Debt Free Diary!

twinklie

Hey folks.

Ok so I'm fairly new to all this. And admittedly this year know I will be overspending compared to any other year....getting married in December still with most of it to pay for - although am doing it fairly cheaply.

Got a venue for getting married 40 day guests, including 3 course meal (and beautifully decorated tables) and 2 drinks each. 100 evening guests, buffet and DJ, and bed and breakfast at the place for me and my h2b all for under £2K.

I've bought all the paper etc for the invites off ebay in bulk and cheaply so I can make all the invites myself. I bought my dress already (£499 - bit expensive I know, but brides porogative I figure). :A

Anyhoo, aside from that little side line there is the fact that I'm starting a PGCE in secondary science in September - so I'm a student again! And my h2b is going back to uni part time in September too to finish his degree. So we should be nicely short of funds...lol.

Its for that reason I have decided to start tackling things head on....NOW! Begin the savings now rather than later so that we can at least cut our monthly out goings and maximise what little we do have coming in.

So since reading lots of posts on here (this is my first actual post), I have already made changes. I have placed £2K of our wedding funds in an ISA to earn as much interest as possible in the mean time...gonna leave as much in there as possible.

Also, in process of changing gas and electricity suppliers to a much cheaper supply, saving approx £100 per year in total, thanks to tips from this site. I'm also changing my phone plan and broadband supplier which saves us approx £15 per month!

I already had a change jar of which I have £47 that now needs banking - when I get off my lazy behind and take it to the bank. Oh, I just passed my driving test too and so looked into car insurance - didn't realise what h2b had been paying, and I've managed to reduce that by approx £100 per year too!

So all in all a good start I think. I remain positive anyway.

I also made approx £33.90 on quidco this week through the switches etc, although it's not there yet it's just validated or whatever. And I did the switches through the cashback links for the gas and electricity too so should get £30 back from that.

Can't really think of anything else as of yet. I do the surveys for yougov, valued opinions, lightspeed as well. And if I actually have anything worth selling I wack it out on ebay to sell. However, if anyone knows anything to help me make more money or increase my savings then feel free to post and advise me!

Cheers folks.

Lucy1982_2

Welcome to the site and the wedding plans sound lovely.

Have you posted a full SoA? Just so we can see if you've missed anything although it sounds like you are covering everything

twinklie

Sorry...really am new to this and still struggling with some of the abbreviations....SoA??

Lucy1982_2

Sorry Statement of Affairs. It's a list of all your Incomings and outgoings and all APR's on debts you owe. Have a look on the main Debt free board for a sticky post called First time posters.

Good luck

twinklie

Lol...just read the first time posters thread thing....guess I should have read that first! Doh!

Ok so I'll do my state of affairs thingy now....although it's a bit difficult because our finances will be different shortly due to us both going back to uni....will do it from Septembers SoA...cos August is kinda null and void really for me - not working.

Monthly Incomings:

My teaching bursary - £1,000.00
Partners salary - approx £875
DJ money before tax - approx £700

Total - £2,575

Monthly Outgoings:

Mortgage/Rent - £378
Council Tax - Cancelled - both students!
Gas D/D- £48 - will be reducing shortly.
Electric D/D - £26.50
TV License - £11.37
Phone and broadband- £16.95
Food (approx) - £300
Petrol - £80
CC - £100 (4 months left)
Mobiles (for both) - £64 (I pay double money currently because I had 6 months free - to make it half price line rental if that makes sense).
Scooter insurance - £11

Total: £1,035.82

twinklie

Ooh just looked at that....if it wasn't for all our extra random out goings this year that actually doesn't look to bad to me. Unfortunately we can't really pay extra off stuff cos we need to save the extra for the wedding payments.

Also on top of our monthly salary, 3x I think Sept, Jan and April we will have our loan payments/bursary payments on top to topup our income. Although it does unfortunately add to the debt, but like Martin says, it's the cheapest loan you'll ever get!

Lucy1982_2

Looks good. Although you have loads of spare cash. Are you saving it or does it just disappear? It may be worth keeping a spending diary where you can note everything you spend and where. That way you should be about to see places to cut back.

I would also suggest that your food bill is a bit high. It may be worth seeing if you can move to cheaper own brands. When I was a student I even managed to eat 8p tins of beans!!! Nothing something I would do through choice but needs must. I could feed myself for between £15 and £20 a week (and I love food and enjoy eating good food, no ready meals for me!)

But good luck and keep posting as people are really helpful and I am sure others will be along soon with more advice.

twinklie

Yeah currently all the spare cash is being saved as we are in the process doing up the house too - which I stupidly forgot to mention! We are currently living in the bedroom since we don't have any funiture for the living room. We got all new windows and doors and a re-roof last summer, and took the opportunity to dig up the floor downstairs and redo all the damp proofing etc. We relayed the floor, but need carpet, to decorate, doors - we only have one on the bathroom and sofas etc!

Basically we need to do every room in the house. The kitchen is mainly done, got the units etc just needs painting really so its won't need much money throwing at it. The bathroom, again is mainly done, just needs decorating. But the living room, stairs, and both bedrooms need sorting as does the loft. Obviously this is a long term project and is where are extra savings are being diverted.

There are other outgoings I haven't included on their such as his train fares to uni when he starts - I don't have a clue what they'll be yet. And as for the food bill. I may have over estimated it slightly, it was more of a guess than an actual....I shall keep track this month - Aug - and update it.

Although we both eat lots of fruit and veg - but will be growing our own from next year...have a patch just waiting for the time to sort it all season wise. And only eat organic/free range meat.

My main out going is my partner...he's a nightmare. He will not give up his coffee from Nero, he goes every day!!! And he has expensive tastes in everything including hobbies! Grrr....I'm working on him. So fingers crossed, I'll get him there.

Lucy1982_2

Perhaps the way to approach his is to let his get something/do something for his hobby once a month and try to break the coffee to every other day. Believe me once you are both back studying these little things will have to go. I graduated in 2003 and I have only just paid off my student overdraft!! and I am still working on the loan.

twinklie

I graduated my degree in 2003 and have so far paid off about £15, ha ha ha....now I'm adding to it. My loan will be about £20K all told. Argh!

Fortunately, he paid back his loan back in 1992 or whenever he was last there. So he will only have a small loan to pay back by comparision.

Fortunately both of us are in the black and never touch the overdraft! I think we are luckier than most students though cos even at part time hours with his job he's earning more than me. He DJ's every saturday and will be earing at least 10K for the year through his 2.5 days per week part time job.

But I take your point and shall start working on him.

Lucy1982_2

Sounds like you have everything sorted. But I would also suggest to keep posting as it keeps you on the straight and narrow. Plus then if you run across anything you have people to turn to for advice.