For my DDs

2joanne

I cant remember how I got here...I'm sure many of you can relate to that...suffice to say, although I take full responsibility for the financial mess I'm in, I cant remember my parents ever being any good at budgeting but being really good at spending on things they couldnt really afford. Fast forward and decades on, well you can see just how bad things are.

However through the fog of debt one thing to me is crystal clear, I will not set the same example to my DD's. I'm determined to clear my debt, leave my children totally financially secure but more importantly teach them the value of money, how to budget, how to save...

So why now? Well the traditional light bulb moment, nothing more nothing less...I cant go on like this, I must take action now!

I've never had a diary before but have dipped in and out of the challenges before in a half hearted attempt to reign in the overspending...I've mounted up and cleared at least 3 credit cards with over 5k on them at least twice but have never learned from my mistakes...

But this is different...a fresh start....this time I am absolutely determined. I can see myself making the last payment on my very last debt and I can taste the excitement and sense of achievement.

In the past my downfall has been my impatience to clear the debt and my depression when it doesnt happen in the timescales I set out...however having spent the last few days reading some threads and challenges on here I've come to realise that I need to view every single payment no matter how small or large as one step towards that glorious debt free date.....and yesterday I made that step....73p paid of my mortgage! In yester year, I'd have laughed at that and wondered why I bothered but today as I sit here writing this, I can feel every penny adding up.....

I'm not setting myself a date....but I'd love to clear as much as I can by the time I'm 40...I'd love this to be everything I owe but realistically I'm not sure that this is possible...

So in true Debt free diary style (this feels like a confession!) here it is...the truth the whole truth and nothing but the truth....

Barclaycard: £5487
Tesco: £294
Loan: £25000
Wardrobes: £801.58
Mortgage: £168088
S mortgage: £42045
Car: £8019

Total: £249,734.60

:eek:

Day One on my journey .....I'm looking forward to the future!

cleggie

Good morning Joanne!
Its great that you are starting up your DFD, and that you are facing it head on

Have you already posted a SOA (statement of affairs) on the DFW board? If not, i'd recommend doing that, as people can advise you on cutting down your expenditure.
Good luck!

2joanne

Thats brilliant thanks for the advice - i've never found that before...will go hunt it down now!

splodge1983

Hi There, just read your diary and it sounds so familiar to my own .

I agree totally that every payment (and every penny not spent on things we don't need) maks you feel like you are moving towards something and having a diary on here always means there is someone to cheer you up when you feel that nothing is moving in your financial position.

I will subscribe to see how you are getting on. I would also suggest putting a SOA up, I used the one on the makesenseofcards website as, after you have filled it in it then automatically uploads it onto your diary for everyone to see and you will get some really helpful advice from everyone on here about where to save money etc. (I saved £55 per month within 10 minuted of putting mine up :T)

Good luck and I will subscribe to your thread to see how you get on

xx

2joanne

I'm paying 199pm into a sharesave at work...am thinking I need to cancel it...then I'd only be overspending by 38pm ....that could be a sensible way to go....

Then that just leaves my beloved holidays (we're booked on one in July too!!)....oh well somethings gotta give

DCFC79

Life assurance is high at close to £300 but is that normal ?

£420 for groceries a bit high, maybe bring that down a bit..

re the sharesave id scrap it. How much is in the sharesave ?

sistafromanothermista

Car insurance £700:eek: really?!

2joanne

Household InformationNumber of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2950
Partners monthly income after tax....... 970
Benefits................................ 132
Other income............................ 0
Total monthly income.................... 4052
Monthly Expense Details
Mortgage................................ 320.4
Secured/HP loan repayments.............. 891.6
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 46.69
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 12.18
Satellite/Cable TV...................... 70
Internet Services....................... 0
Groceries etc. ......................... 420
Clothing................................ 50
Petrol/diesel........................... 220
Road tax................................ 12
Car Insurance........................... 60
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120
Other child related expenses............ 250
Medical (prescriptions, dentist etc).... 21
Pet insurance/vet bills................. 40
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 299.65
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 22
Entertainment........................... 150
Holiday................................. 200
Emergency fund.......................... 0
Total monthly expenses.................. 3612.52
Assets
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 2000
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 191000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 168088...(320.4)....2.99
Secured Debt.................. 42045....(650)......3.2
Hire Purchase (HP) debt ...... 8820.5...(241.6)....0
Total secured & HP debts...... 218953.5..-.........
Unsecured Debts
Description....................Debt......Monthly...APR
Bcard..........................5487......124.......0
Tesco..........................294.......25........0
loan...........................25000.....358.4.....8.9
Total unsecured debts..........30781.....507.4....
Monthly Budget Summary
Total monthly income.................... 4,052
Expenses (including HP & secured debts). 3,612.52
Available for debt repayments........... 439.48
Monthly UNsecured debt repayments....... 507.4
Amount short for making debt repayments. -67.92
Personal Balance Sheet Summary
Total assets (things you own)........... 191,000
Total HP & Secured debt................. -218,953.5
Total Unsecured debt.................... -30,781
Net Assets.............................. -58,734.5
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

2joanne

Thank you for the spot sistafromanothermista....I'd put in the yearly figures for car costs from my spreadsheet i keep at home..I've deleted wrong SOA and loaded correct one...phew...not quite as bad as first thought....

Sharesave has 2k in it...am thinking of cashing in and using to clear credit card...loan is what i really want rid of but HSBC wont let me make lump sum repayments...

2joanne

Okay - not such a good day today....

I was so chuffed with myself for limiting the entire weekly shop to wait for it....48.83 (OMG thats a record!!) I think I had a momentary lapse/blonde/senior moment and undid it all with a further 10.83 spend in another local supermarket..on useless rubbish (OH had a hankering for nachos, salsa, guacolmole and sour cream - should've told him to go without...lesson learnt!)

On the plus side have done a complete budget for month of June and July taking into account dancing and swimming fees and things like MOT/Service, the lot...quite proud of myself...no more credit cards for the big one offs!

Oh and its my week anniversary....that is since I last used the credit card (Tesco and MBNA old cards now cut up, closed and in the bin since I transferred to B'card 0%)

Well in for a joyous night tonight...hubby watching footie at a mates, me bathing kids....oh the excitement!!

Anyone got any links for cheap meals (tasty ones...we like spicy!!)

Over and out...

2joanne

Ok..up early, a little sleepy, but sun is shining and I'm feeling positive....I'd really like to attempt a NSD today but I'm off on a long drive to see a friend and its just been her birthday..we dont usually buy gifts but feel obliged to turn up with at least a small bunch of flowers..can i resist or even think of something which involves no spending at all??