Clearing the debt for good

NooNoo2019

So I’ve posted my SOA below to see exactly where we’re at. Thought I’d run through a few points on it.

Electricity is high because it’s also our source of heating and we owe money to the electric company

Satellite tv includes, tv, landline, broadband

Groceries is high because of our son’s special diet, he costs us £180 just for his stuff

Car insurance section is for both cars and breakdown

Pet insurance section includes cat insurance food and litter

Building insurance also covers contents

Haircuts is 0 because I do them all

With regards to debt, we’re expecting around £1200 to come in over the next couple of months which will clear most of the credit card, I’m aiming to have it cleared completely by July.
Overdraft should be clear by September. With that and the credit card both clear, that’ll be £100 a month freed up which will go into savings.
The loan is £3550 inc interest over 4yrs, we used this to buy a car but will be able to pay it off in full in less than 18 months, with no early repayment fees.

So all going well, we’ll be debt free by September 2020 :j

font=courier new]Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1605
Benefits................................ 802
Other income............................ 0
Total monthly income.................... 2407

Monthly Expense Details
Mortgage................................ 777
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 140
Gas..................................... 0
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 0
Mobile phone............................ 36
TV Licence.............................. 13
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 29
Car Insurance........................... 88
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 50
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 35
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 140
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2206


Assets
Cash.................................... 250
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 216250


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 147000...(777)......2.79
Total secured & HP debts...... 147000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................290.......0.........0
Credit card....................1600......100.......0
Loan...........................3552......74........9.9
Total unsecured debts..........5442......174.......-


Monthly Budget Summary
Total monthly income.................... 2,407
Expenses (including HP & secured debts). 2,206
Available for debt repayments........... 201
Monthly UNsecured debt repayments....... 174
Amount left after debt repayments....... 27

Personal Balance Sheet Summary
Total assets (things you own)........... 216,250
Total HP & Secured debt................. -147,000
Total Unsecured debt.................... -5,442
Net Assets.............................. 63,808

NooNoo2019

So, some of the things I’m doing to help pay everything off,I’m using Quidco and topcashback whenever I can, been using them for about 5 months and have made over £100.
I’m also selling whatever I can, I’ve sold a lot over the last few months which has definitely helped, can be a bit time consuming sorting through my sons toys etc, but it’s all money!
Try to do the food shopping in Aldi or Asda and trying to stay away from our corner shop:whistle:
Also just opened a monzo account, liked the sound of the banking app, so I’m going to trying using that this coming month to see if it helps with the visual tracking

Socajam

total assets (things you own)........... 216,250

Does this include the house?

pidge04

Hello, welcome!

Do you have any capacity to do surveys? Have you looked at them?

Good luck! Sounding very organised!