This is IT!!! Another Debt Free Diary

wilkster5

I'm starting this as I keep slipping back into spending even reading MSE daily doesn't stop me spending so I think this will be my last hope, otherwise I have a problem. My Debts at worst have been £25k Plus, I have reduced them a fair bit but want to be debt free by the end of 2008.

First of a little bit about myself as my financial income is not straight forward. I'm 26 years old, Live in the ultra expensive city of Edinburgh:mad: work offshore on a 2 weeks on/3 weeks off rotation. My daily pay is £297.60 and i am a freelancer so I can claim back expenses through my company. I do not get paid for the days I am off, or any sick pay etc. The good thing about working offshore on a Rig is that I have nothing and I mean NOTHING to spend my cash on out here apart from sweets etc.

My OH has recently started her own beauty room but is not doing so well just now. Hence why I am covering everything just now. She promises she will start helping when she can. But I'm old fashion and like to support as much as I can as she is working hard just quiet just now.

Oh, my credit rating is brown n smelly so cant get 0% cards etc.

So My SOA at time of going to press..

Income:£43750 per annum -147 nights offshore. Before tax

My Monthly income varies depending on how many nights i'm away that month so I have averaged it out for ease at £ 2800 per month after tax.

Outgoings-p/m

Mortgage £700.interest only base tracker £136k left house value £180K (50/50 ownership) but I pay mortgage as OH cant afford it just now, She did pay half of £25000 deposit though.
A&L Unsecured Loan-£305 = £7300 balance at fixed 7.8%
Credit card-£200= £1280 balance 18%
Bank of Mum and Dad-£400= Balance £3800 0%
Overdraft-£2900 limit £3500 15%
House Ins-£22
TV Licence-£11
Gas and Elec-£64.00
Sky-£31
O2 Mobile-£34
BT-£10
Council Tax- £200
Food-£200
Petrol-[strike]£250[/strike] only £150!:T
RnR£250

Total- £2677:eek:

I have not missed any payment since working away 2 years ago but have a default as I had a 3 month reduced payment with A&L

As you can see I have more coming in than going out so no debt crisis but I do have big debts and really really want to clear them so I can enjoy my salary rather than caonstantly paying towards debts.

I want to get these cleared before Dec2008...12 months can it be done??? lets try and see. If anyone has any advice , then great, I found MSE excellent and really hope this Debt Diary stops me spending and gets me Debt free. Was inspired by the debt free roll of honour.

Total debt £15180:eek:

Hopefully this time next year:beer:

Let the fun begin......

Burlesque_Babe

Hi there - it can be done. I cleared £25k in just over a year on my own (with a mortgage etc) but it was bloody hard work and had to adjust every aspect of my life and it was a daily grind of getting there.

The main thing that jumps out at me is RnR at £250 - is this going out etc? If so, that should be chopped hugely - that's £3,000 per year (apologies if it isn't going out)

Food - £200 - what is that for - your OH whilst you are away or when you are home?? It can be reduced by meal planning and budgeting (literally) to the penny - get ye to the Old Style Board for ideas

Swap the Sky box for Freeview if you can.

I'm sure others will be along soon - as for the signature 'help', click on the 'Quick Link's tab at the top of the thread

wilkster5

Thanks Keren. The £250 RnR is a mixture of going out, hobbies and keeping myself occupied during my 3 weeks off. The food is only what I apy when I'm home, OH pays for her own with what little money she gets per month when i'm gone. I cant swap sky box as i'm in contact and also get my Broadband with that. And got the sig sorted thanks for that. I'm offshore just now and feel a tatal GEEK for saying this...but feeling rather excitedabout this and get it cleared, once I'm home though i'm sure that will change and i'll be sowing my pockets shut. My credit card is already on "Chill" in the freezer!

CRANKY40

I don't think you're daft for supporting your oh. When I moved here 5 years ago, I started going for treatments in a shop where the owner did all the treatments herself. She only had one room and her mate did reception for her.

She has now moved premises, the place is a thriving hairdressers as well as a specialist Elemis treatment centre.

Her boyfriend helped her out, and at one point she gave him her car to pay him back as she had no money. She has the car back now, and the place is always buzzing.

Might oaks from little acorns grow and all that stuff.....

Burlesque_Babe

ooh, don't feel a geek for being excited - welcome to the wonderful world of being a DFW!!!!!!

wilkster5

Exactly Cranky! My mates reckon shes taking the urine but I see how much effort she has put in and she invested £5000 into the room. She rents it in a popular salon and after paying rent/tax/supplies etc she walks away with around £450..if she has a good month she will pay the council tax, which I really appreciate. It's only been going for 8 months and she's slowly building up a clientel, one month she cleared a grand!

I'm just gonna be putting all my efforts into clearing this, I will try and find some work at home too, not sure what yet. I am very busy during the summer offshore so potential there to earn maybe an extra £6000 if I put the time in, my OH will not be happy, me being away but I keep saying it will only be this year then next year IF i'm debt free I will only work 147 nights away. Got to be cruel to be kind.

wilkster5

Keren:dance: :dance: I bow to your money saving expertise thats some going..and gives me hope. I take it it's a life changing time when every spare penny goes to the credit.

CRANKY40

My oh works away 17 weeks then is home for 12. She'll get over it, especially if she wants your support while she is getting her business off the ground.

I don't know if she's doing this already, but a good idea is that for every 10 treatments say, the client gets to choose a (cheapish) treatment free. People love getting stuff for nothing, and if she keeps the free treatment offers to quick to do stuff she should be ok. People will not only come back, but tell their friends.

wilkster5

excellent Idea!! she does offers at the moment, they change from month to month, but never thought of that one! Her room is in an area with lots of students and they get 20% off, she gets lots in for the good ol' Brazilian, thats most of her business is waxing, she already has a good reputation for ir around the campus, just ashame it's so cheap, if she had as many full body massages in then i'd be on dry land more of the time lol..

taxi73

Hi and welcome..I second Keren on the R&R being cut back...and your partners business will grow..it just takes time..it's hard going paying debt off but it's amazing how many cut backs you can make and if every spare penny is thrown at it you will soon see the payments come down...good luck

wilkster5

thanks taxi73, this support is exactly the kind I think will get me through clearing my debt, I'll try and cut down the £250 RnR. mmmmm what to do in my 3 weeks off. Anyone looking for a grafter in edinburgh???lol