A clean(-ish!) slate.....

sparklysaver

Right, have been wandering about these boards for a few weeks now & there seem to be some fantastic resources, so I'm starting this diary up to help myself stay motivated, and hopefully get some tips from you lovely people as to other threads & challenges I should be taking part in.

Bit of history: I'm in my mid-30s & live alone (well, with one cat, but no other humans!). I bought a house in 2007 (yes, at the top of the market ) and have a 95% mortgage with NRAM, although I rolled all my fees in so the mortgage was very near the full value of my thankfully not-very-expensive house. I exchanged about 3 weeks before the crash - how's that for timing! :rotfl:Am obviously now in negative equity, but am not too concerned just yet as have no plans to move.

DELETED because there are some people on here who think mental illness is funny and who're prepared to go back through old posts and throw it in my face

I was left some shares last year which I have sold & which bought me a cheap car when I had to hand the company one back, and will pay the mortgage & bills for another few weeks. However, I need to sort out an income sooner rather than later, and I need to get control of my spending so that I live within that income.

If you'd asked me last week I would have said that, apart from my mortgage, I am debt free. However, I got a phonecall on Friday about a student loan debt; I had honestly forgotten that I never did pay that and they've finally tracked me down, 6 house moves later.:( They're willing to accept £25 a month for 6 months and then assess against income, which to be honest I'm happy with; I did borrow the money so should be paying it back, and would have done years ago if I hadn't been in such chaos.

So anyway, here's me, starting anew with my money management and NOT getting into debt every again. God, this is an essay, sorry! Am going to post this, then post my to-do-list, then hopefully get on with doing it! Thanks to anyone who's ploughed through the whole thing....:T

sparklysaver

To Do;

1. GET A JOB!!! Update CV, submit to AT LEAST 5 agencies by end of week.
2. Sort out mountain of possessions which have been hoarded in the "to be sold" room for years and START SELLING THEM. List 20 items on ebay by end of week.
3. Join some MSE challenges; thinking that no-spend days, grocery challenge, weekly spend & maybe make £10 a day would be helpful. Any others that people would recommend?
4. Open a basic bank account to use for general spending.

There will be more to add to this....... just need to get started.

chesneyoctopus

Hi Sparklysaver

Read your story, very positive, and I am sure that you are on the right track in getting your life back under control. Well done!

sparklysaver

Thanks, I feel more on track, even though it might not look like it!

So, here's my SOA, to help me understand what I need to earn.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 0 (yeah, really need to do something about this!)

Monthly Expense Details
Mortgage................................ 406.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 74
Electricity............................. 14
Gas..................................... 32
Oil..................................... 0
Water rates............................. 14.12
Telephone (land line)................... 13
Mobile phone............................ 33 (contract expires in Oct, will go cheaper)
TV Licence.............................. 10.62
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 180 (needs to come down)
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 10.83
Car Insurance........................... 0 (paid upfront for 10 months. Due again in Feb)
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 10
Buildings insurance..................... 0 (combined buildings & contents paid upfront for year. Due again in June)
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 25
Entertainment........................... 50
Holiday................................. 30 (family wedding in Spain next Aug)
Emergency fund.......................... 0
Total monthly expenses.................. 1056.37


Assets
Cash.................................... 3200
House value (Gross)..................... 75000
Shares and bonds........................ 800
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 80800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 79000....(406.8)....4.79
Total secured & HP debts...... 79000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Student loan...................8000......25........0 (estimate of debt & don't know rate. Should find out!)
Total unsecured debts..........8000......25........-


Monthly Budget Summary
Total monthly income.................... 0
Expenses (including HP & secured debts). 1,056.37
Available for debt repayments........... -1,056.37
Monthly UNsecured debt repayments....... 25
Amount short for making debt repayments. -1,081.37

Personal Balance Sheet Summary
Total assets (things you own)........... 80,800
Total HP & Secured debt................. -79,000
Total Unsecured debt.................... -8,000
Net Assets.............................. -6,200

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

Now got to do 2 things;

1. Reduce outgoings, and I've already identified the ways I can see that I'm going to do that but any advice is more than welcome

2. Get a bloody income!! Can't claim JSA as, once again, I made myself unemployed . Stupid, but also necessary at the time just to save what was left of my sanity. Am loathe to go down Incapacity route again because a, it's even more of a nightmare than it was last time I claimed by all accounts and b, I feel better than I have in years so don't honestly think I deserve it. Have a few weeks grace but would rather not be left with no savings if at all possible. Realistically, need to clear at least £950 a month even with possible savings in outgoings.

Basic bank account is set up with co-op, September's "wages" which I'll be paying myself out of my savings will be going into it as soon as the card arrives.

Ebay listings have begun; OMG there's a whole room full of so much stuff!! :eek: (sometimes OCD is a benefit!! )

Many jobs have been applied for. Also, have applied for shifts at 3 local pubs - not only a possible 2nd income (or 1st income if nothing else comes up!) but also gets me out more which will be good for my mental health.

Will be joining more challenges. Need to get those bills down! :j