Debt, Endo and Reno

birdsfoottrefoil

Hi!

I’ve been reading different diaries for a while and think I need to hold myself accountable!

I have a slightly odd set up as I live with the boyf, but have a house that’s now a holiday let/buy-to-let that I need to finish and get let out. I know evil landlord and all, but don’t want to put all my eggs in one basket with the boyfriend till we’ve been together a few years. I have a bit of debt that’s continued from being unemployed briefly during Covid, not dealing with it when I was on a v high wage for 6 months and then it wracking up when I changed to a lower paid job that was 4 days a week when I was waiting for surgery for my endometriosis. I have managed to pay it down by about £1500 over the last few months but it’s just gone back up again as I’ve had car insurance renewal  and new glasses.

The endo didn’t really improve with the surgery and I am managing it with regular physio and yoga, I’m currently trying gluten free to see if that helps. I’m not sure if it’s psycho-somatic but after having extensive robotic surgery that had a long recovery and no improvement I’m willing to give anything a try! Even if it doesn’t help my budget 

So aims are!
 -finish house renovations and let it out before end of summer (plan was May…..)
-pay down debt
-manage endo and have a better quality of life!

birdsfoottrefoil

I’ve done an SOA

for context I’m not currently paying my boyf anything for living with him and I do the groceries instead and get supper out 2x a month or so. I feel a bit guilty about this and I need to get the house done so I can afford to contribute. So I’ve not put his wage in etc.

[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.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 2295

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

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

Other income............................ 0[b]

Total monthly income.................... 2295[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 641

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 131

Electricity............................. 30

Gas..................................... 0

Oil..................................... 100

Water rates............................. 21

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

Mobile phone............................ 35

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

Satellite/Cable TV...................... 0

Internet Services....................... 26

Groceries etc. ......................... 150

Clothing................................ 20

Petrol/diesel........................... 160

Road tax................................ 21

Car Insurance........................... 35

Car maintenance (including MOT)......... 50

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 55

Pet insurance/vet bills................. 33

Buildings insurance..................... 23.35

Contents insurance...................... 0

Life assurance ......................... 25.83

Other insurance......................... 0

Presents (birthday, christmas etc)...... 20

Haircuts................................ 25

Entertainment........................... 120

Holiday................................. 25

Emergency fund.......................... 20

NT ..................................... 7.6

Netflix................................. 9[b]

Total monthly expenses.................. 1797.78[/b]

[b]

Assets[/b]

Cash.................................... 2110

House value (Gross)..................... 225000

Shares and bonds........................ 0

Car(s).................................. 4500

Other assets............................ 0[b]

Total Assets............................ 231610[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 117190...(641)......4.26[b]

Total secured & HP debts...... 117190....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Lloyd CC Purchases.............1215.66...66........20.57

Lloyd CC Balance T.............2310......57.75.....0

Tesco CC.......................4907.52...49........0

Santander CC...................1066......10.66.....0

Santander Loan.................5475.52...156.1.....20.7[b]

Total unsecured debts..........14974.7...339.51....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,295

Expenses (including HP & secured debts). 1,797.78

Available for debt repayments........... 497.22

Monthly UNsecured debt repayments....... 339.51[b]

Amount left after debt repayments....... 157.71[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 231,610

Total HP & Secured debt................. -117,190

Total Unsecured debt.................... -14,974.7[b]

Net Assets.............................. 99,445.3[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

birdsfoottrefoil

The 0% are to about the end of the year. I think one finishes in September 

Brie

I'd focus on getting rid of the Lloyd's CC debt.  The APR isn't horrid but neither is the total amount and might be doable by Sept.  And that might lead to having another 0% off available on that that might mean you can BT one of the others when it hits a high rate.  But I don't know how frequent Lloyds offer deals.  So clearing the little debt with Santander might be a better option as they have (with me) sent deals fairly regularly.  

birdsfoottrefoil

Hi Brie, yes I’m concentrating on the Lloyds CC. They’re both on the same card but different rates so I’ve put them in like that. As a whole I’m paying off £205pm which from reading my statement goes off the section with the interest rate first. Cheers 

Brie

It's difficult to concentrate on finances when you've got other things going on that take over your life.  So well done on the multitasking!!

And looking back - if you've got 1 card with purchase at 20% and a BT at 0% then shouldn't all of your payments be going against the purchases?  I thought that was a industry wide rule that money goes to the highest interest rate.  

birdsfoottrefoil

@ Brie Yes I think that’s how it’s working which is a relief!! 

Was going to try and have a no spend day today but need to fuel up the car. Need to chase up the plumber for the last bits at my house so not looking forward to that bill 😬

birdsfoottrefoil

Morning! Not been too bad a weekend. Didn’t spend any money on Sunday (gardening and painting, already bought materials and seeds) and just bought some materials on Saturday for work to the house (£79). I go to yoga weekly so I’ve just renewed my month pass for that (£36). So maybe not that cheap a weekend, hopefully this week won’t be too bad, just need fuel for the car and food shop. Need to chase up plumber this week and may have some
house bills to pay 🙈

birdsfoottrefoil

So not a great day today, my car insurance payment has gone out so debt has gone up to £15,360.99. Did change supplier though and got insured at £220 less then renewal quote. Have put it on CC though 🙈 as it’s on a 0% on purchases and it was going to be a lot more if monthly. Should get back down below £15k when it’s pay day at the end of the month. Other then that quiet week planned and hopefully no/low spending!!

birdsfoottrefoil

Weeks going reasonably well. Have done a “big shop” (about £75) but apart from that no little spending or coffees on the way to work. I am slightly fooling myself there though as that’s probably more due to having a cold and working from home most of the week. I do need to try and WFH more as my petrol bill is normally massive as my office is about 45 mins away and my car only does about 35-40 mpg🙈. I don’t want to change it as I can’t afford a new (to me) car out right or the monthly finance and it’s reliable. It has done 160k though, so another motivation to get me debt down is so I can afford to change it in the next year or two. 
 Anyway! I know I’m writing this to myself but finding it a big motivation to write down my spending and have to actually focus on it. Quiet weekend planned as the boyf is fitting a new bathroom at his so will do some painting at mine and help him with his. Fingers crossed for nice weather and some walks with the dog as well!!!

peb

WFH does mean lower petrol bills and less opportunities to buy extras for lunches.   

Definitely helps!