Jak's 'I will not spend any money on rubbish and I will pay off my debts' diary

jak

Ok. I've been thinking about this for a while now and love reading everyone elses diaries, so i've decided to write one myself to motivate me!

My aims for this diary are as follows:
1. To keep a record of my debts and each time I pay money off them.
2. To keep a record of my savings/budget etc.
3. To pay off debts by August 1st!

My SOA will follow as I need to revise my budget a bit this month!

Wish me luck folks...

X

jak

SOA

Total monthly income.................... 1661.4

Monthly Expense Details

Rent.................................... 330
Council tax............................. 95
Electricity............................. 35
Telephone (land line)................... 22
Mobile phone............................ 20
TV Licence.............................. 23.25
Satellite/Cable TV...................... 18
Internet Services....................... 15
Groceries etc. ......................... 85
Clothing................................ 20
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 2.99
Presents (birthday, christmas etc)...... 21.58
Haircuts................................ 4.5
Entertainment........................... 50
Holiday................................. 80
Household improvements fund.......................... 10
Lottery................................. 8
Household cleaning products and toiletries £10

Total monthly expenses.................. 860.32

Description....................Debt......Monthly...APR
Over draft.....................400.......0.........19.6
Personal Loan..................1251......78........19.6
Credit Card....................855.......60........19.6
Total unsecured debts..........2506......138.......

Monthly Budget Summary
Total monthly income.................... 1,661.4
Expenses (including secured debts)....... 860.32
Available for debt repayments........... 801.08
Monthly UNsecured debt repayments....... 138
Surplus(deficit if negative)............ 663.08

Personal Balance Sheet Summary
Total Unsecured debt.................... -2,506
Personal net worth...................... -2,506

Holiday savings: £480- need £3000! Big holiday- we are saving up over 2 years so we can go and visit my husbands' family! It is being saving in 2 places. £20 per week goes into a thrift club at work, and any extra money my husband makes goes into the spending money savings account! This savings account doesn't have anything in it yet as we've only just started but we are aiming for about £150-200 pcm.

We will put all out spare money into debts until they are paid off, hopefully August 1st! After that I want us to start saving for a deposit for a house.

I hope if everything goes according toplan to have 3-4 grand in the bank by Christmas. This is a long term aim obviously and my most pressing task is to get rid of these debts ASAP! I've been in debt since university! That's 12 years! So the fact that there's an end in sight is really brilliant. I only found this site 2 years ago and i've only really started taking our money situation seriously.

It's amazing how much you can pay off if you really focus on it.

I go on maternity leave in 5 weeks- :rotfl: and we will have more money while i'm off than I earn now!:rotfl: How scary is that....I can't wait....

Keeping_Positive

Hello

A diary will really help keep you focused. You have a great surplus so with a bit of self discipline you should hit your targets easily.

Good luck

PS have you seen the spending diary I find its easy to keep up.http://www.spendingdiary.com/

jak

THanks Wendy! I really hope so. I find i'm great to begin with then I slack off so i'm hoping this will keep me focussed. Also the baby being due is a pretty good motivator too. I really want to give my little one a good life- not a debt filed one!
I tell you what tho, he will be learning all about the value of money as soon as he's old enough to understand!
I'm already on spending diary. It's great isn't it?!
J
X

Keeping_Positive

Just one thing.

Build a bit of slack in for when baby arrives they are sooo lovely but can be ever so tiring for the first few months. You dont want to be worring too much about debt with a tiny one.

Ohh and I want a photo when he/she arrives!

jak

Ohhh no problem- planning to bore everyone to tears...
I can't wait till he's born!

jak

I want another satr! When did you get your third star by tyhe way?

jak

OK i've had a good start to the day. I've just paid another £100 off my credit card due to my council tax rebate so i'm really please with myself. This brings my debt total down to £2404.19! I'm so chuffed!
It won't clear for a day or 2 but when it does my credit card will be down to £753.19- that's the lowest it's been in about 4 years!!!
I also paid my thrift money to work so that brings my total savings for our holiday to £480- i'm feeling very positive today now! That's half one of our flights! Pretty good so far!
Now my plan is to have a no spend day today which should be ok as i'm aboout to go to sleep for the day having done the night shift, and have a no spend day tomorrow- as i'm on nights again today! It's amazing how much that helps my shopping habits....
If we all worked nights, we'd never get the chance to shop..of course we'd never see the sun either...
Anyway, signing off now... so see you later
X

sophiesmum_2

Hi jak
Just popped in to see how the diary is going:D
You are doing great, just keep chipping away at the debts and before you know it you will be debt free and piling up the savings:j
Nice little bonus off your credit card with the council tax refund:D

Good luck.

sophiesmum

pokey128

jak wrote: »

I go on maternity leave in 5 weeks- :rotfl: and we will have more money while i'm off than I earn now!:rotfl: How scary is that....I can't wait....

Hi
Sorry to hijack a little bit - I go on maternity leave in 5 weeks also (woo hoo!!) -how will you have more money then than now - I don't understand??!!

jak

But that is my motivator! Plus dh doesn't really get it- so this is the only way I can get him on board!
RE: mat leave- I earn virtually nothing now! Usually about £60 per week so when I get mat allowance i'll have double that! Sad but true...Not how it usually works I know!
Do you know what you're having Pokey? Congratulations...
I got some good news today- I was owed some backdated housing benefit which i'll get on Monday! £291- so that can go straight onto my credit card! So pleased. Hopefully I can put this weeks wages on as well on Thursday when I get paid as i've worked extra this week!
J
X