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  • FIRST POST
    • 0Credit
    • By 0Credit 22nd Jul 18, 2:29 PM
    • 45Posts
    • 62Thanks
    0Credit
    15,129 High Interest
    • #1
    • 22nd Jul 18, 2:29 PM
    15,129 High Interest 22nd Jul 18 at 2:29 PM
    Hi all

    So to create a bit more self accountability and to keep on track I am here to put it all out in the open, seek advice and make sure I get this sorted asap.

    I have had the opportunity to squash this many times over the last 5 years but have always not or had a high expense unexpected payment pop up (moving house mainly).

    I have a moderate income and no children/wife so in theory I am a complete moron for having even 1 of debt.

    One thing to mention is I did have a couple of addictive habits which I have 90% squashed. I will not go into those, however those of you are observant will see it pop up I am sure when I break down my expenditure.

    Income: 3500 per month plus commission (average about 1k per month).
    Debt:

    Loan: 8979 balance. 264 per month payment. 34 months remaining.
    Credit card 1: 2350 with 240 per month min payment.
    Credit Card 2: 1300 with 65 min payment.
    Overdraft: 2000. 70 min payment.
    Store Card: 500. 60 min payment.

    Total Debt: 15,129. Payments per month 699.

    I will run through expenses/set outgoings per month in my next post. Each week I will update with my expenditure also.

    Here goes
Page 2
    • enthusiasticsaver
    • By enthusiasticsaver 6th Aug 18, 3:37 PM
    • 6,883 Posts
    • 14,834 Thanks
    enthusiasticsaver
    Can I ask if you meal plan? It seems your crunch points are weekends. Do you sit around eating through boredom? Not sure where you live but can you get in the habit of getting up and going for a walk which will help you feel better and stop you spending/eating. How about when you do a meal plan you build in say one takeaway a month or every two weeks to start cutting down on that for your health and wallet?

    You have a good salary so some financial discipline would see that debt gone fast. What interest rates are you paying on the store cards and overdraft/credit cards/loans?
    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
    • pidge04
    • By pidge04 6th Aug 18, 7:18 PM
    • 291 Posts
    • 569 Thanks
    pidge04
    It happened ... it is done with ... look forward!

    You are doing well!
    CC1 2400/549 CC2 3000/2299 CC3 600/448 LOAN 13,000/5462
    • 0Credit
    • By 0Credit 7th Aug 18, 12:03 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    Yes basically I certainly have some addiction to food and alcohol. I don't ever get wasted but I have a few drinks most nights and a few extra on weekends.

    My meal plan is actually 1800 calories a day and I stick to it. Sadly this weekend everything got messed up as family came to visit, didn't get to the shops and I paid for the booze/takeout for everyone. That is where the true cost came from, it was all not for myself.

    I am glad it happened, glad I posted it and I will learn from it.
    • 0Credit
    • By 0Credit 7th Aug 18, 12:05 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    Yesterday I got back to normal and have stocked up the cupboards with some foods for the week and today's meals.

    • 117pauline
    • By 117pauline 7th Aug 18, 12:22 PM
    • 666 Posts
    • 7,380 Thanks
    117pauline
    Does your calculated 1800 calories include alcohol?

    I mentioned looking at when you spend as who it is and how you are feeling. Do you use food and alcohol as some sort of reward?

    Have a look at the fake takeaways thread where they highlight cheaper homemade meals instead of buying overpriced takeaways.

    Another thread worth a look is the cutting down alcohol thread.

    Personally I would have separate budgets for alcohol and enteraining as they have made such a dent in your budget.

    I would also put aside money for your tax bill as a fixed cost.

    Are you making any overpayments towards your overdraft or CCs?

    Have you got any ideas to put into place to avoid a similar weekend overspend?

    Good luck, have a great week
    Pauline
    Don't get it perfect - Get it going
    Better Than Before
    • 0Credit
    • By 0Credit 7th Aug 18, 12:34 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    Hi

    So at the end of this month I will do a full SOA. As mentioned in my opening post I am moving and my costs are going to change dramatically and I do not know them in full yet.

    Also I am not budgeting at the moment just in my opening post I put what I would like to spend. The aim of this month is to write down everything then pin point the issue (which I think we already know at this point).

    To stop weekends like this happening again I am going to make sure my fridge is stocked with food which is where I failed.

    The 1800 calories is food. I drink vodka and diet coke which then adds another 250 calories on per day.
    • 0Credit
    • By 0Credit 7th Aug 18, 3:56 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    I did a quick SOA but pretty sure I am missing some things off here/underestimating the cost of the new home but it at least gives you my debts/payments/apr's

    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0

    Monthly Income Details

    Monthly income after tax................ 2750
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2750


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 625
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 70
    Gas..................................... 20
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 0
    Mobile phone............................ 44
    TV Licence.............................. 15
    Satellite/Cable TV...................... 30
    Internet Services....................... 25
    Groceries etc. ......................... 150
    Clothing................................ 50
    Petrol/diesel........................... 65
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 15
    Pet insurance/vet bills................. 30
    Buildings insurance..................... 0
    Contents insurance...................... 8
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 350
    Haircuts................................ 10
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1677



    Assets

    Cash.................................... 2700
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 250
    Total Assets............................ 2950


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit Card 1..................2400......169.2.....39.9
    Credit Card 2..................1263......49.87.....35.9
    Likely Loan....................8712......264.1.....59.9
    Overdraft......................2269......70....... .0
    Store Card.....................485.......20.22.....24.9[b]
    • 0Credit
    • By 0Credit 7th Aug 18, 7:59 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    One thing I need to point out is the loan number of 8712 is the final amount (total I would pay after 36 months on the 5000 initial loan I took out now).

    If I wanted to settle this loan today it would cost me 5083 total. I can also pay more per month to speed it up.
    • 0Credit
    • By 0Credit 7th Aug 18, 8:01 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    Also to add

    I cannot get any good cards/loans due to my credit rating. So I am stuck with these
    • 0Credit
    • By 0Credit 8th Aug 18, 9:12 AM
    • 45 Posts
    • 62 Thanks
    0Credit
    A nice cheap day yesterday.

    • 0Credit
    • By 0Credit 9th Aug 18, 10:02 AM
    • 45 Posts
    • 62 Thanks
    0Credit
    So a fairly cheap day yesterday and one thing I must look into is this IPAD insurance from Curry's. The IPAD cost 400 and was a present for my mum last Christmas. I got the insurance as I felt she was bound to break it somehow or let the kids in the house use it/break it. But even then it is perhaps already covered under contents insurance or just not actually worth it.

    Also a very weird moment happened to me last night in Aldi where I was a bit down about there being nothing 50% off. Every night I have been going in, getting literally everything 50% off, eating it the following day and doing it all over again. For the last 3 nights it has been slim pickings and I am lucky to get a bag of lettuce for a discount now.

    So being a bit mad paying full price for my shop I was stood at the checkout. One lady was in front of me with her big shop and one was behind me with her big shop. I noticed all the kids type of food and snacks and then heard the cashier say "90.61 please". At this moment I realized paying full price in Aldi for one person and a total bill of 8 wasn't so bad. Especially as this lasts me in reality 1.5 days (some food carries over, get milk, toilet roll etc).

    At that moment I thought I will never complain about my position again. I am in debt, I am sorting it and it does suck. BUT I earn good money and only have myself to worry about (almost).

    So yesterdays spend

    • 0Credit
    • By 0Credit 10th Aug 18, 11:00 AM
    • 45 Posts
    • 62 Thanks
    0Credit
    Wow Scottish Power hit me with a big old bill today. Considering the heating hasn't been used in July it is weird to see it go from about 60 a month to 92!!!! Calling them today to find out why and to get some credit.

    • 0Credit
    • By 0Credit 11th Aug 18, 12:34 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    So after last weekends 120 spend and full of regrets, I have this weekend spent 38 on food to last until Tuesday and booze which should last this weekend AND next weekend. Which would be a real win. I just need to keep off the takeaways, stick to what I have planned for this weekend and it will be a hell of a turn around.

    • enthusiasticsaver
    • By enthusiasticsaver 11th Aug 18, 12:47 PM
    • 6,883 Posts
    • 14,834 Thanks
    enthusiasticsaver
    Hope you can make this weekend cheaper than last. I think if I were you I would limit the food shops to 1 or 2 a week even if you cannot get 50% sticker food. It is more tempting to add unnecessary food and drink the more often you go. Just meal plan for the week.
    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
    • enthusiasticsaver
    • By enthusiasticsaver 11th Aug 18, 12:50 PM
    • 6,883 Posts
    • 14,834 Thanks
    enthusiasticsaver
    All the interest rates on those debts are awful. Also what are home costs? Is that rent? Also surely if insurance is needed for your mums ipad then she should pay for it? The loan is really expensive and I think I would save as much as possible to get that cleared early.
    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
    • 0Credit
    • By 0Credit 11th Aug 18, 4:42 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    All the interest rates on those debts are awful. Also what are home costs? Is that rent? Also surely if insurance is needed for your mums ipad then she should pay for it? The loan is really expensive and I think I would save as much as possible to get that cleared early.
    Originally posted by enthusiasticsaver
    Yes I will just cancel the insurance. Was the only time I have ever taken one out so serves me right.

    Yes the interest rates are horrific and sadly it was the vicious circle of not being able to get low % rates and now not being able to move them to better.

    The loan I put at 8712 but it is actually currently 5038. I was unsure of what I should put the loan amount at. What it will cost or what it is currently at. So you are 100% I need to purge that one and make over payments each month.

    I am very confident by using this forum and tracking my spend I can find another 350-550 a month to over pay my debt. I just need to be careful as I need to save for my tax which I have not done so far this year. Essentially by Jan 31st I will need about 10k for that.

    So I have a lot of less spending, saving and paying off debt to do in the next 6 months. I am also hopeful my commission will help me ride this out. My income is 3500 which would mean in the next 6 paydays I will bring in 21,000. I will also aim to bring a further 9000 in on comms. A total of 30,000 in 6 months.

    Looking at expenditure this would be the breakdown of where that would go:

    Total monthly living costs inc debt payments: 2000PM/12,000/6M
    Tax Savings 1666/PM 10,000/6M
    Debt overpayments: 1000PM 6000/6M

    THIS is however if I can hit targets and keep my job until then.

    wish me luck
    • 0Credit
    • By 0Credit 12th Aug 18, 1:09 PM
    • 45 Posts
    • 62 Thanks
    0Credit
    No takeaways last night and no further money spent.

    So far so good.
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