£100k Debt Free in 4 1/2 years - My Debt Diary

Shineyhappy

Congatulations!

Best wishes for the practical lessons!

Keep an eye out on the freebies board as I think sometimes I have seen a free lesson offer.

ThankYouAndEnjoy!

Shineyhappy wrote:

Keep an eye out on the freebies board as I think sometimes I have seen a free lesson offer.

Hello Shineyhappy

Thanks for the info....will definately have a look

Fortunately (with great forsight) i've already got a Matched Learning Fund with my employer. I pay £35/month , they contribute a further £17.50 - have been doing this for 4 months so have got £210 towards the cost. I phoned up today to enquire; the course is £655 :eek: - this includes test fee but still .....


EDIT - LIES LIES LIES - I've got 10 months of matched contribution - £525 - where does the time go!

SarahNeedle1872

Hey TYAE, long time not diary entry.... hope all is well with you?

How was ur driving 'tester'? Still doing the course in Sept?

Can we have some other updates too....

Sarah x

Kaz2904

Long time no hear- what's going on hun?

Skint_Catt

Bump - what's going on??! Nowt for 5 months :eek:

ThankYouAndEnjoy!

Has it really been 5 months???

Queue a rather looooooong post.

I have got some excuses for not posting - im currently working 60+ hour weeks (7 days a week) for the extra cash. GF has slashed her hours in half (bringing in approx £500 /month) and Charlie is costing £350 or so im having to do extra hours to compensate - Im working New Years Day (im hoping for 3x pay) just because we need for me to ....

I guess an up-to-date S.O.A is in order; which i will provide later (im currently at work - no surprises - so being terrbily naughty on the internet )


So; what have i managed to do, or not do (as the case may be) in the last 5 months?
* I passed my driving test :j - so im out on the road, been quite expensive; but has been worth it.
* GS continues to repay the £8k or so we lent her (shes now down to £6.5k so doing really well)
* Total debt has gone UP by £8k or so (which does sound bad but all expenses/bills are *currently* manageable) - its mainly due to paying of GS credit cards so not really concerned
* Doubled our life/illness cover for an extra £5 /month (went with a different provider) - i've got a heart condition (im 1 or only around 500 people in the uk with it apparently so feel rather special) so its been difficult getting an increased value of cover; however my new provider were not concered as i have been ok now for 3 years

(Im waiting for the £1150 from the Egg B/T to go into our current account, which will be used to pay off some of the loan)


And what does the new year have in store for us -

* January is our last D/Debit payment for the carpet, so an additional £140 /month.
* January will see the Virgin C/Card paid off fully - and unless they offer me a L.O.B B/T at less that 4% it will remain unused (im not going to close the account as you get 10% off purchases when using the card - good for birthdays / xmas etc)
*February is the last D/Debit Payment for A mobile Phone contract im cancelling, so an additional £35.99 /month.
* April is my last payment into the ShareSave Scheme, so an additional £250 /month.
* June will the month i officially own some £28,500 of shares, so im going to sell £9k worth and pay straight off our loan


All in all, we should see our debts reduce in 2008 by (fingers crossed) a minimum of £20k

ThankYouAndEnjoy!

New (Not Improved) S.O.A


Income (Me) - Approx £1800/month (after Tax + Insurance)
Income (GF) - Approx £500/month
Income (GS) - £210 /month (for next 30 months)
Tax Credits - £201 /month
Child Benefit - £72 /month

Total Income - £2783 /month



Outgoings

Investment 1 - £250 /month (4 months remaining)
Investment 2 - £85 /month
Investment 3 - £34.40 /month (2 months remaining)

Water + Sewage - £40.00 /month
Build + Cont Insurance - £24.80 /month
Life Insurance - £63.15 /month
Nationwide Mortgage - £525 /month
NPower (Duel Fuel) - £83 /month
02 - £40.00 /month
02 - £18.99 /month
02 - £35.99 /month

---

(finishing in Feb)
Broadband - £31.00 /month
Sky - £19.00 /month
Council tax - £78 /month
TV License - £11.50 /month
Contact Lenses - £30 /month
Child Care - £350 /month

Carpet Loan - £140 /month (finishes in Jan)
LloydsTSB Loan - £280.83 /month (78 payments to go)
Virgin Credit Card - £200 (payment in full to be made in Jan)
Egg Credit Card - £50.00 /month (12 months Interest Free)


Total Outgoings £2207.66


So - £500 /month left over, and with the Carpet Loan , Mobile Contract & Investment 1 & 3 all finishing within the next 4 months, an additonal £460 /month ontop to look forward to

ThankYouAndEnjoy!

Another working year nearly over - well, 1.25 hours to go!

Just handed in my overtime form for the month of december; have managed to clock up....

41 hours @ 1.5x Salary
52.25 hours @ 2x Salary

:eek:

No wonder i feel tired - on the plus side, it equates to £1550 of overtime before tax - roll on the 20th when i get paid

Im working new years day - 5/6 hours @ 2x Salary so a good (money wise) start to 2008.

Im thinking of cancelling our sky subscription & getting a freeview box; we hardly watch sky what with work & Charlie so doubt very much we will miss it - i guess keeping a 'watching diary' (of times & channels watched) is in order

ThankYouAndEnjoy!

Couple of New Years Resolutions - Some MoneySaving (esque) others health related

* Cancel Sky @ Earliest Opportunity - Dont watch it that often, and when it is on no-one takes any notice of it (too busy) so also will save on electricity

* Give Up Bread & Rolls (plus anything affiliated) for 6 months minimum (started today - found it difficult but have some new culinary ideas )

* Give Up Meat for 6 months minimum (started today and found it easier than not eating bread ... really enjoy my meal)

* Maximise Overtime availibility & commit to saving all excess toward loan / mortgage overpayment

* From April, try to make an extra £X per day (X being the interest charge on my mortgage per day) - currently paying £13.12 /day interest on mortgage -

(Will be heading to the attached thread anytime soon for tips/hints)


Re the last 1 - Thanks to the 93.25 hours of overtime done in December; we should be able to save some £1150 after all bills have been paid :T

ThankYouAndEnjoy!

ThankYouAndEnjoy! wrote:

* Cancel Sky @ Earliest Opportunity - Dont watch it that often, and when it is on no-one takes any notice of it (too busy) so also will save on electricity

Decided to reduce the sky package initially instead of cancelling outright. Have sacrificed the Sports Package (which costs £18 /month :eek: ) January's bill will be £4.75 (got a credit in view of partial months service for Sky Sports) ; Feb onwards will be £19 /month - saving over £200 a year :j