3 Year Goal *******

workaholic789

No spend day yesterday.  Went through freezer and trimmed grocery shop back a bit more.  Lunches, snacks, coffees etc made for the rest of the week.  Budget ready for pay day tomorrow - will save a bit on fuel this month with the Bank Holiday, 2 working from home days and a week off, so thats good.Have a massive pile of paperwork/letters beside my desk at home, whilst I am working on Friday, I can be sorting that out in between so that should be productive use of time.

Have only 3 things (personally) that I have to buy this month and am going to A**i dupes so £10 instead of £35 and that should be it for personal spending.  I am very pleased that I am not excited for Pay Day, its just another weekly budget check in and allocation, so as long as I can keep that mentality up - I will be fine.

Washing and Housework have a slipped out of control this last couple of weeks, we have had rain more or less, non stop for the last 2 weeks or so so I need to get on top of that this weekend (fingers crossed for sunshine!)

I have subscribed to a couple of diaries on here to keep the motivation going

workaholic789

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

Monthly Income Details[/b]

Monthly income after tax................ 2400

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

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

Other income............................ 500[b]

Total monthly income.................... 2900[/b][b]

Monthly Expense Details[/b]

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

Secured/HP loan repayments.............. 180

Rent.................................... 800

Management charge (leasehold property).. 0

Council tax............................. 110

Electricity............................. 60

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

Oil..................................... 41

Water rates............................. 55

Telephone (land line)................... 35

Mobile phone............................ 10

TV Licence.............................. 13

Satellite/Cable TV...................... 100

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

Groceries etc. ......................... 450

Clothing................................ 0

Petrol/diesel........................... 120

Road tax................................ 1.66

Car Insurance........................... 80

Car maintenance (including MOT)......... 50

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

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

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

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

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

Pet insurance/vet bills................. 10

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

Contents insurance...................... 10

Life assurance ......................... 15

Other insurance......................... 5.99

Presents (birthday, christmas etc)...... 50

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

Entertainment........................... 50

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

Emergency fund.......................... 100

Personal Money.......................... 100[b]

Total monthly expenses.................. 2461.65[/b]

[b]

Assets[/b]

Cash.................................... 0

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

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

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

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

Total Assets............................ 2000[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 0........(0)........0

Hire Purchase (HP) debt ...... 2714.....(180)......0[b]

Total secured & HP debts...... 2714......-.........-   [/b]

[b]Unsecured Debts[/b]

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

Amigo Loan.....................2918......195.......0

Other (TBC)....................4488......0.........0[b]

Total unsecured debts..........7406......195.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,900

Expenses (including HP & secured debts). 2,461.65

Available for debt repayments........... 438.35

Monthly UNsecured debt repayments....... 195[b]

Amount left after debt repayments....... 243.35[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 2,000

Total HP & Secured debt................. -2,714

Total Unsecured debt.................... -7,406[b]

Net Assets.............................. -8,120[/b]

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

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

workaholic789

This is a rough SOA as I need to get together an exact list of debts and % rates to make it more accurate.  The Sky Package includes the Internet, Landline and Multi Room etc and we are splitting it 3 ways going forward.  I also intend to make the "I am leaving and I cant afford it" phonecall to Sky at the weekend and get it reduced.  Other income is Board Money.  I have a good pension, Life Assurance and Medical Scheme through my work - this is all deducted at Source.  I am renting so no buildings insurance.  I have listed nothing in Clothes/Hair etc as this will come out of £100 Personal Money (if that month allows).  Before anyone says it, grocery spend is high - at this stage, I wont be reducing that too much.  That`s 3 adults and a cat - 2 of the adults being 20 something men - that`s for Meals, Lunches, Snacks etc - they eat ridiculous amounts of food (as do I haha!) and we buy a lot of Fruit and Veg.
I have found previously that the reason I fail is because I restrict myself too much and then it becomes impossible.  I also work 9 hours a day and travel an hour each way so fuel/car expenses cannot be cut.
My aim is to clear the 4-5 sub £100 debts first, then tackle the rest by highest-lowest interest etc.

I realise that nobody can really offer any advise on this stage based on the above (until all information is fully completed) this is more for my reference

workaholic789

Have just balanced the books at the end of the month - for the first time in a long time, I finished by writing -£238.00 DR (I would normally have written £12.00 CR (as in £12.00 left of my Overdraft), small wins!

TheAble

If your Sky package includes landline, how come you are paying an extra £35 a month for landline?

workaholic789

I`m not - I was just trying to show the Internet/Landline as seperate to Sky

Drawingaline

Good luck with it all.

enthusiasticsaver

If your adult children are both working and only paying £250 each a month that is not enough.  If you could afford to subsidise them then fine but you very obviously cannot.  Rent and household bills and groceries comes to £1676.  Divided by three that is £558 so that is about double what you are asking from each of them. Or all three of you decide to cut back on things like Sky or groceries. No wonder they have plenty of disposable income. 

Getting the interest rates together  is crucial and if the debt is just over £10k hopefully you will soon get it paid off. 

BabyStepper

As you've said, until we have some info about the debts, it's impossible to advise. However, a few things.

You're suggesting some kind of payment plan, contacting the companies to start repayments in a few months, this sounds like you have a dmp in mind. With your income and debt level, I don't think you really need that. Are all your debts with debt collectors? If so, it is really not the end of the world and can be sorted, there are loads of us on here who can help, nothing bad is going to happen, but you need to tell us what the debts are and who you owe them to. Until you know that, I don't think you've had your light bulb moment. Open those letters, don't wait until the weekend, just do it and try not to panic. We're here, and we can help and advise. 

enthusiasticsaver makes a good point about your adult children. And you don't do them any favours at all by giving them the impression they can have their current lifestyle at the cost of £250 per month. It's not realistic. Charge them a third of the rent and bills, and use the extra cash to build an emergency fund of £1,000. You can achieve that in 2 months, 3 at the most. The thought of you asking so little from them, then having to ask them for cash because you can't manage, is just insane. Yes, you're family has changed now and they might be struggling with that, but the bills still need to be paid. 

With this extra income you can have the debt paid off in a year. It's really not that big. Diaries are great because you can come on here and have someone to chat to about it all, every single day if you need to. Get one started.

Looking forward to your updates.   

   

workaholic789

Thank you both very much for your responses   I would like to give a little background here so that everything is in context (apologies for the long post).  About 10 years ago, I went through a horrific breakup (I had a diary on here and a lot of support) not only was it emotionally traumatic, it was financially catastrophic - for both of us.  I have come a loooooooooooong way.  Through repayments and some of the debt dropping off, it has gone from around £28K to the now £10K (inc Car and Loan).  The last couple of years I have spent putting myself back together again on a personal level, and I am in a good place, but the financial side has slipped.  Hence me being here
So, aside from the Car and the Loan (which are up to date and payments are always on time) the rest is defaulted accounts (a couple with DC) so no %.  I fully intend to sort this, and I  know I can, I have definately had my LBM this week, I just havent had the time to sort the paperwork out, so I am starting that today.
To explain my awesome kids.  Having seen the damage that their father and I have done financially, they hate the thought of struggling for money, or borrowing it.  They dont earn that much, and they are both very good with their money (early 20`s).  Neither of them have Credit Cards, Loans or Overdrafts, they save for what they want.  They are both looking to move out in the next couple of years, which is where the plan comes into place.

If I doubled their rent tomorrow, they would grumble but they would pay it, however,  I want  them to give themselves the best possible start, I also don`t want to cripple myself when they both move out (as in potentially losing £1100 per month board).  The eldest has tasked himself with saving £25K for a mortgage deposit (he is nearly half way there!) and the youngest is saving to buy his first decent car outright inc insurance, breakdown etc, and is nearly there.   Then he is saving for a deposit on his own flat.
They pay £250 per month each, but that isn`t the full story.  They chip in any extra on tight months, without hesitation.  2 weeks before Christmas last year, the heating oil warning light started flashing, I huffed and puffed and said "just what I need at Christmas", 2 days later they had paid for it between them, I didnt ask, they said it was their contribution to Christmas.  Last July, my 12 year old washing machine finally passed away, 30 minutes later (no exaggeration) they had ordered a new one to be delivered and fitted the next day.  I tried to offer a set ££ for the next 3 months, but they outright refused as they wanted to help.
On tight months, they both chip in extra happily - they never complain.  So my aim is this, I can cope with losing £500 PM board money, if my Loan and Car is clear, in fact I would definately save on the groceries and bills!  I want to clear the £4K and having an Emergency Fund to cope with the unexpected so I dont have to ask them to help once they have gone.  £1100 per month loss would be a much bigger blow.
Doing it this way, for me mentally is the right thing to do.  They will go off with money in the bank, both very savvy, and I know they will have the best possible start with their own future families and mortgages etc.  They know very well the value of money and how much a home costs, which is why they are such avid savers.
Just this morning I said "we need heating oil so we will have to split it three ways this month" they both happily agreed without a thought.
I hope this makes some kind of sense!  From the outside, they probably look like spolit young adults rinsing their Mum, but they arent.  They are financially sensible, compassionate, caring young adults, and I am very proud of them.  I am also very confident that having witnessed the financial mess their father and I got into, they will never follow the same path.

Apologies for the long post, I just wanted to clear that up and explain why will not be increasing their board.

Now off to make coffee and start on the paperwork!