I wannabe debt free

Waywardbird

Hi everyone, I'm a long time lurker and its only now that I've started working again after being a carer for a family member for 7 years. So since starting to work again i have moved out of the flat I shared with my brothers I'm now living on my own for the first time in 8years. I've never really had to budget for myself and its all bit daunting. I halfheartedly keep a spending diary which I really need to stick at and do everyday.

Today is payday for me. I should be bringing in about £700 a month but unfortunately hours have been cut as a dentist has left which means my wages today are £416. Could of cried when I seen this amount and being December just makes it all the worse. This just about covers all DDs and food except a £200 CT repayment which I will be phoning in the hope I can pay in February.

Although its not to bad as this week I have sold some things on ebay which have made me about £130 which I had planned to put towards debt but I guess I'll hold on to this incase I can't make it through January. I am also planning a huge ebay spree in the new year as I'm still in the process of moving and have a huge amount of things I really don't need.

I really hope keeping this diary will keep me motivated to become debt free and start saving!

Waywardbird

I've come up to my brothers to use their electricity and central heating lol. My flat is freezing! I'm still getting used to having storage heaters.

Below is my SOA there are a few bits missing like road tax etc. I don't save for them and I know I should. Also I don't pay rent or have a mortgage as we inherited the flat.

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary
Amount(£)
Total monthly income
720
Monthly expenses (incl. HP & secured loans)
433.19
Available for debt repayments
286.81
UNsecured debt repayments
200
Amount left after debt repayments
86.81


Personal Balance Sheet Summary
Amount(£)
Total Assets (things you own)
32990.9
Total Secured & HP Debt
-0
Total Unsecured Debt
-3,181.99
Net Assets
29,808.91
Household Information

Number of adults in household
1
Number of children in household
0
Number of cars owned
1
Income, Expense, Debt & Asset Details

Income
Amount(£)
Monthly income after tax
720
Partners monthly income
0
Benefits
0 - I believe I might be eligible for working tax credits which ill apply for in the new year
Other income
0
Total monthly income
720


Expenses
Amount(£)
Mortgage
0
Secured/HP loan payments
0
Rent
0
Management charge (leasehold property)
0
Council tax
70 - includes water rates
Electricity
53 - switched yesterday previous company wanted me to pay £80 pm
Gas
0
Oil
0
Water Rates
0 - included in council tax
Telephone (land line)
23 - includes Internet
Mobile phone
10
TV Licence
12.12
Satellite/Cable TV
0 - freeview
Internet services
0
Groceries etc.
100 - this is a guess need to keep a spending diary here
Clothing
0
Petrol/diesel
40
Road tax
0
Car Insurance
46.68 - includes breakdown cover
Car maintenance (including MOT)
0
Car Parking
46.4 - If am working my proper hours.
Other travel
0
Childcare/nursery
0
Other child related expenses
0
Medical (prescriptions, dentists, opticians etc.)
0
Pet Insurance/Vet bills
0 - should put money away here
Buildings Insurance
7
Contents Insurance
0
Life Assurance
0
Other Insurance
0
Presents (birthday, christmas etc.)
0
Haircuts
0
Entertainment
15
Holiday
0
Emergency Fund
0
Gym
9.99
Total monthly expenses
433.19

Unsecured Debt Description
Debt(£)
Monthly(£)
APR(%)
Family debt
1400
0
0
Council tax
1547.99 - waiting on final figure, they were charging me for new flat and old so this should hopefully be less.
200
0
HB overpayment
234 - only just received this will get in touch for a payment plan
0
0
Unsecured Debt totals
3181.99
200
-


Asset Description
Value (£)
Cash
1590.9 - £770 of this is for a course I have to pay for next year for work, 131.33 for debt or to see me through to the end of January. Rest I'm likely to keep for emergencies
House Value (Gross)
30000 - my share of property
Shares and bonds
0
Car(s)
1400
Other assets (e.g. endowments, jewellery etc)
0
Total Assets
31604.90


So there it is. I'm going to try and cut down the parking however it's the cheapest place to park near the city centre £2.90 for a full day and only half a mile to my work. I'll try and leave earlier to see if I can get the free parking on the street or failing that I might park outside my OHs but this will add a extra 15min to my walk.

Waywardbird

I have a half day left of work this year which is on the 24th and I don't return until the 7th :j I also leave for Ireland on the 27th to spend new year with M and his family and we don't return until the 4th. It will be the first time I've been to Ireland. He usually comes home for new year but this year his sister and brother are coming back to see their gf & bf so his mum was hoping he'd stay this year. I'm so excited!

I am so glad I put my money for euros away last month because I'd have no spending money at all If i hadn't. I also got a prepaid travel card to take in the hope i'll spend less.

I really hope being away for just over a week will help with the budget for January and hopefully ill have some euros left over! I really must try to not spend any money before I leave.

Waywardbird

Today I joined a few challenges, the January grocery challenge and the 20p savers challenge. I have enough food to see me until the 27th and should have enough for a few days once I return. I was also given some food from Bfs mum which would have went bad so thats a little extra for me and anything I can't eat or freeze ill give to my brothers. Speaking of freezing I bought pât! the other day from Iceland and its too big for me to eat all of it in time before i go and my brothers won't eat it. I was going to freeze it but on the back it says not suitable for home freezing. Would it be okay to freeze? Im giving myself a budget of £100 I'm not really sure how much I spend so this should give me a good idea. Its only me and the dog so hopefully I can stick to this if I take in lunches to work. As for the 20p challenge as long as I save these and don't use the, for parking I think I can hit my target of £50.00.

So now Im sitting at my brothers waiting for a buyer from ebay to come and collect an item I sold. This will give me a lovely £120 to put away just in case i need it next month. In other news I trimmed my fringe today for the first time since I was about 6 but thank god this time it turned out fine haha.

elantan

Have a great wee break away , let us know what hogmany in Ireland is like ( do they call it hogmany in Ireland ? )

Waywardbird

Elantan I'm sure I will thanks. I'm not sure what they call it, I've never thought to ask but ill let you know.

lurvlyloz

good luck on your journey and have a great time in Ireland x

Waywardbird

Thanks lurvlyloz! I really can't wait!

Waywardbird

Ebay buyer has just collected item and I now have a extra £120 woohoo :j will be making sure this is put into the bank on Monday.

NewLeaf_2

welcome! You are in the right place for support on your debt free journey

Waywardbird

Thanks Newleaf. I'm really looking forward to tackling my debt. There's a lot of support on DFW I hope it keeps my motivated!