Overpaying as much as we can

ceb1995

So I started a DFD last year and didn't stick with it.
Basically we bought a house in 2017 and it needed more work doing than expecting and we didn't have the savings we needed to do it so took out a loan and finance for windows and then my health got bad for a bit so I couldn't walk to a work so we got a car with some of the bank loan which was too cheap to be true and didn't last 10 months before needing hundreds on repairs on it as is DH is looking for a better paying job/ at least similar salary as he's happy where he is we put that on my 0% credit card which the deal runs out sometime next year.

We've fingers crossed apart from paint and when the time comes sorting out the box room that will be a nursery only need to spend on paint and bits each month here and there rather than the hundreds we have been each month.

So debt totals are:
£7423.54 on loan
£5006.18 on window finance
£2800.26 on my credit card

I'll put an SOA together but generally it's the house spends that have been the problem and we have i think gone over the budget i've done by about £100 a month with food and clothes when i switched jobs when i recently changed jobs from my minimum wage one before to slightly higher and will have some benefits after my probation period so that should make a little difference.

clearmydebts

Good luck! A good portion of my debts are because of home improvements too!

ceb1995

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1206
Partners monthly income after tax....... 1314 DH gets bonuses on top of this each month but there's no guarantee so not included it.
Benefits................................ 0
Other income............................ 0 i do do surveys but again not guaranteed so not included it.
Total monthly income.................... 2520

Monthly Expense Details
Mortgage................................ 666.6
Secured/HP loan repayments.............. 273
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 40.5
Gas..................................... 40.5
Oil..................................... 0
Water rates............................. 34 we have a water meter but it keeps going up despite trying to keep it down.
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 12.88
Satellite/Cable TV...................... 0
Internet Services....................... 32.5
Groceries etc. ......................... 200 had some wonderful advice from mse'r on this so aiming to knock £20 off this month
Clothing................................ 20 this is an average across the year.
Petrol/diesel........................... 25
Road tax................................ 2.5 average across the year
Car Insurance........................... 0 we pay it off annually and not certain what it ll be this year between £500-£600 hopefully to pay next month
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 18.8 this is my health plan, which i had a few health issues last year and saved me from having to wait months for treatment and should go down by £5 a month once my work benefits kick in in november.
Pet insurance/vet bills................. 6.14
Buildings insurance..................... 0
Contents insurance...................... 0 we paid it yearly in january
Life assurance ......................... 19.12
Other insurance......................... 13.07 income insurance for DH as i couldn't afford the bills alone if something happened to him
Presents (birthday, christmas etc)...... 0 all the birthdays are concentrated to two months of the year mainly so we tend to use DH's bonuses from that month for it.
Haircuts................................ 34
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1733.61


Assets
Cash.................................... 1000
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 149000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(666.6)....4.84
Secured Debt.................. 7423.54..(165)......4
Hire Purchase (HP) debt ...... 5006.18..(108)......5.1
Total secured & HP debts...... 151429.7.-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................2880.26...35........0
Total unsecured debts..........2880.26...35........-


Monthly Budget Summary
Total monthly income.................... 2,520
Expenses (including HP & secured debts). 1,733.61
Available for debt repayments........... 786.39
Monthly UNsecured debt repayments....... 35
Amount left after debt repayments....... 751.39

Personal Balance Sheet Summary
Total assets (things you own)........... 149,000
Total HP & Secured debt................. -151,429.72
Total Unsecured debt.................... -2,880.26
Net Assets.............................. -5,309.98

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

ceb1995

started by paying £300 off the cc before doing the totals this morning, DH has a dentist appointment coming up so might not be able to overpay massive amounts more this month but motivated to do what i can.

ceb1995

clearmydebts wrote: »

Good luck! A good portion of my debts are because of home improvements too!

Thank you

ceb1995

Turns out we weren't doing as well with the food budget as I'd thought and we'd already hit £50 before last nights food shop, so bought barely any snacks (so we spent just over £30 last night) and plan to bake today and instead of having takeaway this month we've bought cheap aldi pizza for tonight and i m making my own garlic pizza bread with a wrap and cheese to go with it so hopefully that's £20 we won't spend.
one thing i need to do is proactively remember to use my student discount, i got a card from courses from my old job that has yet to expire and i've just started an ou course so can get discounts online.

ceb1995

got £1.70 on qmee today so that's gone straight to my cc, i do struggle to stay motivated sometimes on surveys but doing it in study breaks and seeing the debt go down even by a tiny amount visually is helping.
tried to see if i could reduce our life insurance cover a bit for a lower premium but my online account has locked me out.
the car insurance renewal has come back higher than expected so DH is going to ring them and attempt to haggle this week and i've already found cheaper quotes for if he doesn't have any luck.

i've also tried finding cheaper pet insurance and income protection insurance but no luck on those fronts so the only other bill i can cut is the tv licence but don't want to give that up until peaky blinders and bake off is over then i'll cancel it and we'll do without.

ceb1995

so no luck on reducing the life insurance either, but DH hasn't tried to call the car insurance yet so fingers crossed there. I got some bad family news on sunday so felt awful mentally on monday so had a mcdonalds for dinner, about £6 spent so not as bad as if it had been a full blown takeaway.
on the plus side hit £10 on survey earnings so far this month, hoping to get £30 this month to put on the CC and it's looking like DH's bonus at the end of the month might cover his dentist appointment so could have something left in the budget to pay debt with.

ceb1995

So not much haggling for the car insurance, so getting some with cashback through a comparsion site sorted today, will go on dh's cc which is 0% for a year or so rather than paying monthly with the insurance and getting charged interest so that will go on the monthly bills.

my work is dress down and i've been getting bored wearing the same things so been on ebay browsing but staying strong and reminding myself of the end goal that we need to clear as much debt as possible before we have kids.

darrannah

Hi Ceb, great diary so far, you can do this...I like you browse eBay and other sites which is my downfall, always looking for a bargain. We need to stay strong. Have you read the article about shopping in your own wardrobe, this might be helpful,
Good luck ��

ceb1995

darrannah wrote: »

Hi Ceb, great diary so far, you can do this...I like you browse eBay and other sites which is my downfall, always looking for a bargain. We need to stay strong. Have you read the article about shopping in your own wardrobe, this might be helpful,
Good luck ��

thank you no i've not read that article, i have I think 7 pairs of jeans and 10 t shirts and maybe 5 dresses suitable for work so struggling for more outfit ideas.

we've got haircuts booked for next saturday, so that's the one treat i'm having this month, i didn't have them at all for two years but can't do it myself now i've gone much shorter.