MrsHarkets get out of debt diary

mrsmortenharket

I have been posting here for ages.

Merrily thinking I am money saving.

I do in some fields. None of the kids christmas pressies are full price, I do cash back etc etc...

But I don;t always watch exactly what I spend. As you can see in my sig.

This is my SOM.

I am quite embarressed as my DH pays the bills & I have quite a good amount of money each month.

So....Incoming £1030, Child Benefit £120, Tax Credits £40 TOTAL £1190

Childcare: £130
Cahoot loan: £144
Groceries: £300
Petrol: £40
car tax/service/ins/MOT: £60
Next: £50
Credit Card: £100
Kids clubs: £50
Clothes: £40
Magazines: £20
Share Save: £20
Sky Insurance: £6.75
MIND donation: £10.00

TOTAL £990.75

I have been doing a spending diary since a week ago Monday so I can see where my money is going. That has helped as it makes me think twice about spending.

I will add the spending diary daily here as well.

Next has to go 1st. Then my credit card. And then I need to make sure I don;t go overdrawn. My loan will be paid off in Jan 2011. I am unsure of how to pay extra off it as Cahoot are quite weird about that. They don;t take debit card payments or BACS payments. I was thinking of trying to save & see how I can pay a chunk off it.

I pay for everything to do with the kids. And the food. And my car maintenence & childcare.

As you can see I do not budget for xmas or birthdays. It was my DD's birthday in Nov & obviously christmas is fast approaching. So thats where my money has gone recently.

I am obviously starting NOW to get the debts reduced & cleared but as of January that is my main aim of 2008. Get rid of debts & save for future expenses.

I will stop juggling 3 bank accounts & use 1 for spending & the other 2 for saving. One can be saving for the car & the other can be birthdays/xmas. When the child benefit & tax goes into the account I shall leave it & that can be my birthday/xmas account so I don't need to touch that account.

My wages are paid into my RBS account so I shall use that account for my spends & set up a SO into my 3rd account each month for the car.

Thank you for reading, it's long I know. But I have been determined to start a debt diary for sometime now!

Any hints & tips, let me know!

Thank you

Lisa x

beemuzed

Good for you Lisa! Like you I've been around here some time, but because debt isn't crippling I'm still playing with getting rid of it. I'm getting better at some aspects, but have still to really get to grips with where exactly my surplus money goes each month - because there certainly is some (on paper) and it certainly disappears! I like reading diaries 'cos there's usually loads of ideas. Looking forward to following yours with interest - may even join you one of these days!

mrsmortenharket

See, mine isn't crippling either. Hence I've sort of turned a blind eye.

But I have had what I have read about lots & lots on here: A LIGHTBULB MOMENT!!!

Start a diary, go on!

The sooner you start, the sooner you can be out of debt!

We could spur each other on if you like!

Lisa

beemuzed

Ooh I'm tempted! However (rolling out first excuse) work is manic just now and I really don't have time to dig out all the figures...but I promise to do so late December - after the Christmas spends are done and in the school holidays. You can hold me to it if you like! Meanwhile, go for it girl!

lilmissmup

Good luck hun, my debt isn't huge, about £3700 but i really like having my diary even though i am rambling to myself, i love DFW, only started coming here about 2 months ago even though been here since April and feel so at home here, everyones so friendly.

mrsmortenharket

well my spending today as follows:
Groceries £23.30
Sweets £1.11
Medicine £6.45
Magazines £4.05
Smoke Alarm £4.99
DVD (xmas pres) £7.00
Toiletries £4.00
Toy £1.00

TOTAL: £52.89

This diary will def be good for me to keep track of myself.

As soon as xmas is over those debts are being tackled. I aim to have the next account clear by march & the credit card by june. Then I shall save so I can clear a chunk off the loan every now & again.

Also I am going to save for xmas/birthdays.

I am going to put in my spending diary from when I started it a week last mon. So it's here for me to see in B&W!

Lisa x

shoeaddict

Hi there!
Great news that you've started your spending diary - I found that really helped me! Another thing that really helped me was to stop buying magazines. I was wasting so much money and you can read the same things online, or nip into the library (or a newsagents!) for a flick through. It's saved me so much money each month - that and not buying any shoes... sob...

Good luck! :beer:

mrsmortenharket

you are so right about the magazines! I must keep up with the 3 for £1 offers though cos thats a bargain!

Just trying to plan what I need for the next week as no childbenefit till a week mon & I don't want to go over drawn.

Lisa

mrsmortenharket

DD still off school ill today.

Spent today

25p sweets & £9.94 on groceries. Total today £10.19.

Bank accounts currently stand
RBS £214.96OD
LTSB1 +£68.35
LTSB2 +0.30p

Child benefit being paid a week monday. Just got odd bits to buy in the next week or so. Unfortunatly I MAY got OD on LTSB1 account.But my spending diary has made me think twice about my spends so it could be worse!

I am really tired today & am considering have a little snooze.

DS has a party tonight so I don't need to feed him.

DH has his tea sorted & I shall have a baked spud with cheese n sweetcorn.
DD can have something from the freezer.

I need to make a sealed money box for the saving challenge from tomorrow till dec 1st 2008! Shall use an old Roses tin!

Lisa x

beemuzed

Spending diaries do help, don't they? If I note everything down I'm (a) astounded where it all goes and (b) quickly thinking twice before I part with the cash. Would love a really quick way of updating tho' - it always eventually seems to take too long to keep up. Christmas shopping tomorrow, so will need to keep my head screwed on properly.

elantan

well lisa i was chatting to Morten the other night in bed and telling him of your dilema he says to wish you all the best for the future so all the best for the future Morten and i will keep a wee eye out for you and your triumphant news