Miss Marple Hello and SOA.

MissMarple_4

Hi all, :T

I'm a long time lurker, I've been in debt for a while and have been reducing what I owe but never really had my lightbulb moment until now! I've decided that I want to get rid of it once and for all.

My SOA

Household etc:

Rent: £540
Contents: £10
Council Tax: £75
Water: £20
Electric: £50 (hopefully cheaper, but putting aside just in case.
Phone/Internet: £60 (sky high as my installation cost is coming off my DD, will drop soon)
Call Costs: £10 (max aiming for much less)
Food: £173.29 (£40pw for 3 adults, aiming to reduce)
Pet Costs: £5
Laundry/Dry Cleaning £25.98
TV Licence: £13
Car Insurance: £63.03
Petrol: £30
Tax/Mot: £25
Course: £33.01 (nearly finished)
Smokes/Haircuts/Going Out/PAYG credit etc £90

Total: 1223.31

Debts:

Argos 26% £950 outstanding £60pm
Egg CC 19% £2103 outstanding £50pm
HSBC Loan 7.9% £13859 outstanding £289pm
Re the loan they frontloaded the interest onto this figure I see but my settlement figure would be lower approx £10K if I settled today.
Overdraft £250 (soon to be interest free!)
Tax Man £948 - Not actually due yet as i've been paying self emp tax through PAYE tax code but its done 2 years behind! but it looks like I won't be PAYE next year. From this week I'm deducting tax from my SE income and want to save this back tax up so I can just pay the tax man next year no hassle.

Total Debt: £18110
Pay Out: £399

Income
OH Cont: £990
My share of sisters cont £150
PAYE: £480
SE Income: £240 (min)
Total: £1860

£237.69 positive balance!

My OH is debt free and earns a very good income, he wants me to be debt free and his share covers the majority of the bills. I'm very lucky and want be debt free a.s.a.p. I'm pretty pleased with my debt total as by my estimate as my highest I owed approx £25K. My snowball date based on current outgoings is December 2009!:eek:

My plans are:

Reduce outgoings/Spend Diary
Increase my SE/Income.
Ebay/Amazon everything that I can.
Matched Betting (put a £100 fund to the side for this)
Quidco
Mystery Shopping/Surveys/Focus Groups

Any tips, advice, comments gratefully accepted!

MissMarple xx

Shineyhappy

Hiya!

Your car insurance seems very high! When is it due for renewal?

Have a look on the discounts boards for tips on using money off coupons to reduce your food shopping, make sure you meal plan and try and go when they are reducing items! Have a nosey on the Old School board for cheap receipe ideas and cleaning items.

peb

Hello and welcome. I see that you have looked into snowballing - with the APR on the Argos I would suggest that you get rid of that asap. There are specific "challenges" such as get rid of a pesky debt which may assist. I've taken so long in typing this (whilst at work - gulp!) that no doubt more advice from the lovely DFWs will be about.

immoral_angeluk

3 things that spring out at me...

Smokes...... I don't need to tell you.. :P
Car insurance is very high...
Laundry/dry cleaning... buy a washing machine???

Jacks_xxx

:wave: hiya sweetie!

I just wanted to ask before I do any sums what's "My share of sisters cont £150"?

Love Jacks xxx

MissMarple_4

Hi all and thank you for posting, :j

My sister lives with us and contributes to the household, the money is split between me and my OH.

Smokes, I really need to give up, just need to bite the bullet and go for it.:o

Car Insurance is really high, unfortunately I live in one of the most expensive areas for insurance. Smashing car windows is a favourite local sport. My insurance is due soon though and I will try and hammer it down as much as I can.

Laundry : I'd kill for a washing machine! We have a laundry room in the building but washing machines are banned in the flats. I'm going to make sure I fill the machines properly and hang to dry rather than pay to use dryers.

I've decided to revert to paying in cash and use the envelope method and I've dug out a notebook to use as a spend diary. I set up a Sainsburys savings account a to put the money for less than monthly costs into.

Agreed with my sister that I will fine her 50p for each money saving transgression she makes. Such as leaving her TV on when she goes out or putting the jeans she wore for 2 hours into the wash! This time next year i'll be a millionaire. :rotfl:

MissMarple xx

lunar

I laughed at the idea of fining your sister. If i fined my OH 50p every time he committed a DFW crime id be out of debt by christmas, problem is he would be in debt!

How is your credit rating, would you be able to do any balance transfers to 0% cards?

BARGAINHUNTER!

When you come to renew your car insurance remember to use quidco as you could get most of it back! Also, instead of using the dryers to dry your clothes have you thought about using a clothes airer? I put my washing on one at night and it is dry by the morning!

tallyhoh

I sympathise about lack of washing machine but dry cleaning????

Last time I had anything dry cleaned was 1978. What do you dry clean these days?