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    • queenstuarts
    • By queenstuarts 13th May 18, 7:28 PM
    • 22Posts
    • 10Thanks
    queenstuarts
    Driving Debt Down
    • #1
    • 13th May 18, 7:28 PM
    Driving Debt Down 13th May 18 at 7:28 PM
    Hello all!

    I thought I would start a new diary as my 1st one was lost, I set up a new one, the 1st one then came back, then it didn't merge with my 1st one and it was all a little confusing. Add the fact that I sort of lost my MSE ways a little bit and added to my debt. Going forward I want to be as honest and accountable as possible.

    I'm also getting married next October and have begun saving for that with my partner!

    My debt isn't as 'high' as many out there but on an average income I find it difficult to make a dent.

    My current debt is as followed:
    Barclaycard = 2,091.67 (at 18.7%)
    Argos Card = 408.94 (at 0% until 25.10.18)
    Holiday balance = 1,163.00 (payable by June 23rd)

    I will post a SOA as soon as possible. Thank you for coming on this crazy journey with me!
Page 1
    • queenstuarts
    • By queenstuarts 13th May 18, 8:08 PM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    • #2
    • 13th May 18, 8:08 PM
    • #2
    • 13th May 18, 8:08 PM
    I was going to do a Statement of Affairs and realised it was all a little bit too complex across the spreadsheet seeing as I don't actually have most of the items on that list. We do not own a TV so we do not require a TV licence and my OH pays for his vehicle. I may contribute half on petrol if we do a long drive, which is very rare. He also earns double what I earn so we feel this is fair.

    Income (after tax, NI & pension scheme) 1,388.66
    Honorarium payment (until April 29th 2019 after tax.) 63.35
    = 1,452.01

    Main monthly DD outgoings:
    Bills to my OH which include my half of the: rent, council tax, food shopping, internet, Netflix, Spotify, water and electricity = 525
    Phone bill: 30.50
    Gym membership: 39.99
    Football Season ticket: 33.18
    iCloud: 0.79p
    = 629.46

    This means I have a grand total of 822.55 left for the month. This needs to be split between: Credit Card repayment, wedding savings, holiday savings, gift savings, then entertainment for myself

    Going forward from my next pay day I was going to do:
    400 for my wedding fund (to match my OH)
    150 for my credit card (set up a direct debit and cut up my credit card)
    50 in the holiday fund
    50 for gifts
    172.55 remaining for the month

    I'm going to bite the bullet and pay the remaining of my holiday balance now so it's all in one place and move forward.
    Last edited by queenstuarts; 13-05-2018 at 8:11 PM.
    • welshlady33
    • By welshlady33 13th May 18, 10:01 PM
    • 38 Posts
    • 225 Thanks
    welshlady33
    • #3
    • 13th May 18, 10:01 PM
    • #3
    • 13th May 18, 10:01 PM
    Hello Queenstuarts

    Well done for starting again after loosing your previous diary.

    Didn't want to read and run but a few things stood out to me.

    Your partner earns double what you do, but you are paying half the rent and other major bills and also planning on matching his contribution to the wedding fund. Does this really seem fair, wouldn't an equal percentage of your wages be a fairer way?

    Is this how you've got into debt, not having enough disposable income after paying debts?

    Only my thoughts so feel free to ignore, but if you're getting married, I would hope that an honest conversation about finances etc should be had, as even after you have cleared all your debt, your disposable income will still be dramatically different to his, and not much of an equal partnership.

    I'm sure other wiser folks will be along soon. Wishing you all the best on your journey.
    • pidge04
    • By pidge04 13th May 18, 10:41 PM
    • 201 Posts
    • 261 Thanks
    pidge04
    • #4
    • 13th May 18, 10:41 PM
    • #4
    • 13th May 18, 10:41 PM
    If you can, I would really recommend doing a SOA as it helps to focus attention on those incidental spends which add up - hair cuts, dentists, prescription etc.
    I wish you well! Exciting that you are planning a wedding. Your debts are quite smashable!
    It is great that you can pay all those things (including your share of the groceries) for 525. You do not run a car which is a cash drain. You can do it!

    I have just had a thought that even though your husband-to-be earns twice as much perhaps you are going to tell us that his outgoings are a lot more than yours - for example, my husband now earns 500 a month more than me but he supports his family financially.

    Good luck!
    CC1 2400/954 CC2 3000/2389 CC3 600/523 LOAN 13,000/5462
    • Bluegreen143
    • By Bluegreen143 13th May 18, 11:41 PM
    • 1,101 Posts
    • 12,667 Thanks
    Bluegreen143
    • #5
    • 13th May 18, 11:41 PM
    • #5
    • 13th May 18, 11:41 PM
    I had a similar arrangement to you before we got married (though the difference in income was not so great usually, it varied a bit as I was a student when we met). However as suggested above we decided it wasnt really fair for my husband to have a lot more spending money than me. We changed it so we put all our money in the pot then had the same amount of spends left, which worked for us. But you can also do % of your incomes which keeps it fairer without the higher earner feeling he isn!!!8217;t getting any extra for his hard work.

    Now Im a SAHM and we are skint so he just earns all the money and I tell him exactly how he is allowed to spend it

    However if the system at the moment works for you feel free to disregard!

    Best of luck with your debt diary
    Married 1 March 2014 DS born 06/12/15

    Debts
    CC - 2,182.17/2,182.17
    Family loan 1 - 1,680/1,680
    Family loan 2 - 3,500/5,000
    • a_silver_lining
    • By a_silver_lining 14th May 18, 7:32 AM
    • 261 Posts
    • 707 Thanks
    a_silver_lining
    • #6
    • 14th May 18, 7:32 AM
    • #6
    • 14th May 18, 7:32 AM
    Hi there and welcome back to the forum

    I'm just going to step in and disagree with the other posters. My partner and I split our bills 50/50 no matter how our wages change. I chose to move to a job where I earn less, previously she did and the bill splitting stayed the same. I see earning potential as a choice. That said, if children or illness happened then one of us would support the other
    19/12/14: Spent 10 years of savings!!
    ..... to buy my first home.

    2018: 1800 savings --- Family Loan (3400 direct + 2250 saver + 161.45 saver 2) 5811.45/10K paid 58.1%
    #38 1% Challenge: 514.70/ 2018, now at 25%!
    • beanielou
    • By beanielou 14th May 18, 9:31 AM
    • 55,533 Posts
    • 222,959 Thanks
    beanielou
    • #7
    • 14th May 18, 9:31 AM
    • #7
    • 14th May 18, 9:31 AM
    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.
    • queenstuarts
    • By queenstuarts 14th May 18, 1:09 PM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    • #8
    • 14th May 18, 1:09 PM
    • #8
    • 14th May 18, 1:09 PM
    Hello all. Thank you for your comments so far re: the payment allocations for bills.

    Yes, I am happy with the arrangements at the moment. I've always agreed splitting the bills and rent 50/50 as all of the things I've listed above benefit us both and are used in equal measure.

    There are things where he does contribute more. For example, my OH has a strict diet as he has Crohn's disease so he pays more towards the food shopping to cover our healthy eating habits and he also covers any extra in the electricity bill as this varies a lot (our flat has a poor energy rating and we were paying a lot per month for electric!)

    He also pays for his car on finance, is clearing a bit of debt himself and is saving 400 into our House fund and 400 into our wedding fund. The hope is once my CC is paid off I can contribute to the house fund.

    We have a monthly finance meeting to have a catch up with where we are with our debt, sort a meal plan out, discuss savings and how we are both feeling about things.

    At the moment as we are not married we do view our money as our own individual money, this will changed when we get married and choose to be financially linked with a joint account. My partner works hard and for longer hours and has less 'rights' in his role as he has only just got his new job. It's his money and he is entitled to spend as he wishes.

    I know that if I ever ask him for money he would never say no, however, I have never been comfortable with accepting other people's money.
    • queenstuarts
    • By queenstuarts 14th May 18, 4:18 PM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    • #9
    • 14th May 18, 4:18 PM
    • #9
    • 14th May 18, 4:18 PM
    I paid my holiday onto my credit card and then paid 405.50 off bringing my total CC debt balance down to 2,970.

    I need to send a dress back (35 to be refunded) and a top back (4.99 refunded)

    Today has been a NSD.

    The only planned spend is on Wednesday where I need to pay 4.20 for a return bus ticket. I also owe my mum 25 for my theme park ticket but I have the money in my current account to give this to my mum on Wednesday.

    PA is currently down so I can't check on surveys.
    • welshlady33
    • By welshlady33 14th May 18, 7:37 PM
    • 38 Posts
    • 225 Thanks
    welshlady33
    Hi Queenstuarts

    Told you other lovely people would be along soon.

    I'm glad you're alright with the current arrangement, it just concerned me from your earlier post that you were struggling to pay off debt due to average income and it seemed harsh that you're trying to contribute same amount to wedding fund and split bills 50/50 with someone who earns double what you do.

    By the way I'm sure you work just as hard at your job as your partner, not always the case that if it pays more it must be harder work.

    What interest rates are you paying on your debts compared to your wedding savings? Just a thought you might wish to pay off debts which may be costing you more money in interest than you are making on savings first, then plough money into wedding/house funds.

    Do you use a spending tracker on your phone?
    Cashback websites like topcashback/Quidco?


    It sounds like you have a lots of lovely things to get excited about in future, I hope you and your partner encourage each other to smash your debts and look forward to being debt free, married in your new home and dealing with finances together.


    Keep posting and reading diaries on here, lots of lovely and useful info x
    • queenstuarts
    • By queenstuarts 14th May 18, 8:48 PM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    Hi Welshlady, thanks for your comments - it's hard being on my phone so now I'm using my OH computer it's easier to type out and read through stuff (my laptop died about 6 months ago and I figured I don't spend enough time on one to justify buying a new one)

    None of the 'money pressures' I have are due to my OH. The debt I have is my own personal spending and paying for holidays on my credit card thinking "oh, I'll pay that off next month"

    I just want to see my wedding fund grow as quick as possible so I chose that amount. I could always lower it to 300 or 250 and my OH would still put 400 in and be happy. We have a goal for our wedding fund so i wanted to get to that sooner rather than later.

    I'm extremely lucky that my parents are also giving me 100 for the wedding fund a month up until we get married next October.

    The interest rate on my Barclay Credit Card is 18.7% (so a hell of a lot!) Unfortunately, I can't get any 0% interest free cards so can't do a balance transfer as my % on getting a card looking on credit club is very weak.

    I don't use a spending tracker. I know where the majority of my money goes - extra spends on social night outs, popping to the shop during the work day, buying clothes without thinking of the cost.

    I do use topcashback but nowadays I rarely purchase things online. I did convince my OH to get his phone from there and he did get 80 cash back, but he was looking for an upgrade at the time.
    • pidge04
    • By pidge04 14th May 18, 9:16 PM
    • 201 Posts
    • 261 Thanks
    pidge04
    A monthly finance meeting - what a great idea!
    CC1 2400/954 CC2 3000/2389 CC3 600/523 LOAN 13,000/5462
    • enthusiasticsaver
    • By enthusiasticsaver 14th May 18, 9:47 PM
    • 6,733 Posts
    • 14,334 Thanks
    enthusiasticsaver
    I would focus on clearing that Barclaycard as the interest rate is high. At that interest rate it would pay to clear it before saving. The interest on that 2970 over the year is 555.39 or 46.28 per month. Whilst I understand you saving for the wedding it would make sense to increase the credit card payment as much as possible to save on that 555.

    In the future if you do holidays it is better to save monthly for them rather than putting them on credit cards.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • queenstuarts
    • By queenstuarts 15th May 18, 9:29 AM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    Thanks Pidge. Yes, having a monthly meeting allows us to talk openly about money. We also tweak the meal plan and discuss what things we have coming up

    Enthuasiasticsaver - thank you for the breakdown. I am looking at how much I can realistically pay to my credit card per month. I know from past experience that paying off 400 at the beginning of the month then leads to me having some form of shopping spree that then leads me to putting things back on the card.
    • queenstuarts
    • By queenstuarts 15th May 18, 4:19 PM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    I clicked 'post quick reply' far too quickly on my last one. I agree with no more holidays. The next big holiday we have will be our honeymoon. My fianc! has said if we do have the money saved and set aside then we can look at Amsterdam in the Spring, but only if the money is there.


    I think my main issue that I currently have in my life with regards to money is:


    a) not having the control to say 'no' to social events due to the fear of missing out and b) impulsively buying things when I already know I don't have the money to really afford the nice meal out/outfit/shoes.


    Today has been another NSD (so far) I still have 30 minutes at work and then I don't get home until 8pm as I'm playing sport then heading to the gym. My water bottle is full and ready to go though.
    • queenstuarts
    • By queenstuarts 16th May 18, 9:17 PM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    Today was a planned spend day. I spent 4.20 on a return bus ticket which was needed to get me to my parents, to the doctors and then back home. I also had some change and spent 59p in the shop after the gym.

    Tomorrow should be a NSD as I'm working from home then heading to the gym for the evening. We have wraps planned for tomorrow dinner and then left over for Friday lunch time.
    • enthusiasticsaver
    • By enthusiasticsaver 16th May 18, 9:27 PM
    • 6,733 Posts
    • 14,334 Thanks
    enthusiasticsaver
    Thanks Pidge. Yes, having a monthly meeting allows us to talk openly about money. We also tweak the meal plan and discuss what things we have coming up

    Enthuasiasticsaver - thank you for the breakdown. I am looking at how much I can realistically pay to my credit card per month. I know from past experience that paying off 400 at the beginning of the month then leads to me having some form of shopping spree that then leads me to putting things back on the card.
    Originally posted by queenstuarts
    I cannot emphasise enough how important it is not to fall into the trap of spending on cards whilst also trying to clear them. Cut it up.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • queenstuarts
    • By queenstuarts 16th May 18, 9:41 PM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    Thank you enthusiasticsaver. My credit card is at my parents house so I cannot access it.
    • queenstuarts
    • By queenstuarts 18th May 18, 8:11 AM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    Yesterday I spent 2.35 on a protein drink and a snack bar after the gym. I hadn't eaten for some of the day and I felt really sick and hungry afterwards - I used my debit card for this.

    I'm meeting a friend for lunch. I'm going to recommend just going for a coffee as I have already made my lunch.

    I'm also going out tonight to the cinema (paid for by me) and then food (paid for by my OH) as the cinema tickets will be cheaper than food I'm in charge of buying and bringing cinema snacks!
    • queenstuarts
    • By queenstuarts 18th May 18, 5:13 PM
    • 22 Posts
    • 10 Thanks
    queenstuarts
    Met my friend for lunch which I completely forgot about this morning and ended up leaving my purse at home. My friend got some lunch and she got me a bottle of pop for 1.35. I then went back to my desk and had my wraps and crisps that I took into work.

    I've realised that the two clothing items I need to take back were on my CC. The plan is to get my CC from my mum on Sunday, take everything back on Tuesday and then return the card to my mum when I see her again on the Saturday.
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