To Keep Motivated Diary

Keeping_Motivated

First thing I need to do is say thank you to the many on here who have posted tips, stories, diaries etc.
I have been a ‘stalker’ for a long time and I have made a lot of changes because of all the inspiration.

The trouble is that although we don’t have huge debt (unless you count the mortgage!!!) it is staying the same! As it goes down I seem to spend something to bump it up back to the original amount.
So I need to keep motivated to get rid of the debt once and for all so that I can then concentrate on my mortgage which is mainly interest only at the moment which obviously is not ideal.

So I would be grateful for any motivation along the way that anyone can spare and I will update regularly to keep on track.
I am posting my SOA but thanks to this site I have already started changing things (although much more I can do I know) and I have reduced my food bill drastically. I have changed energy suppliers and I joined Quidco along time ago (made £600 in 18mths all paid out) and I have got my husband doing Matched Betting. I search the internet for the best prices for everything I buy. However apart from the things mentioned I feel I am ‘playing’ at it hence the debt staying the same and me needing to do this diary.

SOA
Income :

£2030 Net. Pcm (OH)
£440 (Mine)
£41.69 Tax Credits
£120.80 Child Benefit

= £2632.49

Outgoings :

£464.27 Mortgage (Interest Only)
£71.13 Mortgage (Repayment for an extra 10K)
£40.37 Endowment
£158 Council Tax
£39 Childcare
£27.63 School dinner money
£11.61 TV Licence
£12 BT
£9.99 Broadband
£23 Mobile (Get £180 credit on it for this)
£22 Gas
£35 Electricity
£200 Food
£39 Gym
£25.52 Water
£24.47 Insurance House
£17 H S A
£20 Son
£29.17 Insurance Car
£15.40 (Life Insurance for 2 of us £100K)
£274.23 Car (Leased)
£100 CC
=£1648.80
Surplus £ 983.69 (for petrol, clothes and other expenses - need to keep a spending diary so I can work out exactly what I spend on these things)

Debts
Tesco CC £243.58 - 17.472% (does interest rate seem right I just got it off my statement?)
Virgin CC £135.00 - Not sure what the interest rate is its not on the statement?
Barclaycard £811.10 - 0.561%
Halifax CC £2000 0% interest
Parents £200
Total Debt - £3389.68

Mortgage £97,000 Interest Only
Mortgage £10,000 Repayment
Total Mortgage £107,000 - We do have an endowment of £29,000 towards this figure but obviously it is not on target and we were too late to complain.

I‘m off now to do one of them signature thingies that most of you seem to have so I can see my progress (hopefully)

Thanks for reading

HBFS

Hi there!

I'm new to all this too, so best of luck to you and generally you won't get steered wrong by here, it seems!

Keeping_Motivated

Hi and thanks. I've already realised something I have missed off so I will go back and edit that and hopefully then I have entered everything as I know it. Its a bit scary once you have put everything down but hopefully it will start going down now soon.

HBFS

Just a quick one. What gym are you with? Fitness First do a deal for £31 per month here in Wycombe.

Keeping_Motivated

First target for this week is to list as many things on ebay as I can and any profit will be paid off the debt stright away.

jayne33

Im just totally amazed that you only spend £200 pcm on food - please let me know how you do this lol

If I were in your position I would change my mortgage to a repayment mortgage. I dont know what the repayments would work out at but you would get you used to the payments and you certainly have enough income.

I have less income than you, 5 kids and a mortgage of £120k on a repayment basis. I also have more debt than you:o but I have been a single parent for a few years to blame for that in my defence.

I presume that you are using the cheapest for gas electricity etc. . .

And that your using loyalty cards to the best of your ability . . . cos they really are worth it.

It's late. . . .I'll think about some more tips for you:rotfl: tomorrow.

Keep motivated though you sound like you have made great progress already . . . . P.S cut your credit cards up then you cant spend anymore - it works wonders honest. . . you need to be really brave though, but I'm sure you are.

Jayne

Keeping_Motivated

Its a local one that I can walk to, all the others are a drive away.

tealady

Hi Don't forget to Pigsback daily, and when your insurances are due for renewal go via a cashback web site. I would also look at snowballing you debts, its an eyeopener when you see how much interest you pay. If you have any spare money i would also overpay on your mortgage to bring that down as well.
Hope this helps.

GettingThingsDone

Hi KeepingMotivated - welcome out of the 'lurking shadows'

I found it useful to 'knock off' some of my smaller credit card debts over a month or two, just to get some positive feedback. I've now got two credit cards to focus on and I just do what the snowballer tells me to do.

I would also look into changing your interest only to a repayment mortgage - this is something I also need to do sometime soon; similar situation re: endowment.

I find 'arbitrary goals' help me keep motivated - just setting a goal, any goal, either long term or short can really help you keep focussed. We all fall off the wagon from time-to-time, but just having your goal 'logged' somewhere means you can come back to it with renewed enthusiasm. Make the goal something you and/or your family want to do and you'll get there.

gtd

Karmacat

Hi KM

Welcome to starting posting! Just having a look through your soa, and I've listed comments below:

Outgoings :

£464.27 Mortgage (Interest Only)
£71.13 Mortgage (Repayment for an extra 10K)
£40.37 Endowment have you investigated whether its worth keeping this up, or cashing/surrendering? I know it takes a lot of working out, but £40 is a lot.
£158 Council Tax
£39 Childcare any way of getting round this? Failing that, are you using those vouchers that Martin talks about? Are you using them to max effect? There's a trick to it, I know, I've seen him do it on that programme of his, Make Me Rich.
£27.63 School dinner money what about taking a packed lunch? May not be realistic, I know.
£11.61 TV Licence
£12 BT
£9.99 Broadband thats pretty good
£23 Mobile (Get £180 credit on it for this) do you actually *need* the £180?
£22 Gas
£35 Electricity
£200 Food
£39 Gym Same, really, do you need to use a gym, can't you do power walking or jogging or use free weights at home?
£25.52 Water
£24.47 Insurance House
£17 H S A are you sure this is worth paying?
£20 Son Sorry if this sounds nosey, but what is this for, is this his pocket money?
£29.17 Insurance Car
£15.40 (Life Insurance for 2 of us £100K)
£274.23 Car (Leased) Is this the cheapest form of ownership/use? Needs investigation!
£100 CC
=£1648.80
Surplus £ 983.69 (for petrol, clothes and other expenses - need to keep a spending diary so I can work out exactly what I spend on these things)

So, £983.69!!! Thats huge, so you have lots of wiggle room to pay off those debts. You're right, the spending diary is essential. I just checked when your first post was, and it was at nearly midnight last night, so I guess you've not had much time to start your spending diary, lol! But, from your lurking, you've obviously got the idea, now its just a question of putting it into practice. Well done, and keep going!

hypno06

Hi there and welcome to the world of the "real" poster now you no longer lurk!!

It is too early for me to come up with anything constructive......still asleep.....but the advice above looks good to me.

Good luck, and I hope you stick around!