had lightbulb moment!!

sammiboo

Hi there

Well done on having your LBM!!!

Just a couple of things that stick out to me with your SOA...


Car Bills - what are these?
Odds and Sodds - can you break these down?
House Bills - can you break these down? Gas - Electric- council tax....

I think you might benefit from starting a spending diary just so you can see where EVERY penny is going

mum2one

The car bills -I go half on the AA membership with dad, so I pay him back £10.00 month, we got the full works, put up £15.00 mth towards servicing and repairs, I was lucky this yr it only failed on a couple small things, but service and MOT is about £120, normally stuck on credit card, but am trying to be responsible and have the money ready, hense the SOAmy budget planner.

The odds and sods, the money just goes, Ive been buying xmas prexzzies throughout the yr, and the bingo win was agodsend.


Odds and sods

Things like cinema only go on a sat am for the £1.00 kids showing, £2.00then spend a £1.00 on sweets from Asda ( will not pay cinema price)

I take my daughter twice amth to Mcdonalds, I have a kids meal with her, thats £4.00, spend about £20.00 mth top up groceries for the house, Im not asked to but I get things, try and bargain hunt her clothes, theres always something that needs replacing or grown out of average £10.00 mth (my parenst buy her shoes, I dothe rest|)

Have to do a spending diary and see where it goes.

I know that someone has suggested loseing the £50.00 allocated for hols and pay off debts, but I dont go out, the last time I went out for a ngt out was Valentines ngt, my friend and I wentout with £10 each budget! I meet another friend once a mth for lunch, we always go to the 2 4 1 pub, my sanity, and the hols are for my daughter as well, now shes at school there clamping down on parenst takingthem out of school so its school hols, were go with my parents that be cheaper.

We were due to go to Tunisa nxt yr, paid 3/4 of it off with refundf rom bank charges booked feb this yr 4 easter 08, the hol company cocked up flights so have changed that to Easter 09, as I couldnt get the money back.

Before the lightbulb moment if there was credit available on my card, it gor spent and guess I need to be responsible andpay of my debts, get sorted and make a fresh start.



I was chucking money randomly at credit cards, but was going at £50.00 here,and something else there, but after the snowball I gave it all the figures and it balanced out the best way.

Internet 2 mths into a 24mth contract

Mobile internet 12 mths in2 a 18 mth contract

Overdraft it £1,000 (afraid to say partly charges, bad management and last holiday... irresponsible, think I only pay £8.00 a mth charges for the overdraft, so have accounted for £50.00 month to reduce it.

£100 - to my parents - that covers everthing, food, gas, elec, line rental phone, share council tax ) so pretty well off with that, there both retired so couldnt reduce it any further.

sammiboo

I agree about the holidays, there is no point in being miserable and doing naff all in order to get yourself debt free. Everyone deserves a holiday, although you dont need to spend a lot to have a good time.

When I went on holiday with my OH last december we budgeted for this and came under budget we went to fuertaeventura and planned everything so we got good deals and made sure we ate at the hotel etc as this was included in the price.

Just be aware what you are spending in general and think about if you really need to spend £X amount

But as i mentioned do start a spending diary and it might become obvious with other things you can cut back on

mum2one

Just thought Id update.

So far I know its only early jan, but feeling a lot more positive,

Have set up snowball - debt free date - Oct 09/ now reducedthat down to Sept 09

Hunted round for items to sell on ebay - should make £15.00

Put some items ready for car boot - weather warmer

Activated my account as online banking - so when credit card bills comes in - can set it up straight away

Started a note book for everything that gets spent

With recycled presents,items had left from last year and the vouchers that had from cash back sites, all the birthday presents are done,(bar parents and daughter)

Dramatically reduced my xmas present list, by both people and the amount spent on them, feel harsh - but make me look a bit harder for nicer items that are cheaper

Changed the package on pay and go phone - get 20% of my top up back every 3 months, - got a tin ready to put that money in.

The £60.00 a month that is allocated for odds and sods I have put £10.00 in my purse and the £50.00 into seperate bank account, I have no card and if I want the money then have to gpo to get it out from bank (no card account)

renewed my NUS card - cost £10 but get that back easily - so once covered £10 worth of discounts intends to put the savings in a tin,

Looking at putting a clain in for PPI on loan that had in 2002, so thats the to do list

x