A new year, a new start at 50

stafftopets

This is my second attempt to keep track of my spending, first diary disappeared but am going to more determined effort.

As my diary title suggests I am 50 years old in 27 days and I have realised that I have been in debt for at least 20 years..... but no more.

My flicking LBM has gone into extra bright and I feel ready to face this challenge of getting debtfree.

I live with my DH and house rabbit in a rented house, we both work but we are spending well above our means. My aim is to be debtfree as soon as possible so that all our money can be used to sort out our future regarding a home etc when we retire.

As it is obvious I do like a challenge so here I go........

I will be back later with details of our current debt levels, and a statement of affairs, and my plan of action.

stafftopets

Well diary done the first part of the debt check and now not sure whether to run round in the room in hysterical laughter or go and sob under the table.

Total debt stands at £26134.08.:eek:

Now I am of to snowball this and also fill out my statement of affairs.

I will be back.......

Piquant_2

Hello :hello: welcome to diary land!

Once you get over the initial shock and your lightbulb doesn't go out, you can start planning your debt attack.

There is masses of support and inspiration here.

Happy new diary

Piq

stafftopets

Thanks to Piquant for the encouragement, seeing your signature makes me feel their is a light at the end of the dark tunnel.

Anyway did not have a good night on Sunday, daft like decided to discuss debt with DH hence argument, tears and sleepless night. TBH all I need sometimes is a hug and to be told we will cope - DH bit thick in this area.

Now to the action taken so far
1. Found some old gold chains and rings so have sent off for a pack. Will also check prices in local town on Saturday. Need to get as much as possible so it can start paying of the debt.
2. Snowball completed - DFD May 2017:eek: needs to be sooner than that so I can plan my future.

Yesterday, my super mum paid for some groceries for me using supermarket stamps she saved but did not spend and also gave me money for a meal out as an extra present- I know this should have gone towards our debt but decided to have our last meal out with it before going on a major economy drive.;) Managed to control husband to spend only the money we had been given and even came away with change.

Anyway as it is the first day of a new year, today is my budget day so statement of affairs and major overhaul of budget as DH has gone off in a strop to his parents. Bet he is back for Dinner tonight:rotfl::rotfl:

Note to self: do not get too engrossed in diaries when rabbit is demanding my full attention otherwise he bites the cable for the laptop and nearly gives us both an electric shock.:cool:

Back later
XX

stafftopets

Well here it is diary ....... finally committed my budget to paper.

Will try to keep an expense diary so that any bills can be amended as the changes occur especially if there is an increase in CT and Water Rates :mad:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 1265.55
Partners monthly income after tax....... 1035.38
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2300.93
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 515
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 38
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40.68
Telephone (land line)................... 15.4
Mobile phone............................ 10
TV Licence.............................. 12.55
Satellite/Cable TV...................... 0
Internet Services....................... 6.49
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 151.67
Road tax................................ 15.58
Car Insurance........................... 19.43
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 160
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 3.53
Life assurance ......................... 13.64
Other insurance......................... 0
Presents (birthday, christmas etc)...... 32
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 40
Emergency fund.......................... 20
Total monthly expenses.................. 1747.97

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
OD.............................500.......20....... .0
CC1............................2526.18...30....... .16.9
CC2............................745.75....20....... .18.9
LOAN2..........................6114.03...156.8.... .7.6
LOAN1..........................16248.2...280.2.... .7.6
Total unsecured debts..........26134.16..507.......

Monthly Budget Summary
Total monthly income.................... 2,300.93
Expenses (including HP & secured debts). 1,747.97
Available for debt repayments........... 552.96
Monthly Unsecured debt repayments....... 507
Amount left after debt repayments....... 45.96

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,134.16
Net Assets.............................. -25,384.16

Lunch is calling, will try to be back later to read some of the other diaries on here for inspiration.

XX

cazmanian_minx

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