Debt free by 2018

ljj1986 · 1 April 2017 at 9:35AM

indigowarrior wrote: »

Following . I use everydollar which is completely free and easier to use then YNAB.

Thank you, I will have a look in to everydollar, still haven't got my head around YNAB!

copperman05 · 1 April 2017 at 3:38PM

Essentially it uses the envelope system of budgeting. It might take a day or two to get your head round it but its certainly worth it in my opinion.
I would start but adding your account on the left and put in your current balance, then within the budget you add all your spending for the month, start with your commitments, bills, mortgage etc and then your debts. You can also add categories for groceries and holidays, etc. You enter what you are budgeting for that month in each category and the theory is that you give every pound a job, if its not allocated for bills or mortgate and living expenses it should be put towards debt repayment or an emergency fund, you budget to £0 and then anything not used in the month is automatically taken over to the next.
With a little persistence it really is quite simple in the end.
As said there are plenty of how-to's on the interweb and they even do their own classes that you can join.

ljj1986 · 1 April 2017 at 6:29PM

copperman05 wrote: »

Essentially it uses the envelope system of budgeting. It might take a day or two to get your head round it but its certainly worth it in my opinion.
I would start but adding your account on the left and put in your current balance, then within the budget you add all your spending for the month, start with your commitments, bills, mortgage etc and then your debts. You can also add categories for groceries and holidays, etc. You enter what you are budgeting for that month in each category and the theory is that you give every pound a job, if its not allocated for bills or mortgate and living expenses it should be put towards debt repayment or an emergency fund, you budget to £0 and then anything not used in the month is automatically taken over to the next.
With a little persistence it really is quite simple in the end.
As said there are plenty of how-to's on the interweb and they even do their own classes that you can join.

Sounds a lot like what I do on paper, I am very much a pen and paper kinda girl and I love having everything right in front of me but I am trying to convert over to technology. I just find I stick to things better when its on paper for some unknown reason.

ljj1986 · 2 April 2017 at 12:00PM

Spent a good couple of hours last night creating my own spreadsheet. I can see my whole years incomes and outgoings and then its divided into months. Its what I do on paper only it works out all the numbers for me once something is input. I have one page for each year up to 2021 when I hope to have enough money saved up to start thinking about buying a house although 4 years is a long time and anything can happen between now and then. My spreadsheet doesn't link to my accounts but I really like it and can set it out exactly how I want it to look.

Balances above haven't changed, have a lot of NSD's coming up with the exception of tomorrow as I need to buy batteries for my smoke alarm.

ljj1986 · 2 April 2017 at 9:17PM

Updated SOA:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 870
Partners monthly income after tax....... 0
Benefits................................ 562
Other income............................ 0
Total monthly income.................... 1432

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 580
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 40
Gas..................................... 20
Oil..................................... 0
Water rates............................. 2
Telephone (land line)................... 0
Mobile phone............................ 11
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 0
Car Insurance........................... 35
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 27
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 65
Haircuts................................ 0
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1050.5

Assets
Cash.................................... 3400
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 9400
No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................2902.61...153.8.....3.5
Car Loan.......................3179.03...140.......3.5
CC.............................1323.77...35........0
Total unsecured debts..........7405.41...328.8.....-

Monthly Budget Summary
Total monthly income.................... 1,432
Expenses (including HP & secured debts). 1,050.5
Available for debt repayments........... 381.5
Monthly UNsecured debt repayments....... 328.8
Amount left after debt repayments....... 52.7

Personal Balance Sheet Summary
Total assets (things you own)........... 9,400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,405.41
Net Assets.............................. 1,994.59

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font]

ljj1986 · 5 April 2017 at 1:45PM

So I've become a little obsessed with Swagbucks, almost at my first voucher after 2 days of joining! I am hoping these will give the birthday pot a boost to cover all those birthdays I have coming up with a very limited budget. I have also listed some things on ebay, some of which have bids on already which is great, really trying to de clutter the house and make money at the same time. I have told myself I am going to try and list at least 5 things each day, this money will then be split into different pots. I don't have a debt pot yet but will get there eventually and at least now my debt is not increasing and as long I stick within my budgets then I will start seeing free money that hasn't been assigned to anything that will then be assigned to debt overpayments, especially that credit card that has around 6 months left of its 0%.

Last year I managed to pay my car insurance in full and I am hoping to do this again this year although that does mean I need to find around £450 by September, I really don't want to be paying interest on it when I should be able to budget for it throughout the year.

ljj1986 · 6 April 2017 at 1:28PM

Debts currently remain the same unfortunately. I'm impressed with Swagbucks, currently on day 4 and I have just requested 2 x £5 amazon vouchers plus I have enough SB for another one but I can't order until tomorrow, this will all go into my birthday pot. From next month I'm hoping I can start using these to save for Christmas. I'm doing well with my budget so far, we are away over easter though so that could have an impact but I'm hoping I am still well within my budget, I still have £50 in the 'fun' pot which should increase slightly after some ebay sales.

ljj1986 · 9 April 2017 at 8:58AM

Been away from my budget for a couple of days so have just updated everything, thanks to a small win on the grand national yesterday everything should be about even. Debt currently still the same but my pots are still doing ok. I'm hoping to start making an impact on those debt figures over the next few weeks but I think the biggest challenge for me for this month is staying within those budgets, if I can stick to the amounts I have in my pots each month then the overpayment of debt will come naturally as I will begin seeing some spare cash.

ljj1986 · 24 April 2017 at 6:50PM

Have been a little MIA with lots going on this month, haven't been able to make any real difference to my debts yet but I'm hoping to make a real dent in the next few weeks. Just ordered a birthday present using vouchers earned from swagbucks which is great, saved me having to include it in my budget. Have stuck quite well to my budgets which is a real achievement for me and if I can stick to a similar budget each month then I think my DFD will be a lot sooner.

ljj1986 · 3 May 2017 at 10:48AM

Update on debt totals:

Loan 1: £2763.77
Loan 2: £3055.14
0% Card: £1404.15

Total: £7223.06

Hasn't come down much although I do have almost £300 in my emergency/debt repayment pot which I will be sending over to the 0% card once my finances have been sorted out, hopefully this will be done over the next few weeks.

Debt free by 2018

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