*Elby's Debt Diary

Elby

Hello everyone, 
Well I though the hardest part would be building the courage to post on here - turns out it's thinking of a name for my diary. I've failed with anything unique, so let's hope the debt plans work out better
I have been actively working on reducing debt (paying more than minimum) since about February but I wanted to start my diary more to keep myself accountable for purchases. I'm doing well since lock down but I know the hardest part will be when restrictions lift more and things start returning to normal. The debt has been with me for a few years, since I was made redundant and out of a job for a few months. I have just been transferring it to 0% and only paying minimum amounts off it, and of course making silly extra spends which is why it's added up. I started the year with over £7000 on cards / loan but I've been able to make a good dent in that now.  

My goals for the next 12-18 months are:

• Pay of all credit cards / loans
• Save money in an Emergency Fund
• Buy a house - between us we have deposit enough to cover 10%, saved in a Help to Buy ISA with £4000 bonus to cover fees etc
• Save for Wedding  - We are planning to get married December 2021. Abroad but small with maximum 30 guests. So looking at a maximum of £8000 (But will work this out in the next month or 2 - anyone with advice please let me know).

I have also posted an SOA below, I wasn't entirely sure if I've done it correctly (or even understood it), so if anyone has any guidance or notices anything that I should or could do differently please feel free to let me know.
I can't promise that this diary will be interesting or of any help to anyone else but I'm looking forward to helping myself towards being debt free. 

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 1 (There are 2 of us, but we share bills but keep everything else separate. Everything I list on here is either my half of bills or my own debt. Partner has a tiny amount of debt which he manages and pays off himself).

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

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

Monthly Income Details

Monthly income after tax................ 1612

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

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

Other income............................ 10[b]

Total monthly income.................... 1622[/b][b]

Monthly Expense Details

Mortgage................................ 0

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

Rent.................................... 275

Management charge (leasehold property).. 0

Council tax............................. 57 (Over 12 months)

Electricity............................. 20

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

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

Water rates............................. 12

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

Mobile phone............................ 16.55

TV Licence.............................. 6.6

Satellite/Cable TV...................... 4.5

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

Groceries etc. ......................... 125

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

Petrol/diesel........................... 0 (All paid by work)

Road tax................................ 1.7

Car Insurance........................... 28.68

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

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

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

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

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

Medical (prescriptions, dentist etc).... 0

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

Buildings insurance..................... 0

Contents insurance...................... 3

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

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

Presents (birthday, christmas etc)...... 40

Haircuts................................ 40

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

Holiday................................. 0

Emergency fund.......................... 0

House ISA............................... 200

Total monthly expenses.................. 910.03

Assets

Cash.................................... 7500 (Saved in House ISA for deposit)

House value (Gross)..................... 0

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

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

Other assets............................ 0

Total Assets............................ 9500

No Secured nor Hire Purchase Debts

Unsecured Debts

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

Post Office....................650.......150.......0 (0% ends Sept so aiming to pay off by then)

Virgin 1.......................925.5.....100.......0 (0% ends July 2021 for both Virgin accounts)

Virgin 2.......................1274.5....25........0

Admiral Loan........................909.89....231.2.....0 (Finish paying Sept - not sure of 0% but statement shows 909.89 left including interest)

Natwest........................597.56....11........7.2

Total unsecured debts..........4357.45...517.2.....-  [/b]

Monthly Budget Summary

Total monthly income.................... 1,622

Expenses (including HP & secured debts). 910.03

Available for debt repayments........... 711.97

Monthly UNsecured debt repayments....... 517.2

Amount left after debt repayments....... 194.77

Personal Balance Sheet Summary

Total assets (things you own)........... 9,500

Total HP & Secured debt................. -0

Total Unsecured debt.................... -4,357.45

Net Assets.............................. 5,142.55

[i]Created using the SOA calculator at www.LemonFool.co.uk.

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