Getting on track

ellie.52

Hi MSE'ers :j

Well this is exciting.

I've been checking out debt free diaries to gain inspiration and I think the best thing would be for me to start my own, for accountability.

Soooo....my current debts are as follows:

SCHBOP - £835.60 - 0% and paid back at £10 a month
FW - £697.80 - 0% and paid back at £20 a month. This is a estimated figure and I'll get the exact figure in the first week of August and update accordingly.
EP - £67 - 0% and paid back at £33.50 a month.
MP - £388.76 - 0% and paid back at £32.54 a month
MBNA - £3,297.37 - 0% until Dec 2019. I currently pay 1% minimum repayment of balance and a £50 standing order per month.

Total = £5286.53 :eek: Shocking!

My focus is the MBNA CC as that one has a 0% end date.

I've created a budget and I'm in the green but I'm convinced I've missed some stuff out.

I will fill out a SOA and post it so maybe you can call me out on things I don't notice.

I have switched from Sainsbury's to Aldi and have started meal planning so that should help.

I've created a WhatsApp group and post a picture of all my receipts as soon as I spend. This helps as I can refer back to the prices I have paid for every item, and allocate payments to the correct category on the personal finance system I use to track my spending.

I have joined the 100 ways to 1% thread and have started a list of how I can bring in more income to pay off this MBNA CC ASAP!

Well that felt good to let it all out!!! :T

Thanks for taking the time to read this :A

doingitanyway

ellie.52 wrote: »

I have switched from Sainsbury's to Aldi and have started meal planning so that should help.

This one action will save you a fortune that you can use to repay to debt. I am still reeling from the prices and quality in Ald1.

Good luck with your diary

ellie.52

Hi Doingitayway
I can see the difference already it's insane!!
Aldi also has less choice which is perfect for someone as indecisive as me!!

ellie.52

Here is my statement of affairs, I have tried to be as thorough as possible but feel like i have missed some stuff out, I am not sure, I have been keeping a spending diary for 4 weeks now, so i will review if there are any unexpected spends on there that i need to account for.

I have not allocated anything to entertainment or holidays as I feel i should just suck it up and be super frugal until i clear my MBNA Credit Card. What are your thoughts on this?

Any advice is welcome

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars leasing.................... 1

Monthly Income Details
Monthly income after tax................ 1838.69
Partners monthly income after tax....... 500 (He is self employed so this figure can change drastically from month to month, however i have used an average based on the last 12 months)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2338.69

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 495
Management charge (leasehold property).. 0
Council tax............................. 117
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 29.16
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 28
Groceries etc. ......................... 300
Clothing................................ 4.17
Petrol/diesel........................... 65
Road tax................................ 0
Car Insurance........................... 81.45
Car maintenance (including MOT)......... 2.92
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6.47
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 2.83
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
M Personal Spends....................... 45.57 (My OH quit smoking this week, as an incentive we have set upa
Phone & Gadget Insurance................ 12.5
Netflix................................. 7.99
Magazines............................... 7.33
Dentist................................. 17.05
Beauty - Waxing etc..................... 30
Car Lease .............................. 220
University.............................. 53.8
Charity................................. 21.65
Total monthly expenses.................. 1603.29


Assets
Cash.................................... 2425.05
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 2425.05

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
SCHBOP.........................835.6.....10........0
FW.............................697.8.....20........0
EP.............................67........33.5......0
MBNA...........................3297.37...83........0
MP.............................388.76....32.54.....0
Total unsecured debts..........5286.53...179.04....-


Monthly Budget Summary
Total monthly income.................... 2,338.69
Expenses (including HP & secured debts). 1,603.29
Available for debt repayments........... 735.4
Monthly UNsecured debt repayments....... 179.04
Amount left after debt repayments....... 556.36

Personal Balance Sheet Summary
Total assets (things you own)........... 2,425.05
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,286.53
Net Assets.............................. -2,861.48

Primula

Hello and good luck in your journey. You've not posted anything in your statement for gas or electric as far as I can see xx

ellie.52

Hi
Thanks so much
Yes it's included in my rent.

ellie.52

Hello all

It's been a month since I've started tracking every penny.

I've made the switch from Sainsbury's to Aldi and saved £52.85 this month which I think is amazing and have barely noticed the difference!

I've become really into entering competitions as well. I've entered approximately 700 but not won anything, I'm sure my win will come soon.

I have generated a report on my personal finance tracking software for this past 4 weeks.

This is how I did this month:
2018-06-24 to 2018-07-26

Income
My Income 1,667.76
OH Income 993.47
Total Income 2,661.23

Expenses

Uncategorized Expense 16.48 - we have returned this so awaiting refund
Alcohol & Tobacco 22.50
Entertainment 23.92
Clothes 14.19
Loan Payment 174.90
Groceries 373.27
Grooming & Beauty 39.00
Restaurants, Coffee & Bars 75.09 - spent by OH in London on visa visit
Pharmacy & Prescriptions 10.40
Council Tax 392.00 - £117 for the month and extra for council tax arrears due
Gifts for Outside Family & Friends 11.00
Holiday Expenses 523.15 - this is insane as my OH has to get a visa for the US and this is the cost of train to London and medical exam, this is a painful expense
OH personal spend 10.50 - I have set up a SO for him to have personal spends as he's quit smoking
Loan to friend 500.00
Charity 40.00
Vitamins 0.75
Insurance - Phone & Gadget 25.00 - its £12.50 a month
Home Improvement & Maintenance 8.98
Mortgage or Rent 495.00
Internet 25.60
Mobile Phone 40.00
Utilities 217.35 - this is 6 months of water
Vehicle !!!8211; Fuel 32.00
Vehicle !!!8211; Repairs & Maintenance 220.00
Parking 35.00
Total Expenses 3,326.08

Net Income (664.85)

This is a horrendous start. I feel like I've been trying my hardest to save and scrimp on everything and I'm still in arrears. So messed up

GlendaSugarbean

It's an ongoing process - if everyone sorted their spending in a few weeks this forum wouldn't exist!

You know where the money is going, and that's a crucial first step. Think of it like a diet - crash diets don't work, making small and steady changes is the way forward.

Can you see anywhere you can make small savings next month?

GlendaSugarbean

You have over £1000 of unexpected expenses there - £600+ on visa related expenses and a £500 loan to a friend (when do you get this back?). Without those you'd be well into positive figures.

ellie.52

Hi Glenda
Your right I haven't thought about it like that, I guess I was just wishing for a quick and easy fix.
I'll look through it properly and see if I can cut down more this month

[Deleted User]

Hi Ellie - good luck I have subscribed back x