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  • FIRST POST
    • Alwaysskint2016
    • By Alwaysskint2016 8th Aug 18, 8:04 PM
    • 22Posts
    • 63Thanks
    Alwaysskint2016
    Starting again....for the very last time!!!
    • #1
    • 8th Aug 18, 8:04 PM
    Starting again....for the very last time!!! 8th Aug 18 at 8:04 PM
    Reading so many other diaries has made me realise that I need to be more on top of my budgets and debts so here I am starting my own. I'm not going to lie, it will be boring from time to time and there may be times where I go a little quiet but at the moment I'm motivated to get cracking, just need to keep things going.

    I had my LBM back in 2016 and I had a great few months after changing habits and saving on bills. It got hard to stay on track once I was on the cheapest tariffs and switched to 0% credit cards etc. But looking back now I can see that my habits hadnt in fact changed and I had mounted up more debt than it was then. I've spent the last few days going though things and planning and budgeting.

    Our debts consist of loans and credit cards. At today's date my figure stands at 33,182.34....I swear to god that this is the highest this figure will ever be and it's all down hill from here.

    I've been using YNAB for the last 18 months, got back to it in January and I've now also added my debts to that using the 'Tracking' Function so I can see this figure go down with each payment made. Hopefully this may help me stay on track.

    So here we go! Next step changing my signature
    Debt busting start date 08/08/18 - total debt 33,182.34 Debt now 33,092.85 - Paid 0.27%

Page 1
    • Alwaysskint2016
    • By Alwaysskint2016 8th Aug 18, 8:24 PM
    • 22 Posts
    • 63 Thanks
    Alwaysskint2016
    • #2
    • 8th Aug 18, 8:24 PM
    • #2
    • 8th Aug 18, 8:24 PM
    So here it is....my SOA. Please be kind, all feedback welcome.

    [font=courier new]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.................... 2

    Monthly Income Details

    Monthly income after tax................ 1360.4
    Partners monthly income after tax....... 1438.54
    Benefits................................ 137.6
    Other income............................ 0
    Total monthly income.................... 2936.54


    Monthly Expense Details

    Mortgage................................ 504.4
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 112
    Electricity............................. 91 - (I know this is high and am working at reducing this)
    Gas..................................... 35
    Oil..................................... 0
    Water rates............................. 48.38
    Telephone (land line)................... 28.98 - (This is for landline, Fibre Now TV)
    Mobile phone............................ 78.31 - (This is for 3 Mobiles, 1 tied in until Dec 2018 other 2 tied in until Dec 2019)
    TV Licence.............................. 12.83
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 300 - (This is a lot better than it was, but am working to reduce further)
    Clothing................................ 50 - (This is over the year inc School Uniform. We dont buy clothes often usually if it's a must)
    Petrol/diesel........................... 216
    Road tax................................ 18.8
    Car Insurance........................... 56.5
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 11.46
    Buildings insurance..................... 15 - (Buildings & Contents combined policy)
    Contents insurance...................... 0
    Life assurance ......................... 32.19
    Other insurance......................... 8 - (Boiler Insurance)
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 20 - (Average over the year)
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 10
    Total monthly expenses.................. 1768.85



    Assets

    Cash.................................... 300
    House value (Gross)..................... 125000
    Shares and bonds........................ 0
    Car(s).................................. 4500
    Other assets............................ 0
    Total Assets............................ 129800



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 86569....(504.4)....3.07
    Total secured & HP debts...... 86569.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Loan...........................5367.12...223.6.... .9.2
    Loan...........................5227.59...145.1.... .15.9
    Ikano..........................190.66....38.14.... .0
    New Card.......................3500......35........0
    HMRC...........................1080......20....... .0
    Post Office....................1698......45........0
    Barclaycard....................2805.03...50....... .0
    M&S............................1503.39...40....... .0
    Tesco..........................4878......50....... .0
    Tesco..........................6488.04...65....... .0[b]

    (Edited to add Summary as was missing from original SOA copied and pasted)
    Summary
    Monthly Budget Summary Amount()
    Total monthly income 2,936.54
    Monthly expenses (incl. HP & secured loans) 1,768.85
    Available for debt repayments 1,167.69
    UNsecured debt repayments 711.84
    Amount left after debt repayments 455.85

    Personal Balance Sheet Summary Amount()
    Total Assets (things you own) 129,800
    Total Secured & HP Debt -86,569
    Total Unsecured Debt -32,737.83
    Net Assets 10,493.17


    All the credit cards are on 0% until 2020/2021. By using the snowball calculator we could clear these debts by clearing the 2 loans first then concentrating on the credit cards and manage to clear them before the 0% ends (fingers crossed, it always looks better on paper).

    So I'm happy we're in a + and am planning paying everything towards the 15.9% loan ASAP.

    I have just switched our mortgage to a better 5 year fixed rate mortgage, so that gives a little stability knowing these payments wont change and it's nice thinking by the time I have to sort that again the debt will be repaid.

    Food is one of the areas we really need to work on a focus on at all times. I never keep to a food spend budget and can be very lazy eating a lot of take aways because it's easier. These are no more! I already shop in Ald! and despite spending a lot on food I hate actually spending money on food lol. I know I need to be more organized and stop calling to the supermarket every night on the way home from work to get milk and spending 45 a time! Plus we've started a weekly meal plan (I've done a monthly meal plan in the past but never stick to it as seem to run out of things in week 4 lol - I cant determine how much to buy to make it last the full month). So start with a a weekly plan then see how it goes.
    Last edited by Alwaysskint2016; 08-08-2018 at 10:21 PM.
    Debt busting start date 08/08/18 - total debt 33,182.34 Debt now 33,092.85 - Paid 0.27%

    • Alwaysskint2016
    • By Alwaysskint2016 8th Aug 18, 9:05 PM
    • 22 Posts
    • 63 Thanks
    Alwaysskint2016
    • #3
    • 8th Aug 18, 9:05 PM
    • #3
    • 8th Aug 18, 9:05 PM
    Things to do:
    - We're currently with Iresa for gas/electricity. They've recently gone bust so I'm waiting for an email/letter confirming who I'm being switched to and final bill/future DD's and prices etc. I dont want to switch earlier as we should have a small credit with Iresa and apparently switching earlier can cause issues. I've also cancelled the DD for now, but the monthly amount will go into a separate account to be used towards the final bill.
    - Uniform shopping. We have 4 weeks until the kids go back to school. I've made a list and bought a few odds and ends but need to go to the uniform shop to buy the jumpers and polo shirts. In laws has very kindly offered to buy school shoes so that will help with the budget. I have a little put away to help cover this but plan on not going over board this year (Last year I bought 5 of everything, 1 for each day!). Plus I will be labeling names on everything as last year both had lost a few items in the first few weeks ggrrrrr!!! (including a whole sports kit and brand new rugby shoes, in a new kit bag - 70+ down the drain)
    - Reading more on MSE to see if I can make a little money, maybe selling things online. I think I've looked at all the reclaim pages but none relevant to me.Any hints/tips please share
    Debt busting start date 08/08/18 - total debt 33,182.34 Debt now 33,092.85 - Paid 0.27%

    • Kitten868
    • By Kitten868 8th Aug 18, 9:33 PM
    • 948 Posts
    • 2,062 Thanks
    Kitten868
    • #4
    • 8th Aug 18, 9:33 PM
    • #4
    • 8th Aug 18, 9:33 PM
    Hiya!
    I was until very recently with iresa too. They were crazy useless so I'm not surprised. If it helps I moved over to tonik and they're renewable energy providers so that's good - came out cheapest on Martin's energy club so look on here to switch. (If you go for tonik i can get you a referral code so we both get Amazon vouchers)

    You're going to do it this time you're on here and you know where you fell down last time. I thought I was good at budgeting but buying things cheaply or only spending 7 or 2 here and there builds up fast. I'm making several savings accounts and paying myself weekly in addition to the separate bills account. I think this will work as my best debt busting time was when I was on weekly tax credits. Maybe it could work for you?

    Selling is brilliant. It really boosts what you've got to pay off so it makes you feel great. It's amazing what you can sell. I started out selling the stuff then I was selling all the large furniture that stored it! Webuybooks and ziffit are great places to start as you just scan all your dvds, books and cds and post them off. There's usually a 10% extra code somewhere too. There's no dealing with buyers but then I'd try Facebook selling sites for other items once you've got a taste for the extra income.

    Keep it up xxx
    Loan 1 5700/8000
    Loan 2 3700/5800
    Total 9400/13800 32% PAID

    And CC 1700/1900
    • Kitten868
    • By Kitten868 8th Aug 18, 9:35 PM
    • 948 Posts
    • 2,062 Thanks
    Kitten868
    • #5
    • 8th Aug 18, 9:35 PM
    • #5
    • 8th Aug 18, 9:35 PM
    And school uniforms I am feeling daring. Just new socks, tights and shoes. I'm going to see how it goes next term. I will fall on my face no doubt but it all fit at the end of term.
    There's loads of options for name tags on eBay. I use name tag stickers but others in my daughter's class are going to try buttons with names on and stamps and all sorts. It's worth it. Nothing more annoying than buying it and have it go missing day 1.
    Loan 1 5700/8000
    Loan 2 3700/5800
    Total 9400/13800 32% PAID

    And CC 1700/1900
    • beanielou
    • By beanielou 8th Aug 18, 9:46 PM
    • 56,147 Posts
    • 226,942 Thanks
    beanielou
    • #6
    • 8th Aug 18, 9:46 PM
    • #6
    • 8th Aug 18, 9:46 PM
    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. MFW 2018. No 144
    • Alwaysskint2016
    • By Alwaysskint2016 9th Aug 18, 10:16 AM
    • 22 Posts
    • 63 Thanks
    Alwaysskint2016
    • #7
    • 9th Aug 18, 10:16 AM
    • #7
    • 9th Aug 18, 10:16 AM
    So bit about me...I'm 37, hubs 39 with 2 kids aged 14 & 12. Been married for 10 years. We both work full time, me office/admin role and OH is a care worker.His hours can be a little up and down but remains on an average (used for this SOA). I get paid monthly he gets paid weekly so all bills get paid from my wage and we use his wage for weekly things such as petrol and shopping etc.

    We would have started the debt busting earlier this year but we had a holiday abroad booked for July so all our money went on that. Now that that's come and gone it's time to knuckle down and get cracking once and for all.

    I've been good and organised this year from Christmas, saving each week with Park for vouchers. I've been over paying so I should be able to get them through nice and early and get started on saving for Christmas 2019 in September/October 2018. I usually leave everything until last minute and Christmas either goes on the credit cards or I use my annual bonus from work. This year my bonus will be going straight on my debts.

    So for now there is nothing coming up that could get in the way, but this is life and things always creep up when not expected!
    Debt busting start date 08/08/18 - total debt 33,182.34 Debt now 33,092.85 - Paid 0.27%

    • efes shareholder
    • By efes shareholder 9th Aug 18, 10:26 AM
    • 200 Posts
    • 351 Thanks
    efes shareholder
    • #8
    • 9th Aug 18, 10:26 AM
    • #8
    • 9th Aug 18, 10:26 AM
    Happy new diary
    I found a good motivation to start with was to focus on not increasing the debt
    • Smellyonion
    • By Smellyonion 9th Aug 18, 10:56 AM
    • 95 Posts
    • 55 Thanks
    Smellyonion
    • #9
    • 9th Aug 18, 10:56 AM
    • #9
    • 9th Aug 18, 10:56 AM
    Debts are obviously very high but your SOA looks really healthy .


    1.7k for a family of four with 2 cars is pretty darn good. If you are strict, you can hopefully clear between year 2-3.


    None of the spending it outlandish. Mobiles stick out slightly as well as electricity which you rightly pointed out.


    Do you know what the debt money was spent on? Where did that 32k go? That is what you should be asking yourself. Do you have lots of materialistic processions? or were you splashing on a lot of services (like eating out or holidays).
    • ftbwannabe
    • By ftbwannabe 9th Aug 18, 10:59 AM
    • 62 Posts
    • 228 Thanks
    ftbwannabe
    Good luck, you can do it! Stray supermarket shops are where most of my 'spare' cash has been going, too.
    Looking at your SOA, I wonder if your emergency fund is enough - if something unexpected happened, as it stands would you put it on a card? You could think about having an emergency stash instead.

    Also, you have zero for your entertainment & 100 for presents. You know best what you want & need, but I hope you do spend some money on going out at least occasionally, and maybe your presents could be fewer or less pricey. Well done on being organised for Christmas though, it looks like that's a big event for your family & it'll be nice to know you have money sorted already.
    Looking forward to reading along.
    Debt Free Wannabe since 1st August 18
    CC1: 100.83/8,839.83 | CC2: 79.47/1079.23 | CC3: 182.92/182.92 | CC4 100/2446.33 CC5 0/4280
    Student Loan 1: 83.28/656.92 Student Loan 2: 25.51/808.60
    Total Repayments: 572.01/17,472 | Outstanding Debt: 1689.99
    • Alwaysskint2016
    • By Alwaysskint2016 9th Aug 18, 4:36 PM
    • 22 Posts
    • 63 Thanks
    Alwaysskint2016
    This is deffo where I'm starting. We got into such a bad habit of buy now worry about repaying it later that it turned into a way of life. If something broke or needed replacing or repairing it would go on the credit card. So we got a consolidation loan and then ramped up the credit cards, then switched to a better deal and ramped up the originalcredit cards. This is a cycle I want to stop, now that I know I'm doing it (it always seemed like a good idea at the time). The credit cards are gone, cut up and I've removed most of the details off the 1 click to pay on most websites (like Just Eat etc).

    So for the next few weeks especially as the kids are off school for the summer I'm aiming to just not add to the debt. Then by the end of the month and payday comes around we can make a start. I also plan to get a little emergency fund behind us over the next few months, mainly by selling stuff.

    I know we have a lot of habits to change and it will take time. I tend to get very impatient with everything I do but need to keep telling myself we're in this for the long run.

    On a positive note, had a no spend day yesterday and looks like today will be another (that never happens!)
    Debt busting start date 08/08/18 - total debt 33,182.34 Debt now 33,092.85 - Paid 0.27%

    • Alwaysskint2016
    • By Alwaysskint2016 10th Aug 18, 11:13 AM
    • 22 Posts
    • 63 Thanks
    Alwaysskint2016
    Well well, has 2x NSD in a row! Who'd have thought it was possible.

    Its like as if Sa!nsburys knew, they sent me a load of money off vouchers (6 off when spent 40 etc - one each week for the next 6 weeks). Handy but I only get my fuel from Sainsburys for the Nectar Points (plus they cheapest around) and find them a little costly on food etc compared to Ald!, but we'll see may try it for a week and see how it compares.

    I'm trying a new goal (idea stolen from a post on MSE) to make 10/day for the month of August. I'm at 19.36 so its a start.

    I've had an email about gas/electricity - we're being switched to Octopus Energy on 21st Aug. I've not had the tariff for gas yet but electricity looks to be more expensive. I've been on MSE Energy Club and if it's the same tariff on there for Octopus looks like we'll be shelling out an extra 33/month. I'm going to be looking around for cheaper before the 21st, but can't start the process until after this date. Meter readings also given yesterday so final bill for Iresa should be through soon.
    Debt busting start date 08/08/18 - total debt 33,182.34 Debt now 33,092.85 - Paid 0.27%

    • Alwaysskint2016
    • By Alwaysskint2016 12th Aug 18, 3:28 PM
    • 22 Posts
    • 63 Thanks
    Alwaysskint2016
    Bit of a good/bad weekend MSE'ing TBH.

    Friday I spent the last 10 of the food budget (until Tuesday), then had a weekend in, weather bit miserable here so no money spent. Sold an item yesterday so made 20 but..........succumbed to a weekly takeaway ritual last night so spent that 20!! I'm very disappointed with myself but will learn from it and move on. (I blame the fact the chicken did not defrost in time so had no alternative lol - excuses, excuses!)

    Today went to the in laws for the weekly Sunday roast dinner (so saved on dinner costs, and cleaning up :-$) Then popped to Tesco as forgot OH had work tonight so 15.75 spent after we'd used up all budget on Friday. So had to dip into savings but will repay on Tuesday.

    On good point managed to get a few items in Tesco with yellow stickers - Small Baguettes 4p, Strawberries and Raspberries 20p each, green beans 12p, swede 6p and brocolli 10p. I never get YS bargains as I'm quite fussy but feeling a little proud of myself lol.

    Good news is the chicken has now defrosted and is in the slow cooker making a lush curry. Half to be eaten for tea tonight with rice and poppadoms, rest to be frozen for a later date. Want to get into the habit of doing this.
    Debt busting start date 08/08/18 - total debt 33,182.34 Debt now 33,092.85 - Paid 0.27%

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