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New account, new diary, new life!

in Debt free diaries
27 replies 2.2K views
Hello to anyone who reads this,

Starting a new diary under a new account as so much has changed in my life, this is a fresh start. Feeling positive but will probably need help along the way..

Paid off a £2000 overdraft and a £900 overdraft over the last couple of months. Two debts to go; one CC at £1024.80 and another at £853.70. I’m in a much better position than this time last year, when both overdrafts were maxed out and both cards were too :eek: the change was dropping the toxic relationship I was in. Things are much better all round, just dealing with the financial side and all shall be well soon.

SOA to follow.

Let’s do this :j
2 x overdrafts paid off
2 x credit cards paid off

Goals now:

Save for house deposit!
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Replies

  • pennystretcherpennystretcher Forumite
    458 Posts
    Part of the Furniture 100 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    Welcome - well, welcome back I suppose since this is your new start! :)

    Sounds like you've come along heaps since your first realisation - and sorry to hear about your toxic relationship. (Been there, done that..in my instance my ex's ex earned about three times I do and was under pressure to match her spending...stupid as I was I felt like I had to keep up with her spending levels - my ex's ex - spending...how stupid was that?!?) Looking forward to your next post.
  • edited 22 April 2018 at 12:41PM
    TallyMacTallyMac Forumite
    29 Posts
    edited 22 April 2018 at 12:41PM
    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 1503.64
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1503.64


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 60.78
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 12
    TV Licence.............................. 0
    Satellite/Cable TV...................... 17.98
    Internet Services....................... 0
    Groceries etc. ......................... 100
    Clothing................................ 50
    Petrol/diesel........................... 50
    Road tax................................ 11.37
    Car Insurance........................... 67.63
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 50
    Haircuts................................ 20
    Entertainment........................... 100
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 589.76



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 4988
    Other assets............................ 0
    Total Assets............................ 4988



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 2832.5...(60.78)....11
    Total secured & HP debts...... 2832.5....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Cc1............................1024.8....34.8......23
    Cc2............................853.79....25.11.....21
    Total unsecured debts..........1878.59...59.91.....-



    Monthly Budget Summary

    Total monthly income.................... 1,503.64
    Expenses (including HP & secured debts). 589.76
    Available for debt repayments........... 913.88
    Monthly UNsecured debt repayments....... 59.91
    Amount left after debt repayments....... 853.97


    Personal Balance Sheet Summary
    Total assets (things you own)........... 4,988
    Total HP & Secured debt................. -2,832.5
    Total Unsecured debt.................... -1,878.59
    Net Assets.............................. 276.91


    Reproduced on Moneysavingexpert with permission, using other browser.[/i]

    I would appreciate advice on how much to save for car expenses... my car was on an MOT/Service plan when I bought it but it!!!8217;s expired now. I don!!!8217;t make any savings for that at present. Wish I did tho as woke up this morning to find my car with a flat tyre! Changed the wheel but will need a new one tomorrow :wall:
    2 x overdrafts paid off
    2 x credit cards paid off

    Goals now:

    Save for house deposit!
  • Welcome - well, welcome back I suppose since this is your new start! :)

    Sounds like you've come along heaps since your first realisation - and sorry to hear about your toxic relationship. (Been there, done that..in my instance my ex's ex earned about three times I do and was under pressure to match her spending...stupid as I was I felt like I had to keep up with her spending levels - my ex's ex - spending...how stupid was that?!?) Looking forward to your next post.

    Hi Pennystretcher, Thanks for reading and posting! I hear you, keeping up with the Joneses, been there as well :(

    my ex lost his job and made no effort to find another, for literally about 9 months. He got one eventually but in the meantime my debts got worse as I was supporting him. i was trying so hard to pay bits off but just could not get anywhere. Obviously the relationship ended and we left our rented accommodation, and we have no contact anymore. I’m so fortunate that my parents have taken me back in and don’t want any contributions whilst I get myself back on my feet. Not looking for another relationship really until I feel financially stable and recovered from the stress :rotfl:
    2 x overdrafts paid off
    2 x credit cards paid off

    Goals now:

    Save for house deposit!
  • RhiBiRhiBi Forumite
    695 Posts
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Forumite
    Welcome back and well done on get yourself out of a toxic situation, it's not easy to do.

    Looking forward to reading your new diary!
    Virtual Sealed Pot No.07
  • TallyMacTallyMac Forumite
    29 Posts
    So today!!!8217;s been a good day. Lots of time chilling out and catching up with The Walking Dead! Spends for the day:
    Food shop in Aldi: £14.66
    Subway: £4.10

    The food shop will last me til next Sunday, no more spends planned over the next few days so hopefully can get at least 3 NSD!!!8217;s before payday on Thursday :)
    2 x overdrafts paid off
    2 x credit cards paid off

    Goals now:

    Save for house deposit!
  • pennystretcherpennystretcher Forumite
    458 Posts
    Part of the Furniture 100 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    :( ok so relationships can bring the havoc with your finances. Post your SOA here and hopefully the folk here can suggest improvements on spending. Am single myself but some of the local groups have saved me shitloads.
  • beanieloubeanielou Forumite
    83K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    Happy shiny new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • elvis69elvis69 Forumite
    110 Posts
    Fourth Anniversary 100 Posts Name Dropper
    Forumite
    Wow well done!! Hw did you clear the OD? I'm currently really struggling to do it!
    Have subscribed :)
  • TallyMacTallyMac Forumite
    29 Posts
    Thank you guys :) loving the positive vibes! Elvis69, I can’t lie it was difficult to pay off the overdraft. I had a £500 deposit returned from my old rental house, which I was sooo tempted to spend BUT it went straight into the overdraft. The £2000 overdraft was separate from my main account, so I could keep track of it and pay chunks like that in if/when I had them. Looking at the account a year ago, I was £1813.47 overdrawn. :eek: I’ve literally chucked every free penny at it, but as I said, my parents haven’t asked me to pay any bills since I moved in with them.. if they had, I may well still be overdrawn (due to my spending on other things... see below!!)
    the £900 OD is linked to my main current account and I have just tried to cut my outgoings the past 2 months so I wasn’t as far into the overdraft by payday. Also a £300 bonus from work topped up my money and for the first time in literally 4 years, I wasn’t overdrawn by the time payday came around again. And hopefully, won’t be again!

    Holidays... downside: I’ve been on a family holiday this year which cost £1200. Plus side: I paid it all in chunks to a family member, no credit card used/or dipping into the overdraft. Another plus side: the holiday was incredible! Am also going away in June but that’s all been paid for already and at £350/week all inclusive. I’ve got €200 left from a trip in early 2017 so any spends are covered.

    Looking at it. I feel like my priorities may have been wrong by paying for holidays while I still have these debts, but I have been so sick of always having to say no to things cos I couldn’t afford them :( my parents really have given me my life back and I am so grateful. I should tell them.

    Anyway no more holidays planned this year! Time to smash the credit cards :T:T:T
    2 x overdrafts paid off
    2 x credit cards paid off

    Goals now:

    Save for house deposit!
  • TallyMacTallyMac Forumite
    29 Posts
    Well I made a mistake yesterday and forgot about having to sort my flat tyre out! Had my gym induction this evening, cost of membership is included in my entertainment budget for the month. Hoping to go 3 times a week.

    Spends today: £25 on puncture repair at garage
    50p on a bottle of water (forgot to take one to gym so had to buy this on the way)

    Not too bad. Xx
    2 x overdrafts paid off
    2 x credit cards paid off

    Goals now:

    Save for house deposit!
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