Debt Free and able to complete my "Bucket List"

Kirsten1985

Hi all :beer:

Not really sure what I am meant to say to introduce myself...

But here goes!

I'm Kirsten1985 (as you can see!) and I want to be debt free. Soooooo bad!! I'm not in current trouble with my debt if that makes any sense but I do have the mortgage and store card/credit card.

I've defaulted previously on my mortgage and phone bills (when my relationship broke down and the income reduced!) but I have worked really hard to make sure that those issues don't happen again. It's just me and my son (who is a teenager, when did that happen!?!?!) at home.

Here's my SOA. I think I have everything on there. I have had a look at the wee snowball thing too and I'm feeling pretty darn positive! What do you guys think?

I know that there's some stuff on there that probably looks pretty pricey. You're right! I don't change companies or shop around so I reckon that may be my first port of call

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.................... 1

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 580
Other income............................ 0
Total monthly income.................... 1880

Monthly Expense Details
Mortgage................................ 635.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 23
Gas..................................... 30
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 70
TV Licence.............................. 12.12
Satellite/Cable TV...................... 110
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 100
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 96.15
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 56.1
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 13.9
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 100
Total monthly expenses.................. 1776.57


Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 101000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 100000...(635.3)....4.5
Total secured & HP debts...... 100000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Store credit...................200.......15........0
Credit Card....................1200......10........7.9
Total unsecured debts..........1400......25........-


Monthly Budget Summary
Total monthly income.................... 1,880
Expenses (including HP & secured debts). 1,776.57
Available for debt repayments........... 103.43
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 78.43

Personal Balance Sheet Summary
Total assets (things you own)........... 101,000
Total HP & Secured debt................. -100,000
Total Unsecured debt.................... -1,400
Net Assets.............................. -400


I haven't put a debt free date in yet - because I think I am being unrealistic. I want to be debt free when my son leaves high school. I want to take a gap year with him travelling (don't worry, he's on board with this!) and the likes and can really only do that if I am free from debt and in a good financial position.

So 60 months. I am giving myself 60 months. :eek:

Couple of additional points...

I get child maintenance - but I haven't included it because, well to be honest I can’t rely on regularity or amount at the moment so I figured the extra can just be extra!

I’m ridiculously bad at starting things and not finishing. This is what I need to NOT do with this. It’s just too darn important.

I'm going to disappear now and check out some challenges :A

Kirsten1985

Also thought it would be pertinent to add right now that I am at work...on overtime...Usually that £140 would get spent on little pieces of nothing but on payday I am putting the whole lot on the credit card!!


YIPPPPPPEEEEEEEEEEEEE I feel very productive right now!

Kirsten1985

Good lord there's a million brilliant and dedicated people/posts/threads on this board! I've dipped into threads occasionally over the years, only just up and decided to set up an account today. Not sure why but I tell you something...

It's great :-)

On an even better plus note I can't spend money if I'm sitting at the laptop munching biscuits and reading through people's threads! I might get a tad bit chunky though hehe

Anyway, I'm feeling suitably inspired. Joined the PAD and grocery challenges since I'm pretty sure one will help the other.

Demotivated myself a little when I realised that to meet my goal I will need to pay/save/earn an extra 55 quid a DAY.

Plenty people with steeper mountains to climb. I can do this. For sure!

Here's to my first £55 tomorrow!

Kirsten1985

Hello diary :-)

How are you this fine afternoon??

I need a kick up the backside to be honest. I'm so lazy!

But I need to focus on positives.

One money saving, one health and one feel good thing each day. Sounds pretty simple!

1) I didn't spend any money today and remembered cashback when ordering a games console for my brother. He gave me the money in advance so just a pure gain for me!! (But haven't been grocery shopping yet so tomorrow won't be easy!)

2) went out for 20 minutes on my bike. Feeling those mad gains haha

3) I was super productive at work today! Got loads done and I'm really proud

Anyway, movie night for me and the tween!

Mummy+2

Hello, sounds like you have a good reason to sort out your finances. A year travelling sounds amazing!

A few things you could think about to help -
£70 on mobile phone is slightly on the high side, when are these up for renewal?
£110 on satellite TV is extremely high, could you change the package, even telling them you are leaving normally makes them knock some off the bill
£100 on clothing a month is very high, do you really need this? Do you need the clothes or do you just like new things?

You have nothing for birthdays and Christmas, with a tween I would have though you would have costs here? Also nothing for hair cuts or life insurance, you might want to consider getting some. If you don't budget for everything when the cost pop up your more likely to use credit to cover them or use money marked for something else and then struggle in other areas

x