Diary of debt prevention

in Debt free diaries
6 replies 536 views
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.................... 0
Monthly Income Details

Monthly income after tax................ 2100
Partners monthly income after tax....... 2100
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4200

Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1083
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 0
Mobile phone............................ 100
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 16.5
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 3
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 50
Entertainment........................... 300
Holiday................................. 150
Emergency fund.......................... 0
Total monthly expenses.................. 2307.62


Assets

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


No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
M&S............................3750......100.......0
DFS (sofa).....................999.......40........0
Total unsecured debts..........4749......140.......-


Monthly Budget Summary

Total monthly income.................... 4,200
Expenses (including HP & secured debts). 2,307.62
Available for debt repayments........... 1,892.38
Monthly UNsecured debt repayments....... 140
Amount left after debt repayments....... 1,752.38

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,749
Net Assets.............................. -4,749


My circumstances have just changed and my OH now earns much more money. However, we seem to be in debt despite having healthy salaries and low(ish) rent. I think we have a real spending problem and are always looking to the next pay, the next month, to clear our money worries. We're both sick of feeling as though we have no money.

I have started a spending diary but I think I also need a debt paying off/prevention diary to keep me motivated and log my process of paying off my debt and making a fresh start for my family.

Wish me luck.
Barclaycard: [STRIKE]£1042[/STRIKE] £433.41 (me) [STRIKE]£996[/STRIKE] £580 (ex-OH)
Target spend per month: £750
Current overspend: £130/month:eek:
Student loan: £[STRIKE]24,384.42[/STRIKE] £23,243.18

Replies

  • tirlittantirlittan Forumite
    3.4K Posts
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Forumite
    Hi Faceuptoit. It doesn't seem you have a lot of debt. Maybe you should try to keep a spending diary for a week or a month and see exactly where your money goes. Record absolutely everything you buy. Good luck for your debt prevention!
    DEBT FREE OCTOBER 2012!
    Proud to have dealt with my debts!
  • This is what I am trying to do. I know it doesn't seem like I have much debt but I think DFW is the place to have my diary as (a) my main focus is on clearing my small debt, (b) I am still currently overspending my salary EVERY month, resulting in a need to clear my overdrafts each payday, and (c) in order to avoid getting into a more serious debt problem I need to cut back and keep myself focused, and DFW seems the best board for that :)
    Barclaycard: [STRIKE]£1042[/STRIKE] £433.41 (me) [STRIKE]£996[/STRIKE] £580 (ex-OH)
    Target spend per month: £750
    Current overspend: £130/month:eek:
    Student loan: £[STRIKE]24,384.42[/STRIKE] £23,243.18
  • edited 31 July 2012 at 4:38PM
    faceuptoitfaceuptoit Forumite
    72 Posts
    edited 31 July 2012 at 4:38PM
    So to update for today:

    Spending-wise - £1.70 (on a jacket potato for lunch). Dinner will be from the freezer, breakfast was cereal and a banana at work. Withdrew £10 so I'm going to make that last Tues-Fri for lunches. £2.50/day, so today was 80p under budget :)

    I have roughly £300 to spend on my Amex card until 20 August in order to come within my target spend. Not including today (as I haven't spent anything on it), that's £15 per day. Still need to buy a few new bits of clothes for holiday and work out how much spending money we'll both need (thinking £500 each for 10 days, half-board - is that too much? We hate not having enough cash)

    Have requested refund for a spa day I booked yonks ago - can't afford it and don't want to go anymore anyway - should be getting £69 back on my Amex in the next 7-10 days :) so that means I should be comfortably within my target spend for this month, excluding my holiday spending money.
    Barclaycard: [STRIKE]£1042[/STRIKE] £433.41 (me) [STRIKE]£996[/STRIKE] £580 (ex-OH)
    Target spend per month: £750
    Current overspend: £130/month:eek:
    Student loan: £[STRIKE]24,384.42[/STRIKE] £23,243.18
  • tirlittantirlittan Forumite
    3.4K Posts
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Forumite
    Hi Faceuptoit!

    Just noticed your signature and the overspend you have. That's quite a lot. Do you have any idea where you spend it?

    Regarding your SOA I'd say that your food bill, haircuts, entertainment and presents are quite high, maybe you need to rethink these.

    Hope you're doing well with the spending diary.
    DEBT FREE OCTOBER 2012!
    Proud to have dealt with my debts!
  • edited 1 August 2012 at 11:26AM
    faceuptoitfaceuptoit Forumite
    72 Posts
    edited 1 August 2012 at 11:26AM
    I think I mostly spend it on alcohol, cigarettes and food when at work (and the occasional meal out)...It's pretty obscene!

    So basically I'm chucking it all down the drain. I spend over £1000 a month, disposable. I'm really trying hard to stick to the spending diary as I know I have a spending problem and I think it's going to get me in trouble! Seeing it all in black and white puts me off spending more!!

    Today

    Checked banking and updated spreadsheet
    Pay £35 owed to sister :(
    £2.50 or less spent on lunch
    Found £3 in handbag, so enough for another lunch next week
    Nothing spent other than on lunch
    Barclaycard: [STRIKE]£1042[/STRIKE] £433.41 (me) [STRIKE]£996[/STRIKE] £580 (ex-OH)
    Target spend per month: £750
    Current overspend: £130/month:eek:
    Student loan: £[STRIKE]24,384.42[/STRIKE] £23,243.18
  • Hey :wave:

    Good luck on your debt free mission. I started a diary a few weeks back finding it really helpful.

    In my sig I have NSD (no spend day) i'm trying to see home many days from now untill year end I can go with out spending it's making me question every purchase and most of the time I don't buy what I was planning :j:j

    xx
    emergency fund:£179/ £1000 Uniform/car fund:£
    boys savings £
    Christmas £60 bday £40 holiday £

    Family loan £7000/£5425
    Credit Card 0% £2015.32 eon £435 overdrafts £1500/£1300
This discussion has been closed.
Latest MSE News and Guides

Check your Clubcard vouchers

Use our trick to extend them

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals