EllaRedRose Debt Busting Diary

EllaRedRose

Good evening all,

After lurking for many years and getting inspiration about how to manage my money, I have finally had my LBM. I have always carried some debt since being at University and I have never seen it as an issue as I have always been able to pay my bills. However, I still find it far too easy to pay things with a credit card and think that I can always pay it off at the end of the month.That of course, never happens. I am hoping that actually having my own diary will make me more accountable.
I currently owe £7000 on a 0% credit card, which ends November 2020. I pay a set amount of £350 towards this each month (minimum payment is £70)
My husband owes £939 on a 0% which ends July 2019. He is currently paying £150 a month towards this.
We both need to review our spending, as on paper we should have money left over each month, but this doesn't always happen.
My husband works full time and I'm still a stay at home mum to 3 children, all of which are school aged, Despite me not working, I do have a small income of my own each month from my late father. I would like to go back to work in the next few years. Once childcare is less of an issue.
I need to get my head out of the clouds, to be able to provide a secure future for my children.
Thanks for reading

EllaRedRose

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.................... 2

Monthly Income Details
Monthly income after tax................ 705
Partners monthly income after tax....... 3264
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3969

Monthly Expense Details
Mortgage................................ 764
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 165
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 18 (3 phones as eldest daughter has a phone)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 35
Internet Services....................... 25
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 150
Road tax................................ 12.50
Car Insurance........................... 49
Car maintenance (including MOT)......... 30 (service plans)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 83.75 (clubs fees)
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 5
Contents insurance...................... 5
Life assurance ......................... 30 (for 3 different policies)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75
Haircuts................................ 60
Entertainment........................... 250
Holiday................................. 200
Emergency fund.......................... 100
Total monthly expenses.................. 2704.37


Assets
Cash.................................... 5100.00
House value (Gross)..................... 400000
Shares and bonds........................ 0
Car(s).................................. 25000
Other assets............................ 0
Total Assets............................ 436000

Mortgage £160000 owing

Unsecured Debts
Description....................Debt......Monthly.. .APR
Virgin card ...........................7000.....350........0
Barclaycard...........................939.....150.........0
Total unsecured debts..........7939.....500........-


Monthly Budget Summary
Total monthly income.................... 3969.00
Expenses (including HP & secured debts). 2704.37
Available for debt repayments........... 1264.63
Monthly UNsecured debt repayments....... 500
Amount left after debt repayments....... 764.63

Personal Balance Sheet Summary
Total assets (things you own)........... 436000
Total HP & Secured debt................. 160000 (mortgage)
Total Unsecured debt.................... -7,939
Net Assets.............................. 268061

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using other browser.

EllaRedRose

Well I'm not sure where that £700 left over is going?!? The £64, might be left over at the end of the month but that's about it. The net assets look lovely, but its not real as the money is tied up in the house. The SOA needs a section for "money wasted, with nothing to show for it" or " a few quid here and there that adds up".

Karonher

Good luck. A spending diary will help. If you and OH write down everything you spend you will know where it is going and how to cut it. A couple of coffees, lunches out, chocolate bars and magazines can add up to more than you would think.

Are you giving the older children money, spending on make-up, a bit extra on groceries/clothes or entertainment? Its easy to miss out the parking that may just be a few pounds here and there or drinks that dont go on the bill with a meal out and a lot can be eaten up that way.