The SOA and diary of painted lady

painted_lady

Hi Guys, I tried posting this the other day, but have a more detailed SOA now. I am basically aiming to reduce as much of my debt as possible. I am expecting ym first baby in April so really need to cut down on my spending and sort my life out - if only for the benefit of my child. I am also 30 in June and wanted to be debt free by then. I realise this isnt really possible, but at least I will have taken the initial steps. As I mentionned the other day, I have been thinking about this for a while and have already reduced some outgoings and made some attempts to pay off my debts.

OK, here goes.

INCOME
Salary £1100
DLA money £168
TOTAL £1268


OUTGOINGS Fixed amounts
Mortgage - paid by partner
Water - £31.30
TV licence £11.37
House insurance £ 19.83
Hospital Fund £13.26
Sky £21
Council tax £62
Broadband £22.00
Contact lenses £19
Life Insurance £9.75 (for 2 people)
Mortgage Insurance £18.78
Tesco loan £153
Cats Insurance £12

OUTGOINGS averages per month, or annual/quaterly bills averaged out
Gas £12.50
Electric £20.00
Home Phone £15.00
BoS Credit Card £85.58
MBNA Credit Card £60.59
Petrol £70
Car tax £17
Food £120
Socialising £120
Car maintenance £30


DEBTS
Tesco loan £4800 outstanding
Virgin (MBNA) £3312
BoS card £4211
Halifax card £1800

OK, sometimes I earn a little more, do occasional overtime, but isnt very regular or much if I do. I also sell on ebay and can earn extra that way, but again fluctuates so much from month to month. Of course any money I get from these sources I will use to pay off CC's! I work 3 days a week and sometimes fill oput my working week by doing cover shifts for an organisation I am involved with. I will be less likely to be able to do this as I get heavily pregnant, but am going to give them a ring anyway.

Outgoings: We need broadband and sky TV for partners work as he is a journalist, so reducing this isnt an option. I am looking into getting cheaper contact lenses, instead of the high street ones I currently have!

Debts - My Halifax card is 0%, the others I am not sure of, but think Virgin is the highest. I am paying the balance off it this month with a windfall I have had.

OK, I am quite proud of myself now.

thesaint

Before you pay off the virgin card, confirm that it has the highest interest rate.

roswell

Reduce Socialising £120 its £1440 a year thats alot

you also seem to be paying all the bills what does your partner pay other then mortgage ?

Tustastic

Well done for posting, Painted Lady, and congratulations on the baby.
Mortgage insurance - read Martin's article about this on the main site, then see if you have the best value deal or feel it is of any value at all.
Pet insurance - again, are you sure you have the best deal?
Also, you need to add the interest rates for each card and loan so people can advise you in more detail.
All the best:)

painted_lady

Yes, my partner pays the mortgage and house improvements/repairs, AA membership and some other joint bills for the campervan we have, I have the best end of the deal!
I will check out the APRs, but will have to ring them up because I am unsure which is highest interest.
Will look into pet insurance - it is for 2 cats but have had the policy about 3 years so might not be the best one now. I have joined quidco and think they offer one.

CLAPTON

it would be good to add up the outgoings so we know what the total is.

a mental arthmetic calculations shows you a large surplus...is that what you find each month?

do you spend anything on clothes, holidays, presents, xmas, haircuts, weekends away, takeaways, work lunches/coffees, magazines/newpapers/books, hobbies, things for the house/garden?