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Pay off £16k in 2016

edited 30 November -1 at 1:00AM in Debt Free Diaries
22 replies 2.7K views
2

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  • I really want to watch that show I keep reading about it!! But I accidentally got sucked into watching 10 episodes of pretty little liars... It's truly terrible but I have to watch the remaining 92 episodes ... Loser emoji
    :staradmin :staradmin Emergency Fund @ £300 Non CCJ Debts x 7 @ £2782/ £4055 PAID! CCJs x4 Unpaid Total @£5103 Christmas 2016 Fund @£116 Holiday Fund £300/ £550 Wedding Fund Goal: £2500 /// Total Remaining: £9409 / £12,900 (£3498- 27.11%Paid) :staradmin:staradmin
  • YoungBusinessmanYoungBusinessman Forumite
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    How much does netflix cost? Might just get it for one month so i can watch that programme as everyone seems to be going on about it!
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • It's £5.99 but you might get first month for free?
    :staradmin :staradmin Emergency Fund @ £300 Non CCJ Debts x 7 @ £2782/ £4055 PAID! CCJs x4 Unpaid Total @£5103 Christmas 2016 Fund @£116 Holiday Fund £300/ £550 Wedding Fund Goal: £2500 /// Total Remaining: £9409 / £12,900 (£3498- 27.11%Paid) :staradmin:staradmin
  • YoungBusinessmanYoungBusinessman Forumite
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    It's £5.99 but you might get first month for free?

    Just checked and you do so i will probably sign up for it! How easy is it to get straight onto your tv?
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • YoungBusinessmanYoungBusinessman Forumite
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    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household.........
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 3600
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3600


    Monthly Expense Details

    Mortgage................................ 311
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 60
    Electricity............................. 20
    Gas..................................... 20
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 10
    Mobile phone............................ 40
    TV Licence.............................. 0
    Satellite/Cable TV...................... 20
    Internet Services....................... 0
    Groceries etc. ......................... 40
    Clothing................................ 20
    Petrol/diesel........................... 100
    Road tax................................ 20
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 0
    Entertainment........................... 100
    Holiday................................. 0
    Emergency fund.......................... 50
    Total monthly expenses.................. 861



    Assets

    Cash.................................... 5000
    House value (Gross)..................... 65000
    Shares and bonds........................ 0
    Car(s).................................. 10000
    Other assets............................ 3000
    Total Assets............................ 83000



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 42500....(311)......0
    Total secured & HP debts...... 42500.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Court order....................30000.....1600......10
    Credit card....................5000......150.......0
    Total unsecured debts..........35000.....1750......-



    Monthly Budget Summary

    Total monthly income.................... 3,600
    Expenses (including HP & secured debts). 861
    Available for debt repayments........... 2,739
    Monthly UNsecured debt repayments....... 1,750
    Amount left after debt repayments....... 989


    Personal Balance Sheet Summary
    Total assets (things you own)........... 83,000
    Total HP & Secured debt................. -42,500
    Total Unsecured debt.................... -35,000
    Net Assets.............................. 5,500


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using Firefox browser.


    Well hopefully iv got everything down right. Any comments/advice?
    Every house related payment is half as gf pays half of everything so iv halved the house value and payments accordingly. At least iv got a positive so hopefully get that up over £35,000 this year
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • edited 6 January 2016 at 6:37AM
    lessonlearnedlessonlearned Forumite
    13.3K Posts
    I've been Money Tipped!
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    edited 6 January 2016 at 6:37AM
    Hi YB

    Popped over from the other thread to check you out......

    I've looked at your SOA and it seems a bit short in detail. I think you must be spending a lot more than that. Or is this a new SOA for future spending. Even so I think you've got it wrong.

    I realise that you have halved the costs shown, however, you say £80 a month on food for 2 people. That can't be right. Or.......are you eating out all the time......what about toiletries and cleaning materials. Are you sure it's not £80 per week.

    You also seem to have missed several categroies, ie building insurance - you must have this if you have a mortgage.......what about car insurance, water rates. Do you really not have contents insurance or life insurance, sorry but you do need these.

    What would happen about the mortgage if one of you got sick or worse. Could either of you manage the mortgage payments on one income. You should consider some income protection insurance.

    I'm sorry if you think I'm nitpicking but I think you are spending a lot more that £861 a month. Alternatively, if that is a new budget you are aiming for then I think you are underestimating.

    Anyway good luck with the debt busting. You are capable of earning a lot - you just need to cut down on the spending. Try and get more organised with the food side of things and general housekeeping first.

    You are still young so have got time on your side, your income level is great. You can easily turn things round.

    Good luck.
  • Your groceries do seem a little low, this is what we pay a week including most work lunches. But £10 a week is really commendable if not we'll done! Jealous!

    I think you may have forgotten the tv license and your car insurance? Unless your OH covers these?
    :staradmin :staradmin Emergency Fund @ £300 Non CCJ Debts x 7 @ £2782/ £4055 PAID! CCJs x4 Unpaid Total @£5103 Christmas 2016 Fund @£116 Holiday Fund £300/ £550 Wedding Fund Goal: £2500 /// Total Remaining: £9409 / £12,900 (£3498- 27.11%Paid) :staradmin:staradmin
  • YoungBusinessmanYoungBusinessman Forumite
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    Thanks for noticing! It was quite hard to do as I did it on my phone, il try and get a new one put together on the laptop! The £40 is a weekly spend for me so should be timesd by 4! Thanks for the replies il update it when I can!
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • YoungBusinessmanYoungBusinessman Forumite
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    Hi guys how are we all. Didn't get round to doing an Updated SOA as we have had to move out of our house for the past week. We are up in Scotland and have been badly effected with flooding. A lot of damage done and iv been off work since trying to get it back to a liveable condition. Im back to work today and I can't wait to get finished to get home and keep going. All the plasterboard, flooring, joists and flooring have to be replaced. It was actually the firefighters fault as they were pumping water out of street two streets down and caused out water levels to rise.

    That's not all though. GF hit surface water and flooded the engine of her car...something insurance can't help with. This is costing us an absolute fortune between the house, garage, shed, car...I'm just keeping as positive as I can and trying to do one thing at a time. Il be back living in house as of this weekend but will still have a lot of work ahead of us. Financial situation has taken a massive hit. Will update tonight and see if I can work out the financial damage but looks like we are going to have to borrow some money from the bank to sort it all out properly. Hope everyone else is well and no one else is badly effected! What a start to the year!!!
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • lcc86lcc86 Forumite
    1.7K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Combo Breaker
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    Really sorry to hear that YB, hope the insurance can cover some of the damage to your house.
    Car debt total May 2020 £5,200 - June 2021 £1,165 Medical costs January 2021 £1,080 - May 2021 £0

    Pay off all your debt by Xmas 2021 #19
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