Busting this debt before 42

beanielou

Great totals.

Chocolatefund

Thanks. It's very satisfying seeing the numbers go down. My colouring chart is filled in and is also very visually satisfying to see.

That overpayment has saved me £208 in interest and the car loan is now 25% paid off.

My next milestone will be 50% paid off. So I'm aiming to get the loan down to £11,500 by December. Into four figures by Jan would be awesome.

To achieve this, my calculations look like I'll need to overpay by £800 each month, which is doable providing life doesn't throw something at me.

Chocolatefund

A lovely quiet weekend to do some future budgeting.

After a bit of pondering I've done a more up to date SOA to reflect some of the changes to the lower bills and new budget going forward.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 3883
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3883

Monthly Expense Details
Mortgage................................ 840
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 131
Electricity............................. 124
Gas..................................... 0
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 0
Mobile phone............................ 8
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 24
Groceries etc. ......................... 230
Clothing................................ 10
Petrol/diesel........................... 270
Road tax................................ 55
Car Insurance........................... 87
Car maintenance (including MOT)......... 25
Car parking............................. 15
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 50
Work bill............................... 10
Subscriptions........................... 12
ISA..................................... 50
SIPP.................................... 300
Total monthly expenses.................. 2479

Assets
Cash.................................... 1870
House value (Gross)..................... 303000
Shares and bonds........................ 1830
Car(s).................................. 1
Other assets............................ 0[b]
Total Assets............................ 306701[/b]

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 141900...(840)......3.9

Total secured & HP debts...... 141900....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Laptop Loan....................625.......125.......0
Car Loan.......................16584.....460.......7.6
Total unsecured debts..........17209.....585.......-

Monthly Budget Summary
Total monthly income.................... 3,883
Expenses (including HP & secured debts). 2,479
Available for debt repayments........... 1,404
Monthly UNsecured debt repayments....... 585
Amount left after debt repayments....... 819

Personal Balance Sheet Summary
Total assets (things you own)........... 306,701
Total HP & Secured debt................. -141,900
Total Unsecured debt.................... -17,209
Net Assets.............................. 147,592

I've gone over my spending diary for the last six months. Pretty content with the food, eating out and miscellaneous categories, but I've gone over the petrol budget 4 months out of the six. Sometimes I can claim some back depending if it's work related or not, but I'd rather just bake it in for the month and go and see my family more often.

On that, I've decided to up the petrol budget by £40 and an extra £10 to the miscellaneous. Going forward, my monthly new budget will be;

£230 Food

£270 Petrol

£150 Eating Out/Fun

£50 Miscellaneous

Total £700 a month. Which leaves me £800 a month for loan overpayments. I'll keep topping up the main Emergency Fund by £50 a month till it hits 2k again. Even though I have £200 in the other savings account and another £200 in eToro (which I forgot to add to my soa) it would nice to put that towards the debt at the end of the year.

Next week, I'll give HMRC a call and see if I can get that tax refund which would knock out the laptop loan and free up that payment.

Smudgeismydog

Your SOA is really focused, and you’ve also allowed yourself some ‘fun’ money as well as longer term savings, very well done

Chocolatefund

A nice chill Sunday now that the weather has decided to stop being hot headed.

Had some money success this week.

Gave HMRC a call and they are processing my tax refund, woohoo! That's £608 heading my way. Should get it sometime next week. The laptop loan is going doooooowwn!!!

Bank switch to Sand@nder went through, so I should get the £180 in a couple of months.

I've also opened a Revo1ut account using the link on this website, will transfer some funds over and get the £25 cashback they got going. There's a decent 5% saver there too (at least till December) so I might utilise this to keep some money separate from my main account. Not gonna bother sending any more money to eToro now. I might make this my spending account.

I went through a bunch of paperwork, cut up a credit card I hadn't used in months, and closed a bank account. It's quite satisfying uninstalling finance related apps on my phone, haha, can't wait to get rid of the Cre@tion app when the laptop loan is paid off.

Chocolatefund

Tax refund is in and the laptop loan has been paid off, woo! 🥳

That's one less debt now to think about.

lucielle

Whoop!!! Well done

L

Chocolatefund

Thank you! Feels so good to knock that out.

Another little mini win. Got the £25 cashback from Revo1ut. Going to make this last the week on food only. Really enjoying using the app. Maybe I'll get into some crypto currency at some point.

Hoping the payslip will be out at the end of this week as I should be getting some extra monies. My car is booked in for service at the end of the month, so will use the former laptop loan payment to put towards it.

Feels good to delete my 'laptop loan' spreadsheet line. I'm such a nerd. 😆

beanielou

Good news on laptop.

Chocolatefund

So I've had a bit of an unplanned splurge. Or rather..."I've been putting it of for so long as I didn't want to spend the money" but now I've caved and needs must.

I broke my glasses months ago. Was walking around with them broken for a bit till I managed to super glue them back together. They managed to hold until recently. Then they broke again, and now they are still delicately held together again with glue…my family and work colleagues have been pestering me for ages to get a new pair and I just cracked on...

My eyes are really starting to strain badly now. So I've finally got around to booking an eye test as it had been a while.

And by a while...I mean...nearly seven years!! I brought my current glasses back in August 2019!! I haven't had an eye test in THAT long?? Good lord that's actually embarrassing...

Whats even more mind blowing is that my prescription sunglasses are...errr..ten years old?? Maybe older..?

So since I have blue light card and 2nd pair discount I've now ordered new prescription glasses and sunglasses both totalling £470. Polarised lenses are pricey, but all this driving in bright sunlight is really straining my eyes. Hopefully I can keep both pairs for another several years.

I've got some backdated pay coming in this month's pay. Payslip isn't out yet, so I've popped this on the usual spending CC and will wait to see what I'm working with before I decide on the monthly money shuffle funds. They did do 0% finance, but I don't want to go down that road anymore.

Worst case is I'll have to overpay the car loan by less then I wanted, but my eyes take priority.