Debt Free by 40, best Birthday present ever!?
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Yay to Hubby's promotion and the extra you will be working. You'll be able to pay some nice chunks of those debts!!
I hope you find some MSE activity's to do with the children.
Wishing you lots of luck on your debt busting mission! Ash x:)0 -
So, pay day 3 and all minimums paid again, so another £600 off the debt. Takes us under £20K which is a bit of a landmark....
We've been on holiday and it's also been the school holidays. We had £200 left in the account, which I was pleased with. It's gone straight in the savings account towards paying the loan off.
Next month's pay should be more generous for both Hubby and I, so we're hoping to start making better progress...Debt June '16 - £21500 :eek:
Current debt June'17 - £10500 51% paid
Car loan £10000/£7800 [STRIKE]Loan £5300/£5300[/STRIKE] CC £6200/£2700 Savings towards paying off car £700/7800
DFD Aim - Dec '170 -
Hi there!
Your situation is ever so similar to ours so I'll be subscribing and wishing you tons of luck on your journey! I'm on LBM no 3 I think?! Also trying to be debt free by 40 (you're absolutely right it would be the best birthday present ever!)
Best of luck and well done on your achievements so far!
Hazel x£1589.94 cc - DFD 31/12/22; £156,737.24 mortgage free target date 1/10/2026; £158,327.18 Total; Starting debt Jan 2019 £393,068; 60% cleared.0 -
I've missed a couple of updates, but we've been doing really well the last 2 pay days. We've managed to pay off the personal loan and have saved £2.5k towards paying off the 0% credit card... we're very pleased!
I need to update signature.... we're planning on paying off the 0% credit month off either this month or next...Debt June '16 - £21500 :eek:
Current debt June'17 - £10500 51% paid
Car loan £10000/£7800 [STRIKE]Loan £5300/£5300[/STRIKE] CC £6200/£2700 Savings towards paying off car £700/7800
DFD Aim - Dec '170 -
Payday 6..... I messed up my sums last time, not sure how. Still, we've been making slow progress.... The loan is cleared and we're saving towards paying off the 0% credit card. £2k saved, £4K to go....
Had a really expensive month or two, so we've only really managed the minimums. Been covering my parents mortgage and other outgoings while my dad has been ill in hospital which has cost us £3k. Luckily our extra salary has covered it, but it's been a bit painful. Still, my dad is on the mend now, so should only be another month or two.
Had car and boiler services and all passed, thank god!
Christmas shopping all done and money set aside for the inevitable massive food bills!!Debt June '16 - £21500 :eek:
Current debt June'17 - £10500 51% paid
Car loan £10000/£7800 [STRIKE]Loan £5300/£5300[/STRIKE] CC £6200/£2700 Savings towards paying off car £700/7800
DFD Aim - Dec '170 -
So.... only 12 pay days to meet our DFD! We've had a slow few months with the debt repayment due to subbing my parents, but we've finished that now as dad is better and back at work as of tomorrow! To meet our target, we need to pay off £1200 a month, not sure if it's possible, but we'll give it a good go!Debt June '16 - £21500 :eek:
Current debt June'17 - £10500 51% paid
Car loan £10000/£7800 [STRIKE]Loan £5300/£5300[/STRIKE] CC £6200/£2700 Savings towards paying off car £700/7800
DFD Aim - Dec '170 -
I haven't updated this in ages :eek: Goes to show how it's important to keep a close eye on things, I've been distracted and our debt repayments have slowed considerably!! Having said that, we have paid off £3600 since January which brings the debt down to £11K, so nearly half of what it was at the start of this diary...:T
We're in the midst of getting planning permission for the work we want to do on the house, but we won't start the actual build until all our debt is gone. We plan to add the build costs to the mortgage, so we don't want any other debt hanging around. Also, the payments for the extra mortgage will be the same amount as the minimum payments on our existing debt.
I'm 40 in 8 months time, not sure we'll quite manage it, but will give it a good go....
So.... i need to:- update my signature and SOA as both have changed a lot.
- say 'no' to the children more, hubby and I are both a bit too generous
- start monitoring where we're frittering, last month's statement showed a lot of cash withdrawals, little top up shops and amazon purchases!
Debt June '16 - £21500 :eek:
Current debt June'17 - £10500 51% paid
Car loan £10000/£7800 [STRIKE]Loan £5300/£5300[/STRIKE] CC £6200/£2700 Savings towards paying off car £700/7800
DFD Aim - Dec '170 -
Here it is, an up to date SOA. Didn't take too long as was pretty thorough in the first place, just some figures changed. I've put some explanatory notes in red
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 2 needed for work
Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 4330
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 5580
Monthly Expense Details
Mortgage................................ 1220
Secured/HP loan repayments.............. 200
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 208
Electricity............................. 50 these are on a dual fuel plan, not sure on breakdown but is £100pm
Gas..................................... 50
Oil..................................... 0
Water rates............................. 40 we were forced to get a meter...grrrrr
Telephone (land line)................... 35 this is phone and fibre broadband (needed for work)
Mobile phone............................ 100 4 mobiles; 2 for us, 2 for eldest two children
TV Licence.............................. 10
Satellite/Cable TV...................... 7 Now TV
Internet Services....................... 0
Groceries etc. ......................... 600 includes all lunches, booze, toiletries and nappies
Clothing................................ 100 probably more, but difficult to track as so variable
Petrol/diesel........................... 100 mainly work commutes
Road tax................................ 24
Car Insurance........................... 40
Car maintenance (including MOT)......... 25 includes RAC
Car parking............................. 0
Other travel............................ 100 work commutes not inc.petrol
Childcare/nursery....................... 180
Other child related expenses............ 100 brownies, scouts, swimming and pocket money
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 15
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 250 this is something I need to look at
Haircuts................................ 30
Entertainment........................... 200 we probably spend more, but this is my aim
Holiday................................. 150 we've had a holiday this year, this is to save for next year
Emergency fund.......................... 100
Professional fees....................... 32 necessary for my work
Total monthly expenses.................. 4033
Assets
Cash.................................... 0
House value (Gross)..................... 575000
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 590000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 240000...(1220).....2.49
Hire Purchase (HP) debt ...... 8000.....(200)......6.9 includes balloon payment of £6k due May '17
Total secured & HP debts...... 248000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................3000......125.......0
Total unsecured debts..........3000......125.......-
Monthly Budget Summary
Total monthly income.................... 5,580
Expenses (including HP & secured debts). 4,033
Available for debt repayments........... 1,547
Monthly UNsecured debt repayments....... 125
Amount left after debt repayments....... 1,422
Personal Balance Sheet Summary
Total assets (things you own)........... 590,000
Total HP & Secured debt................. -248,000
Total Unsecured debt.................... -3,000
Net Assets.............................. 339,000
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.Debt June '16 - £21500 :eek:
Current debt June'17 - £10500 51% paid
Car loan £10000/£7800 [STRIKE]Loan £5300/£5300[/STRIKE] CC £6200/£2700 Savings towards paying off car £700/7800
DFD Aim - Dec '170 -
I find the above frustrating as we should have so much spare, but we don't. Must get a grip on it as it's probably very doable to be debt free by Christmas! Not sure why my comments aren't in red, but they're still pretty clear...
We get paid next week, I'm going to sit down and really go through the statement carefully and keep such a close eye in June. Kids and hubby will hate it!!!
I'll aim to update this at least monthly so I can really monitor it... I keep reading about YNAB and spreadsheets, might need to start a more stringent money routine!!Debt June '16 - £21500 :eek:
Current debt June'17 - £10500 51% paid
Car loan £10000/£7800 [STRIKE]Loan £5300/£5300[/STRIKE] CC £6200/£2700 Savings towards paying off car £700/7800
DFD Aim - Dec '170 -
Mrs*Spendalot wrote: »I find the above frustrating as we should have so much spare, but we don't. Must get a grip on it as it's probably very doable to be debt free by Christmas! Not sure why my comments aren't in red, but they're still pretty clear...
We get paid next week, I'm going to sit down and really go through the statement carefully and keep such a close eye in June. Kids and hubby will hate it!!!
I'll aim to update this at least monthly so I can really monitor it... I keep reading about YNAB and spreadsheets, might need to start a more stringent money routine!!
Hi MissSAL,
I understand your frustration. I could be your twin. On the face of it we both earn good wages and should have lots to pay off the debt but something seems to crop up every month that throws us. I also seem to self-sabotage with money as well. Not sure where it comes from as my parents are excellent with money and OH's parents are too.Total (Aug 19):€58,567 Now:€26,947
DFD:Nov 22/June 22
Mortgage: €199,712
MFD: March 2042/July 20340
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