Rolling the debt away.

Rollingwithitmama

So I currently have £18,444 (this has been rounded) in Debts 😱🙈🙈
The first time I added up this whole figure I was horrified.

I had my sick and tired moment last year probably September/October. Well my proper so over it moment. I’ve certainly had the stress of meeting all my payments and still manage to struggle through with food and heat.

So over a few months of trying to get ahead just have not been able to with either holiday season causing an impact on free cash. My partner getting a new dog. Just total budget fails and income not being as high as expected.

It changes this month.
I’ve been using google spreadsheets to get more accurate with my incoming and outgoing.
Now just using the base bottom pay that may get and if I end up with more shall count that as a bonus.

I’m trying to budget via pay checks. Though can be awkward as each week get 3 weekly incomings and 1 monthly income.

Hoping February with my overtime I have done and selling a couple items no longer use I can get my phone almost cleared so can get the cost of that monthly payment away for device and then means I can get better airtime deal elsewhere and roll that forward to snowball the next smaller debt away.
I am also due annual bonus in my March wage which is estimated to be around £500 pre tax so I cannot wait till then to really make a dent.


These are the things I need to clear.
Tesco CC - £4969.27
Halifax CC - £1902.84
Littlewoods - £2843.44
Car Loan - £4453 (This is not settlement figure) (Last checked this start of January)
Loan - £3509.53 (Last check Jan)
Capital One CC - £471.59
O2 Device - £161
Scott & Co - £133 (Last check Jan) (council tax for 17/18)

Rollingwithitmama

Attempting while managing full time work and a family of young kids, 8, 3 and 1.
I’m determined to start getting ahead so when I turn 40 (my ten year goal) I will be able to get own house with no debt and have a good chunk if not most of it all put away to do so.

JohnJ76

Welcome and good luck with your new diary. Lots of helpful advice on here if you need it. But it sounds like you have a plan, and a long term one too! Many people suggest a SOA if you feel comfortable posting one but it's not a necessity. If I read your post correctly you have several incomings each month. Whilst this is tricky to manage, as long as you have some leeway for dd's and so's coming out, at least it means you are never waiting too long to get paid.
Are those credit cards on 0%, or as low as you can get them?

Rollingwithitmama

Thanks yeh definitely need help to stick and spur on for it. Will have a look at finding an SOA.
Yes correct several incomes a month as partner still gets paid weekly from his work and the other two weekly payment from tax credits and child. But I now get my wage Monthly. I’ve tried to get most of our DD to come out after I get my monthly wage and to try and make the weekly do our weekly budgets of food etc. Though some bills are not always monthly so cause some awkward weeks of getting it all to fit.
Unfortunately the cards are not at 0% or anywhere that low. My once very good credit rating is not good anymore so unable to get any other offers to minimise the interest.
The balance with the Littlewoods though a chunk is from a Buy Now Pay Later of actual £699.99 they add the interest of really high amount if you were not to pay it by the time of the year is up. So I know once I pay that it will at least take double what my littlewoods balance is.

Alleywoman

:hello:

Subscribed
AW

beanielou

Happy shiny new diary

Rollingwithitmama

Ok so thought would do the SOA here. Some I had to round as wasn’t allowing exact figures at some points like my excel doc does.



Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1760
Benefits................................ 1322
Other income............................ 0
Total monthly income.................... 4382

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 222.6
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 84
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 41.21
TV Licence.............................. 12.38
Satellite/Cable TV...................... 59
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 10.5
Car Insurance........................... 54.99
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 34
Childcare/nursery....................... 1593
Other child related expenses............ 34.5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 26
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Partner Smoking......................... 300
Total monthly expenses.................. 3644.18


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4750
Other assets............................ 0
Total Assets............................ 4750


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4453.....(222.6)....0
Total secured & HP debts...... 4453......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Card.....................4969.27...146.......24.09
Halifax Card ..................1902.84...96........26.45
Littlewoods....................2843.44...178.......0
Capital One ...................471.59....6.7.......0
Loan...........................3509.53...90........49.9
Scott &Co......................133.......40.2......0
O2 device......................161.......23........0



Summary of Monthly Income, expense and surplus.

Total monthly income: £4,382
Expenses (incl. HP & secured debts): £3,644.18
Available for dept repayments: £737.82
Unsecured debt repayments: £579.9
Surplus: £157.92

Rollingwithitmama

So some things do fluctuate as rent I pay weekly on a Wednesday so if it is a 5 week month that could go up a bit..
Also my partner wage is weekly paid on a Friday so again that has the chance to fluctuate also. Along with the earnings he makes I’ve but in the lowest basic wage he has been getting rather than what he had been getting from working regular overtime.

I also today finally got round to changing energy supplier. When I house exchanged almost 2 years ago we came into a prepayment meter and it just has always been the last thing I’ve gone to see about changing back to billed energy.
Literally compared to the last year in my flat before we house exchanged I payed say £890 for the year with cheap fixed online offer.
With the prepayment I’m now spending £160 a month ! !!!

With my credit not being great the now I saw EDF ENERGY wouldn’t credit score me to switch. So on their quote of online fixed for year be paying £129 DD
So already a small saving away until I can switch to an even cheaper tariff once the year is out.

Felt very productive today winning at the small change.

I am very good at keeping our food budget in check. Never overspent it in January or so far this month. I do a combo of Aldi and Tesco shop for certain items. Along with Costco (tomato ketchup fiends in my house).
My food includes my nappies and wipes. Youngest in them all time. Middle is now potty trained so just night time pants.
This would also include my baby milk, but youngest is now off this so I expect to save a bit more from that now going ahead for next month.
This also includes the odd eating out or order takeaway.

Tahlullah

Good luck with your endeavours.

Mnd

Your SOA hasn't loaded properly, the summary bit is missing

Rollingwithitmama

It’s really weird didn’t notice at first but see it now it isn’t letting me copy the full thing it is only showing part of it to me also.