Eager Elephant's Exciting Elimination.....

...of debt!!!!

This is my old diary which I have had for the last 9 years – https://forums.moneysavingexpert.com/showthread.php?t=2175629#topofpage

No need for new readers to read it, essentially the debt increased, my husband was a twit, I had great aspirations to repay debt which never happened and the cycle ran for 9 years…..

But this year is the year everything changes – I am now rid of my husband (well nearly) and he is henceforth known as STBEXH and I am debt busting alone with no one to sabotage my efforts (thank god, finally say my regular readers!!)

About Me
I am 38, living in a rented 3 bed house. I have 2 kids – DS is 22 and at Uni and DD is 16, DD shares her time between me and her dad as he works at her school so easier for everyone if she is with him in the week, this could change this year as she will be going to college from September.
I have 2 dogs and 2 cats at home and 30 chickens, 24 geese and 1 turkey on a rented field (near my house)
I work full time and just because I have so much spare time I am also on 3 committees….

Debts
My current debts are:

Paypal - £667.59 – some on 0% and some at 17.9%

Halifax - £3149.54 – some at 6.9% and some at 27.7%

Santander - £1098.42 – I think 19.9% but can’t find the info on the website

Vanquis - £996.31 – I think its 39.9%

Link - £7031.11 – 0% as defaulted in Jan 2013

My Son - £700.00 – 0%

Total - £13642.97

(STBEXH owes me about £1k for furniture for his new property which I put on my credit card and he never paid me back for – apparently he’s going to start)

Finances
I will post a financial statement on the next post but the plan for this month is to somehow get through the month as I have barely any money and there is 3 weeks until payday and I will need food and petrol in that time.

My only income is my wages (I do get Child Benefit for DD but she gets all of this as her pocket money and funds her own stuff like clothes/shoes/snacks/cinema etc) and anything I can make from ebay/surveys and cashback.

Things are going to be tight but at least I’m skint because of me and not because someone else is draining me dry and I’m not having to subsidise the household of 4 any longer.

I do have my rented field/smallholding and this does bring in some income when I sell eggs and meat so I need to try and increase what I make from this.

This Year – 2019
I need to concentrate on paying the debts down as much as possible (I know this has been the plan for the last 9 years but it will really happen this time)

The Next Few Years
I want to buy the house I live in and hopefully have some savings.

Eventually I want to buy a smallholding and to give up paid work and instead run my smallholding full time

The Plan
To get through this month and then from 1st February to attack the debts as much as possible.

I need to ebay and survey like mad as my income barely covers my expenses so for costs like car insurance/car repair/xmas etc I have to earn extra somehow.

I am committed to a weekend break in May so need to save for that as well.

Here’s to a brand new single debt busting life…….
«13456712

Comments

  • Eager_Elephant
    Eager_Elephant Posts: 4,714 Forumite
    Combo Breaker First Post First Anniversary
    edited 2 March 2019 at 12:27PM
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 1
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1519.37
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 17.5
    Total monthly income.................... 1536.87


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 401.91
    Management charge (leasehold property).. 0
    Council tax............................. 105
    Electricity............................. 69
    Gas..................................... 0
    Oil..................................... 50
    Water rates............................. 40
    Telephone (land line)................... 26.5
    Mobile phone............................ 40
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 18.49
    Groceries etc. ......................... 160
    Clothing................................ 0
    Petrol/diesel........................... 200
    Road tax................................ 35.43
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 50
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 46.38
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 10
    Entertainment........................... 7.99
    Holiday................................. 0
    Emergency fund.......................... 0
    Pet food................................ 40
    Charity................................. 8.68
    Account Fee............................. 1
    Lottery................................. 38
    Newspapers.............................. 33
    Total monthly expenses.................. 1393.75



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 4000
    Other assets............................ 0
    Total Assets............................ 4000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Link...........................7021.11...5.........0
    Halifax........................3124.63...82........27.9
    Santander......................1086.7....26.62.....19.9
    Paypal.........................631.75....25.68.....0
    Vanquis........................927.56....62.98.....39.9
    Total unsecured debts..........12791.75..202.28....-



    Monthly Budget Summary

    Total monthly income.................... 1,536.87
    Expenses (including HP & secured debts). 1,393.75
    Available for debt repayments........... 143.12
    Monthly UNsecured debt repayments....... 202.28
    Amount short for making debt repayments. -59.16


    Personal Balance Sheet Summary
    Total assets (things you own)........... 4,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -12,791.75
    Net Assets.............................. -8,791.75


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
  • A great goal EE, running a small holding full time. Wishing you every success in the debt busting and reaching that small holding goal.
    paydbx2024 #2 £480/£5000 . Mortgage £144k start ~ £148k Jun 23 -
    2024 savings challenge £5/£2000
    EF £140. Savings 2 £30.00. Weekly savings envelope #17
  • WannabeFree
    WannabeFree Posts: 4,438 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Looking forward to following again :D

    You are amazing and have helped me so much along the way
    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the way.”
  • Good luck EE. I’ve been about just as long as you and no further forward but due to a financial change which has scared me I’m like you and in a mission. I’m with you sista xx
    5 Year plan. April 2020 to June 2025- CC and mortgage free by time I'm 60
    Currently CC £23,674.36 /£14,895.41/£14315.42
    Mortgage £28,214.65/ £26,254.71/ £25,746.43
    By end 2020 I want CC at £ 19,000.00.
    By end 2021 I want CC at £10,000.00
  • Sun_Addict
    Sun_Addict Posts: 21,205 Forumite
    First Post Name Dropper Photogenic First Anniversary
    Subscribed to your new chapter in life and wishing you all the very best with it xx
    Christmas Savings 2024 £252.38/£600 April NSD:2 April Surveys £
  • I've subscribed to your new diary EE. Good luck with your goals. Hopefully all achievable without the unhelpful influence of STBEX :).
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • beanielou
    beanielou Posts: 90,067 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Happy shiny new diary :)
    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.
  • Subscribed to your new diary. Wishing you all the luck in the world Xx
    Debts @ LBM £23,729.31. Debts @ 08/04/2016 £0 :j
    Best win so far - holiday to Florida
  • UncannyScot
    UncannyScot Posts: 2,070 Forumite
    First Anniversary First Post Photogenic
    Happy New Year and Happy New Diary EE :D
    Have subscribed
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
  • sashybo
    sashybo Posts: 4,499 Forumite
    Name Dropper First Post First Anniversary Photogenic
    :hello: Nice to see a new diary for your new start. :j

    Good luck with all your goals, I'm sure you'll get there as no twit of a husband holding you back now. :rotfl:
    Success is not final, failure is not fatal: it is the courage to continue that counts. Car loan 1 £14,073, Car loan 2 £16,000, 0% CC1 £195. Debt Free Diary to try & keep spending in check.
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