i will persist until i succeed - BOWSER

BOWSER

Edit: Any chance a moderator can change the title of my thread to "I will persist until I succeed - BOWSER" - I feel a little embarrassed about the poor use of capital letters!:rotfl:

Good afternoon all,

Long time lurker finally registered! A little about me, I am 26 years old, I am a mechanical design engineer, engaged and have a 2 1/2 year old daughter. Life is some-what hectic at the moment...

I have signed up and created a diary for motivation on my latest debt-free journey. My fiancee and I had recently cleared a debt of circa £10k and managed to save up a £16k deposit for our first home, whilst living with my parents; however since we moved out our day to day budgeting has fallen apart we have no savings, we are in our overdraft at the end of every month and have to put unexpected expenses such as car repairs, etc. on the plastic which we shouldn't have to be doing. We earn enough money to be able to save money each month and should not be in debt other than our mortgage.

I have read a lot of these diaries on here and I am inspired by every one of them, there are people who are in much more severe circumstance than me but still manage to get through it without losing the plot! I am only £3800 in the hole and I feel like it's the end of the world, I think I may have an anxiety problem when it comes to money; my fiancee doesn't seem to share my sentiments when it comes to money and often says I worry too much, which I probably do, she reverts my attention to other people in our families or other people I know who are on minimum wage have 2+ kids and really struggle to get by every month without the "luxuries" we have; this does give me a reality check but still doesn't make me feel anymore comfortable about being in debt. Which is why I have started this diary to keep me on track to pay the debt off and start saving for home improvements and our wedding (I am still secretly hoping the future father-in-law will get his cheque book out :rotfl:...

As you can see in my signature we have a £3500 debt this was accumulated on a credit card which I have now loaned from a family member to pay off the card...I have agreed to pay them back £200 a month (no interest). We also owe £300 (give or take a few £'s) which we will pay off £100 a time for the next 3 months. Although this may not seem like a lot of debt for some people this is more about learning the skills from people on here to get back living within our means with a little left over to save for our future.

I have listed our basic financial information below and as I said earlier I will list a detailed breakdown later this evening.

My monthly income after tax: ~£2200
O/H monthly income after tax: ~£950

Current outgoings: ~£3150
Revised outgoings (hopefully): ~£2774

Current money remaining: ~£0
Revised money remaining: ~£376

As you can see above I have done a quick budget of things I can save on and have come up with a rough figure of £376 left over each month, I am sure I can save more than this with your help.

I used to drink everyday, it varied on how much but it could be 8 cans or a bottle of brandy, thankfully I am in the process of getting this under control, since Christmas I have allowed myself 5-6 pints after work on a Friday and a bottle of red wine with my evening meal on a Saturday, I am aiming to stop going out after work on a Friday as of May for a couple of reasons, one being money and two being health. I don't think I have done too badly in the first 4 months of this year!

Anyway, onward and upwards! hopefully I didn't bore you too much with my first post, I look forward to getting started and soaking up some frugal ways!

BOWSER

GunWharf

Good luck Squire, I will follow your progress.
You mention that you feel it is not a great deal of debt compared to others in here, the fact you are making an effort NOW, will prevent you from a huge debt like mine!

All the best from the South Coast.

BOWSER

GunWharf wrote: »

Good luck Squire, I will follow your progress.
You mention that you feel it is not a great deal of debt compared to others in here, the fact you are making an effort NOW, will prevent you from a huge debt like mine!

All the best from the South Coast.

Hi GunWharf,

Thanks for your comments. I did feel a little silly starting a diary for such a small amount of debt, but I feel this will keep me focused and like you said I am making a difference now so it won't snowball in the future.

I have been reading through your Diary, looks like you have made massive progress, don't worry about the haters, at least it will help you work your who your real friends are in the long run...Keep up the good work pal! That beer will come sooner than you think :beer:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 950
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3230

Monthly Expense Details
Mortgage................................ 1046
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 45
Gas..................................... 55
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 15
Mobile phone............................ 56
TV Licence.............................. 13
Satellite/Cable TV...................... 15
Internet Services....................... 16
Groceries etc. ......................... 360
Clothing................................ 50
Petrol/diesel........................... 240
Road tax................................ 0
Car Insurance........................... 127
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 12
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 250
Weekends................................ 200
Allowance for the O/H and I............. 200
Total monthly expenses.................. 2934


Assets
Cash.................................... 500
House value (Gross)..................... 126500
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 131000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103334...(1046).....6.7
Total secured & HP debts...... 103334....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Family loan....................3500......200.......0
Very...........................300.......100.......0
Total unsecured debts..........3800......300.......-


Monthly Budget Summary
Total monthly income.................... 3,230
Expenses (including HP & secured debts). 2,934
Available for debt repayments........... 296
Monthly UNsecured debt repayments....... 300
Amount short for making debt repayments. -4

Personal Balance Sheet Summary
Total assets (things you own)........... 131,000
Total HP & Secured debt................. -103,334
Total Unsecured debt.................... -3,800
Net Assets.............................. 23,866

Here is my SOA, I have round everything up to the nearest pound, working with whole numbers is much easier...I have left a few blanks on the spreadsheet as the £250 savings is there to buffer the cost of road tax, MOT's and holidays...There are a lot of items on here that can be cut back, hopefully with your frugal help I can save a little more each month!

BOWSER

Morning all,

I have a few questions about eBay if anyone could help me...Basically I have about 20 black bags of baby clothes and toys...would it better to bundle it all together, sell in small bundles or list individually? Surely the cost of postage will outweigh the item's worth if sold individually?

As I said I am a relative noob when it comes to eBay any information would be greatly appreciated... :beer:

BOWSER

Mara_uk7

Why not take a look and see if you have any facebook selling pages for your area, Its commission free and people pick up the goods so no postage costs . We have one locally here and kiddies stuff seems to sell really well.

BOWSER

Mara_uk7 wrote: »

Why not take a look and see if you have any facebook selling pages for your area, Its commission free and people pick up the goods so no postage costs . We have one locally here and kiddies stuff seems to sell really well.

Hi Mara,

I will give those pages another try, all I seem to get on there are people waning something for nothing all the time...Maybe I have to work on my bartering instead of of taking a no nonsense "this is the price this is what you are paying" approach...

---

Well today has been a good day, I had a refund from my insurance company as they were charging me for a single insurance policy as well as my multi-car policy, that combined with payday and a little wheelin' and dealin' allowed me to pay for £450 for friends stag do in September, pay £100 off my misses very account and put £900 into my savings! Another bit of good news is I have been with my employer a year now and should get a car allowance added to my wages, which works out to about £250 a month extra as of next payday! More savings!...Life is good...at the moment.

My other half thinks I am obsessing a little with saving money and preparing for a "rainyday" any ideas how I can help get her thinking a little more frugal? Maybe i'll mention the savings are going towards our wedding! She may get her !!! in gear then! :rotfl:.

I've filled in my SOA again as I have just gone through my bank account and checked all the DD's and SO's...looks like I got £80 left at the end of each month!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 950
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3230

Monthly Expense Details
Mortgage................................ 1011
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 46
Gas..................................... 5
Oil..................................... 0
Water rates............................. 18.24
Telephone (land line)................... 0
Mobile phone............................ 63.9
TV Licence.............................. 12.12
Satellite/Cable TV...................... 15
Internet Services....................... 33.64*
Groceries etc. ......................... 360
Clothing................................ 50
Petrol/diesel........................... 240
Road tax................................ 0
Car Insurance........................... 124.92
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18.88
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 250
(Unnamed monthly expense)............... 0
Allowance for O/H and I................. 200
Weekends................................ 200
Total monthly expenses.................. 2843.7


Assets
Cash.................................... 500
House value (Gross)..................... 126500
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 131000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103334...(1011).....6.1
Total secured & HP debts...... 103334....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Family member loan.............3500......200.......0
Very...........................300.......100.......39.7
Total unsecured debts..........3800......300.......-


Monthly Budget Summary
Total monthly income.................... 3,230
Expenses (including HP & secured debts). 2,843.7
Available for debt repayments........... 386.3
Monthly UNsecured debt repayments....... 300
Amount left after debt repayments....... 86.3

Personal Balance Sheet Summary
Total assets (things you own)........... 131,000
Total HP & Secured debt................. -103,334
Total Unsecured debt.................... -3,800
Net Assets.............................. 23,866

*This includes line rental; however I do not use my home phone at all, well I don't actually have a phone to use, we tend to use our mobiles...Does anyone know if I can get 30MB broadband with no phone cheaper than what I am currently paying?

Off to set some goals for this month!

BOWSER

BOWSER

Good morning,

I had a chat with the other half last night about our finances and she seems to have come round slightly to my way of thinking...I think. Anyway we came up with some personal goals as well as monetary goals:

• Stick to the budget and make adjustments (if needed) at the end of the month
• Monitor our bank account for any unexpected payments.
• Have at least 2 NSD's per week throughout May.
• Sort out my daughters clothes and toys in the loft.
• Design a eBay spreadsheet and system for maximum efficiency also research postage costs.
• List 50 items/bundles on eBay.
• Make a sealed pot.
• Make a list of unwanted items and eBay them.
• Go on 2 "date nights" with Mrs Bowser.
• Take mini Bowser for 2 days out.
• Write out meal plans each week.
• Stop being lazy and get in the kitchen more in stead of having takeout.
• Ask boss for a car allowance (payrise).
• Create a wedding folder.
• Get the garden ready for summer.

Quite a big list but I think bits all achievable throughout this month...Hopefully.

BOWSER

Just had a couple pick up an old sofa I had in storage for £90, straight in the bank and OOOOSH! Another £90 off the very account! Things are going well today...Apart from work; work at the moment is "soul destroyingly" busy, but I suppose that's a good thing really.

mfmaybe

Have subscribed to your thread, you are doing incredibly well so quickly. No idea on the broadband, I just wanted to comment to say how jealous of the 30MB I am, we are lucky if we get 3!

Good luck with the journey, and the forthcoming (saved for) wedding.

BOWSER

mfmaybe wrote: »

Have subscribed to your thread, you are doing incredibly well so quickly. No idea on the broadband, I just wanted to comment to say how jealous of the 30MB I am, we are lucky if we get 3!

Good luck with the journey, and the forthcoming (saved for) wedding.

To be honest it varies a lot but it's generally pretty good with virgin for me...

Thank you for your kind words, I think I've had a bit of luck to get off to this start! Long may it continue! I'm slowly working my way through the diaries on here, I am sure to come across yours shortly...As I said before I find it so inspiring how strong some people are on here, it's great to be a part of...I haven't even explored the rest of the forums, but no doubt there is a wealth of information available.

I find keeping a diary like this is most helpful in documenting my thoughts and ideas and keeps me from driving my OH insane with debt free talk!

BOWSER

BOWSER wrote: »

Good morning,

I had a chat with the other half last night about our finances and she seems to have come round slightly to my way of thinking...I think. Anyway we came up with some personal goals as well as monetary goals:

• Stick to the budget and make adjustments (if needed) at the end of the month
• Monitor our bank account for any unexpected payments.
• Have at least 2 NSD's per week throughout May.
• Sort out my daughters clothes and toys in the loft.
• Design a eBay spreadsheet and system for maximum efficiency also research postage costs.
• List 50 items/bundles on eBay.
• Make a sealed pot. - Done
• Make a list of unwanted items and eBay them.
• Go on 2 "date nights" with Mrs Bowser.
• Take mini Bowser for 2 days out.
• Write out meal plans each week. - Week 1 done
• Stop being lazy and get in the kitchen more in stead of having takeout.
• Ask boss for a car allowance (payrise).
• Create a wedding folder. - Done
• Get the garden ready for summer.

Quite a big list but I think bits all achievable throughout this month...Hopefully.

I had my first NSD yesterday, shame today isn't going quite so well, I was up late and didn't make any lunch, so £3 today, plus we are going for dinner with the OH's parents later, they pay for the meal but I'll have to buy a couple of rounds which will be the best part of £20...Oh well, it'll be coming out of one of the budgets.

Made a list of jobs to do in the house over the next 6 months, quite eager to start them the weekend, another good thing is that if we are doing DIY we won't be spending cash on pointless junk!

Looking to switch to Santander bank once the mortgage has left our account with the intention of switching our mortgage there too for their top cash back deals (if the mortgage rate is good).

That's all for now...Will be back with more drivel later.

BOWSER