Bust a debt!

Disorganised_Me

Had a motivating few weeks reading all the debt free diaries and it's made me want to have a go. So, here I am signed up and ready to start a new diary! Yay.....

I'm looking to clear a debt that the DH and I have had hanging about for too long...Around 4 years to be honest :( We do pay a massive chunk every month to our credit card debts but always end up reusing them so we end up no better off. Hoping that this diary will make me more focused and the budgets we set more accurate.

I'm going to do a SOA and post it later. Ideally I'd like the debt to be clear before applying for a remortgage so we've got a few months.

I'm so disorganised though :mad: I have so many great plans that ultimately fall by the wayside which then frustrates me and gets me down. Plus, I'm trying to complete a professional qualification with work which takes time too.

So hello to all you motivating people :hello: I'm away to sort my SOA and start this successful journey!

As an aside does anybody use YNAB?! Is it worthwhile for me to have a go?

Catch up soon.

Disorganised_Me

Disorganised_Me

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2 (part time)
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1124
Partners monthly income after tax....... 1113
Benefits................................ 0
Other income............................ 563
Total monthly income.................... 2800

Monthly Expense Details
Mortgage................................ 405
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 48
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 52
TV Licence.............................. 12
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 220
Road tax................................ 27
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 9
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
DS1 Dancing Fees (38 wks)............... 46
DS2 Pocket Money........................ 10
DS1 Pocket Money........................ 10
MY Pocket Money......................... 100
DH Pocket Money......................... 150
Gym Membership.......................... 25
Boiler Care............................. 26
Total monthly expenses.................. 2034


Assets
Cash.................................... 0
House value (Gross)..................... 96000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 100000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 69000....(405)......5.35
Total secured & HP debts...... 69000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1100......33........6.9
Barclaycard....................1900......57........0
Total unsecured debts..........3000......90........

Monthly Budget Summary
Total monthly income.................... 2,800
Expenses (including HP & secured debts)......2034
Available for debt repayments........... 766
Monthly UNsecured debt repayments....... 90
Amount left after debt repayments....... 676

Personal Balance Sheet Summary
Total assets (things you own)........... 100,000
Total HP & Secured debt................. -69,000
Total Unsecured debt.................... -3,000
Net Assets.............................. 28,000

As promised - all comments welcome!

As you can see we have a fair bit to throw at debt and ultimately we do but we just spend it back on again and more.... I've had enough and it needs to stop.

I think a spending diary would be v.helpful for us. I've put £400 for groceries but could guarantee it's more each and every month. Meal planning is a washout as is taking lunches to work. The pocket money was supposed to be a bright idea to combat this! Working? I think not....

DH is a full time student as well as working so the 563 is a student loan payment. Had great plans for this but its ended up being absorbed for our frittery ways....

Hopefully, he'll go back to full time hours when his course finishes in a 6 weeks.

We have an additional visa debt at £566 but this should be paid off in full next month. I wish I felt like we had that kinda money every month. Starts here though eh!?

Ok, long enough post for tonight but plenty more to put here...

***away she goes to join grocery challenge, take your lunch to work and other associated motivational threads***

Disorganised_Me

Westie983

I have been using YNAB for three months and its definitely helped me to see where money was going and where I could save... mine was in eating out and not cooking...

Disorganised_Me

Had tech problems that prevented me from keeping up to date! All sorted now....no excuse not to keep the diary up to date.

Been a !!!! week! Realisation that the budget isn't going to plan... Boo!

Thanks for the recommendation Westie983 - I'm off to have a look. The eating out and not cooking sounds like us, that and buying food and not eating it. Bad planning...