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Wanna Be Debt-Free By 2014

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  • sunshineangel
    sunshineangel Posts: 50 Forumite
    Fallen5024 wrote: »
    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household.........
    Number of cars owned....................
    Monthly Income Details
    Monthly income after tax................ 1000
    Partners monthly income after tax....... 1200
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2200
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 429
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 58
    Gas..................................... 146 this is very high is there old debt?
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 25 again high is there a cheaper package?
    Mobile phone............................ 0
    TV Licence.............................. 8.5 - is this right ? most people find its 12.18??
    Satellite/Cable TV...................... 30 - can you get rid?
    Internet Services....................... 25 - again high have u looked around or can you combine with phone and find cheaper deal?
    Groceries etc. ......................... 200 - could you get this lower by using what you have in and meal planning? dropping a brand? its not too bad though
    Clothing................................ 0
    Petrol/diesel........................... 200 - could this be cut? car share etc?
    Road tax................................ 0
    Car Insurance........................... 48.99
    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................. 13.76
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 10
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 25 - can you go a bit longer between cuts?
    Entertainment........................... 100
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1319.25

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

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 7664.86..(285)......0<
    sofa...........................1285.57..(94).......0<
    Old car........................3718.37..(50).......0
    Total secured & HP debts...... 12668.8...-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    Phone Debt.....................526.47....5.........0
    TBI............................4404.91...10........0
    Bank Loan......................842.82....66.73.....0
    Loan...........................700.......109.......0
    Halifax bank...................764.25....10........0


    just some ideas in red for you (well hopefully lol) of poss cutbacks to give you more to throw at debts. highest interest first. have you tried a snowball calculator to see how much interest your paying and best order to pay off extra payments etc.

    I wish you luck on your journey to be debt free. You can do it x
  • Fallen5024
    Fallen5024 Posts: 53 Forumite
    Thanks for your ideas!! :) And i havent tried a snowball calculator before.

    Just a update!!

    I still haven't been able to get in touch with payplan, no call back even though i requested one and haven't been to call due to my working hours

    I got a bill from o2 for my phone contract at £190 :S My plan is to just pay this off as a oner to get it out of the way.

    My husband should be getting a bit of extra cash on top of his wages this month so will be using this to get us out of the red!

    xx
    Total Debt: £18,046.71/£22,953.78:mad:

    £4,907.07 paid off so far:j
  • Fallen5024
    Fallen5024 Posts: 53 Forumite
    Just done my budget book for next month. Just need to stick to it now!!! The challenge is on!!!!!
    Total Debt: £18,046.71/£22,953.78:mad:

    £4,907.07 paid off so far:j
  • Fallen5024
    Fallen5024 Posts: 53 Forumite
    Today my Oh said he has made a list of things we need to get with the last of our money for this month til pay day

    Here is his list

    Bread- Okay
    Milk -Okay
    Dinners - No we have food just make crazy dinners
    sausages (for breakfast)- we have cereal
    Eggs- For Breakfast- Again we have cereal
    Washing powder- Fair one
    Pasta- yeh okay

    so basically the new list is

    bread
    milk
    washing powder
    pasta

    Need to start knuckling down and being strict!
    Total Debt: £18,046.71/£22,953.78:mad:

    £4,907.07 paid off so far:j
  • timetogrowup89
    timetogrowup89 Posts: 535 Forumite
    Fallen5024 wrote: »
    Just done my budget book for next month. Just need to stick to it now!!! The challenge is on!!!!!

    Thats a good start :) Does it allow you spare money towards debt payments?
    March 2013 LBM so here goes....PAID OFF £6944! Unfortunately have built it all back up again! Amounts to be added up soon! Scare myself into action! 30/05/2018 LBM 2
  • Fallen5024
    Fallen5024 Posts: 53 Forumite
    edited 15 November 2013 at 9:53PM
    Here it is

    £2,150-Mine and oh wages

    [STRIKE]£58 - Electric[/STRIKE]-PAID
    [STRIKE]£146 - Gas (on a payment plan with them as we owe them [/STRIKE][STRIKE]
    money)[/STRIKE]-PAID
    [STRIKE]£100 - Bluestone (debt for old car)[/STRIKE]-PAID
    [STRIKE]£50-Car insurance[/STRIKE]-PAID
    £5 - Moorcroft (phone contract debt)
    [STRIKE]£6.50 - Account charges[/STRIKE]-PAID
    [STRIKE]£10 - Life insurance[/STRIKE]-PAID
    [STRIKE]£13.76 - Pet plan[/STRIKE]-PAID
    [STRIKE]£50 - BT phone and internet[/STRIKE]-PAID
    [STRIKE]£94 - Sofa (on a payment plan with them as fell [/STRIKE][STRIKE]
    behind) [/STRIKE]-PAID
    [STRIKE]£285 - Car Finance (on a payment plan with them as we [/STRIKE][STRIKE]
    fell behind)[/STRIKE]-PAID
    [STRIKE]£8.50 - Tv Licence[/STRIKE]-PAID
    [STRIKE]£30 - Sky[/STRIKE]-PAID
    £155 - christmas fair
    [STRIKE]£109.71 - Loan[/STRIKE]-PAID
    [STRIKE]£523.09 - Wonga[/STRIKE]-PAID
    [STRIKE]£87.50 - payday[/STRIKE]-PAID
    [STRIKE]£100 - Owe to BT[/STRIKE]-PAID
    [STRIKE]£15 - Oh sister (debt)[/STRIKE]-PAID
    [STRIKE]£17 - Auntie (debt)[/STRIKE]-PAID
    [STRIKE]£5 - Oh friend (debt)[/STRIKE]-PAID
    [STRIKE]£66.79- Bank Loan[/STRIKE]-PAID
    [STRIKE]£12- Overdrawn[/STRIKE]-PAID


    If my maths is correct that leaves £201.94 for food and petrol :eek:
    Total Debt: £18,046.71/£22,953.78:mad:

    £4,907.07 paid off so far:j
  • timetogrowup89
    timetogrowup89 Posts: 535 Forumite
    That looks good. Do you not have any rent or mortgage to pay?
    March 2013 LBM so here goes....PAID OFF £6944! Unfortunately have built it all back up again! Amounts to be added up soon! Scare myself into action! 30/05/2018 LBM 2
  • Fallen5024
    Fallen5024 Posts: 53 Forumite
    nope it comes out of my oh wages before he gets paid which is lucky! and the same with council tax.

    We get water for free which is a bonus! :)

    Just got back from town. Walked there to save petrol.

    Got

    Milk, bread, ham for £1 each

    2 bags of past for £1

    A xmas present so one of my oh sisters is sorted for £1

    Pizza for lunch for £1

    lol was quite a good shop i think :)
    Total Debt: £18,046.71/£22,953.78:mad:

    £4,907.07 paid off so far:j
  • Fallen5024
    Fallen5024 Posts: 53 Forumite
    Okay thats another thing down towards a debt free life! Lol only a little thing but i have set up my bank so it will automatically pay my auntie and my mum the money i owe then when my wages hit so i dont have to worry about that! Phew like a small weight lifted off my shoulders! :)
    Total Debt: £18,046.71/£22,953.78:mad:

    £4,907.07 paid off so far:j
  • beckylegs81
    beckylegs81 Posts: 39 Forumite
    you are doing well and im sure you will succeed.. I was just buying food because i wanted certain dishes.. Now i enter a selection of ingredients into the allrecipes website and it gives you some options ... its been great cuban sausage casserole or somethin like that for sausages and pasta!- its just an idea to get great meals with random ingredients and people just think you are trying things not using things up!! xx
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