KYH DFW Diary 2008

kyh

Ok well as you cans ee from my sig my LBM was yesterday, this has been brewing for a while but I have finally decided that I need to get clear of debt once and for all.

Long history of overspending in my youth and an expensive ex husband led to an accumilation of debts (mainly loans)

Slowly been clearing these but when my then partner now husband (no 2 ) was declared bankrupt in Jun 06 we have since really struggled. Dec 06 bank took my debit card from me as I was constantly overdrawn to the sum of 7.5K.

Situation now

OD 250
Lloyds loan 6866.45 as of 14/02/08 - 43 payments left
Citifinacial loan 2500 - 16 months left (APR 34.1%) - will be first to go!!!

Have been to the bank today and finally asked to reapply for a debit card instead of just a cashpoint card as for work reasonos will need to be doing a lot of travelling soon and this will make things easier.

I would love to be completely debt free in 24 months so I need to do some work especially as we need my husband to give up work in March to stay at home with our 2 yr old as when we move childcare becomes too expensive to make it viable. Long story there as well.

I will sort out a proper SOA on Monday when I am off work and post that then but would be really interested if someone could give me links to some of the challenges I can't find eg Earn £10 a day!

Once I have worked out where we are at with our finances etc I will put some more details on!

Thanks in advance for your support:T

kyh

Just call me Billy no mates!!

stressed.mum

Hi khy and welcome to the board

I'm not really very good at advice but I'll bump your thread so more people see it

If you post a SOA peolpe will be able to help you with your outgoings and advise you of ways to cut it - look at the sticky at the top of the page http://forums.moneysavingexpert.com/showthread.html?t=107280 think this is the link southern scouser has explained it here

Good luck on your DFW journey

stressed

kyh

Ok here is the SOA in brief

My income £2200 per month (in the bank) - pay rise due end of Feb and End of April - may go up to £2300
Husbands £1400 - this will drop to an unknown variable figure in 6 weeks when we move
Child Benefit £70 per month

Husbands debts - nil - bankrupt June 06 ? now discharged to be discussed with him thsi weekend!!

My debts - CCJ granted in 2005 -£100 per month directly from my pay at source - need to check when this is due to finish

Lloyds loan 6866.45 as of 14/02/08 - 43 payments left

Citifinacial loan 2500 - 16 months left (APR 34.1%) - will be first to go!!!

No other credit cards or loans but I know I have a poor credit history from the past. Debt has been much higher than this but have been clearing it for past 14 months since bank took my debit card and put me in collections!

Outgoings

Rent/Council Tax/Water rates - all taken at source from my wages
Contents insurance -16.13
Gas - currently pay 1/4ly - will change this to Dd when I move - about £600 per year
Elec - as above - about £400 per year
Phone and internet - £50 per month
Mobile - variable - £50-100 per month
Childcare £468 dropping to £ 270 when we move - FT down to PT - if stayed with FT care when we moved would increase to £800
Petrol - £280 but will drop significantly when move as husband no longer commuting to work
Food shopping/nappies etc -£300 plus a month - this will need to drop significantly
Sky - £45 - no signal for aerial or freeview so no choice
Loan repayments £400 per month
Pet food £60 (2 cats 1 large dog)
Car ins £80 (for 2 cars) this will drop to £30 when mine is sold
Cigarettes £400 :eek: I have set a quit date for 3 March but husband is a heavy smoker and unlikely to quit at the moment
Everything else tends to go on my husbands hobby at the moment (again this will change) - our car is an old Landrover Discovery which he is doing up himself. Paid £600 on Ebay originally - now worth £1500 plus and increasing

As we have had no debit card for 14 months have been unable to use internet to shop or sell. Bank has now agreed to give me one back. currently husbands wage paid into my account but he tends to use the card more than me as he has to put petrol in at work. Again this will change when new card comes through.

He will be working freelance as a lecturer earning £26 per hour but this work will be variable - he should be able to bring in at least 1/2 of what he is earning now but this may increase our childcare cost.

We do have months where I have been able to save but then we tend to splurge it.

This weekend is our last big spend - landrover weekend in Wales £140 for 2 nights for 3 of us plus feul £120 plus food £ 50 - we do not go on holiday normally except to go camping at Landrover events.

My aim is to clear all my debts in the next 48 months and to start earning extra money at home (husband) through selling small bits we don't need on Ebay - like my car!!

I know there are others out there much worse of than me but I don't want to go back to raiding the penny jar to buy a loaf of bread. I am determined to make this work.


This isn't very clear but it is a start:o

PS i know there is also stuff I have missed off but can't think what - brain fog!

stressed.mum

I tried to quote youe SOA but couldn't work it so will try to remember what I wanted to say :rotfl:

Your phone - Is it land line and BB can you get this cheaper?
Food - How many people for?
Mobiles - OUCh - I pay 3 contract mobiles (mine and 2DD) for less than this is it contract or PAYG? can you change contract or make sure it covers all calls and text as this seems to vary
SKY - do you really need this? can you cut some packages? I pay £38 for all options, sport and broadband
Smoking - again good luck with giving up - I smoke but have cut my spends in half by rolling my own! is this an option?

You haven't included clothes, medical, presents etc in your SOA as far as I can see

May I suggest you start a spending diary so yopu know where every penny is going, that is the first thing I did.

Also look at the £10/day challenge, up your income board to find ways to increase your income - lots of us have been doing a bingo "loophole" which has proved very successful

Hope this helps til some of the regulars come along with much more knowledge - it seems a bit quiet this morning, but I'm sure loads of people will be about later

HTH

stressed

duchy

Phone and internet you can definitely get cheaper in a package. Check out quidco for who is doing the best package (and cashback) at the moment. Whilst you're there and on the utility board may as well do the same for gas and electric
Ring Sky and tell them you are moving home and reconsidering your options as Sky is expensive and they should drop the price-don't Sky do a thing where you get free broadband when you use their other services too btw ?
Would it help to strictly budget and hubby gets what is left over after everything else is paid for(including contingency saving) into a seperate LR account for his hobby so he has money there if he needs it without impacting on the rest of the budget.
To be honest it sounds like an expensive hobby-could you earmark certain activities as LR fundraising like Amazon, carbooting, surveys etc and use the money that currently funds it for making chunks of loan repayment and get rid of that 31.4% apr faster ? That is a LOT of interest
And STOP splurging

kyh

stressed.mum wrote: »

I tried to quote youe SOA but couldn't work it so will try to remember what I wanted to say :rotfl:

Your phone - Is it land line and BB can you get this cheaper? Yes this is - I went with BT as I already had landline with them but when we move am going to tell them I will swap to someone else unless i get a better package.
Food - How many people for? 2 Adults and a 2 year old although at the moment she only eats at home in evening and weekends as she is in FT childcare
Mobiles - OUCh - I pay 3 contract mobiles (mine and 2DD) for less than this is it contract or PAYG? can you change contract or make sure it covers all calls and text as this seems to vary Husband on PAYG me on contract - again I have been looking at other packages to shop around to - has been difficult to change this as no debit card to act as "security" when applying for a new one. I have a blackberry though as I am away from home a lot with work and although I do not use it for work I can get emails etc through it so makes life easier time wise - can do emails then at work instead of losing family time sat on computer at home.
SKY - do you really need this? can you cut some packages? I pay £38 for all options, sport and broadband Yes as I said we can get no signal with aerial or freeview where we currently live so at the mom only option- do agree on downgrading package possibly
Smoking - again good luck with giving up - I smoke but have cut my spends in half by rolling my own! is this an option? Maybe - this will reduce significantly whenI give up and with my new job lots of overseas travel (once a month) so should be able to buy hubby duty free

You haven't included clothes (rarely buy them or if I do go to Tesco or Asda 0 wear a uniform for work) medical (all covered by my employer plus dental for myself), presents etc in your SOA as far as I can see

May I suggest you start a spending diary so yopu know where every penny is going, that is the first thing I did. (yes that is a really good idea - thank you!)

Also look at the £10/day challenge, up your income board to find ways to increase your income - lots of us have been doing a bingo "loophole" which has proved very successful (Again with no debit card have been unable to join these sites as can't put my initial 5 or 10 £ down)

Hope this helps til some of the regulars come along with much more knowledge - it seems a bit quiet this morning, but I'm sure loads of people will be about later Thank you!

HTH

stressed

Thank you!

kyh

duchy wrote: »

Phone and internet you can definitely get cheaper in a package. Check out quidco Joined last night thank you!for who is doing the best package (and cashback) at the moment. Whilst you're there and on the utility board may as well do the same for gas and electric think new house may be oil central heating so may be stuck there - don't get a choice where we live either as comes with job!
Ring Sky and tell them you are moving home and reconsidering your options as Sky is expensive and they should drop the price-don't Sky do a thing where you get free broadband when you use their other services too btw ? Will look at this thank you
Would it help to strictly budget and hubby gets what is left over after everything else is paid for(including contingency saving) into a seperate LR account for his hobby so he has money there if he needs it without impacting on the rest of the budget. Yes when we move this is what is going to have to happen and unless he starts earning enough then he can't spend it! My foot is going down!!
To be honest it sounds like an expensive hobby-could you earmark certain activities as LR fundraising like Amazon, carbooting, surveys etc and use the money that currently funds it for making chunks of loan repayment and get rid of that 31.4% apr faster ? That is a LOT of interest
And STOP splurging

Thank you for your help - I think in my heart of hearts I know what I must do but I have prevaricated so long, partly because I was ill for about 12 months around the time of my husbands bankruptcy I have put these things off for too long. I am now determined though that we will get ourselves in a better position over the next 2 years - believe it or not I actually want to get a mortgage again at least that means we will have our own place and there is a chance maybe I could even retire from this job, take my pension and start a business!!:D

Lizalu

Something that has been mentioned by other people who can't get Tv signal - if you google freesat there is service which allows you to receive freeview through your Sky dish for no monthly fee. £45 / month is a lot of money!

stressed.mum

Are you moving soon - I think you said March? If so then yes leave most of the changes until you move - Martin says now is the time to change energy suppliers!!
Start the spending diary TODAY cos it will really help - I find if I have to write it down I'm less likely to spend it!

Also look at the freebie threads - even without debt card you can do some things - pigsback, quidco eyc

Have you looked at Mystery shoping - if your OH is going to be a SAHD he could fit these in around your DD
You can sign up to Bingo sites with a SOLO card, most basic accounts allow those
HTH -also bumping your thread for the more experienced evening people

stressed xx

lazy_daisy

:eek: That is an astonishing amount to spend on fags - have you seen the demotivator tool ? http://www.moneysavingexpert.com/protect/stop-spending-budgeting-tool (hope this link works! If it doesn't just do a search for 'Demotivator') when hubby sees how many weeks (or possibly months....) a year you are both working to pay for ciggies he might realise how many Landrover bits he could buy instead!
Well done for posting, though, this is definitely the best place for you to be.
HTH,
love
Daisy x