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30 with 30k of debt

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Hello,
I thought I would start myself a diary so I can be more accountable for my spending! 
I had 3 children in 3 years and I feel with maternity leaves and me working jobs to fit around little children we just added to our debt every year rather than paid any of. 
In January this year we decided to take all 5 of our credit cards (yes 5 eek) alongside what we owed on our car and we took out a £25,000 Tesco loan. That in itself seems a very scary amount to me but felt we were so much less per month doing this... Since then we have had new windows and door installed...another £5000. 
We haven't touched a credit card since though so I feel this is working well but I really want to get it paid quicker than the original time which is Jan 2025. 
We are also saving for a kitchen and bathroom (which I will only pay when I can afford now so I think around 2023) and just general living when everything is so expensive. 
I will update as u go along :)

Comments

  • Household Information
    Number of adults in household........... 2
    Number of children in household.........3
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ minimum £550 maximum £800
    Partners monthly income after tax....... £2464
    Benefits................................ 195
    Other income............................ 0
    Total monthly income.................... £3209 minimum - £3459 max


    Monthly Expense Details

    Mortgage................................ £493
    Secured/HP loan repayments.............. £415
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 167
    Electricity............................. 80
    Gas..................................... 65
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 85 ( for 2 )
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 8.99 (netflix) 
    Internet Services....................... 42.99
    Groceries etc. ......................... 400 roughly
    Clothing................................ 50
    Petrol/diesel........................... 80
    Road tax................................ 0
    Car Insurance........................... 45
    Car maintenance (including MOT)......... 50
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 142 (dancing and swimming)
    Medical (prescriptions, dentist etc).... 
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 26.98
    Contents insurance...................... A/A
    Life assurance ......................... 50.23
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 75
    Haircuts................................ 0
    Entertainment........................... 150
    Holiday................................. 0
    savings.......................... 400
    contact lenses...........30
    bank fee--------30 (for 2)
    Total monthly expenses.................. £2910



    Assets

    Cash.................................... 3000 (savings)
    House value (Gross)..................... 170,000
    Shares and bonds........................ 0
    Car(s).................................. 6500
    Other assets............................ 0
    Total Assets............................ 2000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly...APR



    Monthly Budget Summary

    Total monthly income.................... 3209
    Expenses (including HP & secured debts). £2910
    Available for debt repayments........... 299
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 0

    I think i have done this correctly. I have found it hard to write what we spend for each area as i don,t fully know so will spend some time seeing what i actually buy. I am bad for spending alot at home bargains etc 
    This is the first year we have started saving. We save £400pm and this is mostly doable due to the fact we consolidated all our credit cards and car finance so we didnt really have much of that £400 before so it easy to save what we never had.


  • £280 left until payday in 1 week 6 days. 
    This month i got paid extra than usual as  got a tax rebate and had worked some extra hours so with that I bought the kids some autumn clothes and new dance clothes for going back after 6 months off. I also bought 3 Xmas pressies to pop away for Xmas.  We have enough petrol and electric for the rest of the month so basically just need to get one or two food shops with that. The main problem is weekend temptation, we have no plans but still find it alot easier to spend at the weekend. I am looking forward to a new month to start fresh. 
    Iv found it so much easier in lockdown to spend less as nothing was open and just went to the shops once or twice a week and also never felt the need to buy the kids new clothes as we were never going anywhere.

  • tacpot12
    tacpot12 Posts: 9,243 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Well done! It sounds like you are making some good progress to understand your spending habits. It really is worth avoid spending on anything but essentials until you debt is fully under control. Once you are not struggling to make ends meet, you should probably use any spare money to clear the debt more quickly and treat yourself and the family in equal measurement - a pound for the creditors and a pound for us! You need some reward for your hard work, but keep paying down the debt. Once it's gone, you can start saving for things so that you never have to borrow again. 
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Spend free day today! First in awhile which is bad. Trying to keep track on my food spending as think I end up spending alot more than we think we do.
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