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Diary and plan

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Ambyth
Ambyth Posts: 33 Forumite
Second Anniversary 10 Posts Name Dropper
in Debt free diaries
A wish to be debt free and on to mortgage free.

CC 1 - £1644.55 (£491.82 0% until Mar24).  £1152.73 interest accruing (think around 14%)  
CC 2 - £2385.00 (0% until Nov23)
CC 3 - £2239.20 (0% until Mar24)

Loan (family) £12,000 

Emergency savings - £0

I have £500 left after bills so current plan:-

CC 1 - £100
CC 2 - £25
CC 3 - £25

Loan - £100

Emergency savings - £250 (high to help with the shock of remortgaging in a few months.  Current mortgage is 1.79%, current guideline quote 4.99%).

Diary note monthly, CC1 will go up next month due to money already spent to show on next statement, then it's down, down, down!
Revisit figures in December once I have new mortgage payments.
«1

Comments

  • Ambyth
    Ambyth Posts: 33 Forumite
    Second Anniversary 10 Posts Name Dropper
    I think writing this diary regularly will help as I have just tallied up the CC balances for this month and there is an extra £219 on CC1. I knew it would go up this month, but not by £200, whilst not managing to save figures planned and the food bill went on the CC.  Worryingly, I can't see how this happened.  So currently stands:

    CC 1 - £1737.46 (£491.82 0% until Mar24).  £1152.73 interest accruing (think around 14%)  
    CC 2 - £2385.00 (0% until Nov23)
    CC 3 - £2239.20 (0% until Mar24).

    Emergency savings: £100
    Loan: £25

    Diary note:
    Go through CC statement and see exactly what I bought; buy food with cash; impatient to get work done at home, but nothing until £1k saved; ask the cat if he'll go on a diet!  
  • WinterWarrior
    WinterWarrior Posts: 6,086 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    Good luck. Knowing exactly where the money has gone is a good start. 
    Not all who wander are lost - J.R.R.Tolkien
    🌊 A smooth sea never made a skilled sailor 🌊

    My WW and friends diary is here 😁 … 
    https://forums.moneysavingexpert.com/discussion/6259606/must-try-harder/p1

  • FootyFanDan
    FootyFanDan Posts: 1,658 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    Good luck.
    Days to Orlando: 462- ☀️🎢

  • mummy2threeboys
    mummy2threeboys Posts: 1,009 Forumite
    Part of the Furniture 500 Posts
    Hi just reading, it's tough isn't it, like the film up with the scene where they are trying to save money to go away and it never quite happens. Hang on in there!  £6500 sounds a lot for a bathroom emergency, or is it a whole remodel? I keep dreaming of doing mine, ours is literally held together with silicone (cowboy builder before we bought it). It will have to do 😕. 
    Ive spoken to kitty and the reply was kitty would not like to go on a diet, in fact can you top up some more of those nice biscuits you got last week?  
    An excellent idea about saving for the mortgage, we where always around 5% but the houses where so much cheaper! I can't imagine how we would pay that on a house now, we only got ours cheap recently because it needs work! 
    Best of luck just keep swimming 🙏 x
    Compers challenge 27/70
    £1805/2018
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    How do your outgoings compare to your income? People will be more able to make pertinent suggestions to help if they have more information. Perhaps complete an SOA?
  • Ambyth
    Ambyth Posts: 33 Forumite
    Second Anniversary 10 Posts Name Dropper
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1250
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 1250[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 441.7
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 91
    Electricity............................. 40
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 0
    Mobile phone............................ 15
    TV Licence.............................. 13.25
    Satellite/Cable TV...................... 0
    Internet Services....................... 42
    Groceries etc. ......................... 80
    Clothing................................ 20
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 72
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 14.08
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 11.6
    Contents insurance...................... 0
    Life assurance ......................... 6.83
    Other insurance......................... 20 (cancelled from Dec 23)
    Presents (birthday, christmas etc)...... 50
    Haircuts................................ 5
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 25[b]
    Total monthly expenses.................. 1057.46[/b]
    [b]

    Assets[/b]
    Cash.................................... 75
    House value (Gross)..................... 110000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0[b]
    Total Assets............................ 110075[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 67277....(441.7)....5.39[b]
    Total secured & HP debts...... 67277.....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    CC1............................2464.98...62........20
    CC2............................2139......25........0 (until Aug 24)
    Loan...........................5168......183.......9.9[b]
    Total unsecured debts..........9771.98...270.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,250
    Expenses (including HP & secured debts). 1,057.46
    Available for debt repayments........... 192.54
    Monthly UNsecured debt repayments....... 270[b]
    Amount short for making debt repayments. -77.46[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 110,075
    Total HP & Secured debt................. -67,277
    Total Unsecured debt.................... -9,771.98[b]
    Net Assets.............................. 33,026.02[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]


  • Ambyth
    Ambyth Posts: 33 Forumite
    Second Anniversary 10 Posts Name Dropper
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1410
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 1410[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 440
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 91
    Electricity............................. 40
    Gas..................................... 100
    Oil..................................... 0
    Water rates............................. 19
    Telephone (land line)................... 0
    Mobile phone............................ 26
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 42
    Groceries etc. ......................... 80
    Clothing................................ 5
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 60
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 14.08
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 6.83
    Other insurance......................... 38
    Presents (birthday, christmas etc)...... 8
    Haircuts................................ 5
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 25[b]
    Total monthly expenses.................. 1049.91[/b]
    [b]

    Assets[/b]
    Cash.................................... 250
    House value (Gross)..................... 110000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0[b]
    Total Assets............................ 110250[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 66695....(440)......5.39[b]
    Total secured & HP debts...... 66695.....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    cc1............................3335.28...100.......19.9
    cc2............................2070.99...25........0
    loan...........................4678.65...183.......9.9[b]
    Total unsecured debts..........10084.92..308.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,410
    Expenses (including HP & secured debts). 1,049.91
    Available for debt repayments........... 360.09
    Monthly UNsecured debt repayments....... 308[b]
    Amount left after debt repayments....... 52.09[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 110,250
    Total HP & Secured debt................. -66,695
    Total Unsecured debt.................... -10,084.92[b]
    Net Assets.............................. 33,470.08[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
  • Ambyth
    Ambyth Posts: 33 Forumite
    Second Anniversary 10 Posts Name Dropper
    edited 17 December 2023 at 10:04AM
    Note to self: for 2024 -
    Real life is not matching to the figures above  :D 
    Try to build up fund so this year's water rate, house insurance and tv licence are not all paid by CC.
    Keep paying CC1 full £100 (presently £30 over min payment)
    CC2 0% finishes in July.
    VM internet renews February.
    Try to get emergency fund high enough to cover 'other insurance' in 2025
    Stop buying lunch daily!
    Travel expense will decrease when weather is better.
    Any money leftover(!) pay towards loan. 

  • slummymummyof3
    slummymummyof3 Posts: 1,971 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Anything extra you have, use it to pay towards the highest interest rate debt, which looks like it is CC1. Is your council tax over 10 or 12 months? If over 10, can you pay the extra in Feb/March to CC1? Have you looked at renegotiating with VM before your contract automatically renews? Mobile phone - are you in contract, or can you reduce the price by swapping to a sim only deal?

  • Ambyth
    Ambyth Posts: 33 Forumite
    Second Anniversary 10 Posts Name Dropper
    slummymummyof3 said:
    Anything extra you have, use it to pay towards the highest interest rate debt, which looks like it is CC1. Is your council tax over 10 or 12 months? If over 10, can you pay the extra in Feb/March to CC1? Have you looked at renegotiating with VM before your contract automatically renews? Mobile phone - are you in contract, or can you reduce the price by swapping to a sim only deal?

    Thank you for this - I didn't realise you could start negotiating in readiness for the end of a contract.  Hopefully, I can get a better figure than the £75 I was told it would go up to at end of term. :smile:
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