Mrs Toast's Journey to DFD

Mrs_Toast

I did try and start a diary this year but obviously wasn't motivated enough but I definitely am now. We've had a bit of an awful year and now owe £4808:eek: and no savings:(

Here is a bit about myself. I'm 30 and married to a wonderful man and have DS who is 3. I don't work so it's just DH's wage that we live off and we're entitled to no benefits except Child Benefit. I love crafts and baking so hopefully that should save us some money. So here are my plans for 2013...

Pay off DH's overdraft (£137 as of 14/12/12)
Pay off overdraft (£945 as of 14/12/12)
Pay off as much of tax debt as possible (£2026 as of 14/12/12)
Attempt to start paying off more than minimum payment on CC (£1700 as of 14/12/12 but 0% until 2014 so not major)

Thought I would put non-debt aims for 2013 as well.

Decorate DS's new big boy bedroom.
Decorate living room.
Save up money for DH's motorbike so I can have the car back :rotfl:

Those are the main ones at the moment but will probably think of more. Hopefully I can make a dent on these debts this time round.

Mrs_Toast

Targets for May 2013

* Switch gas and electricity suppliers.
* Reset energy monitor & try and reduce consumption.
* Confirm renewal dates for home insurance and car insurance.
* Cancel Lovefilm contract ASAP.
* Rearrange mortgage/
* Continue food budget to £120 a month.
* Try and save/earn £100 a month to pay off overdraft.
* Freeze baking so we always have snacks

Barclaycard @ £1250 (overpayments of £154.23)
MBNA @ £820 (overpayments of £66.92)
Tax @ £1776
Savings of £336.40 but spends from birthday, leisure and car maintenance expected.
Planned spends of £48 at most. Got a bit out of hand in April

lurvlyloz

good luck Mrs Toast x

Mrs_Toast

Thanks lurvyloz. Hopefully updating this diary will help and am planning on joining as many challenges as possible.

Mrs_Toast

1st summary for today

* Renamed all my savings accounts so I know what I'm saving for. These include overdraft repayments, xmas and birthdays, DS's activities and preschool costs and saving for a steam mop. Steam mop isn't needed but wanted so I'm gonna save up for it properly.

Things to do tonight/tomorrow

* Round off grovery account and joint account so I can pay the pennies into overdraft.
* Set up 2 new standing orders for groceries and fuel for DH. Hopefully the fuel one should get rid of DH's overdraft:T

Happytogetdebtfree

Good luck mrs toast x

please-let-me-be-lucky

Happy new diary day! Good luck on your journey.

PLMBL Xx

Mrs_Toast

Current SOA but I will have to do a new one when we find out what DH gets paid from his new job after tax.

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1402
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 1483.2
Monthly Expense Details
Mortgage................................ 199
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 71
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 12.12
Satellite/Cable TV...................... 65
Internet Services....................... 0
Groceries etc. ......................... 225
Clothing................................ 0
Petrol/diesel........................... 210
Road tax................................ 0
Car Insurance........................... 25
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1075.12

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 105000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(199)......0
Total secured & HP debts...... 96000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1700......39........0
Tax Overpayment................2026......50........0
Overdraft......................1070......0.........0
Total unsecured debts..........4796......89........-

Monthly Budget Summary
Total monthly income.................... 1,483.2
Expenses (including HP & secured debts). 1,075.12
Available for debt repayments........... 408.08
Monthly UNsecured debt repayments....... 89
Amount left after debt repayments....... 319.08
Personal Balance Sheet Summary
Total assets (things you own)........... 105,000
Total HP & Secured debt................. -96,000
Total Unsecured debt.................... -4,796
Net Assets.............................. 4,204
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

Own_My_Own

Your Sky dish and box will still work after you cancel. There are a lot of free channels on there.
Technically you will be left with FreeSat.

rising_from_the_ashes

Happy new diary Mrs Toast & good luck with your journey

You've made a great start with all the things that you've got marked down to do.

Quick look at the SOA ..... (I know it's a short term one)

Mrs_Toast wrote: »

Clothing................................ 0
Road tax................................ 0
Car maintenance (including MOT)......... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Life assurance ......................... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0

When you re-do it, you need to add in all these "missing" things - they could make quite a difference to the overall totals!

*subscribes*

beanielou

Happy shiney new diary
You are very lucky that your mortgage is so low.
Is there anything at all that you can do to bring in any extra pennies at all?
What debt are you targeting first?