2018 a year of wants v needs

Nymphadora

Good morning (just). I have been about these boards on and off over the past few years and never really stuck to debt busting but now the time has come to really knuckle down.

So a bit about me. For the best part of 13 years I have only ever worked part time due to the kids and this on top of purchasing our forever home that needed a ton of work and £ spent on it has resulted to our never ending debt. Thankfully though this year I returned to full time work so now DH and I hope we can finally knock the debt on it's head.

So 2018 our plan is to only buy what we need the hope is we will be able to throw as much £££ at the debt as possible (we are both bad for spending all out disposable income on things we don't need)

I still need to finalise the full figures but I think it is around £10K on CC most on 0% but will need to check this all out.

Nymphadora

So my first job today was to sort my daughters phone contract. The 24months was up on the 24th December. I stupidly thought this meant the DD would drop down to a sim only cost as has been the case with my phone (although a different provider) now the initial cost of the IPhone had been covered. No it seems EE are happy to continue to take £35.99 a month and it is up to me to contact them to reduce this. I am not happy so currently waiting on an online chat to get this sorted.

redofromstart

Good luck with your plans.

Nymphadora

Thank you redofromstart.

Result with EE got 5gb (up from her 2gb) for £11.99 a month. So straightaway saving £24 a month :j

DancingUnicorn

Good start to your debt busting! Have a go at an SOA and see where else you may be able to cut some costs - Sky, broadband, energy, shopping are good ones to start with I've found. Keep going and best of luck

Nymphadora

DancingUnicorn wrote: »

Good start to your debt busting! Have a go at an SOA and see where else you may be able to cut some costs - Sky, broadband, energy, shopping are good ones to start with I've found. Keep going and best of luck

Thank, yes I need to do a SOA but for the life of me I can't find it on here. Have done one before so need to just set aside time and do one. I was sure there was a link somewhere.

DancingUnicorn

http://www.stoozing.com/calculator/soa.php

Nymphadora

Very rough SOA to get started with some figures will need to be added especially as DH is working on a budget to cover every eventuality.

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1269
Partners monthly income after tax....... 2199
Benefits................................ 137
Other income............................ 0
Total monthly income.................... 3605

Monthly Expense Details
Mortgage................................ 601
Secured/HP loan repayments.............. 185
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 161
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 12
Satellite/Cable TV...................... 52
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 140
Road tax................................ 18
Car Insurance........................... 58
Car maintenance (including MOT)......... 20
Car parking............................. 90
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 45
Buildings insurance..................... 13
Contents insurance...................... 0
Life assurance ......................... 121
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 75
Emergency fund.......................... 25
Total monthly expenses.................. 2531.4


Assets
Cash.................................... 500
House value (Gross)..................... 205000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 215500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 135808...(601)......1.79
Secured Debt.................. 21000....(185.4)....2.29
Total secured & HP debts...... 156808....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
car............................3000......97........0
sofa...........................3840......80........0
Card...........................9800......175.......0
Total unsecured debts..........16640.....352.......-


Monthly Budget Summary
Total monthly income.................... 3,605
Expenses (including HP & secured debts). 2,531.4
Available for debt repayments........... 1,073.6
Monthly UNsecured debt repayments....... 352
Amount left after debt repayments....... 721.6

Personal Balance Sheet Summary
Total assets (things you own)........... 215,500
Total HP & Secured debt................. -156,808
Total Unsecured debt.................... -16,640
Net Assets.............................. 42,052[/b