First steps......

Catchamonkey

Hi,

I'm being very brave and FINALLY doing a diary, after reading so many! I have a plan, so I thought by writing it down I might actually stick to it!

I am a SAHM to two, my husband works full time in the army.

I have sat this morning and worked out who we owe what to and it's not pretty,

CC1- £1,932
CC2- £431
Next- £365
Tax credit overpayment- £390
Overdraft- £1,800
Equita- £100 (this is from a council tax bill, we apparently cancelled it one month too soon after we moved, and they've only just managed to track us down as we move a lot- had we known about it I would have paid the £65, but with all the charges it amounted to £400!!!)

SO. The plan. We'll pay Equita next month and then that's done with. I want the next account, CC2, and tax credits gone by Xmas. The overdraft is interest and charge free, and CC1 we have cut up, so we will pay the minimum (£50) a month, until january next year, when we can then focus on that.

We have already reduced our debt from the beginning of this year, we had a huge gas and electricity bill that we've been paying monthly from a previous property, last one was this month- whoop! We've also stopped paying for my sons nursery as when he goes back in sept he'll be funded- whoop! We've got a two month break on the swimming lesson payments and house insurance, so that can go towards debt (£80 in total) and I've just lowered our car insurance on renewal from £30 to £24- every little helps?!

So onwards and upwards..... X

GunWharf

Good luck on your Journey and well done for going for it!

All the best from the South Coast

Catchamonkey

Thank you!

I also forgot, we have a loan- currently sitting at £2000- but I class this as an outgoing rather than a debt as the repayments are set up on direct debit. Although I realise it is a debt! Eurgh, it gets worse! But hopefully once all the smaller debts are gone, the big credit card is being dealt with we can start overpaying on this. Slowly slowly.....

Tiggy10

Good luck! Like you said, time to be ambitious! We can do this!

Catchamonkey

So, nothing much going on on the debt front, and won't until payday on the 31st.

However, I'm trying to keep proactive so I've changed the BT direct debit date from the 26th of the month to the 1st. This is always around £50 (calls, broadband and tv) so having it go out at the end of the month was a real pain! I also asked when we were at the end of the contract because we're paying way too much for what we're getting and there's a lot or better deals around- unfortunately I can't do anything until February!! I have reduced it a bit by taking off the unlimited calls element- £7, which we don't need.

I've also emailed my mobile phone provider this months bill as I'm due some cash back from that, around £40, which I'll put towards something!

Nothing else to report, my daughters penultimate day in reception today, so best get her off to school!!

Catchamonkey

I also have a savings plan!

So for Xmas- put £50 a month (5 months) on a smyths toy store savings card (we have a lot of children to buy for, plus our two) plus one month I'll stick an extra £50 on there, so we have £300 for Xmas.

I will also purchase a few amazon gift cards, to go towards Xmas presents. If I have it as gift cards I can't spend it!

I'm also going to work out after payday if there's anything left to go into a savings account.

I'm going to save my £ coins up in one of those un openable tins!

Hmmm. Sounds easy when you write it all down. In reality life seems to get in the way!

peaceandfreedom

Catchamonkey wrote: »

So for Xmas- put £50 a month (5 months) on a smyths toy store savings card (we have a lot of children to buy for, plus our two) plus one month I'll stick an extra £50 on there, so we have £300 for Xmas.

I will also purchase a few amazon gift cards, to go towards Xmas presents. If I have it as gift cards I can't spend it!

Hi Catchamonkey - good work so far. And you are working on your debts before they get out of hand - well done, I wish I had done that.

Absolutely understand your idea about putting money on gift cards so you can't spend it. Only slight concern is Smyths - are they the cheapest place for toys? It's just that so many supermarkets have special offers on toys in the run-up to Christmas, you might get better value for money if you actually had cash. Is there anyone very very trustworthy you could give the cash to who would save it for you until Christmas? That way, you could spend it in Smyths or anywhere.

Good luck with it all.

Catchamonkey

Thank you! It's only just become apparent that rather than just paying the minimums off each month, and adding to the debt, I could pay it off and have that money still in the account. Not sure why it's taken me this long to figure that out, but hey I've got there now!!

I would do cash, however whilst my husband knows the extent of our money issues, no one else does, so I'd rather not highlight the issue! I'd give it to my husband, but whilst he's very good with money, I could always ask him for it back!! I thought I'd do smyths as there's one close by, I have a wide variety of ages to buy for so could get it all in one place. However, I could do £150 on a savers card, and £150 cash? Hmmmm....food for thought! I might do £150 over the next few months and then see where else might be good. I could always do a few gift cards for different places (sainsburys, asda? Even next as I've a few babies to buy for and I like their clothes?) At least I'm thinking about it all, this time last year I wasn't! We're probably still paying off Xmas last year on one of the credit cards!

I'm going to have a read of some other diaries, then take my little boy to the woods- he's broken up already! Free and fun!

MinnieMousesMummy

Well done on starting the diary (I've just started mine this morning after reading a few). Good luck with getting rid of the debt, stay positive and pay a little at a time

Tiggy10

Well done on the plans!


Im in the same position as you - starting the diary, the plan but I too don't get paid until the 31st, slightly frustrating as I want to begin!


Keep up the plans!

Catchamonkey

Hmmm...not a great day, had to use the credit card for some end of year presents for teachers. Have some money in the bank account but that's needed for food until next week, plus we have family here over the weekend so extra people to feed!

Think I'll just start from scratch on payday.

Have realised that we get an extra child benefit payment on Tuesday, so providing there's no disasters between now and then I'll use that to pay the last £100 to Equita, and then that won't come out of next months budget, so will have an extra £100 to stick on CC1. So all is not lost!

Don't need to buy anything else today, children can play in the paddling pool this afternoon after I collect mini monkey from school. Tomorrow will be a NSD hopefully, and then Thursday we're off to the cinema (tickets already bought)- bargain £4!!

Limping slowly towards payday!!