Debt free by Christmas 2013!!

timetogrowup89

One more sleep til pay da :-) x

timetogrowup89

Phoned up and increased my direct debit for Overdaft to £65 today. I waste way more than £15 a month on juice, magazines etc so if its gone at the start of the month that will force me to cut down..

Ideally going to overpay overdaft this month (depending on overtime pay)

Good start to my debt free journey I think

x

timetogrowup89

SOA for this month only... Got wage slip so the amount Im getting paid is including overtime and I have missed out things like haircuts etc as Im only trying to figure out this month rather than a full SOA as my income changes monthly depending on hours worked..


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 13
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
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..................... 0
Contents insurance...................... 19
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 757

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
family loan....................3300......0.........0
family loan 2..................100.......0.........0
Credit Card DCA................1764......50........0
Overdraft DCA..................381.......65........0
Total unsecured debts..........5545......115.......-

Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 757
Available for debt repayments........... 943
Monthly UNsecured debt repayments....... 115
Amount left after debt repayments....... 828
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,545
Net Assets.............................. -1,545
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Debtslayer

timetogrowup89 wrote: »

SOA for this month only... Got wage slip so the amount Im getting paid is including overtime and I have missed out things like haircuts etc as Im only trying to figure out this month rather than a full SOA as my income changes monthly depending on hours worked..


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50 - This seems very high; make sure you always take readings and the bills are not estimated. Check online to see if you can get cheaper
Gas..................................... 50 - This seems very high; make sure you always take readings and the bills are not estimated. Check online to see if you can get cheaper
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 13
Satellite/Cable TV...................... 60 - I assume this also includes landline and internet; cut this back to basic package
Internet Services....................... 0
Groceries etc. ......................... 200 - this is high for one person; should be able to cut £50 from this
Clothing................................ 0 - You never buy clothes?
Petrol/diesel........................... 50 - Is this correct? Seems very low for one month
Road tax................................ 0 - You need a figure here
Car Insurance........................... 0 - You need a figure here
Car maintenance (including MOT)......... 0- You need a figure here
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..................... 0
Contents insurance...................... 19 - This seems very high; check online to see if you can get cheaper
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - You need a figure here
Haircuts................................ 0
Entertainment........................... 0 - You need a figure here; even if it's for the odd coffee out etc
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 757

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
family loan....................3300......0.........0
family loan 2..................100.......0.........0
Credit Card DCA................1764......50........0
Overdraft DCA..................381.......65........0
Total unsecured debts..........5545......115.......-

Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 757
Available for debt repayments........... 943
Monthly UNsecured debt repayments....... 115
Amount left after debt repayments....... 828
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,545
Net Assets.............................. -1,545
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi
You really need to fill out the soa including all your outgoings to give us a more realistic look at what you pay out for things such as car insurance, tax and maintenance. Really you need to set money aside each month for these so you are not hit with a large figure to pay in the month they are due.
Also you said in a previous post that you have to pay £100 month towards family loan but there's no figure above?

timetogrowup89

Sorry it was a bit of a rush when I did the original one of this.. Wasnt thinking about car insurance etc as normally just pay it in one month? Should I be putting monthly money away for this?

Gas/Electric are pay as go meters which cant be taken out..

Petrol is correct at £50 as I don't drive much..

£60 for cable is that landline and internet..

Contents insurance is through my own bank.. They told me when I had a banking review with the hope of getting a mortgage that having as many products as possible with them will help with mortgage app..So not sure if I can change from them?

thanks

timetogrowup89

Think I am going to clear the overdraft £316 between this month and next..

Starting to think christmas is maybe not a realistic deadline for clearing everything off

Seen_the_light

Hi Debtslayer is right, you really need to be setting aside some money each month for things like car insurance and Christmas. The most helpful thing anyone ever said to me was my mum telling me that 'Christmas happens every year'! Whilst there is the argument that you shouldn't have savings if you have debt - what is your plan for Christmas (car insurance, MOT) this year? If you clear your debts, only to put them back on at Christmas this isn't very savvy. Have a think about working out a budget for those people you buy presents for, how much you can afford to spend on each (and I'm sure parents etc will agree to a nominal amount if you explain a bit of what you are trying to do) then divide the total by how many months to when you will do your shopping. Once you get through this Xmas, next year will be easier as you will have more months to spread the load.
Don't let the slightly slower debt reduction deter you though, you are doing really well, I wish I'd had your understanding and determination at your age!

timetogrowup89

£66 extra paid to overdraft debt today to take it to £250.

£250 is such a round number, feel that I will now clear this one off the wages I get at the end of the month.

Pay £50 a month towards it anyway, so its only really £200 extra that I need to find and pay!! Time to get counting all those coppers lol

x

timetogrowup89

Thanks, from next month I am going to try and plan how much I need for xmas etc and start the saving upmonthly for them!!

small steps.. but getting there!!

timetogrowup89

Another 8 hours overtime done today. Can't wait to clear another debt in full.

My credit file is shocking!! 6 years is so long to wait for it to look ok. At least plenty time to save a big deposit..

X