I'm feeling Inspired. Debt Free Diary Chapter 1.

mcnair

I have literally just joined about 2 days ago, but I think this is the right way to go, with regards to dealing with our debt. (I'ts good to know you're not alone)
Silly mistakes and living beyond our means for many years has finally caught up with us.
Three kids later and a heafty debt, enough is enough.

Monthly Income: 2000.00 (Hubby works, I'm at home with 2 small kiddies, but am in the process of looking for weekend work).
Child Benefit: 169.50
Tax Credits: 70.80

Total Monthly Income: 2239.58

Monthly Outgoings:

Rent: 400.00
Council Tax 127.00
Powergen: 140.00 (paying off a never ending 696.28 debt, we have storage heaters, which will be off this Winter, extra jumpers all round)
Sky+ 38.00 (I will get rid of, once contract ends)
Mobiles (his & hers) 75.00
Talk Talk (home phone) 35.00 (roughly) (I am going to cancel this when the contract ends in Nov 2007)
Water Rates 16.34
TV Licence 11.37
Life Ins 9.45
Car Insurance: 42.25
Food 300.00 (currently 400.00, but we will survive, no more wasted shops, a strict meal planner is the way forward)
Petrol 20.00
First Direct DD 50.00 (paying off my 1500.00 overdraft)
Extra's 200.00 (I will make my husband stop smoking, before it kills him, and stop both of us taking tenners out the bank)!

Total Monthly Out: 1464.41 :eek:

Leaving 775.17 (to pay off our never ending list of credit cards) (I promise to follow the method minimum payments and target the one with the highest APR which is HALIFAX) :mad:

LookingAhead

Welcome! And good luck with the snowballing and reducing your outgoings.

I'm not the greatest at SOA's but there are more members of the forum who will no doubt be along to pick at it (in the nicest, most helpful way of course!) soon.

I did think the mobiles were high though!

Also, way to go with the menu planner :T.

The Old Style board is very handy for cheap meals too - if you haven't already, do check it out. It's helped me reduce our monthly food bill by around a quarter - it would be more if my fiancé wasn't so fussy but it's a handy cut back none the less.

yoshimi2306

Hi Mcnair I've just posted my first post too, and am now worrying that I am too excited about doing this, I'm in one of those loops, where you don't know whether to be excited or scared, I'm starting to get dizzy. Good luck!

mcnair

Me too completely, but we have to start somewhere I guess. Good luck!

LookingAhead

DON'T BE SCARED!

The only way is up now - and soon you will be excited about finding pennies on the street cos you can put them in your loose change jar ready to be banked

When you get hooked on debt busting you really do begin to see every penny as a penny off your debts...it's that bad! In a good way of course...;)

immoral_angeluk

Child Benefit: 169.50

I'm confused as to why you get this much for 2 kids? I've got 2 girls and we only get £120.80???

mcnair

I have 3 kids (but only 2 in the day, one goes to school).