Determined diva's get outta debt diary!

Determined_diva

Hi abundant!

Not cheeky at all! I think we can encourage each other and have a race to the end! (secretly glad your back to 20% ... mwa ha ha ha!)

Just about to post my annual financial summary.. but nervous! let me know what you think and if you have any suggestions for me for 2013!

Happy new year

DDx

Determined_diva

Financial review

2012

* Guesstimate

Income

TY

LY

% Variance

Income Gross - main

£34,030

£27,030

+25%

Income Gross -2nd job

£4,287

£0.00

+100%

Income Gross- 3rd job

£500*

£500*

+0%

Top Line Summary

TY

LY

% Variance

Mortgage

N/A

N/A

N/A

Savings

£550

£26.15

+95%

Debt

£9,672.97

£15,722.93

-38%

Debt Repayed

£8,320.62

N/A

Pension

£5,437.07*

£4,137.07

+31%

Determined_diva

Breakdown by Category

Savings

TY

LY

% Variance

ISA

£0.52

£0.52

0%

Instant (Halifax)

£0.30

£0.20

CANCEL IT

Abbey

£62.73

£0.42

USED FOR TRAVEL MONEY

Abbey E Saver 1 (Mortgage deposit savings)

£0.01

N/A

SERIOUSLY???

Abbey E Saver 2 (Welcome finance saving for lump repayment)

£0.09

N/A

CANCEL IT

NSI

£0.01

£25.01

CANCEL IT

NSI Holiday Fund

£9.00

N/A

+100%

SAYE

£700.00

£0.00

+100%

Determined_diva

Debt

Jan TY

Jan LY

% Variance

Money Shop

£0.00

£375.00

-100%

Vanquis

£0.00

£549.62

-100%

Capital One

£85.00

£590.00

-85%

Welcome

£8,570

£8,770

-2%

BCT

£0.00

£2,000

-100%

Next

£534.84

£416.31

+22%

Nikki

£0.00

£452.00

-100%

Wedding Planning

£184

£322.00

-75%

Council Tax Arrears

£0.00

£636*

-100%

Leisure Centre

£148

£148.00

0%

Rent Arrears

£0.00

£0.00

-100%

Wage Day Adv.

£0.00

£500.00

0%

Me – 2nd job sub

£160.00

£0.00

+100%

TOTAL

£9,681.84

£14,758.93

-34%

Determined_diva

Debts Paid of this year in full

Paid off

How much of this was interest?

British Credit Trust

£2,000

£0.00

Wage Day Advance

£1,940

£860

The Money Shop

£1,610

£460

Vanquis

£549.62

£0.00

Capital One

£505.00

£0.00

Friend

£500

£0.00

Pawn Shop

£80.00

£30.00

Abbey Charges

£500.00

£500.00

Council Tax Arrears

£636

£0.00

Total

£8,320.62

£1,850

Determined_diva

Review of 2012

This year has beenthe first year of my “light bulb moment” and it has been hard to get back ontrack without keep using the dreaded PDL’s unfortunately.

I had a lot on emotionallyto deal with (like most of us):

[*]how much I am in debt
[*] how on earth am I going to get rid of it
[*]adjustments to my life I am going to have to make
[*]saying “no” to any more financial support I was giving to others, learning to put myself first rather than others etc etc

I did keep focusedthroughout the year on what I needed to achieve but didn’t stick within myallocated budget. It wasn’t realistic enough!

I unfortunately fellat a couple of hurdles:

[*]Birthdays
[*]Being promoted (using the extra money to fund the lifestyle I wanted but should of put it towards debt) which luckily I rectified within 3 months
[*]Holidays – why! I can’t afford them!

I do feel much betterwithin myself though! The following helped me tremendously:

[*]Losing weight (1 ½ stone)
[*]Focussing in on my debt and trying to get rid of it! It’s a long road to walk, but at least I am starting to walk it!
[*]Extra job – giving me confidence around other people

Determined_diva

Best Financial Decision

[*]Deciding to stand up for myself and say “no” to family I.e. loaning money I cant afford to loan
[*]Starting to keep a tracker – although I did not stick to it the best I could, it made me more aware of spending in general
[*]Joining MSE forum and starting some of the challenges. This has been keeping my debt at the forefront of my mind.
[*]Buying my run around car! Although it wasn’t best for financial reasons – it has really helped me get to work a lot easier without being tired and I am more productive at work due to this
[*]Starting my 2nd job. This has made the biggest difference to my year. I also have more confidence now as well.
[*]Doing these reviews every 3 months rather than just yearly. If I fell off the wagon, I soon realised it and therefore limited the damage.

Determined_diva

Worst Financial Decision

[*]Taking out several pay day loans meaning I paid back over £1,320 in interest over the year!... and obviously that doesn’t include paying them back.
[*]Going on holiday. I really should not have gone as I couldn’t afford it! It did feel really good though!
[*]Spending my 2nd job money to go out or get non essentials for most of the time. Next year I am going to save it all so have an emergency fund for myself.

Determined_diva

Priorities and focus for 2013

[*]Clear debt in full
[*]Savings of £3k

Specific Changes For 2013

[*]Shop around for deals
[*]Keep a spending diary
[*]Be more regimental and stick to my budgets I have set for the year

Specific Goals For 2013

[*]Pay all my debt off by Christmas 2013
[*]Savings of £3k minimum from my 2nd job. Ask for more shifts if it looks like I won’t achieve it
[*]Sell on Ebay/car boots to achieve £1,000 to help towards debt repayments

Determined_diva

Budget for 2013

Year: 2012

PY

PM (12 month)

PM (13 month)

Debt

£7,800

£650.00

£600.00

Rent

£4,095

£341.25

£315.00

Travel

£1,300

£108.33

£100.00

Car Maintanance

£1,920

£160.00

£147.69

Going Out (Inc. Birthday)

£650

£54.17

£50.00

Council tax

£1,000

£83.33

£76.92

Food

£1,300

£108.33

£100.00

Sky

£650

£54.17

£50.00

Electricity

£325

£27.08

£25.00

Gas

£400

£33.33

£30.77

Water

£325

£27.08

£25.00

Clothing

£130

£10.83

£10.00

Beauty Treatments

£780

£65.00

£60.00

Christmas

£455

£37.92

£35.00

Birthday Pressie’s

£130

£10.83

£10.00

Phone

£650

£54.17

£50.00

Dental

£1,000

£83.33

£76.92

Hair

£104

£8.67

£8.00

Holidays - barcelona

£600

£50.00

£46.15

Make Up

£25

£2.08

£1.92

Misc. Treats

£25

£2.08

£1.92

TOTAL

£23,664

£1,972

£1,820