Making my way out

Fawnfox

Starting this thread as a means of holding myself to account over my current debts and to keep focused on getting out to the other side!

I'm naturally a saver as opposed to a spender, however, I've built up debt over the last year or so and I'm starting to feel a little overwhelmed and in need of feeling 'back in control' of my finances.

I completed some home improvements on my house in 2019 and made the decision at the time to fund this with a combination of savings and borrowing at 0%, rather than to re-mortgage for the additional funds which would cost more in interest in the long term. I have been steadily paying off the debt, overpaying where possible, whilst also re-building my emergency fund. 

However, given the current instability from Covid, the change in my daily routine and the general uncertainty of the future, I am finding that I am struggling to keep up with the discipline needed to stay on track.

I am lucky enough to still be working - from home - albeit at reduced hours and pay. I will post my SOA afterwards, but in summary, my current debts as of today are:

Tesco CC: £3,779.28 18 months remaining at 0%
Post Office CC: £3,753.94 18 months remaining at 0%
MBNA CC: £5,464.00 22 months remaining at 0%
Wren Kitchen Loan: £7,476.51 4 years remaining at 0%

Currently, I make the minimum payments across all the debts, then focus on overpaying the Tesco CC first. I use the Chip app to help automatically set funds aside, which I throw at the debt monthly.

Fawnfox

Household Information[/b]

Number of adults in household........... 1

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

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

Monthly Income Details[/b]

Monthly income after tax................ 2005.23

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

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

Other income............................ 40[b]

Total monthly income.................... 2045.23[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 473

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

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

Management charge (leasehold property).. 0

Council tax............................. 81

Electricity............................. 50

Gas..................................... 0

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

Water rates............................. 52.31

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

Mobile phone............................ 9

TV Licence.............................. 13.2

Satellite/Cable TV...................... 38.95

Internet Services....................... 0

Groceries etc. ......................... 100

Clothing................................ 20

Petrol/diesel........................... 20

Road tax................................ 10

Car Insurance........................... 36.93

Car maintenance (including MOT)......... 20

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

Other travel............................ 68

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

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

Medical (prescriptions, dentist etc).... 15

Pet insurance/vet bills................. 17

Buildings insurance..................... 15

Contents insurance...................... 0

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

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

Presents (birthday, christmas etc)...... 12.5

Haircuts................................ 10

Entertainment........................... 40

Holiday................................. 50

Emergency fund.......................... 50

(Unnamed monthly expense)............... 0

Stocks and Shares ISA................... 50

Eating out/takeaways.................... 50

Pet costs............................... 20[b]

Total monthly expenses.................. 1321.89[/b]

[b]

Assets[/b]

Cash.................................... 3525

House value (Gross)..................... 185000

Shares and bonds........................ 1650

Car(s).................................. 2000

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

Total Assets............................ 192175[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 107742...(473)......2.14[b]

Total secured & HP debts...... 107742....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Tesco CC.......................3779......100.......0

Post Office CC.................3754......100.......0

MBNA CC........................5464......100.......0

Wren Loan......................7476......152.5.....0[b]

Total unsecured debts..........20473.....452.5.....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,045.23

Expenses (including HP & secured debts). 1,321.89

Available for debt repayments........... 723.34

Monthly UNsecured debt repayments....... 452.5[b]

Amount left after debt repayments....... 270.84[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 192,175

Total HP & Secured debt................. -107,742

Total Unsecured debt.................... -20,473[b]

Net Assets.............................. 63,960[/b]

laurarutter89

Hello Fawnfox, 

Good luck on your debt free journey! 

You our look like you have a good plan in place already on how you are going to tackle it, and this is a great way to keep motivated especially at the moment. 

I started in in a very similar amount of debt on my first diary, but I had nothing to show for it. I am now close to the end of my journey so it really is possible