LullaBelle's long road to being debt free!

LullaBelle
LullaBelle Posts: 184
First Anniversary Combo Breaker
Forumite
edited 8 October 2018 at 2:13PM in Debt free diaries
Diary is now for mine and my husband's debts


Hi everyone,

I have taken the brave step to write my own debt free diary. I have spent a few years reading everyone else's and promising myself that I will take advice from them. So finally here I am. I am 30 years old and in too much debt. It is all down to stupidity and buying things I cannot afford. My husband is not great either but I am doing this diary just for me and my debts. I will spend time later working out my SOA.

For now by debts are:

Barclaycard: £5411.41
Car Loan: £8332.84
Overdraft: £450
Total: £14194.25 :eek:

Seeing it all wrote down is scary!! So my plan is to have as many no spend days as possible and sell what I can on ebay, gumtree etc.

So here goes.... my first step towards becoming debt free...
Virgin £4892.50/ £3880
Loan £16587.87/£11706.19
Sofa £1100 / £314.40 Virgin £6550 / £4533.20
Barclaycard £5411.41/£0:j
DH Halifax £413.77 /£0:j Overdraft £450/£0 :j
Total £35405.55/ £20433.79
«13456721

Comments

  • LullaBelle
    LullaBelle Posts: 184
    First Anniversary Combo Breaker
    Forumite
    edited 26 February 2015 at 4:48PM
    Here is my SOA...
    I am not sure of the APR on the loan so I'll have to check that out later

    Household Information[/b]
    Number of adults in household........... 2
    Number of children in household......... 0
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1680
    Partners monthly income after tax....... 1280
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2960
    Monthly Expense Details
    Mortgage................................ 587.7
    Secured/HP loan repayments.............. 166.70000000000004
    Rent.................................... 61.7 (house bought through shared ownership. We own 75% and rent 25%)
    Management charge (leasehold property).. 0
    Council tax............................. 61.62
    Electricity............................. 30
    Gas..................................... 0
    Oil..................................... 40
    Water rates............................. 0
    Telephone (land line)................... 0 (included in Sky)
    Mobile phone............................ 32
    TV Licence.............................. 12.54
    Satellite/Cable TV...................... 64.4 (includes TV, landline and broadband)
    Internet Services....................... 0 (included in sky)
    Groceries etc. ......................... 150
    Clothing................................ 40
    Petrol/diesel........................... 120
    Road tax................................ 10
    Car Insurance........................... 16.5
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 12.21
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 30
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1525.37

    Assets
    Cash.................................... 0
    House value (Gross)..................... 125000
    Shares and bonds........................ 0
    Car(s).................................. 9000
    Other assets............................ 0
    Total Assets............................ 134000

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 97000....(587.7)....4.1
    Secured Debt.................. 8400.....(166.7)....0
    Total secured & HP debts...... 105400....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    Barclaycard (me)...............5411.41...123.......18.9
    Barclaycard (DH)...............6000......170.......18.9
    Total unsecured debts..........11411.41..293.......-

    Monthly Budget Summary
    Total monthly income.................... 2,960
    Expenses (including HP & secured debts). 1,525.37
    Available for debt repayments........... 1,434.63
    Monthly UNsecured debt repayments....... 293
    Amount left after debt repayments....... 1,141.63
    Personal Balance Sheet Summary
    Total assets (things you own)........... 134,000
    Total HP & Secured debt................. -105,400
    Total Unsecured debt.................... -11,411.41
    Net Assets.............................. 17,188.59

    I honestly don't know where most of our money goes during the month. We should be able to pay a lot more off the debts. At the minute I pay £200 off my barclaycard, DH pays £150 off his and we pay £166.79 off the car loan a month. I want to be able to increase these payments but I need to find out where my money is going every month. I have a feeling I am spending without even realising!!

    So hopefully this diary will help me see where my problems are and keep me on track towards paying off these debts asap!
    Virgin £4892.50/ £3880
    Loan £16587.87/£11706.19
    Sofa £1100 / £314.40 Virgin £6550 / £4533.20
    Barclaycard £5411.41/£0:j
    DH Halifax £413.77 /£0:j Overdraft £450/£0 :j
    Total £35405.55/ £20433.79
  • Hi LullaBelle, well I never shut up about its wonders but have you looked at YNAB? That will help you figure out where you are overspending and where the savings can come from. My OH and I used it just to record all transactions (you can import from online banking etc) and categorise them for several months and then we could use the reporting features to work out where it was all going. Spurred on by that and our continued overspending, seeing in black and white how much we were overspending every month, I had my LBM and started to use the budgeting feature in December 2014. Allocated amounts at the beginning of the month to each category, and if the category doesn't have enough funds in it, I don't buy it. Or I have to reallocate the money from another category if I think the purchase is necessary. It's working wonders and our spending has collapsed without really feeling like we're cutting back / missing out on life. Thoroughly recommend!

    Good luck on your journey x
    Cleared my credit card debt of £7123.58 in a year using YNAB! Debt free date 04/12/2015.
    Enjoying sending hundreds of pounds a month to savings rather than debt repayment!
  • PS. Another way to describe YNAB is you stop being governed by your current account balance and start being governed by your category balances. That way you can make sure you have enough for one-offs such as car insurance by budgeting 1/12 of the full amount every month during the preceding year. Then when the bill arrives you aren't caught out because you thought you were in the money and spent it all already!
    Cleared my credit card debt of £7123.58 in a year using YNAB! Debt free date 04/12/2015.
    Enjoying sending hundreds of pounds a month to savings rather than debt repayment!
  • beanielou
    beanielou Posts: 89,801
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Even just get a notebook & write everything you spend down.
    You will be surprised.
    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.
  • Thanks snowscreamer and beanielou. I'll have a look at YNAB today. It sounds like something I will definitely benefit from. From today I am going to write down everything I spend to see where all our money is going!

    Yesterday was a NSD. It was my Dad's birthday so my mum made us dinner (saved me using our food too!!) I am going to try and make today a NSD also. I have a night out tomorrow night but my work are paying for that so it shouldn't cost me anything. Normally I would go out and buy new clothes for a night out but not anymore. I'll find something in my wardrobe.

    Plans this weekend are to clear out DH's wardrobe. He has so many clothes so we can go through it together and find some stuff I can put on ebay. Anything we make here will be put towards the barclaycard.
    Virgin £4892.50/ £3880
    Loan £16587.87/£11706.19
    Sofa £1100 / £314.40 Virgin £6550 / £4533.20
    Barclaycard £5411.41/£0:j
    DH Halifax £413.77 /£0:j Overdraft £450/£0 :j
    Total £35405.55/ £20433.79
  • So today wasn't a NSD as planned. I did the weekly shopping tonight and spent £43.99. I am stocked up for over a week now I think. I also had £1 in my purse so I bought one of the tesco saving stamps. So far I have saved £12 of them. I usually do this every year and it goes towards my Christmas shop. :T
    Virgin £4892.50/ £3880
    Loan £16587.87/£11706.19
    Sofa £1100 / £314.40 Virgin £6550 / £4533.20
    Barclaycard £5411.41/£0:j
    DH Halifax £413.77 /£0:j Overdraft £450/£0 :j
    Total £35405.55/ £20433.79
  • LullaBelle
    LullaBelle Posts: 184
    First Anniversary Combo Breaker
    Forumite
    Morning!

    Happy March!

    So yesterday was a NSD. I went out last night with work but it was all paid for so didn't spend a penny. I took cash out of the cash machine just incase but didn't need it so I'll use that for this weeks petrol.

    I'm hoping today will be a NSD too. We are bringing out puppy for a big walk along the beach this morning then home to make a lovely roast dinner!
    Virgin £4892.50/ £3880
    Loan £16587.87/£11706.19
    Sofa £1100 / £314.40 Virgin £6550 / £4533.20
    Barclaycard £5411.41/£0:j
    DH Halifax £413.77 /£0:j Overdraft £450/£0 :j
    Total £35405.55/ £20433.79
  • LullaBelle
    LullaBelle Posts: 184
    First Anniversary Combo Breaker
    Forumite
    Hi,

    So today has been a NSD so far and I'm hoping it stays that way!! I am going to need petrol soon but I'll hold off until tomorrow. I have 8p off a litre so I'll use that to get a bit of discount.

    I am also going to really try and stop throwing food out. I am sick of buying fresh fruit and veg and throwing it out at the end of the week. Yesterday I made a big pot of veggie soup using up all the veg so that will do me and DH all week for lunch - that will save us a good bit of money too!

    It is exactly 11 days to payday. At the minute I have £151.10 left in the account. I still have the below bills to come out:
    O2: £17.71
    Overdraft fee £17 ( i need to get rid of this asap!! They charge £1 a day!!)

    So that will leave me with £116.39 which is plenty! Any leftover at the end of the month will go straight to the Barclaycard. :j
    Virgin £4892.50/ £3880
    Loan £16587.87/£11706.19
    Sofa £1100 / £314.40 Virgin £6550 / £4533.20
    Barclaycard £5411.41/£0:j
    DH Halifax £413.77 /£0:j Overdraft £450/£0 :j
    Total £35405.55/ £20433.79
  • LullaBelle
    LullaBelle Posts: 184
    First Anniversary Combo Breaker
    Forumite
    Hello :)

    Yesterday was a NSD. So I still have the £151.10 left in the bank account!

    I will need to get petrol today so that will probably cost aorund £40. I'll hopefully make that last until payday on the 13th. Just 10 days to go!!

    I also need to get fire lighters today. We need oil for the house but at the minute we are just using up any coal we have left. We are lucky that our fire heats the water and radiators too. So I will stop in Home Bargains on the way home from work today and pick up their fire lighters. If I remember right they only cost 49p. I have some spare change in my purse so I'll use this and keep the money in the bank. My biggest problem is when I go into these bargain shops I always buy way more than what I went in for! :o
    Virgin £4892.50/ £3880
    Loan £16587.87/£11706.19
    Sofa £1100 / £314.40 Virgin £6550 / £4533.20
    Barclaycard £5411.41/£0:j
    DH Halifax £413.77 /£0:j Overdraft £450/£0 :j
    Total £35405.55/ £20433.79
  • LullaBelle
    LullaBelle Posts: 184
    First Anniversary Combo Breaker
    Forumite
    Morning!

    So I didn't have a NSD yesterday. I had to get petrol in the car which came to £40.65. So that leaves me with £110.45 in the bank account. Only 9 days until pay day! :j

    I also bought fire lighters. They were only 45p in the bargain shop but I had change in my purse to buy these.

    Today will definitely be a NSD. I have my own lunch brought into work with me. Tonight we are off to a puppy training class. It's our first week going so it's free! :j
    Virgin £4892.50/ £3880
    Loan £16587.87/£11706.19
    Sofa £1100 / £314.40 Virgin £6550 / £4533.20
    Barclaycard £5411.41/£0:j
    DH Halifax £413.77 /£0:j Overdraft £450/£0 :j
    Total £35405.55/ £20433.79
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.4K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards