My debt free diary.

hannahroberts1985

Hi,

I have been a visiter to this website for a few years now but never really posted. I've started this thread (not sure if anyone will read but feel like it i'm honest and open about my debt it will become easier to manage)

So... Just updated my totals I will do this monthly from now on.

I earn enought money to pay off my debts slowly I always make my monthly loan repayments of £180 and have been paying off money that I own to my joing bank account. I pay a bit of each credit card every payday but then spend it again......Time to be honest and stop doing this.

The hardest thing i'm finding is my friends and boyfriend are used to me being able to afford going out, the odd take away, etc and I do well until a birthday crops up I don't want to stop buying my friends gifts or going out for their birthdays but i know this is where I spend most of my money.

Got to get sorted for work now. Will be back soon!

hannahroberts1985

Ok so i know noone has posted but i'm going to keep going to keep myself on track.

Tonight is my boyfriends and friends birthday which means a night in town. Which means money spent.....I was toying with the idea of driving and not drinking but I don't want to be moody and ruin my boyfriends night so I will have a few drinks but have set myself a budget of £30 inc taxi's. I have no other nights out planned now until 28th august so am going to promise not to go into town for a night out until then.

unimaginative_user_name

Well done for having the courage to post and I hope this diary helps you in your journey to being debt-free. I just wanted to ask if you have talked to your boyfriend about your money issues. If you are managing to meet minimum payments you are in a better position than some on this forum. :T

I think it's great that you don't want to stop giving your friends birthday presents. Are you any good at arts and crafts or baking. Homemade presents are lovely to receive and you could pick up books with ideas from a library. A few years back I couldn't afford to spend much on Christmas presents and I was living in a country where it was hard to get credit cards. I bought some inexpensive picture frames and cross-stitched people's initials onto fabric and put them in the frame. I've also given home-made Christmas cakes as presents which were very well received.

Would you be able to post a SOA so that other can make suggestions for cutting your costs and freeing up more money to clear your debts?

TeamNicholson

Just wanted to say good luck Keep posting to stay motivated and maybe try join a challenge if you feel like it. Are you ready to cut your credit card up yet? :eek:

Sharon87

I am also on the road to becoming debt free. Good luck, I also have difficulty sticking to budgets.

Keep us updated on the progress!

hannahroberts1985

Morning,

Thanks to everyone who's posted. Managed to make it home with £7.50 from my £30 budget last night :j

Thanks for the idea unimagenative I am quite into photography so could use photo's as gifts. My next birthday isn't for a while so I can go on a mission and try take a nie photo of us before then. Thanks for the idea.

My boyfriend know's I have debt and that I have been cutting back but he doesn't know detailed.

Here's my SOA never really done one before. I will fill it out with only my money detailes as we tend to keep our money seperate but pay half the bill's each.

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................ 1400 (this is my basic salary I receive a bonus every 1/4 I will post when i receive this and give you a break down of where I will be using this)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments..............180
Rent....................................450 (inc all household bills)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. .........................80
Clothing................................0
Petrol/diesel........................... 40
Road tax................................20
Car Insurance...........................78
Car maintenance (including MOT).........20
Car parking............................. 0
Other travel............................50 car repayments
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc)....0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)......30
Haircuts................................10
Entertainment...........................160
Holiday.................................0
Emergency fund.......................... 0
Work lunches............................0
Other (cash, stationary, unknown........20
Toiletries/beauty.......................20
gym.....................................
Total monthly expenses.................. 1173



No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Barclay CC.....................1250
HSBC CC.....................1485....
HSBC Overdaft................1500
Owed to Joint bank account..........1383


Thanks for the suggestion of completing my SOA. I am comtacting my insurance company today as I have received a lot lower quote from the same company so will hopefully free some money up there. I think I may join the grocery challenge to try cut shopping back to £60 money from my spending and try cut back from £40 a week for entertainment to £30 If i can acheive all this I could be saving £60 which can go back into paying of CC's.

Any thoughts on my SOA? I would be greatful for your advice?

Will get on the phone to my insurers now and let you know how it goes. :j

Hannah

hannahroberts1985

Insurance sorted my monthly repayments for car insurance now £47 rather than £78 saving me £31 :0)

unimaginative_user_name

hannahroberts1985 wrote: »

Insurance sorted my monthly repayments for car insurance now £47 rather than £78 saving me £31 :0)

Think of this as equivalent to an annual saving of £372 and you'll realise how well you've done!

What a lovely idea about photographs. Could you use your talent to make a bit of extra cash? If you have friends with babies you could make a tidy sum doing Christmas shots. It reminds me of a time when i was strapped for cash and needed a birthday present for my daughter's seventh birthday. She was/is a massive Strictly fan so I emailed the fan site of her favourite professional dancer and asked for a signed photograph which I put in a £3 frame. The photo was free. She was thrilled and five years later the photo is still on her dressing table.

Best wishes for the rest of the journey.

hannahroberts1985

Also remembered I get a Meerkat with my insurance so I can sell this on e-bay and pay my debt :0)

unimaginative_user_name

hannahroberts1985 wrote: »

Also remembered I get a Meerkat with my insurance so I can sell this on e-bay and pay my debt :0)

I like your thinking!

Wood.Justin

hannahroberts1985 wrote: »

Also remembered I get a Meerkat with my insurance so I can sell this on e-bay and pay my debt :0)

I've had a few of these, they fetch anywhere between £25-£35 a pop so good luck with those!

Also wanted to wish you luck for the journey ahead. I'm in the same boat myself and I can relate to where you're coming from. It isn't going to be easy but it feels comforting knowing that you're not alone in all this.