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HeatherLass
Posts: 9 Forumite

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.
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Household InformationNumber of adults in household........... 1Number of children in household......... 1Number of cars owned.................... 3 Daughters car, 4x4 for work, cheap runaroundMonthly Income DetailsMonthly income after tax................ 2240Partners monthly income after tax....... 0Benefits................................ 0Other income............................ 172Total monthly income.................... 2412Monthly Expense DetailMortgage................................ 0 House owned no MortgageCouncil tax............................. 84Electricity............................. 70 should be £40 but paying off a bit of debt with themGas..................................... 70. Should be £40 but paying off a bit of debt with themWater rates............................. 70Telephone (land line)................... 0Mobile phone............................ 83 Daughters phone, my phone & iPadTV Licence.............................. 14Satellite/Cable TV...................... 28Internet Services....................... 23Groceries etc. ......................... 0. Don’t have a budget - just buy when I need but am frugalClothing................................ 0. Don’t think I’ve had any for the last yearPetrol/diesel........................... 0. Work pays mine and DD pays her ownRoad tax................................ 34 This is on 3 carsickCar 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 potPet insurance/vet bills................. 0 realised I included in other insuranceBuildings insurance..................... 8Contents insurance...................... 8Life assurance ......................... 22Other insurance......................... 42 pet and dentistPresents (birthday, christmas etc)...... 0. Nothing put asideHaircuts................................ 5Entertainment........................... 9Holiday................................. 0. Would like to save for one a yearEmergency fund.......................... 0 I have a EF but don’t add to it monthly.Total monthly expenses.................. 812AssetsCash.................................... 800House value (Gross)..................... 195000Car(s).................................. 10000Other assets............................ 8000Total Assets............................ 213800Unsecured DebtsDescription....................Debt......Monthly...APRMBAN cc........................2174......21........0. 0% ends 28/05/2021 would like to pay this off by thenHelifix........................5950......146.......0 0% ends June 2022Family Loan....................4487......300.......2.5. Doesn’t show on Credit History so back of queueHSBD Bank Loan.................4661......271.......3.3 17 payments left. Overpay as soon as MBAN paid offTotal unsecured debts..........17272.....738.......Monthly Budget SummaryTotal monthly income.................... 2,412Expenses (including HP & secured debts). 812Available for debt repayments........... 1,600Monthly UNsecured debt repayments....... 738Amount left after debt repayments....... 862Personal Balance Sheet SummaryTotal assets (things you own)........... 213,800Total HP & Secured debt................. -0Total Unsecured debt.................... -17,272Net Assets.............................. 196,5281
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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.1 -
I haven’t figured out how to edit posts, I am paying more than my minimum on both CCs.1
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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.0
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