SOA and DFW check up

Mummy+2

Hi lovely DFW people!

It's says I'm new an I kind of am but I did use DFW back in 2010 when I received loads of support and the push needed to do something about my debt. Haven't used the forum for some years since so had to create a new account as the old one is MIA lol

As it's been over 4 years since I started my dfw journey and a lot has happened (started as a single mum of 1 now a divorced mum of 2!) I wanted to come back and get help on my final push to be debt free. In all honesty I've been a very half hearted dfw this year, last year was so tough with a messy separation an being more tight with money than ever before that I've took a "gap year" and we're enjoying ourselves a little for a change whoops

I've currently got £1540 of a £15k debt left to pay so I've done quite well over the last 4 years! This will be gone and then I have a second debt (interest free car loan) of £4800 to deal with. My plan is to keep up my £220 monthly debt payment to clear that by Dec then pay £200 a month on my car loan from Jan 2015

So here is my SOA -

Adults - 1
Children - 2
Car - 1

Income £2308 - pay/tax credits/maintenance/child benefit/housing benefit

Rent - 400
Council tax - 22 (over 10 with single person an ct benefits)
Water - 33.80
Gas & Electric - 100 (on meters, I budget this per month summer it's less winter it's more but has averaged out at this the last 3 years)
TV licence - 12.12
Home insurance - 9.50
Phone/bb/tv - 13 (staff)
Mobile - 20
Petrol & Parking - 70
Breakdown - 18.81
Food - 195 (45 per week)
Oldests Child related costs - 8.66 (2 per week school trips, baking, uniform & other random cost school decides)
Dance classes - 69.33 (16 per week)
Person items - 7.50 (hair dye/lady bits/make up/toiletries)
Eating out - 5 (happy meal once a month treat for kids)
Hair/opticians - 5
Entertainment - 108.33 (25 per week I know how frivolous!)
Clothing - 22.66 (5 per week definitely needed with a fast growing tot)
Youngest child related cost 35.93 (nappies, wipes, oat milk and dairy free stuff)
Childcare - 576.33!

Debt repayment - 220

Total out 1951.99

Total in - total out £356.27

I currently save £355 per month every month without fail! This is for the following -

* 1500 car related expenses tax, test, insurance and repairs, my insurance this year was £950 better than the 1.25k the year before!
* 2 x 160 kids birthdays
* 240 (20 per month) family & friends birthdays, wedding, births, random party invitations for the kids an such
* 600 Christmas I know this is slightly ridiculous but after years of second hand toys an very little I want Christmas to start being how I remember it as a kid
* 400 Holiday first ever holiday for the kids an a this year only thing
* 500 Emergency fund, no explanation needed
* 700 lump sum debt repayment

As I said I'm on a 'gap year' from being extremely frugal. My SOA has looked very different over the last few years with no holidays an less than quarter the amount for birthdays/christmas an such

Next year I plan to carry on the same but use the 700 saved this year the 700 next year plus 400 & 500 (what I spent this year on holiday an building an emergency fund) so 2300 to pay the rest of my car loan off in 2015. I will then be debt free by Jan 2016

So how my SOA am debt free plan sound? I know it's slightly relax but I've skimped by for 4 years clearing 13.5k in debt an I've taken an emotional battering recently that I just want to live a little....I know you'll hit me with your best opinions an I am open to them all even the ones slating me for taking a "gap year"

Ps typed all this on my little phone so sorry for spelling, grammar, layout x

TimeToDoIt

I'm in no position to judge on your position, or give any advice, as I am just starting out, so just wanted to wish you luck dear

savingmummy

Welcome and well done for getting your debts down over the past 4 years!


I can see things I`d stop or at least cut down on to help you get debtfree quicker.
It depends how quickly you want ti gone whether you sacrifice luxuries.


It might be clearer if you sit down and do a SOA and it will give you a clearer lay out - click the mse version once its done.
http://www.stoozing.com/calculator/soa.php

Sedge123

Just wanted to say that your soa looks like one of the most realistic I've seen in a long time. Well done on paying so much off recently. X