Starting again and sticking to it!

CandyCupcake

Well I have started a diary on here before, but too be honest I didn't keep it up to date as I went through a bit of rough patch where instead of paying off debts I just spent every penny I had...oops!

But now I am back to being good and motivated to being debt free and will try to update my diary on a daily basis!

First stop will be an up to date SOA & I will complete the snowball calculator

Candy

CandyCupcake

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................ 1137

Total monthly income.................... 1137
Monthly Expense Details
Secured/HP loan repayments.............. 331.7
Rent.................................... 50
Mobile phone............................ 40
Groceries etc. ......................... 80
Petrol/diesel........................... 70
Road tax................................ 11.25
Car maintenance (including MOT)......... 22.42
Pet insurance/vet bills................. 20
Presents (birthday, christmas etc)...... 25
Haircuts................................ 35
Holiday................................. 0
Beauty.................................. 20
Car Wash................................ 12
Account Fee............................. 6.5
Total monthly expenses.................. 723.87

Assets
Car(s).................................. 7000
Total Assets............................ 7000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3457.35..(331.7)....9.3
Total secured & HP debts...... 3457.35...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Bank of Grandparents...........1460......120.......0
Barclays Overdraft.............700.......20........0
Barclaycard....................3750.61...85........17.5
Medical Loan...................2196.1....94.33.....20.8
Total unsecured debts..........8106.71...319.33....-

Monthly Budget Summary
Total monthly income.................... 1,137
Expenses (including HP & secured debts). 723.87
Available for debt repayments........... 413.13
Monthly UNsecured debt repayments....... 319.33
Amount left after debt repayments....... 93.8
Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total HP & Secured debt................. -3,457.35
Total Unsecured debt.................... -8,106.71
Net Assets.............................. -4,564.06
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

CandyCupcake

OK so a bit about me, as it may explain why I don't have a very full SOA!

I'm 22 and still living at home (hence the reason I don't have any household bills and my rent is really low); I work full time and my job does entail overtime availability so the monthly income I have used for the SOA is my salary at a minimum as I quite often pick up more.

My debts started with my very first credit card when I was 18 (£500) this soon got maxed out, so I increased it, and then maxed that out! I then wanted a car, so borrowed the money from my Grandparents. I no longer have this car but I am still paying off the debt - luckily interest free! I then got another credit card, with an even bigger limit - £5000.00 to be exact EEKK!!, had cosmetic surgery - on finance (stupid, I know), then got ANOTHER car this time on official finance & maxed out 2 overdrafts.

NO MORE!! I hate having no money as every penny I earn gets thrown at a debt. I have paid off one overdraft in full and it felt amazing to call up and cancel it. I just have to find the motivation and determination to clear the rest.

Fingers crossed!

Candy

CandyCupcake

Just completed the snowball calculator for the first time!

Apparently I should be debt free in 20 months (June 2014) Yay not as bad as I thought! :T So my aim now is to clear this even sooner with any overtime payments; I am also getting a pay rise of approx £120 a month as of November so that can get thrown straight at the debts plus I get an annual bonus pay out in March & a payrise so this will all help chip away at the debts even quicker

Snowball calculator suggests I pay the debts in the following order:

• Medical Loan
• Barclaycard
• Barclays Overdraft
• Bank of Grandparents
• Blackhorse (Car finance)

This is using the 'highest interest rate' first method. However I am going to work on it in a slightly different order by paying off the barclays overdraft & bank of grandparents first. Purely because these can both be cleared by March 2013 at the latest, and the extra money I am paying to the 'bank of grandparents' can then go into my car pot to pay for my insurance in August. Plus it will make me feel better to then know I only have 3 debts to focus on!!

One day I will get there... I still have hope!!

Candy

beanielou

Thats not too bad overall then.
You are very lucky as your rent is so low so that gives you more £££'s to throw at the debt.
Keep going & you will get there.

CandyCupcake

Thanks beanilou

I want to try and pay more rent to my Mum to help her out a bit more, but she understands that I need to clear this debt ASAP! I will feel like a millionaire once I'm debt free... only 20 months to go!

Candy

Scuff

Happy new diary I'm gonna subscribe you right back! x

CandyCupcake

Please do! I'm really going to try better with this one than my last one. Keeping a diary on here actually makes me feel better, because you know anyone who is reading it is because they are showing a genuine interest not just listening to you ramble on because they have to!

x

mum2one

Good luck with it, sounds like your really determined to get debt free, and wish you the best wishes, your get there.
in the nicest of ways making the mistakes young youve got your whole life ahead of to enjoy everything, and your be more money savvy than others.

Even at my age I use the bank of mum and dad for help" xx

CandyCupcake

Hi Mum2one

Thankyou for the comment I completely agree, as they say 'learn by your mistakes' & luckily I have made all of mine while I'm young. I've already made the plans that once I'm debt free the money I was paying towards debts will be saved away, if I can live without it now I won't need it then either & I should never have to be in debt again

Do you have a diary?

Candy x

CandyCupcake

Thought I should add on here that today has been a NSD for me!

And I can't see any reason for me to spend any pennies this week other than my weekly shop on Saturday so hopefully we will be seeing a few more of these! This may be the first month ever that I still have money in my account right before payday. Even if it is only £16.00...

Candy