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

Smithyboss

Can definitely tell I'm new, posted in the wrong place to begin with! :doh:

Smithyboss

I checked my Barclaycard account today and I've paid £50 in OP's since the last statement, next bill is due on Monday. Minimum payment is only £30 but I keep paying at a fixed amount of £50, have done this for the last 6 months or so. Great to see it coming down

Mara_uk7

So .. Do you actually have £423 left in your bank at the end of the month ? If not wheres it gone ? If yes, why not throw it at a cc ? The interest rates are crippling you.

beanielou

I agree that the interest rates are really high.

Smithyboss

I don't have that much no. I put towards my CC's as much as I can. I can't do anything about the interest rates as I can't get a BT card. I've tried, so I'm stuck with them for now. My CH and WTC go in to one account and they pay for my mortgage. Pretty much all of my wages go on bills. Every Friday £20 goes towards CC's as OP and every Thursday, whatever is left in the bank goes towards the mortgage. I get paid weekly so it doesn't seem like I've got much left once everything has gone out, all my bills are spread out too.

beanielou

I think you would be better paying extra off the cards rather than your mortgage.

Smithyboss

beanielou wrote: »

I think you would be better paying extra off the cards rather than your mortgage.

I know, and I do try. My hours vary from 30 to 40/45 a week so if it's a low week, I can't do too much.

Mara_uk7

Beanies right, forget about paying extra to the mortgage for now, hit your lowest balance card. What a moral boost it would be to clear one and close it. You can do this !

Smithyboss

Needed some motivation, thanks! Just paid £10 to Virgin.

Mara_uk7

Yahh go you ! Time to beat the virgin ! Oops that sounded rude ! If you hit that with an extra £50 + a month, you could clear it in no time .