Shady's debt busting tracker...

shadydaz

dancingfairy wrote: »

jt acc:
rent: 418.72
c/t: 124 is this over 12 months or 10? if over 10 you may be able to pay off over 12 months to make budgetting easier. Over 10 months but happy to do that. i budget for it as a twelve monthly average cost
water: 22.23 due to apparently not having to pay surface water charge, waiting for a £60 rebate for last two years and reduction in monthly dd
gas: 20
elec: 35 have you got the low energy bulbs/turn everything off when not needed / don't leave anything on charge/standby etc? all throughout the house and outside too, i am an off that the switch freak already
ph/int: 50 (budget amount, try to not exceed on any given month)
tv lic: 11.25
car ins: 36.6
loan: 220.36
course: 65 what's this? Are you getting value for money? are you activiely doing the course still? This is the wifes course, it will enable her to make a career switch and increase her income once completed.
tesco cc: 34 (min payment, nedd to sort that)
ACC INT: 2-3
total: 1040.16


Just a couple of thoughts frome me: you didn't seem to mention food at all. Where does this fit in? Are you cooking everything from scratch /batch cooking/buying reduced prive /basic/value items? This is one area people can generally cut down on. I'm still cutting down - there's always more tips and tricks to learn with this one. We were bad, maybe used o spend £150 pw on food, this is dwon to the wife again and down to about 60-70 pw. not bad for family of 5.5 all in(grocery and household)
What about ebay/car boots etc? A good way of clearing out and making a bit of cash? (we already cleared out using these means and do so every 6 onths or so. netted about 3500-4000 over last three years.
Sounds like you are well on the way. Keep up the good work.
df

Thaks for the input dancingfairy, any other suggestions welcome.

shadydaz

Hi Dancing fairy,

To expand on answering some of your questions.

My wife earns about £600 a month working part time, she works evenings and weekends so we do not pay childcare costs.

Her money has to cover everything from food, childrens stuff(clubs, clothes etc) to her own spends.

The more money she can save on the food bill for example, the more she has to herself. She has her own mobile bill and gym membership to pay and is responsible for managing a couple of her smaller debt accounts too. It is tight for her but she has been frivilous in the past and is now beginning to appreciate that we can no longer afford a once care free lifestyle.

shadydaz

Should be under £15000 soon. Get bonus over next couple of months(hopefully) might see back of Tesco CC or OD if enuf comes my way....

shadydaz

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1321.73
Partners monthly income after tax....... 600
Benefits................................ 232.35
Other income............................ 0
Total monthly income.................... 2154.08

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 418.72
Management charge (leasehold flat)...... 0
Council tax............................. 124.31
Electricity............................. 35
Gas..................................... 20
Oil..................................... 0
Water rates............................. 22.23
Telephone (land line)................... 50
Mobile phone............................ 60
TV Licence.............................. 11.25
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 200
Road tax................................ 15.42
Car Insurance........................... 39.85
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 20
Entertainment........................... 198.9
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1725.68

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
tesco cc.......................900.......34........18.9
bank loan......................10000.....220.4.....0
next add.......................380.......69........18.9
0d2............................500.......0.........29.9
od1............................1000......0.........29.9
course.........................1820......0.........18.9
social fund....................600.......50........0
inland rev.....................550.......55........0
Total unsecured debts..........15750.....428.4.....-

Monthly Budget Summary
Total monthly income.................... 2,154.08
Expenses (including secured debts)....... 1,725.68
Available for debt repayments........... 428.4
Monthly UNsecured debt repayments....... 428.4
Surplus(deficit if negative)............ 0

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total Secured debt...................... -0
Total Unsecured debt.................... -15,750
Personal net worth...................... -13,750

SpendHappy

shadydaz wrote: »

I have sort of cracked that already by designing my spreadsheet to forcast years ahead. It is set up to run from April to April, so i can estimate/budget individual cost projections for each bill on a monthly basis. This gives me a projection for each year so i can estimate my contribution to the account to cover all costs and a bit extra to enable me to save up and pay off unessecary debt quicker.
I realise i am fortunate not to be in a situation where my core financial obligations are in good order. (ie; water, ct, elec and gas(£80credit).one week rent arrears sson to be sorted not included in soa).
It was just the extras that started getting on top of us...

Thats great - cos Im new to this posting lark and cant find the link
Its a good job you have your finger on the pulse already.
My brother is an accountant and you remind me of him when you talk about the spreadsheets to use etc. I am really impressed how fast you are shifting your debts :T

Surfbabe

Well done Shadydaz - you need that LBM to get you motivated. Keep it up !!!

shadydaz

:beer: Thanks Spendhappy.

Guess my dream car will have to wait a few years :rolleyes: but hey, as long as we can provide for the kids it doesn't matter that much.;) .

I can get yery single mided and serious at times(my missus hates it) but has to be done every now and then i guess.

We have an impending issue... baby due in October which will cut the income a bit so would be nice to have as much sorted before then as poss. Had scan yesterday.

DD4 on the way:eek: :eek: :eek: :eek: no wonder i am going grey and i aint 30 yet:rotfl:

shadydaz

Surfbabe wrote: »

Well done Shadydaz - you need that LBM to get you motivated. Keep it up !!!

Thanks!! All the best to you too...

shadydaz

The BH signed up to be a mystery shopper today and is thinking about the idea of Quidco etc to shop on line and offset delivery charges and petrol costs against the cashback return( and the hassle of dragging 3 U10's around shops for hours). I was unaware that she is already signed up to some pay as you go survey sites too.

Looks like the ball is starting to roll a bit faster...

kate705

Hi Shadydaz thanks for the support you've given me.

I have just read your thread, congrats on the baby! I also get single minded and serious about things sometimes my OH thinks I am getting obsessed with money saving at the moment.
Good Luck
Kate