Smithyboss' Journey

Smithyboss

So, here I am, starting my journey to be debt free. I've been as accurate as I can with my SOA, I haven't included my two overdrafts that I have which total approx £2000, I pay £80 a month towards these. £40 each. Luckily, I earn more than I spend but being in debt is really getting me down. I want to be debt free by October 2014. I also help my mother with her Argos card when I can as a lot of my furnishings were brought with it. As well as the minimum I pay on my 3 CC's, I also try and pay £10 a week off two of them as I get paid weekly. I also try to put little amounts into my mortgage too.

Anyway, I look forward to keeping you all updated, I'll try to do it as often a I can, I work weird shifts sometimes.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 520
Total monthly income.................... 1470

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 89
Electricity............................. 33
Gas..................................... 33
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 18.2
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 30
Clothing................................ 10
Petrol/diesel........................... 0
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..................... 24.97
Contents insurance...................... 0
Life assurance ......................... 1
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Window Cleaner.......................... 6
Total monthly expenses.................. 846.17


Assets
Cash.................................... 0
House value (Gross)..................... 124.5
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 124.5


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 79.178...(500)......2.5
Total secured & HP debts...... 79.18.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................1200......50........29.99
CC.............................1315......50........29.99
CC.............................1800......100.......28.99
Total unsecured debts..........4315......200.......-


Monthly Budget Summary
Total monthly income.................... 1,470
Expenses (including HP & secured debts). 846.17
Available for debt repayments........... 623.83
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 423.83

Personal Balance Sheet Summary
Total assets (things you own)........... 124.5
Total HP & Secured debt................. -79.18
Total Unsecured debt.................... -4,315
Net Assets.............................. -4,269.68

ch3101

Is your house actually worth £124?

You've done the right thing in cominghere anyway, many people to give a lot of advice

Smithyboss

ch3101 wrote: »

Is your house actually worth £124?

Haha, no. It didn't put the 000's on for some reason

naomijj

Do you really spend 30 a month on groceries? You will get lots of help here :-)