Monthly Commitments below £1000 diary 2021

Andyjflet

Afternoon All
I've been on here a long time, got out of debt and back in again, this time, since following Dave Ramsey, will be my last. I have a stressful job and not sure how long I can live with the anxiety on a daily basis, its making me ill. So I decided to do something about it. My task is to pay off my debt and reduce my committed bills to under £1000 a month, therefore giving me the life choice to find a job with less stress, less money but not be worried about paying the bills, here is how it looks today, I have a built and emergency fund in 2020 to help protect me in case of job issues. (£6300)  Good news is once I have cleared the credit card loan and i-phone then I'm at £986 per month outgoings.
Happy to hear your thoughts and ideas. 

Current Commitments
Water                                 £13.00
Iphone                               £36.62
EE                                     £43.07
Rent                                 £286.64     (shared ownership)
Mortgage                          £425.10
Credit Card                      £72.84
M&S Loan                       £262.66
Council Tax                     £122.00
Octopus Energy              £28.81
Home Insurance             £13.37
Sky                                 £40.71
TV Licence                     £13.37

TOTAL                           £1358.19

Andyjflet

Small update on this, EE have been charging me an extra £12.50 + Vat for BT sport which I don't watch, snuck that one in so I've been online and deleted this from my account, new SIM only price is £20 a month unlimited calls and texts and 120gb data.
£1335.12

Blackcats

Great challenge Andy - i like that approach.  Taking control of our expenditure helps us take control of our jobs and our lives.   What are your plans for other spends like food, petrol etc?

designingalife

Less than 1k in committed bills is a great goal and your plan regards phone and CC will get you there.... Well done on building your emergency fund that is good going, the freedom you will have from knowing you have more options will be amazing , good luck !!

Andyjflet

Blackcats said:

Great challenge Andy - i like that approach.  Taking control of our expenditure helps us take control of our jobs and our lives.   What are your plans for other spends like food, petrol etc?

Good point, this is an area I really need to get under control, I live on my own and see my GF most weekends, I could really look after myself better during the week and end up eating rubbish or take aways. I'm going to rotate a basic low carb menu for myself and have these things "in stock" veggies, Keto bits and avocado etc with little or no carbs.
I'm nearly ready to pay the credit card off which stands at £2800 but my workplace isn't open yet so its in storm mode waiting to see how things pan out, then I will put half my savings towards the credit card and concentrate on the loan. 

[Deleted User]

Hi @Andyjflet
After the conversation I had with MrBB last night, our goals of owning a new, bigger house are changing.  He is in a very stressful job too and looking at the possibilities of taking to less stressful job which will in theory less pay too! Once the CC's are cleared (tackling this debt, one at a time) it will give us so much more breathing space.  I am hoping that he's just going through a tough time but I'm not going to take any chances as his mental health is my priority - I know if he takes a less paid job, our plan to pay off the CC will take much, much longer.

Andyjflet

MrsBrownBear said:

Hi @Andyjflet
After the conversation I had with MrBB last night, our goals of owning a new, bigger house are changing.  He is in a very stressful job too and looking at the possibilities of taking to less stressful job which will in theory less pay too! Once the CC's are cleared (tackling this debt, one at a time) it will give us so much more breathing space.  I am hoping that he's just going through a tough time but I'm not going to take any chances as his mental health is my priority - I know if he takes a less paid job, our plan to pay off the CC will take much, much longer.

HI and thanks for reading, I am of the mindset that a different job may open up different possibilities, I will do this for as long as I can but Ive been thinking of offering my own services in a similar role to the one I'm paid for. Would need some capital to buy equipment though and I'm not in a position to do that at the moment.
As Dave Ramsey says "work is a good place to go when you're broke" I have followed his method for over a year and its really working for me, I should be done in less than 2 years. That takes me to 55 and then options open with pensions, living with my partner and no debt. 

Andyjflet

Updated figures
Current Commitments
Water                                 £13.00
Iphone                               £36.62
EE                                     £20.00
Rent                                 £286.64     (shared ownership)
Mortgage                          £425.10
Credit Card                      £72.84
M&S Loan                       £262.66
Council Tax                     £122.00
Octopus Energy              £28.81
Home Insurance             £13.37
Sky                                 £40.71
TV Licence                     £13.37

TOTAL                           £1335.12