Focused on becoming debt free

Hugandroll

Hi all. I'm not really new. I was here under another name a couple of years ago. At the time I kidded myself I was ready to tackle my debt, I even took on a second job. I then went completely off the rails, got back on the rails, had another baby and am facing up to the debt before me.

My problem is I've always wanted "it" NOW. Not in a month, a year, when I've saved. NOW. I have since learned the error of my ways and our (my family's) month to month finances are, for want of a better word, "ok". We can put food on the table no problem (this in the past sometimes proved difficult), our bills all get paid on time, we even put a measly £30 a month aside to go towards Christmas BUT (it's big, hence the capitals) we could be doing better.

We can't go on holiday, we can't decorate the house, we can't knock the wall down that separates the toilet from the bathroom because we are in debt. It's totally ridiculous.

So, the positives. My dh is in the process of setting up his own web design company which will be a second job for now until we are in a better financial position, incentive to clear this debt or what! We are both on the same page for the first time ever and we have matured so we realise its not about what you want, it's what you have. We have a roof over our heads, two wonderful children, our health (on the whole), relatively secure jobs and youth on our side (just about).

I am not prepared to get a second job again outside the house. I am however, trying to re-jig my contract to reduce childcare costs when I go back to work. I will be the administration and financial side of dh business and will get paid for it (yes I am declaring it and registering with the tax office) which I can do from home.

Any spare money, unless the children/we need clothes etc will go against the debt. I have allocated an extra £20 overpayment each month and to celebrate jumping on the DFW bandwagon, used money from savings to clear my K&Co account - yay one thing gone. Will be going against the Barclaycard next. I am choosing to pay the lowest balances first because its easier for me to stay on track if I can see debts going.

So there you are, I've waffled on to myself for long enough, may do a SOA but not sure as monthly we're ok. Any ideas on how to make money at home? I've started signing up to paid survey sites.

Hugandroll

Did my SOA but can't C and P because I'm on my iPhone . Will do it again tomorrow on the computer.

Hugandroll

Morning! It will be a spend day today as its pyjama day at ds1 school and I have an appointment for ds2 to see a plagiocephaly specialist and will have to pay for parking. Hoping I can have some NSDs in a month but with a 4yo and a baby it can be hard!

Hugandroll

So, here it is, my SOA. It's not bad in all honesty - just makes me realise just how much money we waste:

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 671.86 - statutory maternity pay - will change
Partners monthly income after tax....... 1261.59
Benefits................................ 134.8
Other income............................ 0
Total monthly income.................... 2068.25

Monthly Expense Details
Mortgage................................ 290.5 - only part repayment so not reducing balance
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 111
Electricity............................. 65
Gas..................................... 65
Oil..................................... 0
Water rates............................. 49.75
Telephone (land line)................... 0
Mobile phone............................ 141.14 - 4 contracts - two end in Jul 13 and will be cancelled
TV Licence.............................. 15
Satellite/Cable TV...................... 60.4 - TV, internet and phone. Internet is highest cost and is essential as DH setting up webdesign business
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 20
Petrol/diesel........................... 90
Road tax................................ 16
Car Insurance........................... 32.43
Car maintenance (including MOT)......... 10
Car parking............................. 0 - will change when back in work
Other travel............................ 40
Childcare/nursery....................... 0 - will change when back in work
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 21.81 - parents should really be paying this
Buildings insurance..................... 14.13
Contents insurance...................... 0 - included in the above
Life assurance ......................... 20.13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 35
Reserve Fees............................ 44
Bank Account Fee........................ 15.8
Total monthly expenses.................. 1577.09


Assets
Cash.................................... 200
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 151200


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 124000...(290.5)....2.6
Total secured & HP debts...... 124000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclay Loan...................4756......210.......22
Barclaycard....................1039.01...14.62.....20
Natwest Overdraft..............950.......20........18
Total unsecured debts..........6745.01...244.62....-


Monthly Budget Summary
Total monthly income.................... 2,068.25
Expenses (including HP & secured debts). 1,577.09
Available for debt repayments........... 491.16
Monthly UNsecured debt repayments....... 244.62
Amount left after debt repayments....... 246.54

Personal Balance Sheet Summary
Total assets (things you own)........... 151,200
Total HP & Secured debt................. -124,000
Total Unsecured debt.................... -6,745.01
Net Assets.............................. 20,454.99

I haven't included the loan to parents as we do not have to start repaying until I am back at work and we won't know the amount until childcare costs etc have been calculated. I also forgot to add in my gym membership of £25 per month.

Hugandroll

Just signed up to the quidco app to get paid for check ins. Starting to take care of the pennies.

Hugandroll

Earned 10p from checking into body shop in town but had to buy lunch (greggs so for 2 of us less than £6 so not hellish), pay for parking £4, pay for pj day £0.50 and as dh had the afternoon off we popped to the corner shop to treat ds1 after school and ended up treating all of us which was just under £4. So, £14.50 today, no wonder our money tends to disappear . It's true what they say, you need to look after the pennies and the pounds will look after themselves.

Hugandroll

Counted up the change tin, have £9.25 so going to get some money bags so I can pay it into the bank and against the credit card.

hillside777

Hi,

Thanks for posting. :T

I will be subscribing and wish you well on your debt free journey.

Hugandroll

Thank you bonnington, I am now accountable to someone which will help me stay on the straight and narrow .

Hugandroll

Took clothes to cash for clothes (previously unsold on gumtree) and got £11 which is better than £0 if I threw them out. Going to walk to the bank to pay it in and then pay it against the Barclaycard balance.

I do have to say I have two possible big spends before Christmas which would have to go on my credit cards as we simply don't have the cash. One is to fix my car doors as I currently have to climb through the boot and unlock from the inside which is totally crazy so I'm taking it to the garage on Saturday and the second is ds2 may need a star band to correct his head shape and they cost £2k which the Nhs won't fund. We will be fundraising towards it and also donating some of the money raised to a plagiocephaly charity but anything over and above what we raise would have to go on a card.

They are both things that have to be sorted and I just wish we didn't have all the debt but had savings to do it. We will have savings one day.

Hugandroll

Paid £20.19 off the Barclaycard :j. That's my first overpayment done!

I have spent money today - £4.75 on McDonald's breakfast for me and DH , £20.00 petrol (budgeted) and £6.00 top up shop (also budgeted).

I have an old digital camera which I am going to put on both gumtree and ebay but I need to locate some AA batteries first as I'm not sure if there are any old photos on it! (or would putting the memory card in my new camera tell me?

I don't have anything else to sell I don't think other than a small amount of broken crappy gold (very low value, may not even be hallmarked) which I doubt would bring me any income but worth a go I suppose rather than it sitting in my drawer at home.

Right I'm off to change my signiture as I don't like the layout but I won't reduce my figures until I get in statements as I don't know how the interest works etc.