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  • FIRST POST
    • Pip Boy 111
    • By Pip Boy 111 27th Mar 19, 12:45 PM
    • 181Posts
    • 554Thanks
    Pip Boy 111
    Venturing Out of the Vault (of Debt)
    • #1
    • 27th Mar 19, 12:45 PM
    Venturing Out of the Vault (of Debt) 27th Mar 19 at 12:45 PM
    Hi all. After a suggestion to start a diary in my first thread here: https://forums.moneysavingexpert.com/showthread.php?t=5983080

    I have decided to start a diary to both motivate myself and record achievements (and errors) in my journey to debt free-ness. First off, some may notice on the original thread that the debt figure has increased to what I originally posted. Hold off on the wagging fingers people, I haven't spent more on credit, I had simply put what was left to pay on my loan account and missed off adding in the other debts (it's been edited to reflect the true figure now). This hasn't changed my debt free target date (I simply read the wrong line of my spreadsheet)

    Anyway, to the figures. Debts remaining as of 27/3/2019:
    HSBC personal loan: 21,212.36p
    Barclaycard: 3432.24p (currently on a 0% deal and aiming to clear before the end of this)
    HSBC Advance Overdraft: 800
    Total Debt Remaining: 25,444.60p

    As I said in the original thread, this figure has come down from around 30,000 (I don't have exact figures because my new-found organisational prowess had not yet developed, not that it matters too much now).
    Now the rambling. After the fantastic advice received from various posters (in particular Sanctioned Parts List, shout out ) I have decided to curtail the emergency fund saving and use the money to pay down debts instead. The Barclay card has a 4000 limit so there is a buffer there in the event of an emergency. in the event of no emergency, the debt is paid quicker. MATHS!
    This diary will be about facts, figures and general ramblings to keep myself motivated and on track. Comments are most welcome, and if anyone spots me being financially stupid or has suggestions to make this process better, please feel free to speak up and chastise/congratulate/educate.

    Today: After a late rise after night shift, and several strong coffees, have sat down and worked through online banking and spreadsheets. The spreadsheets match the bank to within 2p WIN DW salary is paid tomorrow so have "tidied" what's left in the spends account and paid the princely sum of 11.66 towards the Barclaycard. Tomorrow will pay another 50 off the overdraft (they only let you reduce in a minimum of 50 increments ). The budget is set for the next 2 weeks (until I get paid again) and all is looking positive. My payday is when most of the DFW action happens so tune in then for more edge of the seat, debt busting action!

    Todays ramblings: Is it sad that I eagerly await wages? Not to spend, spend, spend anymore, but to pay another chunk of debt off and watch the spreadsheet figure tumble? It's become almost like a game now. Since the LBM I have a different view of life. I now see that having the latest of everything is actually pointless for the most part. For example, part of the long standing debt is an iPhone from years ago. I "had" to have it. The phone is long dead but the debt is still there, bundled amongst the other pounds borrowed for instant gratification. I spent last Saturday playing with the kids in the sunshine and had free cake (with vouchers) and made a homemade "takeaway" for tea. Total spend 0 (aside from the obvious shopping bill earlier in the month but let's not get picky ). We had a fantastic day and the memories and photographs from such a simple thing will last forever. Maybe our parents weren't old and boring, maybe, just maybe, they were right all along...……...
    Last edited by Pip Boy 111; 28-03-2019 at 12:09 PM.
Page 1
    • SSDD23
    • By SSDD23 27th Mar 19, 1:17 PM
    • 1,106 Posts
    • 3,324 Thanks
    SSDD23
    • #2
    • 27th Mar 19, 1:17 PM
    • #2
    • 27th Mar 19, 1:17 PM
    Happy new diary - following along with your journey x
    Debt Target #01 - 0/228
    • Sanctioned Parts List
    • By Sanctioned Parts List 27th Mar 19, 1:36 PM
    • 443 Posts
    • 1,127 Thanks
    Sanctioned Parts List
    • #3
    • 27th Mar 19, 1:36 PM
    • #3
    • 27th Mar 19, 1:36 PM
    For example, part of the long standing debt is an iPhone from years ago. I "had" to have it. The phone is long dead but the debt is still there, bundled amongst the other pounds borrowed for instant gratification.
    Originally posted by Pip Boy 111
    When finishing up my dissertation at uni, I bought a new computer. I paid about 1250 for it at the time, on a credit card. By the time I paid that thing off, it had cost me roughly 2970.50.

    Exercise of the day, how much did that iPhone cost you finally? It's a pretty good way of putting a person off buying gadgets on credit, permanently
    Last edited by Sanctioned Parts List; 27-03-2019 at 4:50 PM. Reason: Only got through half a thought before I had to get the transport back to the accommodation block...

    • UncannyScot
    • By UncannyScot 27th Mar 19, 6:04 PM
    • 1,946 Posts
    • 11,246 Thanks
    UncannyScot
    • #4
    • 27th Mar 19, 6:04 PM
    • #4
    • 27th Mar 19, 6:04 PM
    Hello and welcome

    Another wasteland wanderer here, been a fan since the original PC game

    You have a plan and you are following it through, you will get there.

    If you need any info, advice just post up and folks will help out.
    If you are ok with doing so a good idea would be to do / post up a Statement Of Affairs (S.O.A) so you can see where all your income and outgoings are and hopefully where possible savings can be made.

    Look forward to following you on your journey
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • beanielou
    • By beanielou 27th Mar 19, 6:26 PM
    • 63,814 Posts
    • 283,127 Thanks
    beanielou
    • #5
    • 27th Mar 19, 6:26 PM
    • #5
    • 27th Mar 19, 6:26 PM
    Happy shiny new diary.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • Pip Boy 111
    • By Pip Boy 111 27th Mar 19, 8:33 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    • #6
    • 27th Mar 19, 8:33 PM
    • #6
    • 27th Mar 19, 8:33 PM
    Hello and welcome

    Another wasteland wanderer here, been a fan since the original PC game

    You have a plan and you are following it through, you will get there.

    If you need any info, advice just post up and folks will help out.
    If you are ok with doing so a good idea would be to do / post up a Statement Of Affairs (S.O.A) so you can see where all your income and outgoings are and hopefully where possible savings can be made.

    Look forward to following you on your journey
    Originally posted by UncannyScot
    Fallout 3 was my first taste of life after the bombs fell. Must say New Vegas has been my favourite so far. Such an immersive world.

    As I said, I don't wish to post a SOA purely for the fact that i already implement a LOT of MSE approved methods (a*di shops, no loyalty with energy/insurance etc, snowballing, you get the picture). We are extremely fortunate in that we are not in dire straits and have a good household income to be able to service these debts and still "live" a little. Although I have been in debt most of my adult life, my LBM came before the situation was too far gone. For that, I am eternally grateful to all on these boards. This is the resource that made me see that paying minimums every month does not mean it's all fine.

    I have declared war on debt. And remember....war never changes
    • UncannyScot
    • By UncannyScot 27th Mar 19, 8:53 PM
    • 1,946 Posts
    • 11,246 Thanks
    UncannyScot
    • #7
    • 27th Mar 19, 8:53 PM
    • #7
    • 27th Mar 19, 8:53 PM
    I have declared war on debt. And remember....war never changes
    Originally posted by Pip Boy 111
    Indeed, war never changes
    Keep fighting Brother
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • Pip Boy 111
    • By Pip Boy 111 28th Mar 19, 5:23 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    • #8
    • 28th Mar 19, 5:23 AM
    • #8
    • 28th Mar 19, 5:23 AM
    Last night shift in the bag. Strangely not sleepy so have been doing some stupidly early kitchen cleaning (with white vinegar of course ) to leave more time for a nap when the inevitable crash happens. DW's salary is in and 50 is heading through the world wide webs to bring the arranged overdraft down to 750 . Once everyone's out at work/school will sit down and update spreadsheets. I may do a SOA after all. I'm genuinely intrigued to see what figures it spits out and if it tallies with my own budgets.

    early morning ramblings light before i got home this morning. The birds are singing away by 0530 now. Spring is on the way
    • Pip Boy 111
    • By Pip Boy 111 28th Mar 19, 12:43 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    • #9
    • 28th Mar 19, 12:43 PM
    • #9
    • 28th Mar 19, 12:43 PM
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 2950
    Partners monthly income after tax....... 388
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3338


    Monthly Expense Details

    Mortgage................................ 707.2
    Secured/HP loan repayments.............. 416.20000000000004
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 146
    Electricity............................. 58
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 40.78
    Telephone (land line)................... 115.47
    Mobile phone............................ 0
    TV Licence.............................. 12.66
    Satellite/Cable TV...................... 40.49
    Internet Services....................... 0
    Groceries etc. ......................... 257.95
    Clothing................................ 11.66
    Petrol/diesel........................... 50
    Road tax................................ 14.16
    Car Insurance........................... 35.41
    Car maintenance (including MOT)......... 14.58
    Car parking............................. 3
    Other travel............................ 8
    Childcare/nursery....................... 0
    Other child related expenses............ 17.08
    Medical (prescriptions, dentist etc).... 10.41
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 13.61
    Contents insurance...................... 0
    Life assurance ......................... 50.27
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 9.25
    Entertainment........................... 237.98
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2355.16



    Assets

    Cash.................................... 0
    House value (Gross)..................... 176000
    Shares and bonds........................ 0
    Car(s).................................. 24000
    Other assets............................ 0
    Total Assets............................ 200000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 141926...(707.2)....2.7
    Hire Purchase (HP) debt ...... 24879....(416.2)....6
    Total secured & HP debts...... 166805....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard....................3429.83...90....... .0
    Overdraft......................750.......0........ .16.6
    Total unsecured debts..........4179.83...90........-



    Monthly Budget Summary

    Total monthly income.................... 3,338
    Expenses (including HP & secured debts). 2,355.16
    Available for debt repayments........... 982.84
    Monthly UNsecured debt repayments....... 90
    Amount left after debt repayments....... 892.84


    Personal Balance Sheet Summary
    Total assets (things you own)........... 200,000
    Total HP & Secured debt................. -166,805
    Total Unsecured debt.................... -4,179.83
    Net Assets.............................. 29,015.17


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.


    Ok, so here it is. Bear in mind some of these figures (such as presents) are best guesstimates based on 3 months worth of spend diaries. Weird seeing yearly and quarterly expenses broken into monthly amounts too! Certainly focussed the mind having to actively seek the information rather than knowing a "ballpark" figure for things like interest rates.

    Certainly quite a useful exercise and compared to some SOA's I've seen on here it makes me feel extremely fortunate to be able to enjoy some of things in the list and still be able to overpay the debt and enjoy some "luxuries".
    Anyway, there it is. My sleep deprived brain has managed to produce some semblance of a SOA.

    Ok so inmy sleep deprived state I have forgotten to add the biggest unsecured debt I have!!! Will try again with the loan added in.
    Last edited by Pip Boy 111; 28-03-2019 at 12:47 PM. Reason: DUH!!!
    • Pip Boy 111
    • By Pip Boy 111 28th Mar 19, 1:00 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 2950
    Partners monthly income after tax....... 388
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3338


    Monthly Expense Details

    Mortgage................................ 707.2
    Secured/HP loan repayments.............. 416.20000000000004
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 146
    Electricity............................. 58
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 40.78
    Telephone (land line)................... 115.47
    Mobile phone............................ 0
    TV Licence.............................. 12.66
    Satellite/Cable TV...................... 40.49
    Internet Services....................... 0
    Groceries etc. ......................... 257.95
    Clothing................................ 11.66
    Petrol/diesel........................... 50
    Road tax................................ 14.16
    Car Insurance........................... 35.41
    Car maintenance (including MOT)......... 14.58
    Car parking............................. 3
    Other travel............................ 8
    Childcare/nursery....................... 0
    Other child related expenses............ 17.08
    Medical (prescriptions, dentist etc).... 10.41
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 13.61
    Contents insurance...................... 0
    Life assurance ......................... 50.27
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 9.25
    Entertainment........................... 237.98
    Holiday................................. 41.66
    Emergency fund.......................... 0
    Total monthly expenses.................. 2396.82



    Assets

    Cash.................................... 0
    House value (Gross)..................... 176000
    Shares and bonds........................ 0
    Car(s).................................. 24000
    Other assets............................ 0
    Total Assets............................ 200000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 141926...(707.2)....2.7
    Hire Purchase (HP) debt ...... 24879....(416.2)....6
    Total secured & HP debts...... 166805....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    LOAN...........................21212.3...407.9.... .12.4
    Barclaycard....................3429.83...90....... .0
    Overdraft......................750.......0........ .16.6
    Total unsecured debts..........25392.13..497.9.....-



    Monthly Budget Summary

    Total monthly income.................... 3,338
    Expenses (including HP & secured debts). 2,396.82
    Available for debt repayments........... 941.18
    Monthly UNsecured debt repayments....... 497.9
    Amount left after debt repayments....... 443.28


    Personal Balance Sheet Summary
    Total assets (things you own)........... 200,000
    Total HP & Secured debt................. -166,805
    Total Unsecured debt.................... -25,392.13
    Net Assets.............................. 7,802.87


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.


    2nd attempt!! So the loan is at a higher interest rate than I thought The rate I was working with was the rate of an old loan before I "consolidated"
    For this reason alone it's been a worthwhile (if frustrating) task. TOP TIP: don't do this after a night shift
    With everything averaged into monthly payments the amount available for debt repayment seems lower than I have been paying but I suppose this is because some of the items on the list wouldn't be paid at all some months. This also doesn't include overtime and bonuses, which is another explanation why my overpayments are generally higher than what's stated on the form.
    Afternoon ramblings Need coffee, need coffee, need coffee, need zzzzzzzzzzzzz
    • Sanctioned Parts List
    • By Sanctioned Parts List 28th Mar 19, 1:04 PM
    • 443 Posts
    • 1,127 Thanks
    Sanctioned Parts List
    Well done!

    Two questions:
    i) please tell me you're not trying to track expenses to 14 decimal places? I'm not sure quite how you'd manage 0.00000000000004 without using a metal file
    ii) That phone bill... um, is that broadband and BT Sport?

    • Pip Boy 111
    • By Pip Boy 111 28th Mar 19, 1:32 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Ummmm no. I have no idea what's gone on with that 14 decimal place figure
    The phone bill is landline,broadband,two sim only plans, bt sport lite all packaged up. I just couldn't really be bothered picking through the bill to separate it all out. As you can see after two attempts at this, it's an achievement to be breathing today
    Last edited by Pip Boy 111; 28-03-2019 at 1:43 PM. Reason: Autocorrect grrr
    • Pip Boy 111
    • By Pip Boy 111 28th Mar 19, 1:55 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Ok coffee in hand. First thoughts looking at this.
    Entertainment seems high. This soa is based on the last 3 months and has included things like new year, several christenings and birthday bash. I am 110% certain this is NOT our usual spend. However, it nicely highlights my philosophy of paying debt down relatively quickly, but not at the expense of living. Same for the tv and broadband. If we were really struggling then, yes, these would go/be cut back.
    The cars....hmmmm. I'd already decided a few weeks back that these will go at the end of the term and be replaced by second hand cars (not bangers by any means). Possibly even just one car and a scooter. We just don't do the mileage anymore. Effectively, we have a nice ornament on the drive
    I am p!eased with the grocery budget. We don't exactly to without but that figure shows we're doing things right.
    Looking at this i'm happy that we seem to be enjoying a nice balance of debt repayment and enjoying life without being over the top (cars aside, plan in place for that).
    I've just thought, I've forgotten to add in child benefit wow. Epic fail today. This and overtime goes towards debt anyway, so doesn't impact any other area of the budget i suppose.
    Should probably go to bed
    • Sanctioned Parts List
    • By Sanctioned Parts List 28th Mar 19, 3:59 PM
    • 443 Posts
    • 1,127 Thanks
    Sanctioned Parts List
    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details

    Monthly income after tax................ 2950
    Partners monthly income after tax....... 388
    Benefits................................ 147
    Other income............................ 0
    Total monthly income.................... 3485


    Monthly Expense Details

    Mortgage................................ 707.2
    Secured/HP loan repayments.............. 416.20
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 146
    Electricity............................. 58
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 40.78
    Telephone (land line)................... 115.47 [Reasonable for quad-play phone, mobile, broadband and tv]
    Mobile phone............................ 0
    TV Licence.............................. 12.66
    Satellite/Cable TV...................... 40.49 [Satellite and BT Sport?]
    Internet Services....................... 0
    Groceries etc. ......................... 257.95
    Clothing................................ 11.66
    Petrol/diesel........................... 50
    Road tax................................ 14.16
    Car Insurance........................... 35.41
    Car maintenance (including MOT)......... 14.58
    Car parking............................. 3
    Other travel............................ 8
    Childcare/nursery....................... 0
    Other child related expenses............ 17.08
    Medical (prescriptions, dentist etc).... 10.41
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 13.61 [Buildings and contents together, right?]
    Contents insurance...................... 0
    Life assurance ......................... 50.27 [Whose? Does your company not provide life cover as part of its package?]
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 9.25
    Entertainment........................... 237.98 [As you noted, a little on the high side. Maybe 150pm is fair?]
    Holiday................................. 41.66
    Emergency fund.......................... 0
    Total monthly expenses.................. 2396.82



    Assets

    Cash.................................... 0
    House value (Gross)..................... 176000
    Shares and bonds........................ 0
    Car(s).................................. 24000
    Other assets............................ 0
    Total Assets............................ 200000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 141926...(707.2)....2.7
    Hire Purchase (HP) debt ...... 24879....(416.2)....6
    Total secured & HP debts...... 166805....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    LOAN...........................21212.3...407.9.... .12.4
    Barclaycard....................3429.83...90....... .0
    Overdraft......................750.......0........ .16.6 [The overdraft is a higher priority than the loan, for two reasons - first, it has the higher interest, second, the bank can call it in at any time, whereas loans are paid over a defined term, so focus overpayments here, first]
    Total unsecured debts..........25392.13..497.9.....-



    Monthly Budget Summary

    Total monthly income.................... 3,485
    Expenses (including HP & secured debts). 2,396.82
    Available for debt repayments........... 1088.18
    Monthly UNsecured debt repayments....... 497.9
    Amount left after debt repayments....... 590.28


    Personal Balance Sheet Summary
    Total assets (things you own)........... 200,000
    Total HP & Secured debt................. -166,805
    Total Unsecured debt.................... -25,392.13
    Net Assets.............................. 7,802.87


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Originally posted by Pip Boy 111
    Well, tomorrow's my weekend, so I can sleep in for a change (hooray). Payslip arrived and it's a thing of beauty Looking at yours, really there's not a lot to do - you've got a good surplus, couple of little areas of waste, but nothing dramatic. Maybe post an update every 3 months or so, so we can follow your progress.

    As much as I'd love a right now, it's illegal over here

    • Pip Boy 111
    • By Pip Boy 111 28th Mar 19, 4:24 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111

    Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Monthly income after tax................ 2950
    Partners monthly income after tax....... 388
    Benefits................................ 147
    Other income............................ 0
    Total monthly income.................... 3485

    Monthly Expense Details
    Mortgage................................ 707.2
    Secured/HP loan repayments.............. 416.20
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 146
    Electricity............................. 58
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 40.78
    Telephone (land line)................... 115.47 [Reasonable for quad-play phone, mobile, broadband and tv]
    Mobile phone............................ 0
    TV Licence.............................. 12.66
    Satellite/Cable TV...................... 40.49 [Satellite and BT Sport?] Sky,Netflix
    Internet Services....................... 0
    Groceries etc. ......................... 257.95
    Clothing................................ 11.66
    Petrol/diesel........................... 50
    Road tax................................ 14.16
    Car Insurance........................... 35.41
    Car maintenance (including MOT)......... 14.58
    Car parking............................. 3
    Other travel............................ 8
    Childcare/nursery....................... 0
    Other child related expenses............ 17.08
    Medical (prescriptions, dentist etc).... 10.41
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 13.61 [Buildings and contents together, right?] Right
    Contents insurance...................... 0
    Life assurance ......................... 50.27 [Whose? Does your company not provide life cover as part of its package?] Decreasing term to cover mortgage. Company provides death in service payment, which off the top of my head is a number of years salary. Somewhere around 3 rings a bell but not certain without digging out the contract, plus the pension would pay out if the unfortunate happened. Must watch DW. I'm worth more to her gone
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 9.25
    Entertainment........................... 237.98 [As you noted, a little on the high side. Maybe 150pm is fair?] Agreed and is usually the figure I aim for (give or take). As noted earlier, spendy few months
    Holiday................................. 41.66
    Emergency fund.......................... 0
    Total monthly expenses.................. 2396.82


    Assets
    Cash.................................... 0
    House value (Gross)..................... 176000
    Shares and bonds........................ 0
    Car(s).................................. 24000
    Other assets............................ 0
    Total Assets............................ 200000


    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 141926...(707.2)....2.7
    Hire Purchase (HP) debt ...... 24879....(416.2)....6
    Total secured & HP debts...... 166805....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    LOAN...........................21212.3...407.9.... .12.4
    Barclaycard....................3429.83...90....... .0
    Overdraft......................750.......0........ .16.6 [The overdraft is a higher priority than the loan, for two reasons - first, it has the higher interest, second, the bank can call it in at any time, whereas loans are paid over a defined term, so focus overpayments here, first] Absolutely the plan. 50 gone today. Another 350 on pay day. Paid off next month
    Total unsecured debts..........25392.13..497.9.....-


    Monthly Budget Summary
    Total monthly income.................... 3,485
    Expenses (including HP & secured debts). 2,396.82
    Available for debt repayments........... 1088.18
    Monthly UNsecured debt repayments....... 497.9
    Amount left after debt repayments....... 590.28

    Personal Balance Sheet Summary
    Total assets (things you own)........... 200,000
    Total HP & Secured debt................. -166,805
    Total Unsecured debt.................... -25,392.13
    Net Assets.............................. 7,802.87

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Originally posted by Pip Boy 111

    Well, tomorrow's my weekend, so I can sleep in for a change (hooray). Payslip arrived and it's a thing of beauty Looking at yours, really there's not a lot to do - you've got a good surplus, couple of little areas of waste, but nothing dramatic. Maybe post an update every 3 months or so, so we can follow your progress.

    As much as I'd love a right now, it's illegal over here
    Originally posted by Sanctioned Parts List
    Added replies above. Thanks as always for taking the time to comment. Re: Beer. I shall be opening a bottle of the finest ruby beer (well, a good ruby beer anyway) to consume with one's tea of Cumberland sausage, egg and chips (fine dining in this household ) Will savour it for the both of us
    • Sanctioned Parts List
    • By Sanctioned Parts List 28th Mar 19, 4:34 PM
    • 443 Posts
    • 1,127 Thanks
    Sanctioned Parts List
    Life assurance ......................... 50.27 [Whose? Does your company not provide life cover as part of its package?] Decreasing term to cover mortgage. Company provides death in service payment, which off the top of my head is a number of years salary. Somewhere around 3 rings a bell but not certain without digging out the contract, plus the pension would pay out if the unfortunate happened. Must watch DW. I'm worth more to her gone
    Originally posted by Pip Boy 111
    I know the problem!

    Your policy's quite expensive though - for a similar amount of cover, I pay about 30. Maybe shop around a little - the policy the mortgage broker advises isn't always the best value.

    Re: Beer. I shall be opening a bottle of the finest ruby beer (well, a good ruby beer anyway) to consume with one's tea
    Originally posted by Pip Boy 111
    Cruel, very cruel

    • Pip Boy 111
    • By Pip Boy 111 28th Mar 19, 4:49 PM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    I know the problem!

    Your policy's quite expensive though - for a similar amount of cover, I pay about 30. Maybe shop around a little - the policy the mortgage broker advises isn't always the best value.

    Cruel, very cruel
    Originally posted by Sanctioned Parts List
    The price of policy is inflated due to the fact that vaping is apparently still classed the same as a smoker (nicotine product is how they define it). So unfortunately still paying for the dirty habit i kicked a while back. Have shipped around and most quotes were the same. i think the cheapest was around 1 P/m cheaper. I realise it's a lot of months but for the hassle of filling out forms I'll take the 1 penalty every month
    Forgot to add. This covers both of us and covers critical illness. Got me thinking now. Tomorrow I will dig out the policy and check in detail what, exactly is covered. I'm sure I remember it covering the kids for certain illnesses too, but it may be my stupid, sleep deprived brain playing tricks
    Last edited by Pip Boy 111; 28-03-2019 at 4:54 PM.
    • Pip Boy 111
    • By Pip Boy 111 29th Mar 19, 8:24 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Early start, everyone off to school/work.
    Have dug out the life cover documents and i was, indeed, correct. Good to know.
    Some figures of the journey since 5/3/2019
    Personal Loan 5/3/19 - 21620.29 - 29/3/19 - 21212.36
    Barclaycard 5/3/19 - 3755.57 - 29/3/19 - 3429.83
    Overdraft 5/3/19 - 800 - 29/3/19 - 750
    Total starting Debt 5/3/19 - 26,275.86p
    Debt @ 29/3/19 - 25,392.19p
    Total Paid off - 883.67p (3.48%)

    Pleased with the debt busting so far this month. A big help has been tidying up the loose change amounts in the joint account by rounding down to the nearest every so often. An extra 18.29p has been paid doing this

    Morning Ramblings It's intriguing, the psychology behind debt. On the face of it I'm very good at budgeting, shopping around for the best prices and making things last with some old school make do and mend. Since 20 yrs old I've given up 10% of salary into the company pension schemes and have recently increased to 15% to try and retire in my late 50's. Retirement planning is another reason why I had my LBM. No point saving for retirement with 30k of debt in tow . But for some reason I just didn't see debt as a problem. Who knows why? Ironically even when buying things with credit I still shopped around for the lowest prices, so it wasn't like I was saying "to hell with it". It certainly makes me think. Why, when I was generally good with money and budgets, did I not consider that debt was money owed, rather than money of mine? How many others get into debt like this? I've seen many factors on here that contribute to debt. Spendaholics, keeping up with the Joneses, using credit to survive and then the people who, on the face of it, have no reason to be in debt. Yes, things were tight at one point in the distant past and I HAVE used credit to pay bills, but the majority is just from buying "things" or do work on the house that could, in reality, have waited until cash was saved up. Not to keep up or because I am a spendaholic, but just, well, who knows really. The dangerous part wasn't using credit. It was not considering the cost and time involved in paying it back or ,indeed, having a PLAN to pay it back. It was just available money. The mindset I had then horrifies me now. Strange how the human mind works...

    Enough rambling. Off to make a big batch of chilli for the freezer (homemade ready meals are a god send for work )
    • efes shareholder
    • By efes shareholder 29th Mar 19, 8:32 AM
    • 542 Posts
    • 1,318 Thanks
    efes shareholder
    Just popping by to say "welcome"

    The reflection mirrors my own and hindsight is a wonderful thing , I hate the fact I am paying back "old" money , spent on things that I mostly can no longer recall
    • Pip Boy 111
    • By Pip Boy 111 29th Mar 19, 8:38 AM
    • 181 Posts
    • 554 Thanks
    Pip Boy 111
    Just popping by to say "welcome"

    The reflection mirrors my own and hindsight is a wonderful thing , I hate the fact I am paying back "old" money , spent on things that I mostly can no longer recall
    Originally posted by efes shareholder
    Hi and thankyou.
    It is indeed and after my LBM the figure made me anxious and down. Thankfully I've been able to shake that feeling by looking at it as a challenge (or game). Rather than see the figures and get upset about it or mope about how it's money wasted I'm fortunate that I can see it as challenge to reduce the numbers. It actually (sad alert) makes me excited on paydays to watch the numbers tumble
    I'm really lucky that I can have this mindset and not get anxious and worried about it. Like I say, the mind is a strange thing
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