Keeping focussed 20 January 2021 at 10:42PM in Debt free diaries 4 replies 151 views

HeatherLass

Hi all, very long time lurker here (maybe 7 years!).  This board has been an absolute inspiration over the years and debt had risen and fallen - but I’m nearly there.  So thought I would do a SOA and see what you amazing people can spot for me on my final push to be Debt Free.  I have no Mortgage and own my house.  To avoid getting a mortgage I got a few 0% CCs an unsecured bank loan and have a Family loan. I have always kept on top of and over paid all except the bank loan.  I am a single mum to my DD and work hard.  My industry completely stopped when C0V1D struck, I loved and adored my work (Self-Employed and am keeping my books going until I can start again). I was very fortunate to get a decent PAYE job as a Specialist Key Worker.  So for the first time in about 18 years I know how much money I’m getting paid each month which has been both brilliant and terrifying. Terrifying because there is no scope to accept a few more shifts and earn a bit more, but brilliant because I can plan my finances unlike when I’m Self-Employed.  Daughter is in final year of A-levels and contributes loads to life and is almost self sufficient with a decent job and is pretty cool to boot.  I’ve had a play around with a Snowball Calculator which has been an eye opener in a good way, just wish you could put in which debt you need to get paid off first. It says I can be debt free in 18 months on what I can throw at my debt each month. I am due a few windfalls that I estimate to be around the sum of £10k over the next 18 which I will throw straight at the debt as/if/when it does come in.  I can be very frugal so welcome the challenges. I’m going to try and find a SOA template, fill it out and then figure out how to post it on here! 

My TOTAL debt is currently standing at £17,272. 

HeatherLass

Household Information

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

Number of children in household......... 1

Number of cars owned.................... 3       Daughters car, 4x4 for work, cheap runaround

Monthly Income Details

Monthly income after tax................ 2240

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

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

Other income............................ 172

Total monthly income.................... 2412

Monthly Expense Detail

Mortgage................................ 0   House owned no Mortgage

Council tax............................. 84

Electricity............................. 70     should be £40 but paying off a bit of debt with them

Gas..................................... 70.     Should be £40 but paying off a bit of debt with them

Water rates............................. 70

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

Mobile phone............................ 83  Daughters phone, my phone & iPad 

TV Licence.............................. 14

Satellite/Cable TV...................... 28

Internet Services....................... 23

Groceries etc. ......................... 0.  Don’t have a budget - just buy when I need but am frugal

Clothing................................ 0.  Don’t  think I’ve had any for the last year

Petrol/diesel........................... 0. Work pays mine and DD pays her own

Road tax................................ 34 This is on 3 carsick 

Car Insurance........................... 222 £172 is of this is DD first year of insurance 🤢

Car maintenance (including MOT)......... 20 for 3 MOTs,  but I don’t have a mend pot

Pet insurance/vet bills................. 0 realised I included in other insurance

Buildings insurance..................... 8

Contents insurance...................... 8

Life assurance ......................... 22

Other insurance......................... 42 pet and dentist

Presents (birthday, christmas etc)...... 0. Nothing put aside

Haircuts................................ 5

Entertainment........................... 9

Holiday................................. 0. Would like to save for one a year 

Emergency fund.......................... 0  I have a EF but don’t add to it monthly. 

Total monthly expenses.................. 812

Assets

Cash.................................... 800

House value (Gross)..................... 195000

Car(s).................................. 10000 

Other assets............................ 8000

Total Assets............................ 213800

Unsecured Debts

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

MBAN cc........................2174......21........0.   0% ends 28/05/2021 would like to pay this off by then

Helifix........................5950......146.......0  0% ends June 2022

Family Loan....................4487......300.......2.5. Doesn’t show on Credit History so back of queue 

HSBD Bank Loan.................4661......271.......3.3 17 payments left. Overpay as soon as MBAN paid off

Total unsecured debts..........17272.....738.......

Monthly Budget Summary

Total monthly income.................... 2,412

Expenses (including HP & secured debts). 812

Available for debt repayments........... 1,600

Monthly UNsecured debt repayments....... 738

Amount left after debt repayments....... 862

Personal Balance Sheet Summary

Total assets (things you own)........... 213,800

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

Total Unsecured debt.................... -17,272

Net Assets.............................. 196,528

HeatherLass

I realise a few things are missing such as a £15 gym membership. No food budget as seriously can vary so much.  Daughter is a fantastic cook and buys quite a bit when she’s feeling flush. 

I want to look into Gas & Electric.   And my tech/tv costs - I’m not great with technology so blindly go where I’m led. 
Oh and Amazon Prime isn’t on here. 

HeatherLass

I haven’t figured out how to edit posts, I am paying more than my minimum on both CCs. 

HeatherLass

Yesterday was a NSD. Today I’m working from home and am allowed to take 10 mins away from the computer once an hour so have been doing some sorting put in the boot room/utility/ shed.  Found a few bit of change so have printed off the 1p Challenge sheet and have crossed off a few of those ( 21 days late so need to get caught up - not doing in order though as December will get expensive!). I have about 4 big bin liners of stuff that is  too good for the bin so will try & sell as a bundle, normally would take to the Charity shop. Found the stray pack of cat flea stuff so both cats got done, saved me calling and ordering from the vet.  Work 4x4 is in the garage - was expecting to get it back last night, but haven’t found the origin of the fault. Told them not to go over £300 because that’s all I have put aside, but there is a small buffer pot to dip into. I do trust my garage.