Working Hard Debt Diary - Here goes

WorkingHardDFW

Hi all

I've got over my rant from the weekend - sorry about that but OH was being a real pain.......

Positive day today. Sorted through all the paperwork in the study. Cleaned up and organised myself which always feels great. A pile of papers went in the filing tray (more like a box now) and a pile in the shredder.

Listed 16 things for Ebay via Turbolister. I've not uploaded them yet but I will do either tonight. Plus I've identified some more stuff to sell.

I didn't get around to doing the gas/electric switch yet but I may be able to do that tomorrow night. Girl on a misson here.

Got a quote for my Mum's car insurance and saved her £120!! Not bad this MSE thing is so catching even if its not your money you are saving.

Still got a stack of things to do and a list as long as my arm but I've got a parcel to post, kids to collect from after school club and meals to produce......

no rest for the wicked.........where has the day gone...........:A

WorkingHardDFW

Just listed 16 items on ebay via turbolister. It was realively easy and it keeps tracks on screen on all your fees etc which is great. I'll be using that again. I'm trying to get in the habit of having a pattern of listing so that it becomes a little more systematic.

Work have confirmed that I can work the extra hours from next month so looking forward to an income increase of 20% with no additional childcare costs (apart from in the Summer holidays but that is taken care off with non payment of After school care). Love to be able to spend it but its going straight off the debt. I've just done the figures for next month (yes its true I am addicted to forcasting our debt reductions) and with a bit of effort we'll be able to clear the target cc in its entirely next month :T :T :T . That will feel so great and will mean we've got 2 down ............3 cc's, 2 loans and 1 o/d to go...................fingers crossed.

WorkingHardDFW

Forget to add next month will take us under the £40K debt mark

redkelly

Oh my good have just read this thread....you are totally amazing.

Just had my lightblub moment two weeks ago Debt is much the same as your's am changing to 0% cc and such but you have given me real inspiration.
Thank you and keep up the good work.

WorkingHardDFW

Thanks redkelly.

At present I'm actually quite scared to try and switch to 0% deals with an new CC provider. We got turn down for a couple last year not due our credit history but due to the size of our debts - can't say I blame them either!! we've decided that until we're left with just a few or our existing cleared cards (of which there will soon be 2 :T ) are doing offers.

Good luck on your journey. Ours has been good so far, I've learned such a lot about myself and finances that I really wouldn't change a thing - apart from a slightly grumpy husband at times !!:p

Good luck on your journey

WorkingHardDFW

:beer: Got the statement from the first cleared CC and the balance is a big fat zero:j What can I say - delighted.

Next one is in my sights for next month............

And so them tumble although the next few will take a good few months but with lots of hard work target 3 (£6k) will be gone by the end of the year......got to have a target...

WorkingHardDFW

I've had a big review of the finances and I've decided to reorganise slightly how we pay for petrol etc for the two cars that we run.

Before we both receive monthly mileage expenses which was moved straight into our 'expenses' account. This account was then use to pay for petrol as and when we both fill up. However due I think to the increased cost of fuel we are frequently running out of petrol money before the month ends and therefore having to fund petrol from other accounts (which are just about making ends meet!).

Other car costs (tax, insurance, servicing, tyres etc) are costed out seperately and a set amount paid into a savings account each month - this works well.

Petrol costs are a real bug bear with us since for years we've not budgeted for it correctly and run up bills on the CC's as a result - our debts have lots of sources unfortunately....

Anyway - the way forward.....

• Car costs £150 per month into a savings account
• Petrol costs £300 per month into a seperate petrol account (taken from our average petrol spending from our spending diary for this year)
• Income from expenses £390 per month (averaged over this year) to be included in monthly income - mine get paid with my salary and OH's get paid mid month

The only issue with this is cashflow. But I have worked out that all the money that our joint account hemorages on the 1st of the month until the 5th will be covered by our salaries and its just the last few bits which we may struggle with until my OH gets his expenses and our child benefit gets paid.

We are up to the limit on our overdraft and our overdraft is the last on the list of our debts to be cleared. However I could switch £1k of the overdraft onto one of the CC's which would allow us the space to deal with any cashflow issues. I need to think about that one since I've got a week or so until pay day.

I hope all of this makes sense. I've been thinking about it for a few days and
I am so keen to keep on track more so with petrol costs as they have caused us difficulties for years.

Any thoughts or tips most welcome :rolleyes:

WorkingHardDFW

Finally I've gotten around to doing one of the things that I am sure I committed to doing this month on this thread - switching my gas and electricity supplier and taking Martin's advice and Fixing. :rolleyes:

I'm pleased I think given the projected rises in fuel looming for next winter since it won't allow for increased useage but it will limit the cost per unit. I've taken care to get the comparison via Quidco (£60 cashback so long as it tracks) based on energy used rather than cost pa which I've always done before. That said I couldn't find a bill from my present supplier since Jan - slightly worrying but they are taking the money each month.

Another positive note is that my Mum gave us a very late Christmas present. Which is lovely and very MSE and quite dull but these things have to be done. I went with her to buy a Water Butt for the garden. Purpose to save a few pennies by reducing the amount of water needed to water the garden this summer. What a lovely Christmas present.:D I really do need to get out more. My lovely Mum also offered to pay for me DD's Guide Camp at the weekend (and included the £5 spending money) so that was £70 saved since it wasn't budgetted for!! I know outrageous...

That another MSE day here ...back to work for the rest of the week...Hopefully some NSD's coming

WorkingHardDFW

Always a good moment I've updated the spreadsheet with the current balances and am pleased to say that our debt is now down to £40,803.

Given we are paying about £2k off a month at present we'll be well under the £40k mark next month :T and on target for under £30k by the end of the year.

Still can't believe that I'll be please to have only £30k of debt but its all relative. We've got a good income thankfully but paying £2k+ of debt repayments per month is quite scary. We need to keep focused.

Hopefully now that I've sorted out the car issue - still need to see if that works next month - its only the food to keep on track and I can't blame too much of that on rising prices.

I should really list some stuff on ebay tonight - my Thursday night committment. Not sure I've got the energy or motivation tonight but it needs to be done - these few pennies that it will bring in will help reduce the debt..............here goes...........

Verbatim

Brilliant diary and amazing progress WHDFW. i've just read through your diary and am bowled over with how far you've come.

can I just say that when I was cooking for 6 or 7 adults and students on a very tight budget menu planning was vital. And buying only what was vital for the plan! Don't know if you're doing that yet?