Gemmzie's DMP Diary (Year Two)

Gemmzie

Just thinking ahead (aren't I always), it looks like we might be able to clear the non-DMP debts this year, which gives us about £200 more a month.

Do we;
A) put it to the DMP
save some for emergencies
C) pay it off the mortgage
D) save for F&Fs
or a combination?

It's money that is my mum's wages so there's no obligation to put it to the DMP in my eyes as it's his debts.

Gemmzie

New budget time again, why does it come around so quickly. I think this time we might have problems, things are getting too tight and with costs going up the way they are - time to cut back on the creditors. _pale_

Gemmzie

Current budget....(copied from page 1)

Income
Wages - £1,600 (approx) - this is dropping :eek:
Partner's Wages - £300 - same, can't increase this
DS1 Keep - £200 - needs to go up really
DD1 Keep - £150 - ditto
Total £2,250

Outgoings
Mortgage £778.82 - same, flexible so if rates go up we're stuffed
Endowment £80.40 - same
Secured Loan £308.23 - as mortgage
Mortgage Insurance £46.07 - same
Council Tax £104.17 (paid over 10 months, this is the 12 month figure) - same
Water Rates £49.66 (as above) - same
British Gas £19.96 - same
Building & Contents Insurance £26.90 - dropped to £21.12 but was paid on card so saving extra £5 towards next year
Life Insurance £9.50 - same
Gas £51 - up to £57 *
Electric £96 - up to £104 * (* these are on a fixed tariff now till 2011)
Housekeeping £400 - down to £380 which I'm pretty chuffed with given the cost of food! :j
TV License £11.95 - same
Clothing £10 - same
BT (Telephone) £15 - same
Health Costs £10 - same
Sky (TV & Broadband) £53 - same, grrrrrrrrrr Sports HAS to go this time!
Total £2,070.66
Leaves £179.34

DMP
Loan £77.69 £94
Egg £5.99 £7.50
HSBC £50 (accepted indefinitely)
Mint £33 £40
Halifax One £10 (charges reinstated )
Capital One £14 £20


Any ideas? Comments?

hypno06

Looks fairly ok to me - apart from the obvious sky.........and trimming back the housekeeping - I am currently working on a £200 a month budget for 5 of us and (just) managing.....perhaps you could get it down from £380 to £300 without too much pain - head over to old style for inspiration!

ANY_CHANCE

Gemmzie wrote: »

Just thinking ahead (aren't I always), it looks like we might be able to clear the non-DMP debts this year, which gives us about £200 more a month.

Do we;
A) put it to the DMP
save some for emergencies
C) pay it off the mortgage
D) save for F&Fs
or a combination?

It's money that is my mum's wages so there's no obligation to put it to the DMP in my eyes as it's his debts.

Have you decided what you might do?

If i get some money back from PPI claim i am wondering what i should do with it pay some off mortgage as it may be difficult to get one next year?

FF on unsecured DMP debts?

Wish there was an easy answer :rolleyes:

Aussieonabudget

Hey hon, just read through your thread and wanted to say how inspirational you are! I hope your parents realise just how much you have done for them (even if it takes a while for them to get it!)

Don't have much to add to what everyone else has to say except keep up the good work.
Aussie

beanielou

Gemmzie~ i think you are a star hun.
How long has DMP to run?

Gemmzie

hypno06 wrote: »

Looks fairly ok to me - apart from the obvious sky.........and trimming back the housekeeping - I am currently working on a £200 a month budget for 5 of us and (just) managing.....perhaps you could get it down from £380 to £300 without too much pain - head over to old style for inspiration!

That is amazing!

I'm not sure we can. It's so hard as it's three meals a day, seven days a week, four adults plus washing etc.
I still can't eat "normal" food. Dad only eats meat, baby's heads and carp like that :rolleyes: Mum eats anything I eat.
We buy stuff in bulk like coffee, cereal etc now and that saves lots of pennies, I just honestly can't see where we can save any! I think I need OS help!

Gemmzie

ANY_CHANCE wrote: »

Have you decided what you might do?

If i get some money back from PPI claim i am wondering what i should do with it pay some off mortgage as it may be difficult to get one next year?

FF on unsecured DMP debts?

Wish there was an easy answer :rolleyes:

At the moment, stick it off the mortgage as the mortgage is joint and the DMP is all in my dad's name so the creditors can't do anything about it (as far as I know anyway! )
We're on a flexible rate mortgage but it's an okay one and I can't see us getting any better any time soon! I'm just hoping if we chip away at it long enough then we'll be able to stick the horrible secured loan (12.75% flexible :eek:) on the normal mortgage in the next few years.

Gemmzie

Aussieonabudget wrote: »

Hey hon, just read through your thread and wanted to say how inspirational you are! I hope your parents realise just how much you have done for them (even if it takes a while for them to get it!)

Don't have much to add to what everyone else has to say except keep up the good work.
Aussie

Thanks

beanielou wrote: »

Gemmzie~ i think you are a star hun.
How long has DMP to run?

Think the last one ends in 2020 :rolleyes: So a long while yet but the mortgage ends before then so aiming for 2015 without increasing payments