The Ultimate Hard and Fast debt clearing mission

starnac

Dinah93 wrote: »

Go on girlies, you did a good job of kicking me up the bum last time, what can you see this time?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1561.73
Partners monthly income after tax....... 1106.73
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2668.46

Monthly Expense Details
Mortgage................................ 845.5
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 26.07
Telephone (land line)................... 14
Mobile phone............................ 15.36
TV Licence.............................. 0 don't you watch TV?
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 300
Road tax................................ 0 no road tax?
Car Insurance........................... 73
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 10.5
Contents insurance...................... 10.5
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 where does the money come from for these?
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0 what about trips home to see NIM's family? I know not technically a holiday but you'll need money put aside
Emergency fund.......................... 0
Spends.................................. 100 is this each or for both of you?
Lottery................................. 9 have to agree with the others. don't really rate the lottery but I do see your point of view re work thing. If it was a personal thing I would say no but it's different.
Healthcare cashback plan................ 39
Husbands Mobile Phone................... 25
Total monthly expenses.................. 1806.93


Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 177000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 132000...(845.5)....5.9
Total secured & HP debts...... 132000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................9500......210.......0
NIM HSBC CC....................1448.34...34........16.9
Dinah HSBC CC..................2497.92...48........21.9
Car Loan.......................6540......140.......3.2
Grandad........................600.......0.........0
B & S Loan.....................480.......240.......0
Next Account 2.................76.51.....8.........27.9
Next Account 1.................362.99....15........27.9
Fire instillation bil..........500.......0.........0
OD3............................250.......0.........21.9
OD2............................1000......0.........19.9
OD1............................50........5.........0
Business CC....................720.......28........17.9
CC4............................4000......30........0
Total unsecured debts..........28025.76..758.......-


Monthly Budget Summary
Total monthly income.................... 2,668.46
Expenses (including HP & secured debts). 1,806.93
Available for debt repayments........... 861.53
Monthly UNsecured debt repayments....... 758
Amount left after debt repayments....... 103.53 do you actually have this left over? if not where does it go?

Personal Balance Sheet Summary
Total assets (things you own)........... 177,000
Total HP & Secured debt................. -132,000
Total Unsecured debt.................... -28,025.76
Net Assets.............................. 16,974.24

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

I have made some comments above Dinah.

Birdie85

We talked about it on Sunday actually and OH has said that we're going to hit my card debt (which isn't too much, about £3k, with about £1k of that being 'our' debt from car costs etc) together, I'm to switch the DD so it comes out of the joint account which will make me feel less strangled each month money-wise as he's seen how much I've been struggling lately. Of course I'll still be doing my best to throw extra money at it too. My problem with full disclosure with OH is that he's been there done that, come out of the other end and hates his CC so is a little 'holier than thou' about it all now, I don't like feeling like a naughty little girl whenever we talk money! Get my proper new wage paycheck tomorrow and it's looking very healthy (and only £40 less than my 'higher earner' husband!) so we should be OK from here on in, feeling positive about it all, as long as we don't get complacent and go overboard on our food shopping and treats! OH is adamant that I spend a little of my extra money on myself though, he wants a glamourous wife he can show off, right now that's not me!

It is bleeding freezing today, want my Mum to hurry up and come home (currently in Vegas on a 'business trip' with Dad, lucky gits) so she can take me shopping for a coat!

ETA: Sorry, that took me ages to reply to so looks a bit odd down here!

Dinah93

Thats great that you've come up with a plan together Birdie, must feel like a weight off your shoulders.

Cinny91

Not defensive at all! The only reason I was Miz-ing out on the food part was because I know how much you were spending a few months back. Glad you've got that sorted now!

And with the emergency fund I think I just have some American thinking there. Me and OH always made sure we had enough to one side first. I guess we all work differently!

Sounds like you have everything in order Birdie, must be exciting to be on the higher wage slip! My OH is just the same when I have extra money, wants me to spend some of it on myself. I'm sure you'll have the debt down in no time.

Dinah93

starnac wrote: »

I have made some comments above Dinah.

Thanks Starnac. We do have that ammount left over, and reassuringly its usually left at the end of the month. I tend to pay half straight off the CC, the other half I leave in the bills account in case any are higher than I expected that month or the car needs it, and on the next payday pay whatever is still in the bills account off the CC.

Road tax we pay in one go, don't save for it. We just don't really have that £100 spare, or any spends, or much food that month!

Erm, no we don't have a tv. We decided it was a waste of money so stuck it on ebay.

Present money comes out of our £100 spends money, as does money to go to Ireland. £100 spends is for both of us and covers absolutely everything not in the budget including anything the car needs for repairs/maintenance, MOT, service, NIMs £7 a week football money, and my £7 a month to get my eyebrows waxed.

starnac

Dinah93 wrote: »

Erm, no we don't have a tv. We decided it was a waste of money so stuck it on ebay.

Please come and talk to my DH about that. We stopped our sky because we don't watch it and I said "Well I don't watch TV at all and DD only watches DVD's and has a portable DVD player so lets get rid of the TV and he looked at me stupid! :eek: <-- a bit like that actually

starnac

Dinah93 wrote: »

Thanks Starnac. We do have that ammount left over, and reassuringly its usually left at the end of the month. I tend to pay half straight off the CC, the other half I leave in the bills account in case any are higher than I expected that month or the car needs it, and on the next payday pay whatever is still in the bills account off the CC.

Road tax we pay in one go, don't save for it. We just don't really have that £100 spare, or any spends, or much food that month!

Erm, no we don't have a tv. We decided it was a waste of money so stuck it on ebay.

Present money comes out of our £100 spends money, as does money to go to Ireland. £100 spends is for both of us and covers absolutely everything not in the budget including anything the car needs for repairs/maintenance, MOT, service, NIMs £7 a week football money, and my £7 a month to get my eyebrows waxed.

you seem to have things covered then although an emergency fund may be a good idea. anything left over from your £100 could be put in there just in case. cars are expensive!!!

archersluck

Can you DIY your eyebrows? I pluck & tint mine, not as good as going somewhere but it'll do. Can't tint my eyelashes though, that's impossible!

Would agree with paying debts before saving, and lottery is good for charity and joining in at work so I'd keep it.
I don't know anything about mortgages but it seems quite high when I know you had a good deposit, is it fixed?

Otherwise all seems v frugal to me!

Birdie85

I think that if you've got the money spare to put into savings for a rainy day then good on you Cinny! One day that'll be us I hope, although I doubt we'll ever have the recommended 3 month's wages saved up- too tempting to spend it on a holiday! :rotfl:

I do feel like a weight has been lifted somewhat, will make me less likely to dip into the CC at the end of the month too as I should have enough to last me longer than 3 weeks!

Dinah93

Has anyone done the £15 of Boots points for £5 in this weeks email? Seems really good for Christmas pressies or even just a 66% discount off your toiletries. If anyone is doing it and not on Living Social my referral link is in my last posts list - I think it's £5 or £6 or something into my account by using the link The voucher is limited to the first however many people to sign up and its already at nearly 4000 people!