2013 hopefully lucky for me - New debt free diary!

Sharon87

So 2013 is on it's way. I have about 5.5k of debt - 3 credit cards, and some in an overdraft and a bit to my mum.

I started a debt free diary in July, but it got a bit stale.

My story:

TV freelancer working contracts with debts from mostly socialising, gigs, holidays and buying laptops and tvs. As well as some uni debt. As well as those times of being unemployed that I don't prepare for sufficiently.

I need to save up money for my brother's wedding in 2014, which is based in South Africa. I already have around £200 saved for it.

My debts:
Halifax CC - £739 at 15.9%
Virgin CC - £2326 - 0% for another 8-9 months. 16.9 after that
Natwest CC - £1464 - £300 (ish) at 17.9% and the rest on 0% for 12 months.
Mum - £430 - no interest

and there's my overdraft, which at the moment I'm only £50 into, but not long had pay day! This varies, so won't put a figure yet.

So debts excluding overdraft equals:

£4959

My social life usually includes going to music gigs and festivals as well as going to the pub with mates. But I am cutting way back on gigs and festivals. I am planning a trip to Download and have asked for a new tent for Christmas, as I left my crappy one at the festival last year. This is my yearly treat and I want to live my life as well as getting my debts down.

I also have career plans this year to move up the ladder, which will be difficult, but it will be a payrise.

My plan is to get my debt down by at least 1.5k by the end of next year as well as saving another £1200 at least for my brother's wedding. £6-700 for flights to South Africa, hotels are about the same price as here, but the food is generally cheap.

I plan to pay off my Halifax card entirely and use that as a general spend card for South Africa, pay it off in full every month. I will also be wanting another 0% deal in 9 months to transfer the Virgin CC over, which I should get, as my credit rating is still good. I also aim to get rid of the amount that's accruing interest on my Natwest card.

So 2013 here we come!

Sharon87

So to make clear my aims next year:

Halifax CC - £739 at 15.9% - Pay off entirely
Virgin CC - £2326 - 0% for another 8-9 months. 16.9 after that pay minimum then do another 0% transfer
Natwest CC - £1464 - £300 (ish) at 17.9% and the rest on 0% for 12 months. Pay off the £300 accruing interest
Mum - £430 - no interest Pay some off not all

My social aims:
Go to a minimum amount of gigs/theatre.etc So far I have 3 things planned, a small gig that costs £17, Green Day that costs £62 a ticket, these are paid for already and Download Festival at £200 a ticket and £200 spending money (based on previous years spend)

If I stick to only these 3 events it will be a miracle. I go to about 15-20 gigs a year! Sometimes they're free though, so not so bad. But I have back up, my brother who I usually go with has to save up for his wedding, so he wont be going to many gigs either!

Career aims:
Move up the ladder in TV. I currently have a job for January, which is unusual at my higher rate of pay than I usually get. I plan to be Junior Researcher or Researcher by early next year or summer. But ideally after I finish this contract!

I'll be updating my debt total each month to try and keep me motivated.

beanielou

Looking forward to reading your posts

pantherchick

Good luck in your mission!

will be looking out for your posts.

Heres to a great newyear

Pantherchick x

Sharon87

Just wrote a post and it didn't send! Argh!

I had a cheap Christmas at my mums, and I got a tent for Download, so that saved me £50 or so.

and I realised I need to shape up after carrying all my stuff on the trains and up and down stairs. I'm so unfit, so will keep some budget by for exercise, whether that's swimming, gym, new trainers.etc

Sharon87

So some good news for me, but bad news for my brother. Had a problem with visas and weddings in South Africa (long story) so he's not getting married in South Africa in 2014, they're getting married in the UK in June 2013! So that saves me money on plane tickets, but means I'll need to save some money for the wedding sooner, mostly for my outfit.

So that means I'll have spare money, which may mean I'll pay off more debt, or use that to help me lose weight with a gym membership! So I can slim into a dress!

Sharon87

So I've started my debt free mission today which includes making my own chicken soup from left over chicken. I am having a NSD day today and doing useful stuff today.

Sharon87

So today, had my first proper shift working on the show I'm on. Finished at 1am so got a taxi back and I travelled off peak to work, so saved money there.

Wasn't a NSD though as I had to buy some food on my break, as the dinner that was provided wasn't enough. Hope it's better tomorrow! But cheap day overall as all I had before I went work was beans on toast, then dinner there, then a snack at work I bought from the massive Tesco next to where I work.

I got my annual statement from my 0% Virgin CC through today. Which means I have 8 months left at 0% and still way over 2 grand on it! I think I'll try to clear that more than my Halifax as Virgin has a higher APR when the 0% expires.

Sharon87

So I've done a quick SOA for the new few months, providing I can get work after this contract!! I've included a few annual spends in it, but not any for clothes that I wont be buying until I've lost a bit of weight lol

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1081
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1081

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450 - all bills included
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 36 - 2 months into new contract
TV Licence.............................. 0
Satellite/Cable TV...................... 3 - my portion of a sports channel to watch NASCAR
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100 - can change, right now it's less
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 - will need to go dentist soon
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 5
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 50 - for brother's wedding.
Emergency fund.......................... 0
Total monthly expenses.................. 784


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
natwest cc.....................1464......15........0
virgin cc......................2326......24........0
Halifax cc.....................739.......10........15.9
Mum............................430.......10........0
HSBC OD........................600.......0.........19.9
Total unsecured debts..........5559......59........-


Monthly Budget Summary
Total monthly income.................... 1,081
Expenses (including HP & secured debts). 784
Available for debt repayments........... 297
Monthly UNsecured debt repayments....... 59
Amount left after debt repayments....... 238

Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,559
Net Assets.............................. -5,359

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

So if my income stays the same or similar I'll have a good chunk to chuck at debts. The cash is my savings for my brother's wedding. He's changed it now so he's getting married next month in South Africa, which I wont be going to and having a big celebration in September, when they have enough money to pay for it after paying for visas.

The £3 a month is to my brother to help pay for Premier Sports, as he's going to be skint this year, so he's asked me to contribute. The £30 entertainment is a random figure, it may be less this month and more next month, because my work is taking over my life until the 25th!!

And mobile contract I'm happy with and can't reduce even if I wanted to! It's the new iPhone as I was sick to death of a crappy slow smartphone. and smartphones are good for when I'm on location for my job. That's my excuse anyway!

My travel varies, like today I'll be travelling on Oyster one way to work and get my taxi back at 1am paid for by the company but I do have day shifts later on in my contract, so will be paying peak and both ways!