The Debt Busting Adventures of Binky

Binky01

Hi All :wave:

Binky's finally (I hope) had a full neon in her face LBM

I have lurked on this board for a while and I have decided that enough is enough.

I tired of robbing Peter to pay Paul my debt is a combination from my youth where I was very silly and a year where I was unemployed.

I have spent the last 5 years paying of bits here and there and not grabbing the bull by the horns as just saying enough is enough

I live alone in a one bedroom flat and I have a good job that pays well. I'm single - the only man in my life is TC my feline friend that tolerates the servant sharing his space as long as he is fed on time

I think that was the catalyst finally I feel strong enough short term pain for long term gain! my ideal would be to have paid everything but the large loan off by New Year 2014 and I think I am a good position to do this at the moment..so here it goes...

Binky01

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2760
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2760

Monthly Expense Details
Mortgage................................ 363.3
Secured/HP loan repayments.............. 249.90000000000003
Rent.................................... 4.16
Management charge (leasehold property).. 125
Council tax............................. 82
Electricity............................. 48
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 24.6
TV Licence.............................. 12.18
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 18
Car Insurance........................... 29.9
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 367.9
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.8
Pet insurance/vet bills................. 9.89
Buildings insurance..................... 30
Contents insurance...................... 9.3
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 40
Entertainment........................... 200
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 1989.93

Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 139000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 73106....(363.3)....4.75
Secured Debt.................. 11801....(249.9)....0
Total secured & HP debts...... 84907.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................947.......5.........39.4
CC2............................3686......80........0
Loan2..........................465.......75........264.7
Total unsecured debts..........5098......160.......-

Monthly Budget Summary
Total monthly income.................... 2,760
Expenses (including HP & secured debts). 1,989.93
Available for debt repayments........... 770.07
Monthly UNsecured debt repayments....... 160
Amount left after debt repayments....... 610.07

Personal Balance Sheet Summary
Total assets (things you own)........... 139,000
Total HP & Secured debt................. -84,907
Total Unsecured debt.................... -5,098
Net Assets.............................. 48,995

Binky01

Si I've just done a snowball and it reckons I could be clear of all debt by Jan 2014!!!! that would be amazing

So my first payment on this plan goes out on Friday.. I'm going to check out the recipe board see if I can use some of the stuff I already have to feed myself for as long as possible

Mockingjay

Welcome! You're in the right place!

You have a good chunk of money left after repayments and expenses. What are you doing with this cash at the mo?

timetogrowup89

Hi,

Good Luck on your journey!!

If you do have £610 left at the end of each month then you could clear loan 1 this month...

I have found that clearing the small amounts is a good motivator for me, I also tend to pay minimum on everything, then focus on one debt to clear, so that I can see it goign down.
Maybe this would be a good tactic for you too?

I am in the process of decluttering the house and selling anything I havent touched in months, my cats probably think I have gone mad.. They will be surprised when they are next on the debt-busting list and move to own brand cat food (not become that desperate to save money yet haha)

x

Binky01

Thanks MockingJay and timetogrowup89...
I'm not sure where this 610 is so I'm going to keep a spend diary I don't believe it..

Shelbi

*subscribed* looking forward to see how you're getting on..love the spending diary suggestion, fels me with dread downloaded an app but havent even used it, im thinking as of wednesday (payday) im going to use it too or hopefully not if i manage some nsd...speak soon:T

Mockingjay

Binky01 wrote: »

Thanks MockingJay and timetogrowup89...
I'm not sure where this 610 is so I'm going to keep a spend diary I don't believe it..

I'm in a similar boat. After repayments & expenses, I should have £470 left but sadly it's never left in my account. I'm writing down EVERYTHING I buy this month & hoping it adds up. I looked at a previous months statement & it turned out I was spending £500 on food/eating out rather than the £200 I thought...!

Binky01

Evening all!

Well.. three days in and I've already had a realisation...

The work Canteen is NOT my friend..

I was spending £2.40 A DAY ON TEA!!! what an idiot!! that's £48 a month!! :eek:

Lunch is £4.50 plus 90p for a can of drink = £108 a month :eek:

I was spending £156 a month on lunch and tea.. I have to work 8 hours a month just to buy lunch! Ridiculous..

So my first MSE move - taking my own tea stuff.. 45p a week for milk, 27p for 80 tbags = £2.07 a month saving £45.93 a month

I feel a bit daft but you just don't think...

my second MSE move was to make my lunches this week... so far so good and I'm using up what's in my cupboards so I have already saved £16.20 this week..

I feel silly but good at the same time feels like my first Victory plus I can watch what I eat as i'm trying to loose weight :T

I did spent £10 on petrol tonight but that should see me for at least a week..

I cancelled my nail appointment and hairdressers this weekend.. I think I can stretch my hair for another couple of weeks and i'm going to have a go at doing my nails myself - time to soak off the Gel I can't afford it at £44 a month!

I've sorted through all my cupboards, I have loads of beauty things I can use so I am going to pledge to use all that up before I buy anymore.

I have loads in my cupboards so that's my second pledge - I will limit my food shop until its all gone - i'll buy TC's bits, milk, and veg - I have pasta, flour, meat sauces, things to make sauces with so I reckon that will be a fun challenge!


I've been good socially too.. I had 3 nights planned out this week and I've cancelled two, both were just a catch up and both would have cost me at least £20 so I have a night out on Friday with my best mate for dinner.. but i'm going to treat myself as I have been working pretty hard this week..

Binky01

Evening all

Well had a result today I rang up to pay £20 of my middle loan and the balance is £100 less than I thought :j

So I need to update my sig

Today I had a complete NSD which I am very proud of! I walked past 2 shops and really had to fight not popping in to get my dinner..I really really felt like just grabbing something I could bung in the microwave might sound silly to some but I'm pleases with my little bit of will power..ANOTHER BINKY VICTORY:T

So I've paid:
Loan 1 £37.50
Loan 3 £120 (kind off!! :rotfl::rotfl:)

Targets for the week ahead:

• Packed lunch every day
• Do my own manicure
• 6 NSD
• £10 food top up budget

Wildchild_2

Good luck! And just think Jan 2014 isn't even that far away :T