My SOA / My quest starts here to be Debt Free

Mindspace

Have been back on sunday night from the stag week end I went to. Had a good time:beer: and now mad :mad: at myself for going £100 pounds over budget i had set myself. Disappointed with myself.

Well, decided that i have no more parties from now on and get back to basics.

Mindspace

Thanks Pointy penguin, I'll have a look and see if i can save some money.

After all, I'm toying with the idea of taking a break from the gym for 2-3 months and hit the road and see how it goes. so I'm still thinking!!!

Other good news is that Inland revenue have evaluated my tax and cheque should follow in 2 weeks time.

Verbatim

Good news about the tax rebate. You're doing really well and seem to be off to flying start.

Congratulations on becoming a non-smoker.

Kevicho

Mindspace wrote: »

Hi All,

Have been lurking here for the past month when i had LBM on my birthday July 23rd, now brave enough to post my SOA and take advice&support from all you wonderful people. Have been addicted to this site really!:D Known MSE for an year or so, but never knew there was this wonderful forum until i accidentally discovered and then the tought of being debt free followed.

I live and work in london and share a flat with my childhood friend:beer: I've lost track for the last few years and raked up all these debts. Probably overconfidence i should say! So, here it goes! All advice/suggestion would be gratefully recieved.

Monthly Incomings:

My salary – 1550.00

Total - £1550.00

Monthly Outgoings:

Rent - £390.00
Council Tax - £39.50
Electricity - £25.00 (No Gas) Is this the cheapest provider? if not sure check out uswitch and then switch using a cashback site, im sure you could go halves with your flatmate
TV License - £5.50
TV/Phone/Broadband – 13.00
BT – 5.50
Mobile - £30.00 - can this be used less or switched to a cheaper contract or PAYG? ive had a contract phone for 8 years, but recently witched to pyg as i can save a fiver a month
Food - £75.00 - dont know about your cooking abilities but the old school board may be able to help you cut back or improve what you are getting for your money
Travel Card - £57.50
Fags - £75 - good going on trying to quit, theres prob tapes online that will help with this if you know where to look
Gym - £92.00(I know...but just love it!) - if you dont want to quit, how about trying to get it cheaper elsewhere, or maybe suggest to them doing you a discount if you can get friends to join, be creative, also are you getting your moneys worth? would it be cheaper for individual sessions?
Water – 8.36
others – 50.00 (Haircut, movies, dry cleaning, birthdays etc)
Stuff like haircut, consider a hairdressing kit, will save in the long run, i know many people who do this.
For Movies, sign up to a (ive forgotten the name of the site tbh) site which sends you emails to go see screenings.
Also there are ways to go to the cinema for free, toook me 30 seconds of websurfing to find a free night out
http://www.freestuffjunction.co.uk/cinema.shtml
Also I would keep a diary of this "other" spend, then you can be more accurate


Sub Total: £ 866.36

The Scary Stuff!!!

HSBC CC - 232.03@18.9% - 7.00 Min payment 250 limit
M&S CC - 3832.00 @17.9%- 117.00 Min payment 4000 limit
HSBC OD - 1500.00@15.9% Max limit
HSBC Loan – 5381.28 @7.9% - 145.22 (36 payments left) 7000 Original
Amex CC - 6433.87 @6.9% - 161.00 Min payment 10300 limit
Ive just reorganised your payment schedule, overpay the top one with any spare cash, then pay the minimum on the rest, i see youve already tried obtaining cheaper credit, keep plugging away at it, next time see if you can get a higher limit before getting the account, as it will improve your chancs.

Sub Total: £430.22 (Debt Repayments)

Total Outgoings: 1296.58

Remaining: 253.42

Debt: 17379.18

I would try my best and can't wait to be debt free, aiming for 18 months.

Please let me know what u think, i don't mind even if they are criticisms!:D

Ive read though the thread and couldnt see if anyone had disected your SOA, which is weird, i may just be going mad but above is some things to look at.

Just like to say the best of luck with this

lunar

congratulations on quitting smoking and on paying off plenty of debt since your LBM. Dont compare yourself to how yo think everyone else is doing, everyones situations are different. So long as your debt total is going down, be happy with that. Good luck with your debt free journy.

pinkkaz

Have you seen Martin's article on how to get cheap gym membership? Sorry if it's been mentioned already but it's great. I'll be paying £35 per month for my VirginActive gym membership after 3 months, plus I have £115 from quidco waiting for me.

xela_17

Re: the low limit on the new Mint card - normally credit cards will increase your limits after either 3 or 6 months. Worth giving them a ring and checking. At least then you could transfer some more money after that time.

Mindspace

Just tought of updating my dairy...after many unusual days gap! I have cleared my HSBC card in full(230)!
skint now. Just 5 pounds to live off next week and the pay will come in on friday. Not too bad, may be I need to buy milk tomorrow. Thats it!!!hopefully!

Looking forward to update my signature on friday as well.

Mindspace

Thanks xela_17! I'm hoping to wait patiently for next 3 months and then approach mint regarding the BT. But by then may be I'll be clearing off close to 1200 pounds on M&S cc.

After all, I have been giving a serious thought to taking a break from the gym and hitting the road for the next 2-3 months. I'll see how it goes and then cancel gym membership and save 94/month towards debts. The gym is quite flexible, say if you are planning to not use facilities for next 2 or 3 months and if we notify them 10 days in advance before the payment is taken they wont take the money until you return back. That seems good to me unlike binding contracts like LA,Cannons etc.
Will keep you all updated.

Mindspace

lunar wrote: »

congratulations on quitting smoking and on paying off plenty of debt since your LBM. Dont compare yourself to how yo think everyone else is doing, everyones situations are different. So long as your debt total is going down, be happy with that. Good luck with your debt free journy.

I think it really because, I've just been into this few months and the initial excitement and impatience makes me compare to others!! I guess i should calm down and take it in my stride!!! Will learn it though!:rotfl: