Debt free before August 2023

Poppy1984

Sometimes I just want to scream! 

When I think too much about my finances I start to feel suffocated and like it's hard to breath. 

I know some people reading this might think you're nearly there, you have hardly any debt left and that's true but all that I have learnt means I can't bury my head in the sand about money like I used to. I'm well aware of budgeting and not getting into debt again. 

Thinking about the future, the financial support my son needs, my own finances moving forward as I have just lost a big chunk of income but my outgoings aren't going to change. Once my loan has been paid off it will be a bit less pressured. But omg it's just spinning around and around my head and literally making me feel panicked. 

Sorry to vent but I need to vent somewhere 

poppy

CRANKY40

Maybe it's time to write your SOA out again (or have you already done that?). Looking at mine written down and knowing that I can cover my bills even though it's not easy sometimes seems to mitigate that panic feeling that there isn't enough money. I just find that the writing down thing gets the thoughts out of my head and onto paper so that they don't stop me from sleeping....

WinterWarrior

Just living is an expensive business and you are so close to the end of a long journey. It’s normal to feel frustrated that it can’t go any quicker, but just look at how far you have come already. You should be very proud. 

Poppy1984

CRANKY40 said:

Maybe it's time to write your SOA out again (or have you already done that?). Looking at mine written down and knowing that I can cover my bills even though it's not easy sometimes seems to mitigate that panic feeling that there isn't enough money. I just find that the writing down thing gets the thoughts out of my head and onto paper so that they don't stop me from sleeping....

Thank you @CRANKY40 that's a really good idea, I never thought to do a new SOA I will do that tonight I haven't done one in ages and definitely not since my income dropped due to ds.

Poppy

Poppy1984

WinterWarrior said:

Just living is an expensive business and you are so close to the end of a long journey. It’s normal to feel frustrated that it can’t go any quicker, but just look at how far you have come already. You should be very proud. 

Thank you @WinterWarrior I am pleased how far I've come and I know I'm nearly there I just get panicky and overwhelmed 

Poppy1984

Updated SOA 

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

 

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 0

Number of cars owned.................... 1[b]

 

Monthly Income Details[/b]

Monthly income after tax................ 1712.53

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 1712.53[/b][b]

 

Monthly Expense Details[/b]

Mortgage................................ 185

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 85

Electricity............................. 40

Gas..................................... 40

Oil..................................... 0

Water rates............................. 20

Telephone (land line)................... 0

Mobile phone............................ 15

TV Licence.............................. 14

Satellite/Cable TV...................... 0

Internet Services....................... 10

Groceries etc. ......................... 200

Clothing................................ 10

Petrol/diesel........................... 50

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 65

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 10

Pet insurance/vet bills................. 0

Buildings insurance..................... 5

Contents insurance...................... 5

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 84

Haircuts................................ 0

Entertainment........................... 200

Holiday................................. 100

Emergency fund.......................... 10[b]

Total monthly expenses.................. 1148[/b]

[b]

 

Assets[/b]

Cash.................................... 1200

House value (Gross)..................... 68000

Shares and bonds........................ 0

Car(s).................................. 500

Other assets............................ 0[b]

Total Assets............................ 69700[/b]

[b]

 

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 47000....(185)......2.59[b]

Total secured & HP debts...... 47000.....-.........-   [/b]

 

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Loan...........................2816......455.......3.9[b]

Total unsecured debts..........2816......455.......-  [/b]

 

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1,712.53

Expenses (including HP & secured debts). 1,148

Available for debt repayments........... 564.53

Monthly UNsecured debt repayments....... 455[b]

Amount left after debt repayments....... 109.53[/b]

 

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 69,700

Total HP & Secured debt................. -47,000

Total Unsecured debt.................... -2,816[b]

Net Assets.............................. 19,884[/b]

 

[i]Created using the SOA calculator at www.stoozing.com.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

CRANKY40

Does that include money for ds or are you just going to give him whatever is spare? Are there any bursaries or grants that he can apply for that will help?

Poppy1984

No that's not included yet, as I need to see where I'm at really.

No there's nothing he can apply for he doesn't even qualify for the full loan he's just under. But next year my circumstances may change so it's going to be even more difficult. I just feel so stressed and suffocated!!!

 Feels like it never ends. 

poppy

savingholmes

Hugs sounds a tough time

CRANKY40

https://www.thescholarshiphub.org.uk/

https://grants-search.turn2us.org.uk/

Any use?