FMOW's road to a debt-free life, 2008

findingmyownway

Morning all

Well its the first day back at work and i'm full of good intentions! (of the DFW variety, not to actually do any work :rotfl: )

The chances of becoming totally debt free this year are slim but i definatly want to get rid of the CC and overdraft, leaving only the car loan to sort after that.

I had big changes in circumstances last year with finishing PhD and starting work. Hopefully this year things will settle down financially and move forward.

I havent really kept a diary before, just posted on challenges etc and kept a record of my own. But i think i'd like a place to post things for myself, even if noone else reads it. Reading other peoples diary's in inspiring and its nice to see the support and friendliness they receive.

Anyway, seen as its new year i though i better post a current SOA:


Income

£30,000pa
£1729/month (after tax, NI and student loan gone out)

Household Expenses :rolleyes:
mortgage £675 - variable, changes by about £15 as interest rates change.
gas £30
electric £37 - both with BG, have checked its cheapest
telephone £12 - BT option 1
internet £25 - AOL, need to phone them, was going to cancel last year but had problems.
house ins £15 - already changed to cheapest (Halifax) and awaiting quidco cashback
council tax £79 - 10 months
water £31
tv licence £12
food £300

total £1,216
i pay half share into joint account £608

(food covers me, OH, his 3 daughters for half of the week and the cat. me and the girls take packed lunches, OH buys his own while out).

OH also pays for sky package.


Personal Expenses
Mobile (Orange) £25.00
Gym (Virgin) £40.00
Life Ins (Direct Line) £6.00
Car Ins (Swiftcover) £33.00
Loan (Sainsburys) £280.00
Petrol £40.00
Dentist £8
Mag Subs £2.50

Total £1,034.50

I also put £50/month into an internet saver for car expenses. (for the first time ever i actually had the money to pay for car tax already there and waiting this month )

= £645.50 remaining

DEBTS :mad:

HSBC Visa £830 (21.1% APR)
HSBC OD £2,000.00 (0%)
Car Loan £9000 (6.4% APR fixed)
Total £11,830 + plus student loan i don't even want to think about yet!

My action plan at the moment is to continue with Ebay and Amazon selling but to put the money straight onto CC (rather than let it be swallowed up into current account).

Lucy1982_2

Sounds like a good plan!

Do you keep a spending diary? Because the way I look at it with £645 left at the end of the month you would be able to get rid of your HSBC Visa debt in 2 months. But that assumes you actually have that money left (I know i rarely do! Will be spending diarying myself!)

Good luck!

findingmyownway

Lucy1982 wrote: »

Sounds like a good plan!

Do you keep a spending diary? Because the way I look at it with £645 left at the end of the month you would be able to get rid of your HSBC Visa debt in 2 months. But that assumes you actually have that money left (I know i rarely do! Will be spending diarying myself!)

Good luck!

Yep do intend to do this, i was given a filofax at xmas which has nice personal finance pages in the back... no excuses now i guess!!

Started yesterday which was a NSD:D .

Need to buy some lunch at work today though (was all organised last night and made some salad but left it in the fridge :mad: this morn stupid stupid stupid:mad: )

Lucy1982_2

I've done that... Well I couldn't be bothered this morning. Still Jacket potato and beans it only £1.15 at work.

Well Done on a NSD, I need to do more of these, I'll try and have one tomorrow and Friday. I think if I can manage 3/4 a week I will be doing really well.

findingmyownway

£2.50 for cous cous with mediteranean veg and a muller corner yoghurt. REALLY need to bring lunch for the rest of the week (well, year actually but lets take it 1 step at a time!)

doodledo_2

I really struggle with organising myself with lunch for work when I am in too.

Maybe I should get off here in the evening and get my booty in the kitchen :rotfl:

Lucy1982_2

Well they had run out of pot and beans so I spent £2.85 on something else. Oh well into the kitchen I go tonight.

Your right every little step counts, and hopefully if we all make little changes one at a time we will stick to them.

findingmyownway

I seem to have done something right over xmas because i have £125 left in the bank. I go on holiday on sunday for a week (spending money already accounted for ) and get paid on the day after i return. No DDs due in the meantime.

I am tempted to throw the £125 straight at CC, but then i think i'll be worrying while i'm away that i'd forgotton about something going out of account and a DD will bounce. So i think the most sensible thing to do would be to leave it where it is for now and make the extra payment when i get back :cool:

findingmyownway

My first contribution to the olympic challenge should be on its way to my bank (sold a few books on amazon). I have quidco payments tracking for the end of the month too.

Need to list 2 phones on Ebay too but might leave that til i get back from hols - too many nigerian scammers around to risk auctions ending while i am away :mad:

Lucy1982_2

Well done for managing so well over Christmas, I wish I had, it still remains to be seen what I will manage.

Where are you going on holiday?

findingmyownway

Lucy1982 wrote: »

Well done for managing so well over Christmas, I wish I had, it still remains to be seen what I will manage.

Where are you going on holiday?

Italy, skiing - can't wait!

I need to get my euros though, usually go to M&S but will have to resist the sale rails!! Don't need many, breakfast and dinner included and lunch is usually a big bowl of pasta on the mountain