Debt-free by November 2025

greenglove

Hello, I have got lots of excellent advice from people on this forum over the past couple of months and I now feel ready to start a diary. My budget might not be quite right yet and might need some ongoing tweaking, I am hoping this diary will allow me to hold myself accountable and reflect on actual spending each month so I can adjust it accordingly. I hope the diary will help me to build a better relationship with money, after being so terrible with it in my 20's. I am also really looking forward to using this diary to track my reduction in debt (and increase in savings), which I truly cannot wait to see the back of in 2025!!!!

A few out of budget expenses this month have ended up with me relying on credit (Christmas and dentist). I am aware that these are completely expected yearly expenses and I hope with the use of monthly budgeting and monthly pots, this will not happen again.

Statement of Affairs

Household Information

Number of adults in household - 2

Number of children in household - baby due April 2025

Number of cars owned - 0

Household expenses

Rent - 2000

Council tax - 207

Gas/electricity - variable 120-180

Water - 38

TV license - 15

Internet - 32.99

Groceries - 250

Wild deodorant subscription - 10

Sainsbury’s delivery pass - 4

Pet food - 10

Pet insurance - 23.76

Vet plan - 14.50

Contents insurance - 15.32

Total monthly contributions - 1600 (I pay in more than partner to reflect difference in salary)

Personal expenses

Mobile phone - 16.18

Bike insurance - 6.64

Spotify - 11.99

Apple storage - 2.99

RCN - 16.82

CCLG - 3.50

NMC - 10 (30 every 3 months)

Travel/miscellaneous - 150

Total - 218.12

Debt

Plata loan - 782.97 - 260.99/month - 34.9% APR

Abound loan - 4868.13 - 622.07/month - 12.2% APR

Barclaycard credit card - 4778.76 - 100/month - 0% APR

Halifax credit card - 1891.31 - 100/month - 0% APR

Total - 12321.17

Monthly budget summary

Total monthly income - 3083

Monthly expenses - 1812.12

Debt repayments - 1083.06

Amount left - 187.94

^I plan to try to use £100 of this excess to pay towards debts

I have a second job from which I earn 500-1000 monthly, these earnings will be divided between the pots below, mostly to maternity leave and baby, with minimal amounts going to others for now. Once I am debt free, I hope to cut back on the additional work and simply use the £1200 I would have towards these monthly pots. The mat leave pot would also be coming to the end of its need by then so I can really start to make progress with the other saving pots.

Monthly pots

Maternity leave

Monthly goal - 500

Current total - 633.22

Baby

Monthly goal - 100

Current total - 120

Emergency fund

Monthly goal - 50

Current total - 23.30

House deposit ISA

Monthly goal - 10

Current total - 18.80

Social

Monthly goal - 50

Current total - 32

Self-care e.g. dentist, prescriptions, haircuts Monthly goal - 20 Current total - 20
Clothes Monthly goal - 30 Current total - 0 Trips Monthly goal - 50 Current total - 0
Birthdays/Christmas Monthly goal - 100 Current total - 0 IVF Currently on hold Things for me Currently on hold
Things for home Currently on hold
Car Currently on hold

Over and out!

MFWannabe

Hi. 👋 
Welcome to the diaries board; you’ll get lots of support and advice along the way 👍
Your soa is very hard to read and understand; can you use the one off this site: https://www.lemonfool.co.uk/financecalculators/snowball-calculator.php
Will make it so much easier and accounts for every expenditure 

greenglove

hi @MFWannabe - thank you for this link, it was extremely helpful! Below is my snowball plan - looking forward to getting through it!

Month 1 - 27 January 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Plata loan	782.97	19.78	260.99	541.76	no
Barclaycard credit card	4778.76	0	143.36	4635.4	no
Halifax credit card	1891.31	0	47.28	1844.03	no
Abound loan	4868.13	46.92	622.07	4292.98	no
Plata loan	541.76	N/A	109.36	432.4	*snowball*

Month 2 - 27 February 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Plata loan	432.4	10.92	260.99	182.33	no
Barclaycard credit card	4635.4	0	139.06	4496.34	no
Halifax credit card	1844.03	0	46.1	1797.93	no
Abound loan	4292.98	41.38	622.07	3712.29	no
Plata loan	182.33	N/A	114.84	67.49	*snowball*

Month 3 - 27 March 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Plata loan	67.49	1.7	69.19	0	no
Barclaycard credit card	4496.34	0	134.89	4361.45	no
Halifax credit card	1797.93	0	44.95	1752.98	no
Abound loan	3712.29	35.78	622.07	3126	no
Barclaycard credit card	4361.45	N/A	311.96	4049.49	*snowball*

Month 4 - 27 April 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Barclaycard credit card	4049.49	0	121.48	3928.01	no
Halifax credit card	1752.98	0	43.82	1709.16	no
Abound loan	3126	30.13	622.07	2534.06	no
Barclaycard credit card	3928.01	N/A	395.69	3532.32	*snowball*

Month 5 - 27 May 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Barclaycard credit card	3532.32	0	105.97	3426.35	no
Halifax credit card	1709.16	0	42.73	1666.43	no
Abound loan	2534.06	24.43	622.07	1936.42	no
Barclaycard credit card	3426.35	N/A	412.29	3014.06	*snowball*

Month 6 - 27 June 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Barclaycard credit card	3014.06	0	90.42	2923.64	no
Halifax credit card	1666.43	0	41.66	1624.77	no
Abound loan	1936.42	18.66	622.07	1333.01	no
Barclaycard credit card	2923.64	N/A	428.91	2494.73	*snowball*

Month 7 - 27 July 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Barclaycard credit card	2494.73	0	74.84	2419.89	no
Halifax credit card	1624.77	0	40.62	1584.15	no
Abound loan	1333.01	12.85	622.07	723.79	no
Barclaycard credit card	2419.89	N/A	445.53	1974.36	*snowball*

Month 8 - 27 August 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Barclaycard credit card	1974.36	0	59.23	1915.13	no
Halifax credit card	1584.15	0	39.6	1544.55	no
Abound loan	723.79	6.98	622.07	108.7	no
Barclaycard credit card	1915.13	N/A	462.16	1452.97	*snowball*

Month 9 - 27 September 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Barclaycard credit card	1452.97	0	43.59	1409.38	no
Halifax credit card	1544.55	0	38.61	1505.94	no
Abound loan	108.7	1.05	109.75	0	no
Barclaycard credit card	1409.38	N/A	991.11	418.27	*snowball*

Month 10 - 27 October 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Barclaycard credit card	418.27	0	12.55	405.72	no
Halifax credit card	1505.94	32.91	38.47	1500.38	no
Barclaycard credit card	405.72	N/A	405.72	0	*snowball*
Halifax credit card	1500.38	N/A	726.32	774.06	*snowball*

Month 11 - 27 November 2025

£1183.06 available for debt repayments

Unsecured Debt	Start Balance(£)	Interest	Payment(£)	End Balance	Snowball?
Halifax credit card	774.06	16.92	19.77	771.21	no
Halifax credit card	771.21	N/A	771.21	0	*snowball*

Brie

Interesting to see how you are dealing with this!!

Question - Wild deodorant subscription at £10 a month?  Isn't it cheaper to occasionally bulk buy when it's on special somewhere??  I'm regularly seeing it half price in various shops. 

AND - do you need a TV licence?  Not everybody does if not watching live TV or using iPlayer.

AND - would it be easier to set DD amounts for your 2 0% credit cards?  Maybe once the Plata one has cleared set Barclaycard at £150 & Halifax at £50 so you know exactly what's going out each month prior to any snowballing? 

MFWannabe

Sorry it was the soa calculator I meant to post for you
https://www.lemonfool.co.uk/financecalculators/soa.php

greenglove

Brie said:

Interesting to see how you are dealing with this!!

Question - Wild deodorant subscription at £10 a month?  Isn't it cheaper to occasionally bulk buy when it's on special somewhere??  I'm regularly seeing it half price in various shops. 

AND - do you need a TV licence?  Not everybody does if not watching live TV or using iPlayer.

AND - would it be easier to set DD amounts for your 2 0% credit cards?  Maybe once the Plata one has cleared set Barclaycard at £150 & Halifax at £50 so you know exactly what's going out each month prior to any snowballing? 

Thank you!
Re Wild deodorant, I chatted to my partner about this, and it is one of our little treats that we feel we can keep. To be honest, if we cancelled it and then factored in the bus fares to the town centre to pick up more when we run out, I suspect it would add up to a similar cost.

Re TV lisence - we both really like BBC so will need to keep this.

Re set DD amounts, I think you are right about this, it will keep me right and feel more secure knowing exactly how much has to come out for all bills each month. I am going to repost my plan with new figures.

Thank you!

greenglove

SOA

Household Information

Number of adults in household........... 2

Number of children in household........ first baby due April 2025

Number of cars owned.................... 0

Monthly Income Details

Monthly income after tax................ 3083

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

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

Other income............................ 0

Total monthly income.................... 3083

Monthly Expense Details

Mortgage................................ 0

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

Rent.................................... 1000

Management charge (leasehold property).. 0

Council tax............................. 103.5

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

Gas..................................... 30

Oil..................................... 0

Water rates............................. 19

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

Mobile phone............................ 16.18

TV Licence.............................. 7.5

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

Internet Services....................... 16.5

Groceries etc. ......................... 125

Clothing................................ 0

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

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

Other travel............................ 150

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

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

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 19.13

Buildings insurance..................... 0

Contents insurance...................... 7.66

Life assurance ......................... 0

Other insurance......................... 6.64

Presents (birthday, christmas etc)...... 0

Haircuts................................ 0

Entertainment........................... 0

Holiday................................. 0

Emergency fund.......................... 0

CCLG.................................... 3.5

NMC..................................... 10

RCN..................................... 16.32

Apple storage........................... 2.99

Spotify................................. 11.99

Pet food................................ 5

Delivery pass........................... 2

Wild deodorant.......................... 5

Additional to joint account............. 225

Total monthly expenses.................. 1812.91

Assets

Cash.................................... 0

House value (Gross)..................... 0

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

Car(s).................................. 0

Other assets............................ 0

Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts

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

Plata loan.....................782.97....260.9.....34.9

Abound loan....................4868.13...622.1.....12.2

Halifax credit card............1891.31...60........0

Barclaycard credit.............4778.76...160.......0

Total unsecured debts..........12321.17..1103......

Monthly Budget Summary

Total monthly income.................... 3,083

Expenses (including HP & secured debts). 1,812.91

Available for debt repayments........... 1,270.09

Monthly UNsecured debt repayments....... 1,103

Amount left after debt repayments....... 167.09

Personal Balance Sheet Summary

Total assets (things you own)........... 0

Total HP & Secured debt................. -0

Total Unsecured debt.................... -12,321.17

Net Assets.............................. -12,321.17

SECOND JOB INCOME: 500-1000 MONTHLY DIVIDED INTO POTS

Maternity leave

Monthly goal - 500

Current total - 633.22

Baby

Monthly goal - 100

Current total - 120

Emergency fund

Monthly goal - 50

Current total - 23.30

House deposit ISA

Monthly goal - 10

Current total - 18.80

Social

Monthly goal - 50

Current total - 32

Self-care e.g. dentist, prescriptions, haircuts

Monthly goal - 20

Current total - 20

Clothes

Monthly goal - 30

Current total - 0

Trips

Monthly goal - 50

Current total - 0

Birthdays/Christmas

Monthly goal - 100

Current total - 0

IVF

Currently on hold

Things for me

Currently on hold

Things for home

Currently on hold

Car

Currently on hold

greenglove

Updated debt payment plan:

Debt as of 29 December 2024

Unsecured Debt	Debt(£)
Plata loan	782.97
Abound loan	4868.13
Halifax credit card	1891.31
Barclaycard credit card	4778.76
Unsecured Debt totals	12,321.17

Month 1 - 27 Jan 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Plata loan	340.99
Abound loan	622.07
Halifax credit card	60
Barclaycard credit card	160

Month 2 - 27 Feb 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Plata loan	340.99
Abound loan	622.07
Halifax credit card	60
Barclaycard credit card	160

Month 3 - 27 March 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Plata loan	174.28
Abound loan	622.07
Halifax credit card	226.71
Barclaycard credit card	160

Month 4 - 27 April 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Abound loan	622.07
Halifax credit card	400.99
Barclaycard credit card	160

Month 5 - 27 May 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Abound loan	622.07
Halifax credit card	400.99
Barclaycard credit card	160

Month 6 - 27 June 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Abound loan	622.07
Halifax credit card	400.99
Barclaycard credit card	160

Month 7 - 27 July 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Abound loan	622.07
Halifax credit card	400.99
Barclaycard credit card	160

Month 8 - 27 August 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Abound loan	622.07
Halifax credit card	195.27
Barclaycard credit card	365.72

Month 9 - 27 September 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Abound loan	124.87
Barclaycard credit card	1058.19

Month 10 - 27 October 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Barclaycard credit card	1183.06

Month 11 - 27 November 2025

£1183.06 available for debt repayments

Unsecured Debt	Planned payment	Actual payment	Balance remaining
Barclaycard credit card	1051.79

greenglove

I have spent much of my evenings yesterday and today finalising the above plan. I feel so in control and ready to tackle the debt and build my pots. I look forward to the debt being gone and there being no need for a "maternity leave" pot, so I can really make serious progress with my savings pots and potentially get a house deposit together!!!!! (I am not wishing away the maternity leave my partner will be taking, I know this is such precious time and I fully support my partner in taking off a full 12 months if we can afford it).
For now, things are looking and feeling bright after a stressful journey to getting this budget as right as possible. (I think it will need ongoing tweaking but let's see how January goes!) I will aim to review my budget, debt payments, and monthly pot balances each month.

Over and out

greenglove

Hello! Have been struggling a bit this weekend with how overwhelming it can feel to be in debt. Wish I’d had my lightbulb moment sooner than a time when our first baby is on the way. Budgeting to pay off debt and save for maternity leave is do-able and I am just about managing it, but it is draining! End of 2025 seems a long way off, and I need to try to get into a mindset that doesn’t wish the time away just to see the debt go away.
I want to buy a house but the prospect of saving for a deposit seems such a long way off. Struggling to see the light at the end of the tunnel!

Cara_

Hello greenglove

I am sorry you are struggling at the moment and that your goal to buy a house seems such a long way into the future. Perhaps it might be easier to focus on getting rid of the debt so that you are only dealing with one issue and then focus on the house deposit once the debt has gone.

I know 2026 seems a long way off but time will pass quickly, especially once the baby is born - congratulations and good luck with the debt busting.

Cara