Diary for motivation

Fae

Hello,

I've been reading this forum for sometime, and using the fab advice, and decided it was time to go for it and join, and get myself some extra motivation to get debt free.

Background to my situation until 2009 I had a really good salary coming in and money burned a hole in my pocket, then my postion was made redundant, and like alot of other people I couldn't find a job with the same salary. I did find employment quickly but ended up with a pretty awful company and changed jobs again the following year. I managed to do some sensible things with my redundancy but not enough, so stil have debt and could kick myself now.

Over the last year I have taken a lot of actions to get things sorted including.
Moving to a smaller house with much lower mortgage, which has the added benefit of being closer to work, and to food shops so much lower petrol bills.
Cut out some unecessary things, such as Sky, the tumble dryer (huge electric bill reduction) house phone ( I have a mobile so don't need both)
Started to budget
Started a finance diary so I know where my money goes.
Made some of my Christmas and Birthday presents.
Sold items on ebay

I am getting there and am so much more careful with money now, just wish I had gained this attitude years ago, but hey ho, I would guess I'm not the only one.

I always feel really motivated when I come on here and read the tips, and see how people are doing at reducing their debts so thought this would be a good next step for myself too

I'm now going to go and start drawing up a list of ideas for how to reduce my debt as quickly as possible and post it on here to help me to commit to it

Fae

badger_

and happy shiny new diary

Some of the challenges are a great way of reducing debt and are fun too https://forums.moneysavingexpert.com/discussion/3708739

PRINCESSPOOR

Hi Fae. What an inspirational post. I too used to have a well paid job but now, after running up debt trying to maintain a lifestyle, I have had my LBM and find myself learning to live on less whilst attempting to pay it all back. Thank you for posting what has worked for you, there are a couple of things there that I will try myself. Good Luck and keep posting.

Fae

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.................... 2

Monthly Income Details
Monthly income after tax................ 1557.14
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1557.14

Monthly Expense Details
Mortgage................................ 564.5
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 26
Gas..................................... 35
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 0
Mobile phone............................ 25.99
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 90
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 11
Car Insurance........................... 37.89
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.65
Pet insurance/vet bills................. 0
Buildings insurance..................... 17.07
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 0
Entertainment........................... 10
Holiday................................. 35
Emergency fund.......................... 0
Total monthly expenses.................. 1195.22

Assets
Cash.................................... 0
House value (Gross)..................... 97000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 100500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 87000....(564.5)....0
Total secured & HP debts...... 87000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Credit card..............6122.26...125.......0
Lloyds TSB.....................3044.59...64........0
MBNA...........................3077.91...87........0
Overdraft......................750.......12.1......0
Total unsecured debts..........12994.76..288.1.....


Monthly Budget Summary
Total monthly income.................... 1,557.14
Expenses (including HP & secured debts). 1,195.22
Available for debt repayments........... 361.92
Monthly UNsecured debt repayments....... 288.1
Amount left after debt repayments....... 73.82

Personal Balance Sheet Summary
Total assets (things you own)........... 100,500
Total HP & Secured debt................. -87,000
Total Unsecured debt.................... -12,994.76
Net Assets.............................. 505.24

Reproduced on Moneysavingexpert with permission, using other browser.

Well my SOA makes interesting reading, my water rates are very high, but we are having a water meter fitted in July so this will come down so looking forward to that. My OH is not in full time work at the moment, and has his own debts what he brings in just about covers his debts so I haven't included his earnings in this. Mobile phone contract ends in Jan so will be looking for a cheaper contract or PAYG.

Fae

sistafromanothermista

:wave: welcome.

Not a great deal you can cut down on tbh. Well done you for cutting SKY, we haven't got an aerial so can't go freeview :mad:

Fae

Well today, had to go an do some food shopping but stuck to the list and only spent what I intended, so that was good, and this will now last until payday (Friday).

So things to do this week

[STRIKE]
Contact CC companies to find out interest rates.
[/STRIKE][STRIKE]Look out other items to put on ebay[/STRIKE][STRIKE]
Go through store cupboards before doing big shop after payday
[/STRIKE][STRIKE]Look at the challenges thanks for the heads up Badger :-)[/STRIKE][STRIKE]Empty some more boxes - we moved in March and there is only the two of us, why does it take so long [/STRIKE]:(

Fae

Fae

Today started not so good, Had a dentist appointment for a filling, but the tooth is too bad to be filled so have to be reffered to have it removed, but on the plus side the money I had already paid for the filling will cover the extraction, so no need to spend any more.

Managed to get hold of all my credit card companies and the back to find out the rates of interest I am paying, real eye opener, turns out my overdraft rate is the highest :eek: so guess which I am going to work on paying off first.

My lovely collague who knows my sitatution told me about some possible overtime this weekend so have just put myself forward for that so fingers crossed.

Fae

Fae

Just had a look at the snowball caculator and if everything stays the same i would be debt free in Oct 2016, however I am getting a payrise July this year, and have decided that you don't miss what you never had so it can go towards the debt repayment, so looking forward to see what effect this has. Not 100% sure of what my new monthy will be after tax so will wait for my wage slip.

Fae

badger_

Congrats on the payrise, that sounds like a great plan!!

Fae

Thanks Badger,
Well today is turning out well, was told new wiper blades for my car would cost £26:eek: but just found them online for £3.95 wow so pleased I took the time to look. Then rang my water supplier to check what to do when meter is installed, mentioned I thought we had water leak at prev house, when they looked at the water usage they were able to confirm that we did, and they can give me a rebate, don't know how much yet but so pleased I mentioned it

Fae

badger_

What a saving on the wiper blades, it's always worth shopping around and great result with the water company