Jumping aboard!

downsizer3

Here's my new SOA following all the changes of late.
I'll be below £1000 on my card by Xmas and start to pay back the tax credit overpayments on a voluntary basis from December. I'm paying back £200 pm - just want shot of it and that'll take a year of pain but I hate owing money.
Looks good on paper but I've a way to go yet and every month something crops up to make it hard to get by. My increased business has allowed me to put my salary back to what it was (for now)- hence the ability to pay!
I've got my groceries down but can still do better. Christmas presis nearly bought so am paying £300 to the card this month - my usual £100 plus the £200 that'll go to tax credits from late Dec onwards ( the earliest they'll let me pay!). I'll be shot of that card by June - phew!!



Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 2581.2
Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 162
Electricity............................. 30
Gas..................................... 78
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 24.5
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 750
Other child related expenses............ 28
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 4.47
Buildings insurance..................... 27.35
Contents insurance...................... 0
Life assurance ......................... 19.22
Other insurance......................... 73.52
Presents (birthday, christmas etc)...... 10
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1849.43

Assets
Cash.................................... 500
House value (Gross)..................... 320000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 10000
Total Assets............................ 339500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 33000....(300)......2.99
Total secured & HP debts...... 33000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Tax credit OP..................2574.29...0.........0
Credit card....................1374.21...37........0
Total unsecured debts..........3948.5....37........-

Monthly Budget Summary
Total monthly income.................... 2,581.2
Expenses (including HP & secured debts). 1,849.43
Available for debt repayments........... 731.77
Monthly UNsecured debt repayments....... 37
Amount left after debt repayments....... 694.77
Personal Balance Sheet Summary
Total assets (things you own)........... 339,500
Total HP & Secured debt................. -33,000
Total Unsecured debt.................... -3,948.5
Net Assets.............................. 302,551.5

downsizer3

Well, pending any more disasters (and they have a habit of popping up these days I'll have my card below £1000, mortgage below £31,500 and have made my first tax credit repayment by Xmas. By Xmas 2012 I'll be debt free with a mortgage of £28.5K and raring to go! Feels like I'm wishing my life away but it's all good to focus.

Looking at the DFW threads I can get plenty of inspiration.
I still have lots of friends - those in 'safe jobs' who haven't felt the pinch yet - that still have lots of credit card debt. One couple on interest only mortgage, £30k of credit card debt between them, kids at private school.........just takes one cut in salary or worse - a job loss and the cards come tumbling down.
I for one can't live like that any more - I've seen the dark side!!! Not going back there thank you very much! :A
Just gotta keep it up eh?

Twiddy

Going great-guns downsizer, and yes please keep it up!!

All the best
T

thriftylynny

Well i think you're doing great & ive been following your diary as your figures are about same as mine with similar targets & you've been inspiring me to carry on with my own harsh MF journey . I'm a single working mum aswell & well used to the struggles of keeping it all going on my own,at night i go to bed shattered wondering if its all worth it,working my butt off,pence in my purse,house a mess,me a mess & that lifes too short to be attempting getting mortgage down, then wake up feeling totally motivated to carry on!! Thats why its great to find a diary like yours that i can keep up with so keep them posts coming

downsizer3

Aw -thanks for that you two. Really nice when someone pops a message on - sometimes feel I'm rambling to myself haha.
I have £40 in my purse ( mum gave me the cash I paid for my daughter's winter boots as I'd spent my birthday money on them!) but I'll need that for some food stuff till payday. Thats Monday.
Credit payments start next payday so its £300 to the card this month - that'll feel good. Don't even have the pin for it so I can't use it!! :A
People at work were talking about pensions the other day - gawd! Think mine gives me about 20p a month. Really grim. When I'm through all this ( Dec 2012 and counting) I'm going to split my money between overpaying my mortgage and getting a pension together. Got to sort myself out.
I'm already wondering how to have a holiday next year - a week in april and two in the summer. A friend has a campervan and I'm going to see if they'll lend me it. I'd quite like that and the wee one certainly would - could be fun. Def won't be able to afford a sunny holiday - 2013 before I can contemplate that sort of thing probably. Hey ho.
Anyway a cheap christmas first. Have to drive to the west coast for work a coupl eof times between now and christmas - will take a saw and choose a wee christmas tree teehee - at least working in remote bits of scotland has some benefits!!

downsizer3

5 days till payday - £30 in my wallet ( and a £10 tesco voucher) and £2.65 in my bank account.
Phew - should make it!!...........

downsizer3

Paid £300 of my card today - just about £1000 now - that looks better even though its still a lot! Still got to be careful but hoping I'll get through the month ok. Have to apply my new found not-frittering ability as I have a few wee things to get for xmas still. Making a verry merry berry liqueur - I have fancy bottles left over from last year so that'll do. Beyond that I'm making sweets to hand out. Sorted.
Get paid on 22nd in December - dangerous territory that - I hate Jan as you still have the last council tax to pay and its a week longer till next payday. I will be frugal, I will be frugal..................;)

downsizer3

Watching the news last night - its all pretty scary these days. Years of hard times for all and no growth. Makes me worry about my business and how I'll manage through.
I was hoping life was picking up a bit as well.....
Well- all I can do is get rid of my debts so I'm in the best position I can be if it all goes pete tong. Worrying times. ( mine started about 3 years ago - fed up with it all already !!)

downsizer3

I've just remembered I have £5000 sitting in an account - offset against my ex's debts and his former 'stake' on our property. When I sold it the new buyer wanted this 'comfort' money in case ex went bankrupt (could still happen) and someone looked back at his history - saw the house was sold and want a portion of it ( all very complicated - never sell to a lawyer). Ex got his money out but the £5k was his half of the legal bills / conveyancing etc.
Anyway. In 2013 I get £5k plus interest back ( That'll be £5001 then.........:mad:) - and if I'm still OPing as I am - I'll be at £26,500 - so maybe that year I'll get below £20,000. Pretty good - another couple of years off!!

thriftylynny

Ooh Downsizer you're starting to overtake me with that last post! £5000 how am i gonna catch you up with that?!! My mortgage is currently £33000 & im aiming to cut term to 10 yrs in 6 mths after i've got mort 2 down another 3k (stupidly went off rails after divorce & spent on cc's & subsequently panicked & consolidated debt onto mortgage 2,borrowing an extra 6k) Like you i live in a very expensive area,small house worth around 320k, now i'm wondering if its worth persevering her struggling away & recently been looking 22 miles north at new builds where i could afford a beautiful brand new home with no flaming mortgage at all,cut my hours at work etc? Then i change my mind again!! Do you find you get tired physically with the worry of it all ? :mad: