Journey to £0 by 2020, with a few bumps along the way
chelseablue
Posts: 3,300 Forumite
Hi everyone!
Just been reading some diaries on here and thought I need to add my own. Hopefully I will get some encouragement or just stop myself going insane :rotfl:
A bit about me; I'm 34 and live in Berkshire with my partner and our 3 year old son.
We are getting married next year so am saving towards that, plus we have a lease car that goes back in April so need to get another car. So am saving for that.
Oh and we are going on holiday next December to Australia so need to save for that too!
2018 is looking to be expensive :eek:
Onto the reason I'm here: DEBT
We owe the following:
Lloyds credit card: £3,219
Sainsbury's credit card £1,392
Oh and a mortgage of £221,000 (!)
The credit cards are 0% until 2020 so everything I send to those comes off the total.
Currently the DD to Sainsbury's is £40, which will clear it by 2020 so I just leave that for now.
The DD to Lloyds is also £40 so I need to concentrate my efforts here otherwise the balance will still be about £2,000 when the 0% ends.
Determined not to have to transfer it on to another 0% deal!
We earn £63,000 between us so am sure we can do it.
Hopefully I've just paid the last £850 a month childcare invoice as our son is 3 now so is eligible for the Government funded hours from September.
Will post our SOA shortly
If you've read this far well done and thank you!!
Just been reading some diaries on here and thought I need to add my own. Hopefully I will get some encouragement or just stop myself going insane :rotfl:
A bit about me; I'm 34 and live in Berkshire with my partner and our 3 year old son.
We are getting married next year so am saving towards that, plus we have a lease car that goes back in April so need to get another car. So am saving for that.
Oh and we are going on holiday next December to Australia so need to save for that too!
2018 is looking to be expensive :eek:
Onto the reason I'm here: DEBT
We owe the following:
Lloyds credit card: £3,219
Sainsbury's credit card £1,392
Oh and a mortgage of £221,000 (!)
The credit cards are 0% until 2020 so everything I send to those comes off the total.
Currently the DD to Sainsbury's is £40, which will clear it by 2020 so I just leave that for now.
The DD to Lloyds is also £40 so I need to concentrate my efforts here otherwise the balance will still be about £2,000 when the 0% ends.
Determined not to have to transfer it on to another 0% deal!
We earn £63,000 between us so am sure we can do it.
Hopefully I've just paid the last £850 a month childcare invoice as our son is 3 now so is eligible for the Government funded hours from September.
Will post our SOA shortly
If you've read this far well done and thank you!!
0
Comments
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Here is my SOA:
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1 I've put 1 here as we only own my car, the other is leased
Monthly Income Details
Monthly income after tax................ 2140
Partners monthly income after tax....... 1790
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 4012
Monthly Expense Details
Mortgage................................ 720
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 154
Electricity............................. 47 This for both gas & electric/B]
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 68 Partners contract is up next month. Trying to persuade him to go SIM only for a year
TV Licence.............................. 0
Satellite/Cable TV...................... 35
Internet Services....................... 35
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 19
Car Insurance........................... 43
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 129
Childcare/nursery....................... 850
Other child related expenses............ 0
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)...... 50
Haircuts................................ 20
Entertainment........................... 160
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2710
Assets
Cash.................................... 10749
House value (Gross)..................... 425000
Shares and bonds........................ 5000
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 441949
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 221000...(720)......1.49
Total secured & HP debts...... 221000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds ........................3219......40........0
Sainsbury's ...................1392......40........0
Total unsecured debts..........4611......80........-
Monthly Budget Summary
Total monthly income.................... 4,012
Expenses (including HP & secured debts). 2,710
Available for debt repayments........... 1,302
Monthly UNsecured debt repayments....... 80
Amount left after debt repayments....... 1,222
Personal Balance Sheet Summary
Total assets (things you own)........... 441,949
Total HP & Secured debt................. -221,000
Total Unsecured debt.................... -4,611
Net Assets.............................. 216,338
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.0 -
Hi chelseablue,
I'm Berkshire way too
Good luck on your journey x0 -
Happy shiny new diary I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"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. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Deleted_User wrote: »Hi chelseablue,
I'm Berkshire way too
Good luck on your journey x
Lovely! Whereabouts?0 -
Was hoping for a no spend day today but our smoke alarm started beeping to say change the battery so need to buy one today.
Cant skimp on that!
Sky direct debit came out today, more than usual as other half downloaded a couple of films from the Sky Store. GRRR0 -
chelseablue wrote: »Lovely! Whereabouts?
Wokingham, moved here about 4 months ago where are you based? 0 -
Deleted_User wrote: »Wokingham, moved here about 4 months ago where are you based?
Small world! I'm in Bracknell0 -
chelseablue wrote: »Small world! I'm in Bracknell
Small world indeed, nice to 'meet' you.
Have a lovely day and I hope you manage to get the battery sorted out 0 -
Deleted_User wrote: »Small world indeed, nice to 'meet' you.
Have a lovely day and I hope you manage to get the battery sorted out
Nice to 'meet' you too. Will probably walk down to Bracknell town centre to get it.
Cant wait for all the building work to be finished0 -
£40 direct debit has gone out today to the Sainsbury's credit card, this will bring the balance down to £1,352.
Seems such a long way to go
Wedding is currently over budget, but determined not to borrow for any of it or use a credit card!0
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