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  • FIRST POST
    • MeenaM
    • By MeenaM 5th Nov 17, 6:01 PM
    • 250Posts
    • 457Thanks
    MeenaM
    Dear Diary
    • #1
    • 5th Nov 17, 6:01 PM
    Dear Diary 5th Nov 17 at 6:01 PM
    Day 1 ....and we're off! so here is my list of income outgoings and debts, I have not included my husband's as for the moment I am concentrating on getting rid of my own debt ,

    so I have filled this in and copied here

    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.................... 1

    Monthly Income Details
    Monthly income after tax................ 1300
    Partners monthly income after tax....... 0
    Benefits................................ 222
    Other income............................ 137
    Total monthly income.................... 1659

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 71
    TV Licence.............................. 14
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 150
    Clothing................................ 0
    Petrol/diesel........................... 50
    Road tax................................ 15
    Car Insurance........................... 19
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 86
    Childcare/nursery....................... 100
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 8.6
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 19
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 8.78
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 15
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    kids swimming........................... 14.5
    kids dancin............................. 16.67
    kids saving............................. 50
    national trust.......................... 9.55
    joint account........................... 400
    Total monthly expenses.................. 1087.1


    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 1500

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    next...........................117.......6........ .29.9
    aa.............................860.......25....... .19
    barclays.......................4812......110...... .19
    sainsburys.....................425.......10....... .18
    virgin.........................4130......41.8..... .18
    Total unsecured debts..........10344.....192.8.....-


    Monthly Budget Summary
    Total monthly income.................... 1,659
    Expenses (including HP & secured debts). 1,087.1
    Available for debt repayments........... 571.9
    Monthly UNsecured debt repayments....... 192.8
    Amount left after debt repayments....... 379.1

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -10,344
    Net Assets.............................. -8,844

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























    I really want to figure out the best way of paying off the credit card debts , the AA is 0% until 13 December 2017 , The Sainsburys is 0 % until 20 Februrary 2018 and the Barclays is 0% until 1 April 2019

    Next- 117
    AA- 860
    Sainsburys 425
    Barclays 4800
    Virgin 4138

    total 10340
    Atm I am paying 280 towards the credit card debts

    I need help with either snowballing or high interest first , when the credit cards revert to interest charged they wil be about 22.5 %


    any help , advice or encouragement will be greatly appreciated
    Last edited by MeenaM; 25-11-2017 at 4:02 PM. Reason: adding information
Page 5
    • MeenaM
    • By MeenaM 12th Jan 18, 7:52 AM
    • 250 Posts
    • 457 Thanks
    MeenaM
    Hey everyone! We got to Friday! well today I will be doing the Aldi shop , I have my list so will be aiming for no more than 80 shop have increased the budget for this slightly as it was not lasting the week, feeding a teenager is no joke !
    looking at what i have left for the rest of the time before payday i am on course for an extra 80 , I also have 100 held back to pay towards the AA card but i am being super cautious and not paying it just yet , I had a NSD yesterday again, and plan on the same today apart from the planned food shop ,
    i am doing a tally up tonight of DH's account and doing my best to get him to not go over drawn, he won't own a budget yet but lets' me do it and tell him out much money he has left , if it keeps him from going over drawn again i dont mind ,
    will look to put some more stuff on ebay today as well , the fitness related items seem to be selling well atm
    i am listening to Dave Ramsey pod casts everyday and learning a lot , also keeps me motivated by hearing all the success stories , he does recommend temporarily stopping your pension contributions while you clear the debt but i cant bring myself to do that so will leave that as it is and increase it when ive cleared debt and got a good emergency fund , but i also want to increase savings for my 7 year old to pay towards university when the time comes
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 12th Jan 18, 9:53 AM
    • 208 Posts
    • 688 Thanks
    CoffeeCakeYarn
    Morning lovely! Great motivation, as always reading your stuff is an inspiration.

    Good ish news on DH, at least he is half on board ish, and not just spending away without a care. Sometimes it's just easier to do it all yourself, not ideal but at least you know it's done. Can you start hiding away a little bit for him for when he decides he needs a splurge and wants to rebel against the budget? Not saying that he will but it happened to me with a hole, luckily I'd got 100 hidden that I just gave him and said go forth, spend on guff, enjoy. That kept him happy with the budgets for a bit longer.

    I'm in the pension question atm too, my contributions are currently only 20 a month, but will be going up from march to 60. That's money I really could do with now, I think I'm going to pause them for a moment, it's not going to make the difference between a pension of luxury and a pension of poverty right now for me (and no dependants for me....).

    Happy Friday x
    Last edited by CoffeeCakeYarn; 12-01-2018 at 9:56 AM.
    PAY BACK THE FUN SPEND! 38.72/137.67
    MBNA - 2233.51/2385 - 6.35%
    Emergency Fund 26/1000
    • MeenaM
    • By MeenaM 12th Jan 18, 10:35 AM
    • 250 Posts
    • 457 Thanks
    MeenaM
    Hey Coffee, yes i would pause the retirement contribution until you clear the debt off and then you can put more into it, good idea about the DH fund, will look at that when i get my extra money from extra hours this month

    you wont believe this but my Aldi shop came in at 79.82 ! so 8 p within budget , how freaky is that ! lol
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • MeenaM
    • By MeenaM 13th Jan 18, 12:26 PM
    • 250 Posts
    • 457 Thanks
    MeenaM
    out of my 80 extra i have bought some b'day presents as i have 1 end of this month and 4 in Feb! i still have 30 extra left and will budget for others when i get paid feels good not to be putting it on CC which i would normally do

    listening to dave ramsey again , feeling inspired

    DH is not spending on food out this weekend so that is great , have a good sat all
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • DebtFreeFrog
    • By DebtFreeFrog 16th Jan 18, 10:06 AM
    • 56 Posts
    • 141 Thanks
    DebtFreeFrog
    Hey Meena.

    Just catching up on your diary.

    You're doing so well! Keep going!
    07/11/17 8199.31 Debt
    • MeenaM
    • By MeenaM 16th Jan 18, 6:06 PM
    • 250 Posts
    • 457 Thanks
    MeenaM
    Thank you Debtfreefrog, it gives me a boost when people stop by with words of encouragement,

    i still have 34 extra this month i am going to do my best not to spend now until pay day , except train fare which i have budgeted for ,I am now going to pay 100 off my AA so i dont get tempted to spend it , it is in the budget so i should be ok , i just need to see that go down further to keep me motivated

    it is making me realise just how much of my money goes on paying off debts , when i am debt free i am going to feel rich !
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 17th Jan 18, 9:20 AM
    • 208 Posts
    • 688 Thanks
    CoffeeCakeYarn
    Hey lovely! I know what you mean about how much money is going out on debts. I can't wait until I can use that money for savings and good stuff, my total outgoings on debt each month is running at between 500-700 per month. It's crackers! I'm not even dreaming about what I will do with it yet, I don't want to get overexcited
    PAY BACK THE FUN SPEND! 38.72/137.67
    MBNA - 2233.51/2385 - 6.35%
    Emergency Fund 26/1000
    • DebtFreeFrog
    • By DebtFreeFrog 17th Jan 18, 11:48 AM
    • 56 Posts
    • 141 Thanks
    DebtFreeFrog
    Yes I know how you feel Meena. I'm counting down the months until my money is my own
    07/11/17 8199.31 Debt
    • MeenaM
    • By MeenaM 20th Jan 18, 7:58 AM
    • 250 Posts
    • 457 Thanks
    MeenaM
    thank you both for your encouragement I really appreciate it xx

    well today my child benefit has been paid in , for some reason i thought it would land in my account after payday as it seemed to have been around that time usually but since the Christmas pay out it got me a little confused , so its a bonus of 137 I hadn't budgeted for before this payday , if that makes sense, so i have paid off another 37 on the AA account, i had a statement and as the interest free runs out now there is 7 interest gone on , so that after my payment it is now down to 275 ! I've transferred 50 the Child benefit to my savings pot and kept the other 50 in my current account, just in case.

    I also received notification from B Account that my 250 switch fee will be in my account within 7 working days , so i am now tempted to use all of it towards the AA debt , that way with my next salary payment I can clear the AA and Sainsburys cards! what do others think of that plan?

    have a great Saturday all, it's going to be a NSW for me

    my aldi shop yesterday came to 83.49 so a little over budget
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • MeenaM
    • By MeenaM 21st Jan 18, 10:17 AM
    • 250 Posts
    • 457 Thanks
    MeenaM
    we have snow here! won;t be going anywhere today , plan on making a cake from stuff i have in the cupboards

    i have decided to use the 250 from the switch to pay off the AA card, i need to keep the momentum and the motivation going rather than use it at this point for something nice which i will only regret buying next month!

    i have budgeted for 2 more birthdays in the next pay cheque so i will be ok there , going to look for some more stuff for ebay
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • MeenaM
    • By MeenaM 22nd Jan 18, 12:12 PM
    • 250 Posts
    • 457 Thanks
    MeenaM
    so the 250 is in my bank account, this is where i have to be strong and pay it to the AA CC and not use it for treats etc so tempting but i just HAVE to do this! I am going to hold on to it until payday then transfer it , or may be before ...
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • ladymay
    • By ladymay 22nd Jan 18, 12:49 PM
    • 919 Posts
    • 3,944 Thanks
    ladymay
    Just think how much more that 250 is worth put towards debt... You're doing so well! x
    Moved back to the UK 05/01/18
    New Job and New Business
    2018 Aim - Save 10k
    • MeenaM
    • By MeenaM 22nd Jan 18, 4:04 PM
    • 250 Posts
    • 457 Thanks
    MeenaM
    Thanks LadyMay, you're right I have to stay focused on the long term goal and that is to be debt free!
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • MeenaM
    • By MeenaM 25th Jan 18, 6:29 AM
    • 250 Posts
    • 457 Thanks
    MeenaM
    Payday and the AA CC has gone out of my life forever!!!!!!!!!!!!!!!!!!!!!!! yay!!!!!!!!!!!!!!!!!!
    so far paid off another 106 from Barclays , I will have to review my finances this month to see how much I can over pay on the Sainsburys one as I haven't been paid all my extra hours money yet so will see how that goes .

    so Feb will continue to stick to the budget, also got 2 birthdays this month so need to be extra careful with the pennies , continuing on with no alcohol and no coffees out , plus making own lunches , will also look to get some more things on Ebay
    Last edited by MeenaM; 25-01-2018 at 6:31 AM.
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 25th Jan 18, 11:31 AM
    • 208 Posts
    • 688 Thanks
    CoffeeCakeYarn


    YAY! BYE BYE AA! Amazing news, really very well done x
    PAY BACK THE FUN SPEND! 38.72/137.67
    MBNA - 2233.51/2385 - 6.35%
    Emergency Fund 26/1000
    • DebtFreeFrog
    • By DebtFreeFrog 25th Jan 18, 12:56 PM
    • 56 Posts
    • 141 Thanks
    DebtFreeFrog
    Woo! Well done Meena!

    Another one crossed off
    07/11/17 8199.31 Debt
    • ladymay
    • By ladymay 26th Jan 18, 8:32 AM
    • 919 Posts
    • 3,944 Thanks
    ladymay
    Woohoo! Good work Meena, you're doing fantastically!
    Moved back to the UK 05/01/18
    New Job and New Business
    2018 Aim - Save 10k
    • MeenaM
    • By MeenaM 26th Jan 18, 6:38 PM
    • 250 Posts
    • 457 Thanks
    MeenaM
    thank you everyone! going to sit down with DH this weekend and sort our budget for the month ahead , I keep looking at my AA app on my phone to see the Nil balance on it lol seeing it will keep me going this month to keep within budget and keep spending under control.
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 26th Jan 18, 8:18 PM
    • 208 Posts
    • 688 Thanks
    CoffeeCakeYarn
    Well done again. Defo a win worth cheering! Can't wait till I can do the same.

    Good luck with the budget, is it something that you usually do together or will it be the first time?
    PAY BACK THE FUN SPEND! 38.72/137.67
    MBNA - 2233.51/2385 - 6.35%
    Emergency Fund 26/1000
    • MeenaM
    • By MeenaM 26th Jan 18, 8:24 PM
    • 250 Posts
    • 457 Thanks
    MeenaM
    Well done again. Defo a win worth cheering! Can't wait till I can do the same.

    Good luck with the budget, is it something that you usually do together or will it be the first time?
    Originally posted by CoffeeCakeYarn
    it's something i usually do myself and he just tells me what he spends, this will b the first time we do it together , i just hope he doesnt weedle out of it
    Sealed Pot 11. #199Next1170Barclays Credit Card 4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 4138 3845.89AA Credit Card 860 0- 0% ends Dec 2017 Sainsburys Credit Card 521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund 614/1000
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