The Dairy of Mr Malaprop

Mr_Malaprop

Right, it is time to take this debt by the scruff of the neck and throttle it to within an inch of its life. It has been hanging around for far too long and every year I think that this is it…..this is the year I will remove debt from my life. Yet, unfortunately, here we are again approaching Christmas and the New Year – and still I am wondering when it will ever end.

Truth be told – I am probably what you would class as ‘debt-neutral’; as the money that I have saved roughly balances out the money I owe. Except, I would prefer it if the money I have saved, is actually mine to spend on holidays, hobbies or horribly expensive lifestyle choices like my own flat or updating my car. I plan to take the plunge and commit a Statement Of Affairs shortly and welcome your suggestions. I already feel that I know where my money is spent, but I want to use this diary as a line in the sand. This is the point where things change.

I have been a member of MSE for quite some time in many various guises. I have even de-lurked on occasions to offer my opinions on other peoples’ diaries. However, I have not entered fully into the spirit of things as I tend to run and hide once I get out of my depth.

I love the people on here who are not only going through their own version of debt hell – but also willing to offer their experiences, advice and support to those who need it most. I really appreciate all the tricks I have picked up from this site & forum so far, but I thought if I can commit to a diary of my own for 2017, then with a bit of concentration and hard work I can get myself rid of the minus signs forever.

Right, so that is enough from me for the introduction, here comes the stuff I know…..

Mr_Malaprop

Ok, well here is my Statement of Affairs: -

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2267.67
Other income............................ 5
Total monthly income.................... 2272.67

Monthly Expense Details
Rent.................................... 850
Council tax............................. 80
Electricity............................. 35
Gas..................................... 30
Water rates............................. 26.26
Mobile phone............................ 12.50
TV Licence.............................. 12.12
Satellite, Internet & Landline..... 89.90
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 75
Road tax................................ 16
Car Insurance........................... 25
Car maintenance (inc. MOT)......... 20
Other child related expenses............ 70
Medical (prescriptions, dentist etc).... 85
Presents (birthday, Christmas)...... 100
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 20
Emergency fund.......................... 40
Cigarettes.............................. 150
Total monthly expenses.................. 1956.78


Assets
Cash.................................... 1350
Shares and bonds........................ 4000
Car(s).................................. 3500
Other assets............................ 11076
Total Assets............................ 19926

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................5084.74...114.4.....0
MBNA...........................5881.58...58.81.....0
First Direct Loan..............5614.4....127.6.....7
Total unsecured debts..........16580.72..300.81....-


Monthly Budget Summary
Total monthly income.................... 2,272.67
Expenses (including HP & secured debts). 1,956.78
Available for debt repayments........... 315.89
Monthly UNsecured debt repayments....... 300.81
Amount left after debt repayments....... 15.08

Personal Balance Sheet Summary
Total assets (things you own)........... 19,926
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,580.72
Net Assets.............................. 3,345.28

Mr_Malaprop

Right, so I know there are obvious things I can save on and they are:-

Cigarettes…… what the hell am I thinking!!!!! But very easily said – much harder to do.

The satellite/landline/broadband package…… Maybe I can drop the films or the sport or both? My contract is about to end – so it is time to renegotiate with Mr Murdoch

My mobile has a reclaim deal on it, where I can reclaim part of the bill….. This will be in my task list

The Gas/Electric is soon to revert to standard tariff….. Time to get onto those comparison sites

The medical bill is for some dentistry work that I know needs doing and that will be in April. I have averaged it out for the whole year

The entertainment is for a monthly gathering of friends (which I will be going to shortly) and this is the maximum amount I normally spend – usually it is less. In 2017 – it will definitely be less because I will eat before going out rather than pay £15 for food that costs £3 at Tecso

My credit cards are currently on zero percent, although £3k of that will start charging interest from February. I have the money available to repay that before then – I just have it earning a nominal rate of interest before I pay it.

You will see the bottom line is that basically my savings pay off my debts, and the only asset I really own is the car, and the value of that reduces each time I use it… so I don’t really consider it an asset I can get any value from. I need it to get to work and earn the money to pay for all of the above!

So, when all is said and done, here is my task list to move forward (keeping it to three items so that it doesn’t become too daunting – when one is crossed off, I will add the next main one).

1. Reclaim the mobile tariff rebate. It has to be claimed between a certain window and that window is now.
2. I need to get some food in for Christmas and I have a voucher for £5 off a £30 spend with Tecso – so make a list and get the very essential.
3. Check the best deal for Gas & Electric

OK – well, I am off out to meet my friends for Chrimbo Drinkies, may check in later with a spend total. I have £45 in the pocket, so hoping to come back with £25.

Wish me luck.

Mr_Malaprop

Right we are, the New Year is here and I have made a few steps towards repaying my debts.

Over the last few days I have:-
1. claimed my money back off my mobile phone bill, around £30 to be paid back
2. compared my gas & electric bill, and switched to a new provider that should save me £110 over the year
3. Applied for a new bank account, which (if successful) will net me £150.

I needed to change my bank account anyway because of changes at my work - so why not make a bit of money from it. I have £5 to claim from my old account before I close it - but if I wait until Thursday, I will get an extra £3. it all helps.

Bad news on the horizon - Car tax is due for renewal in January. I really want to pay for the whole year because I hate paying the premium for monthly payments. I have paid the full year for the last two years, but money seems a bit tighter this year. Will work on a plan of action to try my best to pay the full year.
Good news on the horizon - My council tax payments are over 10 months so after the January payment, I get 2 months off. Now - I have to try my best to pay this off outstanding debt.

Things to do next.
1) negotiate with Sky for a reduction in the bill
2) complete the bank account change and make sure the DDs & SOs are set up
3) reclaim money back from old bank account
4) Check for best car insurance quote

Also, I checked my current debt/saving situation, and far from being effectively debt-free; my debt is about £3,300..... Well actually it is -

Total Saved - £14957.63 Total Debt - £18204.12 SHORTFALL (£3246.49)

I am waiting for a payment of £250 to update - and this will take me below £3k - but I can't count it until it has been applied.

Bobarella

Sounds a great start!

foxgloves

You can crack this, I'm sure. It all comes down to planning. It'll free up a decent wodge of cashola if you can knock the cigs on the head. What do you reckon?

maman

Just glanced at your SoA and your assessment of it.


Unless you're buying some booze to drink at home then I'd say your grocery budget could be cut back a little. I find £25 per week per adult is fine provided you shop wisely. I'd suggest going on the OS board for ideas.

MrsTinks

You know we're going to pick on the smoking...

You spend as much (if not more... be honest... ) on those horrid things than you do feeding yourself.

I appreciate it's hard to quit, but £150 a month is a LOT of money! If you don't already then can you roll your own? Look at the free quitting clinics etc near you on the NHS... and lets be fair it will have no end of positive effects on your health You can do it!

Scott_Weiland_2

Re cigarettes you can do it if i can do it anyone can i was at my worst on 20- 40 a day, 40 lucky strikes a day would be i am guessing 15-20 quid a day now.

download the nhs quit app and pick a quit date and do it

Mr_Malaprop

Hello everyone,

Thank you all for your replies. Yes - I can see that the cigarettes need to go. I was thinking the very same myself today whilst out walking. The way I see it - I have 22 packets left. At 1 pack a day - that takes me up to the 24th. So, Scott_Weiland - I am thinking this will be my quit date! Oooh that is a scary thought after 30 years of smoking. I will definitely need to find some time fillers (thinking patches and/or a vape machine). Anyway - it has to be done as much for my health as my pocket.

Ok - so a strange old day money wise. Checked my savings and acquired a princely sum of 25p interest. Also picked up 1p & 50 (Euro) cents in roadkill whilst out walking. 2 NSDs out of 2. Also counted out my change jar and bagged £20 to take to the bank tomorrow. I just need another four 5 pences and that will be another bag of £5.

However whilst out walking and pondering all things money related - I remembered that I need two new tyres & a timing belt. I owe a friend £50 for some tickets he bought me last month. As well as two rather hefty birthdays arriving in January (they both end in zeros!). I don't think 50 cents will cover it.....

Thanks to maman, on the grocery advice. This does include feeding my children who visit a couple of times a week. Although - you are right, I should look to cut it back as much as I can. It was sausage casserole with jacket spuds tonight. 3 people fed all for less than a pound a head. I have also made my own curry paste for tomorrow night's meal. All made from a bit of garlic & ginger with those little pots of herbs that linger at the back of cupboards. (Always reminds me of Michael McIntyre's Chinese Five Spice comedy routine!). Just need to get some chicken out of the freezer, and Robert is your aunty's live-in lover.

So, going to get myself off to bed so I am suitably refreshed for another day at the coal-face tomorrow. But before I go, here are the latest scores on the doors.

Total Saved - £14957.88 Total Debt - £18204.12 SHORTFALL (£3246.24)

Scott_Weiland_2

Mr_Malaprop wrote: »

Hello everyone,

Thank you all for your replies. Yes - I can see that the cigarettes need to go. I was thinking the very same myself today whilst out walking. The way I see it - I have 22 packets left. At 1 pack a day - that takes me up to the 24th. So, Scott_Weiland - I am thinking this will be my quit date!

Oooh that is a scary thought after 30 years of smoking. I will definitely need to find some time fillers (thinking patches and/or a vape machine). Anyway - it has to be done as much for my health as my pocket.

Ok - so a strange old day money wise. Checked my savings and acquired a princely sum of 25p interest. Also picked up 1p & 50 (Euro) cents in roadkill whilst out walking. 2 NSDs out of 2. Also counted out my change jar and bagged £20 to take to the bank tomorrow. I just need another four 5 pences and that will be another bag of £5.

However whilst out walking and pondering all things money related - I remembered that I need two new tyres & a timing belt. I owe a friend £50 for some tickets he bought me last month. As well as two rather hefty birthdays arriving in January (they both end in zeros!). I don't think 50 cents will cover it.....

Thanks to maman, on the grocery advice. This does include feeding my children who visit a couple of times a week. Although - you are right, I should look to cut it back as much as I can. It was sausage casserole with jacket spuds tonight. 3 people fed all for less than a pound a head. I have also made my own curry paste for tomorrow night's meal. All made from a bit of garlic & ginger with those little pots of herbs that linger at the back of cupboards. (Always reminds me of Michael McIntyre's Chinese Five Spice comedy routine!). Just need to get some chicken out of the freezer, and Robert is your aunty's live-in lover.

So, going to get myself off to bed so I am suitably refreshed for another day at the coal-face tomorrow. But before I go, here are the latest scores on the doors.

Total Saved - £14957.88 Total Debt - £18204.12 SHORTFALL (£3246.24)

Just ensure that quit day is a stress free day, ie no work, no potential family stress, i think remembering back i put it in on my last shift at work and i popped in 3-4 days holiday at work. I was still a ratty sod lol