Going for debtfree... this time we WILL succeed!

LittleMissKitty

Hello again

Time to get a hold of this debtfree thing. After my last diary https://forums.moneysavingexpert.com/discussion/2237705 (of sorts - I'm no good at sticking to writing in these things) I lost my grip on the finances a bit once baby actually arrived and now I'm back to finish off what I started 2 years ago!

I've decided to start this diary with an SOA. I'm not looking for places to cut down - more having something to maintain (though, truth be told, I'm horrified at our food bill and I WILL be aiming to cut it down. And the mobile's will be down to £16 come May).

I want to concentrate on using all of our 'spare' cash to get these debts down as quickly as humanly possible. I'm starting with the overdraft, then the debt to FIL and lastly, finishing with my own parents (who never expected the money back until we move house but I'd like to get it paid )

It'll be interesting to look back on this and see where it changes

Wish me luck

Kitty xxx

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1840.19
Partners monthly income after tax....... 0
Benefits................................ 775.73
Other income............................ 0
Total monthly income.................... 2615.92
Monthly Expense Details
Mortgage................................ 450
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 119
Electricity............................. 32.5
Gas..................................... 32.5
Oil..................................... 0
Water rates............................. 22.32
Telephone (land line)................... 17.25
Mobile phone............................ 50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 41.25
Internet Services....................... 7.5
Groceries etc. ......................... 455
Clothing................................ 50
Petrol/diesel........................... 250
Road tax................................ 28.33
Car Insurance........................... 48
Car maintenance (including MOT)......... 41.67
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 41.67
Pet insurance/vet bills................. 0
Buildings insurance..................... 14.7
Contents insurance...................... 0
Life assurance ......................... 13.76
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 10
Entertainment........................... 110
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1997.57

Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 180000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 119624...(450)......1.24
Total secured & HP debts...... 119624....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
FIL............................7174.33...0.........0
Parents........................9000......0.........0
Overdraft......................1489.4....15........2
Total unsecured debts..........17663.73..15........-

Monthly Budget Summary
Total monthly income.................... 2,615.92
Expenses (including HP & secured debts). 1,997.57
Available for debt repayments........... 618.35
Monthly UNsecured debt repayments....... 15
Amount left after debt repayments....... 603.35
Personal Balance Sheet Summary
Total assets (things you own)........... 180,000
Total HP & Secured debt................. -119,624
Total Unsecured debt.................... -17,663.73
Net Assets.............................. 42,712.27
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

DrSqueeze

Hi, and of course GOOD LUCK with your new plan.

LittleMissKitty wrote: »

though, truth be told, I'm horrified at our food bill and I WILL be aiming to cut it down

Excellent place to start, usually one of the largest monthly costs and yet one of the easiest to make some savings on. Go for it, every pound you cut is another one you can throw at your overdraft.

Wish you every success :beer:

LittleMissKitty

Thanks DrS, always nice to have support


Nothing interesing to report really, but figured I should continue to keep a note so today:

• Turned down an offer to sit and drink expensive coffee and pay for the kids to climb on soft play equipment and decided to run them around in the recreation ground after half-term club instead.
• 4 ebay items sent off.
• 1 hat payment landed in my paypal account
• 39 CD covers printed so I can start getting CD's to clients.

Hopefully we'll get away without filling the car up until next month although I think DH needs to put petrol in the bike. No more food shopping till after payday and present bought for Saturdays birthday party, I've decided to make the kids outfits or convince them to wear something we already own!

We're shooting a wedding on Friday so I'll try and bully DH into use bringing food from home rather than buying sandwiches from a cafe or newsagents.

Onwards and upwards

LittleMissKitty

Oh crap. Got caught on the backfoot by The Money club on the phone. Crap crap crap. Off to phone the bank and tell them I do NOT authorise a DD.

Crap crap
crap.

DrSqueeze

Sounds like you've made a good start, keeping a diary or a list is very useful.

And it's amazing how much kids enjoy stuff you can do for free. I had a Tonka digger as a child, and spent hours moving soil from one part of the garden to another.

LittleMissKitty wrote: »

We're shooting a wedding on Friday so I'll try and bully DH into use bringing food from home rather than buying sandwiches from a cafe or newsagents.

Good plan - I can make myself sandwiches for a week for about the same price as buying one from a supermarket :eek:

LittleMissKitty wrote: »

Oh crap. Got caught on the backfoot by The Money club on the phone. Crap crap crap. Off to phone the bank and tell them I do NOT authorise a DD.

Whoops!