Christmas. I am quite good at bargain hunting (i already have quite a few pressies up the stairs for Christmas from the Boots 75% off sale in January).

So thats it! Any advice/words of wisdom/encouragment would be very greatefully received

cc82

Also, i love the look of all the challenges yous have going, a big one for me would be the NSD challenge, will defo be joining that for May

Would love some advice on any others that may help too?

Thanks xxx

AlyBaly

Welcome to the site . I dont have any advice on your SOA but there are plenty of wise people on here to help you out.

I have started doing the challenges and I am so proud of myself but it is harder than iI thought.

There are lots - seal pot challenge, save up coins etc for xmas, I am doing this but not sure whats in it.

Make £10 a day , I started this month at £5 and I managed it .

Vitual pot - where you transfer any odd money left at end of week to a wee savings account.

I am sure someone with more knowledge will post the links for you.

Good luck on your journey x

cassidy0111

Happy new thread!! What about 1 debt vs 100 day challenge?? Maybe try and ditch one of your more expensive in 100days? It starts today and it is always good to ditch a creditor.

cc82

AlyBaly wrote: »

Welcome to the site . I dont have any advice on your SOA but there are plenty of wise people on here to help you out.

I have started doing the challenges and I am so proud of myself but it is harder than iI thought.

There are lots - seal pot challenge, save up coins etc for xmas, I am doing this but not sure whats in it.

Make £10 a day , I started this month at £5 and I managed it .

Vitual pot - where you transfer any odd money left at end of week to a wee savings account.

I am sure someone with more knowledge will post the links for you.

Good luck on your journey x

Thank you!

I love the idea of the virtual pot, i could totally manage that! The challenge would be trying not to touch it lol

Can i ask? What kind of things do you do to make your extra £5 per day?

cc82

cassidy0111 wrote: »

Happy new thread!! What about 1 debt vs 100 day challenge?? Maybe try and ditch one of your more expensive in 100days? It starts today and it is always good to ditch a creditor.

Thank you, that sounds like a good idea too! Cant wait to get rid of some

cc82

OK, i have joined the '1 debt in 100 days' challenge... gonna give it my all

cc82

Shamelessly bumping!

Any further advice please??