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  • FIRST POST
    • shteca
    • By shteca 29th Jul 18, 11:15 AM
    • 49Posts
    • 52Thanks
    shteca
    My SOA and Situation Realisation
    • #1
    • 29th Jul 18, 11:15 AM
    My SOA and Situation Realisation 29th Jul 18 at 11:15 AM
    Below is an update of my situation
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 2
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 3000
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3000


    Monthly Expense Details

    Mortgage................................ 477.2
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 100
    Council tax............................. 76
    Electricity............................. 59
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 22.43
    Telephone (land line)................... 0
    Mobile phone............................ 42.68
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 22.95
    Groceries etc. ......................... 264
    Clothing................................ 111
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 276
    Childcare/nursery....................... 300
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 45
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 7
    Other insurance......................... 14
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 30
    Entertainment........................... 174
    Holiday................................. 25
    Emergency fund.......................... 0
    Eating out.............................. 270
    Total monthly expenses.................. 2336.26



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 66474.7..(477.2)....0
    Total secured & HP debts...... 66474.7...-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    NatWest Overdraft..............7500......107.4.....0
    MBNA Credit Card...............5780.5....148.2.....0
    Ikano Bank Loan................10601.4...308.5.....3
    Sainsburys Bank Loan...........13220.5...307.4.....9
    Total unsecured debts..........37102.4...871.5.....-



    Monthly Budget Summary

    Total monthly income.................... 3,000
    Expenses (including HP & secured debts). 2,336.26
    Available for debt repayments........... 663.74
    Monthly UNsecured debt repayments....... 871.5
    Amount short for making debt repayments. -207.76


    Personal Balance Sheet Summary
    Total assets (things you own)........... 125,000
    Total HP & Secured debt................. -66,474.7
    Total Unsecured debt.................... -37,102.4
    Net Assets.............................. 21,422.9


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


    Most of you that had helped me in the past had said I need to post a SOA to get any real help so I have gone and sorted that.
    Just a quick note, to work out some of my numbers I have gone back through my spending over the last year written every transaction out on Excel and categorised everything. I have then taken an average of each category to use for the SOA. In the past couple of months I have been trying but this month especially to DRASTICALLY cut the costs.
    I had been pushing it off not because I didn't want to but because so much has changed recently it makes it hard for me to put everything in with certainty.
    With regards to my flat, I did recently spend a lot of money I didn't have to refurbish the whole place but I saw an opportunity to really increase the value and things spiralled. It was difficult for me to be happy with the state it was in and since then I have really noticed a difference in my outlook. It has put a huge strain on me financially but I do feel it was worth it all things considered.
    So starting with the flat, I spent £10,000 getting it to what it is now and I had a friend from work make me a cash offer of £125,000 so I guess I did well. I bought the flat 4 years ago for £89,500 and in my last post commented on how I was thinking of selling it to clear all my debts and rent for a while. I have been put off this idea and thanks to others comments think slowing down and taking a step back would be the best POA.
    Up until 3 months ago I had a ridiculous Mercedes C Class that not only was causing me huge financial issues but I also never used it. I got it when I thought I was going to be using it for work 2 years ago but since started taking the Metro into town and THANKFULLY got rid of it 3 months ago. Cost me £1,500 in the difference in value to loan but was the best thing I ever did. So now I have no car but get around just fine. I do spend about £150 a month on Ubers and car rentals though which are inevitable every time I need to go somewhere. There is also the £55 monthly Metro ticket which I buy.
    Another cost I have not included is restaurants. I was dating a girl who was a lot more financially stable than I am which came with the cost of dates and meals out. I am also a sucker for forgetting lunch and eating out in town as well as going out with friends. From doing my budget this has been my biggest eye opener and NEEDS TO STOP COMPLETELY!
    With my income it can vary soo much it makes it difficult to know what my monthly income on a given month will be. I am self employed and work in Sales so a good month could be £5,000 and a bad month can be £0.
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
Page 2
    • shteca
    • By shteca 29th Jul 18, 9:32 PM
    • 49 Posts
    • 52 Thanks
    shteca
    Cool. Well - you are 28, bringing up 2 kids, have started a business which looks really successful (been to university also?), live in a low cost of living area from the value of your flat. Seriously - you've had some bad luck and and mistakes but for a young guy you are really not doing badly:
    - have a flat you've done up and clearly like, with affordable payments
    - supporting your children
    - running a business.
    Although it might seem a long way off if you manage the debts you will be mortgage free at 40, able to provide a roof for your children should they need it as they enter adult life, and be debt free. Most of your peers are living in shared houses with some credit card and car debt and no assets. You've achieved loads. Will look over your finances and think about these shortly.
    Originally posted by JayRitchie
    Thank you so so much! I needed to hear that. It is so easy to beat myself up about all this. I made some stupid mistakes but I feel always meant well with my money.
    When I took out the Ikano and Sainsburys loans the STUPID idea was to invest it with a money lender at a higher rate. I thought at the time they were both at 3% rates.
    Then I dipped into the money and so it began. All my life I have had an issue with not being able to spend within my means which is another reason why I didn't think selling my flat was going to solve anything. I need to work through this to change my attitudes and spending habits. The pain and stress of all this I hope will teach me an important lesson.
    Most importantly keeping track of where I spend my money and being a bit more deliberate and thoughtful with my money.
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • Willing2Learn
    • By Willing2Learn 29th Jul 18, 9:40 PM
    • 738 Posts
    • 578 Thanks
    Willing2Learn
    @shteca

    You may want to take a look at the MSE article The Budget Planner - How to manage your money. Learning to create and maintain an effective budget can be so enlightening!!

    Good luck!!
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • JayRitchie
    • By JayRitchie 29th Jul 18, 11:41 PM
    • 34 Posts
    • 34 Thanks
    JayRitchie
    Ok - so looking at the numbers.

    You need to make payments of £871.50 a month. You have a shortfall in the SOA of £210 a month but plenty of scope to cover this (although I recognise its far harder to budget with an irregular income).

    If you pay at that right (which will be a pretty tight but doable budget with 2 kids) you will be debt free in four years. Very rough, but probably no worse than a lot of people saving for a deposit who have higher rental costs than you pay for a mortgage.

    If you can get really tough and pay an additional £250 a month (which I think is doable for a period where you basically never spend anything) after 26 months - so a little more than two years - your debt is down to £9,500. At this point you can reduce the repayments to £624 a month, so within your current SOA, and be debt free in 42 month - so 3.5 years of which 2 and a bit are really hard.

    At that point you are in a great position - good income, clearing your mortgage, chance to build up some emergency funds.

    For what its worth, given that you have spent money on home improvements which do seem to have increased the value of your flat I would go very tough for 2 years. Anyone can cope for this period with a good goal in mind. This would leave you with debts of just under £12,000 which is manageable - and reconsider at this point.

    Given your young age and the costs you have had of bringing up children/ fixing up a flat I'd tough it out for 2 years, get to a £12k balance then look to add this to your mortgage without increasing the mortgage term (so you are still mortgage free at 40). Thats worth a lot in a volatile area like sales. I think you would have low enough debt and mortgage LTV to get a good rate at that point. Don't remortgage now as the temptation to spend again will return.
    • enthusiasticsaver
    • By enthusiasticsaver 29th Jul 18, 11:42 PM
    • 6,864 Posts
    • 14,714 Thanks
    enthusiasticsaver
    Thank you so so much! I needed to hear that. It is so easy to beat myself up about all this. I made some stupid mistakes but I feel always meant well with my money.
    When I took out the Ikano and Sainsburys loans the STUPID idea was to invest it with a money lender at a higher rate. I thought at the time they were both at 3% rates.
    Then I dipped into the money and so it began. All my life I have had an issue with not being able to spend within my means which is another reason why I didn't think selling my flat was going to solve anything. I need to work through this to change my attitudes and spending habits. The pain and stress of all this I hope will teach me an important lesson.
    Most importantly keeping track of where I spend my money and being a bit more deliberate and thoughtful with my money.
    Originally posted by shteca
    It looks like you are starting to realise what you need to do to turn this around. There is no quick fix either to making money or paying off debt. It takes discipline and an awareness of where your money is going. Changing spending habits is the first thing.

    You can try ringing MBNA if you cant get any more 0% deals and see if they will reduce your interest rate.
    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
    • Sncjw
    • By Sncjw 30th Jul 18, 1:35 PM
    • 1,892 Posts
    • 1,117 Thanks
    Sncjw
    Hi do you live in the Newcastle area. You mention metro hence the questions.

    I donít understand you say you get £55 a month metro ticket but you have 276 a month on other travel. Whatís the 220 spent on.

    How often do you actually use the metro in a week.
    • shteca
    • By shteca 31st Jul 18, 12:47 PM
    • 49 Posts
    • 52 Thanks
    shteca
    It looks like you are starting to realise what you need to do to turn this around. There is no quick fix either to making money or paying off debt. It takes discipline and an awareness of where your money is going. Changing spending habits is the first thing.
    You can try ringing MBNA if you cant get any more 0% deals and see if they will reduce your interest rate.
    Originally posted by enthusiasticsaver
    I tried MBNA, they said I couldn't get a 0% balance on an existing account.
    You are right, there is no quick fix and i feel most of it is a state of mind issue. Just need to focus on what is important.
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • shteca
    • By shteca 31st Jul 18, 12:48 PM
    • 49 Posts
    • 52 Thanks
    shteca
    @shteca
    You may want to take a look at the MSE article The Budget Planner - How to manage your money. Learning to create and maintain an effective budget can be so enlightening!!
    Good luck!!
    Originally posted by Willing2Learn
    Thank you! I am going to have a read now
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • shteca
    • By shteca 31st Jul 18, 12:50 PM
    • 49 Posts
    • 52 Thanks
    shteca
    Hi do you live in the Newcastle area. You mention metro hence the questions.
    I donít understand you say you get £55 a month metro ticket but you have 276 a month on other travel. Whatís the 220 spent on.
    How often do you actually use the metro in a week.
    Originally posted by Sncjw
    It would usually be Uber and car rentals. Now that I don't have my car (which was costing the good part of £600 a month including lease, insurance, fuel and servicing) I take public transport to town and then if I need to do say an Ikea run or a day trip I rent a car.
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • shteca
    • By shteca 31st Jul 18, 12:51 PM
    • 49 Posts
    • 52 Thanks
    shteca
    Quick recap on yesterday and today.
    Spent £0 on going out, prepped all meals and have food in the fridge for tomorrow. My bank reconciliation is getting a hell of a lot easier. Just takes me a thought while in work the day before to but what I need to cook a couple of meals.
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • MrsPorridge
    • By MrsPorridge 31st Jul 18, 4:26 PM
    • 1,660 Posts
    • 2,654 Thanks
    MrsPorridge
    Do you have a freezer? You could always cook four meals, one to eat that night, one to take to work next day and two to freeze.
    Getting back on Track
    • saajan_12
    • By saajan_12 31st Jul 18, 5:23 PM
    • 1,357 Posts
    • 957 Thanks
    saajan_12
    Sounds like you're on the right track and know what you're doing with the spending. It definitely looks possible based on your SOA to make some more room to get those debts down. I understand its much harder without an irregular income but perhaps try to save on the essential costs and then create a (tight) budget for the non essentials such as clothes, entertainment, holidays. Just my two cents on your SOA, to make sure you're saving in every area possible.

    Below is an update of my situation
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 2
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 3000
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3000


    Monthly Expense Details

    Mortgage................................ 477.2
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 100
    Council tax............................. 76- are you getting single person's discount?
    Electricity............................. 59
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 22.43
    Telephone (land line)................... 0
    Mobile phone............................ 42.68 - this is high.. are you within a minimum term? If not can you drop to a sim only? You get plenty of calls & data for £10pm these days, and can cheapen with cashback
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 22.95
    Groceries etc. ......................... 264 - quite high for 1 adult plus 2kids part time.. are you throwing away food? can you drop a brand level? can you cook in bigger batches and store food?
    Clothing................................ 111 - £1332 seems a lot each year.. how much does each item tend to cost? Are you shopping in stores or online? May be worth having a budget for non essential purchases such as this and keep track of your spend on a ssheet or pay it out of a specific 'fun' account.
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 276- Have you calculated how many journeys you use the metro card for - is it cheaper to pay for each journey rather than the metrocard? Can the 26-30 railcard help? While travelling with big loads e.g from IKEA can be hard via public transport, can you make an effort to use buses / walk / use metro instead of Ubers?
    Childcare/nursery....................... 300
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 45
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 7
    Other insurance......................... 14
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 30 - is this just for you or kids too? How frequently is this? Can you find a cheaper place,
    and go less frequently?

    Entertainment........................... 174 - What does this include? I'd have a budget for all 'fun' spends such as this e.g. £150 per month, and don't go over it. Entertainment can be cheaper eg meeting friends at home, museums, parks, funfairs, skip a round of drinks..
    Holiday................................. 25- Is this what you've actually spent or what you're putting away for a holiday fund? Might need to focus on an emergency fund or pay down debts before you start putting money away for this.
    Emergency fund.......................... 0
    Eating out.............................. 270- is this lunches or dinners/weekends? If lunches, try packing lunches and you'll save a lot wihtout compromising the 'fun'. If its because you don't want to cook,
    I'd start cooking bigger meals and freeze half, so next time you don't have time / energy to cook, you can just heat something up. If its eating out with friends etc, can you meet them for a coffee / lunch instead? Don't order a drink? Find other ways to socialise such as doing an activity.

    Total monthly expenses.................. 2336.26



    Assets

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



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 66474.7..(477.2)....0
    Total secured & HP debts...... 66474.7...-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    NatWest Overdraft..............7500......107.4.....0
    MBNA Credit Card...............5780.5....148.2.....0-
    how long left on these 0%s?

    Ikano Bank Loan................10601.4...308.5.....3
    Sainsburys Bank Loan...........13220.5...307.4.....9 - this is the one to focus on, you're spending £1.2k on just interest each year. Can you refinance to a 0% card? That wouldn't solve the problem, you still need to focus on sorting out your budget, but it could reduce monthly repayments by £100. IF not, throw any savings from your budget to pay this off asap.
    Total unsecured debts..........37102.4...871.5.....-


    Monthly Budget Summary

    Total monthly income.................... 3,000
    Expenses (including HP & secured debts). 2,336.26
    Available for debt repayments........... 663.74
    Monthly UNsecured debt repayments....... 871.5
    Amount short for making debt repayments. -207.76


    Personal Balance Sheet Summary
    Total assets (things you own)........... 125,000
    Total HP & Secured debt................. -66,474.7
    Total Unsecured debt.................... -37,102.4
    Net Assets.............................. 21,422.9


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Originally posted by shteca
    • shteca
    • By shteca 31st Jul 18, 6:24 PM
    • 49 Posts
    • 52 Thanks
    shteca
    Do you have a freezer? You could always cook four meals, one to eat that night, one to take to work next day and two to freeze.
    Originally posted by MrsPorridge
    I LOVE cooking and have a big freezer! Since getting my smart meter I have realised just how much running my freezer is costing me haha
    I do that, I go to supermarket and cook enough for 2 - 3 meals. When I have the kids they eat between them a meals worth so it lasts me a couple days.
    Tonight I made a Rogan Josh curry, enough for a couple days.
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • shteca
    • By shteca 31st Jul 18, 6:37 PM
    • 49 Posts
    • 52 Thanks
    shteca
    Sounds like you're on the right track and know what you're doing with the spending. It definitely looks possible based on your SOA to make some more room to get those debts down. I understand its much harder without an irregular income but perhaps try to save on the essential costs and then create a (tight) budget for the non essentials such as clothes, entertainment, holidays. Just my two cents on your SOA, to make sure you're saving in every area possible.
    Originally posted by saajan_12
    Hi Saajan
    I think you are completely right. My downfalls in the past have been signing up to contracts, loans, CC without proper considerations. I have spent like it was my money when it wasn't and it has all just caught up to me now. The biggest thing for me has been looking at what I actually spend and categorising everything just to see where every penny is spent. Something I NEVER did.
    Going through your points
    Council tax Yes, I get the discount. My flat is a two bed flat so higher in CT
    Mobile phone I cry every month when I get this bill. Took the contract out 22 months ago so just 2 more months until this will be a thing of the past never to be made again. I actually saw a deal on Martin's email for a £10/month SIM only deal that I have bookmarked
    Groceries I have recently discovered Aldi and it has changed my life. Seamless transition and the kids love it. This number was just an average of what i have spent a month over the last year and because I was just looking back through a bank statement when it says Tesco it could be for clothes or food and I would just put it as Food. Now I am updating the statement daily with exactly what each line is and categorizing correctly.
    Clothing Again, average over a year. Some months just blew out on school, winter, summer clothes. Will be shopping online, ebay etc going forward
    Other travel This was something I considered but it was neither here nor there so thought it was worth it to get the months pass and not have to worry about it every time I get on
    Haircuts Yes this is for all of us
    Entertainment This and the eating out... It will be stopping here on in. Already cut it down to 0 this week so feel like I have got off to a good start
    Holiday Correct, I took the kids on holiday earlier in the year and just decided this cost over the 12 months
    Bank LoanReally wish there was an easy answer to this. I am at my maximum credit now. Think the CC companies have wised up to this and they are not going to give me any more CC. They rejected me a few times so I stopped trying to not look bad on my credit history
    THANK YOU SO MUCH
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • MovingForwards
    • By MovingForwards 31st Jul 18, 7:41 PM
    • 174 Posts
    • 232 Thanks
    MovingForwards
    You should be getting 50% of any child benefit if you have the kids 50% of the time.

    Childcare etc is that 50% of the total due to be paid each month or are you paying more/less than the total bill.

    Kids clothing / hair cuts - are you paying 100% of this or do you split it between you and your ex.

    Medical - if this is prescription charges and dentist/optitions count up how many scripts you have over the year as it may work out cheaper to pre-pay. Also if you have a medical condition check if it is one which gives you exemption from paying scripts. Always ask the chemist if the meds are available over the counter and what cost, it may work out cheaper than paying the script fee. Not sure if that free meds thing for kids is still going where the chemist can dish out some basic meds for the kids at no charge (i'm sure a parent can clarify!).

    Car hire - look on ebay for the things you want from Ikea, they are often listed by other companies with free postage. Or dont buy one thing at a time and hire a car, store up several items then pay for Ikea to deliver. You are paying out a lot of money over the year.

    Mobile bill - make sure you give the right notice to your current provider as you dont want to get stuck paying another month.

    Eating out - it can be done but look for vouchers and do it as a special treat ie the kids birthday or celebrating start of summer.

    You can trim back and not feel like you are living to work
    • enthusiasticsaver
    • By enthusiasticsaver 31st Jul 18, 10:14 PM
    • 6,864 Posts
    • 14,714 Thanks
    enthusiasticsaver
    If you cannot get any 0% deals then really knuckling down and really cutting costs as much as possible and paying as much off the debt as possible over the next 12 months is your best chance. Dont' apply for anything else as rejections will show on your credit history.

    In a years time when the debt is lower then see if you can move some of the MBNA or overdraft to 0%. Holidays, entertainment, eating out, groceries and clothing can all be cut. You also need emergency savings to stop you relying on credit. I would focus on the overdraft as those are really expensive ways of borrowing and yours is really high. Let the loans run their course for now.
    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
    • shteca
    • By shteca 7th Aug 18, 6:16 PM
    • 49 Posts
    • 52 Thanks
    shteca
    Okay, week into August and here is my current spending...
    Supermarket £57
    Entertainment £18
    Restaurant £27
    Clothes £19
    Entertainment was mainly kids as my sister took them out and I paid the bill. Restaurant was a bit of a slip up but I am allowing £30 a month in my budget. It was with a couple friends on Friday night.
    Clothes was eBay purchases for my daughter she needed some new outfits.
    Over all, really impressed. If I keep it up I will be right on track at this rate.
    Also had a good month in work and have been doing some side income from web design making £200 a month ish...
    Feels great to have started keeping track of everything and spending more consciously.
    Mainly, just my daily dose of Dave Ramsey on YouTube is enough to keep me on the straight and narrow
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • shteca
    • By shteca 11th Aug 18, 8:15 PM
    • 49 Posts
    • 52 Thanks
    shteca
    Two weekends into August and I feel like I am doing so well!
    I got a £190 refund from e-on as I had overpaid massively on my electricity. My monthly payments are still too high so I am reducing them too.
    So far this month:
    Restaurant: £27
    Supermarket: £89
    Travel: £7.69
    Entertainment: £32
    Clothes: £29

    Entertainment was just £10 from today going out with the kids and rest from last weekend.
    Clothes, daughter needed some new outfits so got them off eBay and they are perfect!
    01/06/2018
    Sainsbury £13,528 | Ikano - £10,910 | Natwest Overdraft - £7,187.54 | MBNA £5,842.33 | Halifax Mortgage £66,952
    • determined new ms
    • By determined new ms 12th Aug 18, 8:01 AM
    • 6,904 Posts
    • 40,496 Thanks
    determined new ms
    Hi it looks like you are getting a handle on all of this. I found with becoming frugal it has been a gradual journey. Initially we went hell for leather and paid off £16k in 10 months. We went without everything but basics. That was how we wanted to do it after years of paying it off and racking it up simultaneously.

    But living a frugal life has been something that we have developed and refined over the years.

    I just wanted to add what I do for food for work. I eat a lot and work 12 hour shifts so take breakfast, lunch and dinner with me as well as snacks. For me it is now a habit that a couple of times a week I cook something and freeze it in portions so I have a couple of choices. Currently I have mixed bean chilli and courgette curry in the freezer. The night before a work day I grab a portion out of the freezer - and with these I'll cook up some rice - takes minutes. People say how organised I am but I don't think it is - it's 2nd nature now. Takes about 10 mins to prep and then cooks for 20-30 minutes on the hob while I'm milling around in the kitchen anyway. In the winter/colder months it's often a bean/veg soup

    I often make a bacon and veg frittata and cut it into 6, taking 2 slices to work with me. Often I just cook this in the morning before work while I'm having a coffee/pottering around, but again it's simple enough to do while you're cooking your tea.

    It just takes practice. It's really not much effort, less than it would take to go to the shop and buy one lunch. Convenience of modern life is sold to us but if you really stop and think about it it's less convenient than just spending 10 mins cooking something when you're at home cooking stuff anyway.

    Good luck!
    DF as at 30/12/16
    Wombling 2017 £3016.55/Roadkill £8.73
    Wombling 2018 £145.73/RK £0.04
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