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Escaping the chains

So im becoming the ripe age of 29 on Saturday and ive decided enough is enough. I wanna stop this debt before it grows like I know it so easily can. Ive paid off a 3k credit card before and if I can do that then i can do more!

In Summary I have a total of £2970 from the date of this post.

This is a combination of;
Overdraft
Money owed to family
Fridge Freezer
Very account

Steps ive taken to battle this are as follows

Yesterday my washing machine broke and instead of putting it on a credit account i brought it out right and used top cash back website

My partner got a 0% purchasing credit card so we can pay off the Very account and skip the interest and after it is pais off we will close the credit card account (we will also be giving it to a family member so we arent tempted)

Any extra money that comes in will also be put towards paying the very account left.

The more money we have left over after paying off each contractual debt the more we can pay back to family members. Overdraft will be last to pay off. Ive also decided that after we have paid everything off when we need to get things like car insurance etc if we get another 0% purchase credit card (only after wd have closed the one we have now) and use top cash back we will save a lot of money that way, however that wont be until next year. Also I plan to change energy companies in November to get a better deal (the one I have atm is the best) and again i must remember to use topcashback.
Earnings since March 2014.

£20 Swagbucks
£4.68 Clixsense

Comments

  • Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 1200
    Partners monthly income after tax....... 1800
    Benefits................................ 0
    Other income............................ 128
    Total monthly income.................... 3128


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 775
    Management charge (leasehold property).. 0
    Council tax............................. 130
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 50
    Telephone (land line)................... 35
    Mobile phone............................ 80
    TV Licence.............................. 1
    Satellite/Cable TV...................... 0
    Internet Services....................... 7.99
    Groceries etc. ......................... 200
    Clothing................................ 15
    Petrol/diesel........................... 120
    Road tax................................ 14
    Car Insurance........................... 40
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 100
    Childcare/nursery....................... 136
    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)...... 15
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1808.99



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 6000
    Other assets............................ 0
    Total Assets............................ 6000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Very...........................1394......77.57.....39.9
    Fridge Freezer.................395.......44........0
    Family.........................800.......0.........0
    Overdraft......................700.......0.........0
    Total unsecured debts..........3289......121.57....-



    Monthly Budget Summary

    Total monthly income.................... 3,128
    Expenses (including HP & secured debts). 1,808.99
    Available for debt repayments........... 1,319.01
    Monthly UNsecured debt repayments....... 121.57
    Amount left after debt repayments....... 1,197.44


    Personal Balance Sheet Summary
    Total assets (things you own)........... 6,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -3,289
    Net Assets.............................. 2,711


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Earnings since March 2014.

    £20 Swagbucks
    £4.68 Clixsense
  • beanielou
    beanielou Posts: 94,033 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Happy shiny new diary :)

    Chuck anything that you can to the Very debt as it is your hightest APR debt.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 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.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • pidge04
    pidge04 Posts: 792 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Hello and welcome. Yes I agree about chucking what you can at the Very debt.

    Have you had a look around your home to see what you could sell?

    Good for you making a plan to rid your debt at 29.

    Is there anything that can be done to lower your spend on mobile phones every month?

    Do you have any scope to start to build an emergency fund? I really wish I had. I am going to start to devote £50 a month to an emergency fund.
    Store card £140 £117 - Store card £150 - Overdraft £200 - PayPal £364 - Loan 1 £5052 - Loan 2 £1733 - Credit card £2890 - Car hire purchase £3200 - Savings £0.
  • Yes i plan to chuck any spare money into the Very account/credit card once we have recieved it to pay off that debt. I have come across a spare £200 so chucking that on.

    Mobiles phones we have for another year but when our contract ends we will be going sim only.

    Thank you for your feedback :)
    Earnings since March 2014.

    £20 Swagbucks
    £4.68 Clixsense
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