The only way is up!

VadersDad

I took control of my situation last summer and done myself a spreadsheet to get started. I was living beyond my means but now feel in control.

Firstly I sold my car and put proceeds towards paying bills and in my savings account. I am lucky that I only work 6 miles away and now I mostly cycle to and from work and occasionally walk in and get a lift back. This has saved me a lot of money and i have lost a stone and half so far too.

I do travel to pick my children up via train and got myself a family railcard. I get some cracking deals with this and travel down south a lot quicker with no stress.

I have no credit cards after paying them off and I have no intention of taking any out. I have a rule now, that if I want something then I have to save for it.

I have a loan for which I pay £454 a month for, this was to do my flat up when i moved in, that was June 2016. I have 40+ payments left and i will do my best to try and make additional payments for the remainder of the loan. This is my priority to get rid off asap.

I am lucky that I have a good job and touch wood its quite secure.

I know I don't have much income spare but I do have a roof over my head and can pay my bills, this is more than a lot of people have, so i'm grateful.

Future savings - sky Tv will be getting cancelled in March when contract expires but i will try and calling them and see if i can cancel or reduce package till then.

I have done my SOA. I have been reading this forum for a few months now and i am impressed with the support and advice which has been given. Thought I would share and become part of the group.

Thank you for reading.

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1506.2
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1506.2

Monthly Expense Details[/b]
Mortgage................................ 204.9
Secured/HP loan repayments.............. 454.80
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 34
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 29
TV Licence.............................. 12.37
Satellite/Cable TV...................... 40.6
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 255
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 3.89
Buildings insurance..................... 20.01
Contents insurance...................... 0
Life assurance ......................... 11.01
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1381.58

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 207
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 60207


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 39.5.....(204.9)....3.59
Secured Debt.................. 19.738...(454.8)....7.9
Total secured & HP debts...... 59.24.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........


Monthly Budget Summary
Total monthly income.................... 1,506.2
Expenses (including HP & secured debts). 1,381.58
Available for debt repayments........... 124.62
Monthly Unsecured debt repayments....... 0
Amount left after debt repayments....... 124.62

Personal Balance Sheet Summary
Total assets (things you own)........... 60,207
Total HP & Secured debt................. -59.24
Total Unsecured debt.................... -0
Net Assets.............................. 60,147.76

enthusiasticsaver

I would allocate £50 per month to an emergency fund. You need something in the presents and entertainment column too. Cancelling sky is sensible as your budget is so tight and you might like to look at going sim only on your mobile phone deal when it is next up to save money. Are there no management charges on your flat?

The loan looks like it has overstretched you slightly

VadersDad

It has. When the sky tv goes it will go into an emergency fund.

I tend to think long term, I know in four years time I will be in a much better situation. It’s just a case of getting my head down, gritting my teeth and getting on with it. I’ll get there.

MeenaM

hello and welcome, Congratulations you have done amazingly well and make some great decisions ! I would suggest trying to get at least a small emergency fund next and then attack that loan with everything you have, selling stuff on ebay etc because once that has gone it will def give you more wiggle room, then you can build up a bigger emergency fund as that is when people tend to go back into debt , paying for emergencies that crop up in life ,
i like your attitude towards credit cards too and once i get rid of my debt i vow never to have one again!

VadersDad

Thanks MeenaM. I do have a bit of savings for pay for emergencies but would be good to keep topping it up.

I have also been using cashback sites for a while now and just started surveys too.

enthusiasticsaver

Can you make overpayments to the loan relatively easily?

VadersDad

Not really. I am due a pay rise in a few months so maybe that can go towards extra payments.

CoffeeCakeYarn

I found you Welcome!


Will you be charged for overpayments on your loan? I second the emergency fund thing, I just got through by the skin of my teeth and can't wait until I have a proper amount saved and I can finally cut up my last remaining credit card so that the temptation is gone!


You've done amazing so far, keep it up x

Mumoffourkids

I found from coffee's diary as well. I have a family railcard and have had one for a few years now. You get fantastic savings. I got it when we couldn't all fit in the one car to go on holiday, so I bought the railcard for £30 and saved over £120 on the train tickets, so cost of card saved already. Sometimes I use it to go into town with the kids as it is cheaper than paying for parking and the stress of finding a parking space!

Good luck with your debt journey.

Tea&Kittens

Well done, looks like you're really heading in the right direction

VadersDad

I’m not sure if I will get charged for making extra payments, will have a look tonight after tea.

Well done for finding me;-)