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  • FIRST POST
    • AllThatStuffIsJustStuff
    • By AllThatStuffIsJustStuff 12th Aug 18, 6:31 PM
    • 94Posts
    • 225Thanks
    AllThatStuffIsJustStuff
    Third time around - this time the last!
    • #1
    • 12th Aug 18, 6:31 PM
    Third time around - this time the last! 12th Aug 18 at 6:31 PM
    This is the third time me and PBS (PiggyBankShaker) have started a diary. We got debt free both times before, but here we are again.
    In some ways right now we're better off than we were the other times, in other ways we are not.

    Here's our starting point:

    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................ 3271
    Partners monthly income after tax....... 0
    Benefits................................ 137.6
    Other income............................ 0
    Total monthly income.................... 3408.6


    Monthly Expense Details

    Mortgage................................ 438.6
    Council tax............................. 135
    Electricity............................. 35
    Gas..................................... 35
    Water rates............................. 43
    Telephone (land line)................... 0
    Mobile phone............................ 62
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 24
    Groceries etc. ......................... 327
    Clothing................................ 34
    Petrol/diesel........................... 96
    Road tax................................ 2.5
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 25
    Other child related expenses............ 167
    Pet insurance/vet bills................. 60
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 32
    Presents (birthday, christmas etc)...... 60
    Entertainment........................... 194
    Holiday................................. 180
    Cash spent.............................. 350
    bank charges............................ 18
    Scribophile............................. 14
    Counselling............................. 70
    Pension payment......................... 311.9
    Charitable giving....................... 62
    Gym memberships......................... 61
    Total monthly expenses.................. 2894



    Assets

    Cash.................................... 0
    House value (Gross)..................... 115000
    Shares and bonds........................ 0
    Car(s).................................. 7000
    Other assets............................ 0
    Total Assets............................ 122000



    Secured & HP Debts


    Mortgage...................... 56377
    Total secured & HP debts...... 56377

    Unsecured Debts

    Car loan.......................5083.7
    CC1...........................4685.9
    CC2....................2755.7
    Overdraft...................386
    Other debt................453
    IOUs...........................92
    CC3.....................1457.85
    Total unsecured debts..........14914.15

    Monthly Budget Summary
    Total monthly income.................... 3,408.6
    Expenses (including HP & secured debts). 2,914
    Available for debt repayments........... 494.6
    Monthly UNsecured debt repayments....... 568.08
    Amount short for making debt repayments. -53.48


    Personal Balance Sheet Summary
    Total assets (things you own)........... 122,000
    Total HP & Secured debt................. -56,377
    Total Unsecured debt.................... -14,914.15
    Net Assets.............................. 50,708.85
    Last edited by AllThatStuffIsJustStuff; 12-08-2018 at 6:46 PM.
Page 1
    • AllThatStuffIsJustStuff
    • By AllThatStuffIsJustStuff 12th Aug 18, 6:33 PM
    • 94 Posts
    • 225 Thanks
    AllThatStuffIsJustStuff
    • #2
    • 12th Aug 18, 6:33 PM
    • #2
    • 12th Aug 18, 6:33 PM
    First win - I've just upgraded my phone and taken 17 off my monthly bill.
    • PiggyBankShaker
    • By PiggyBankShaker 12th Aug 18, 8:14 PM
    • 853 Posts
    • 3,102 Thanks
    PiggyBankShaker
    • #3
    • 12th Aug 18, 8:14 PM
    • #3
    • 12th Aug 18, 8:14 PM
    Some initial suggestions on areas where we can cut back.

    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................ 3271
    Partners monthly income after tax....... 0
    Benefits................................ 137.6
    Other income............................ 0
    Total monthly income.................... 3408.6

    Monthly Expense Details
    Mortgage................................ 438.6
    Council tax............................. 135
    Electricity............................. 35
    Gas..................................... 35
    Water rates............................. 43
    Mobile phone............................ 62 Possible savings
    TV Licence.............................. 12
    Internet Services....................... 24
    Groceries etc. ......................... 327 Possible savings
    Clothing................................ 34
    Petrol/diesel........................... 96 Possible savings
    Road tax................................ 2.5
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 25
    Other child-related expenses............ 167
    Pet insurance/vet bills................. 60
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 32
    Presents (birthday, christmas etc)...... 60
    Entertainment........................... 194 Possible Savings
    Holiday................................. 180
    Cash spent.............................. 350 Need to keep spending diary
    Bank charges............................ 18 Is this account fees? Or actual charges?
    Scribophile............................. 14 Possible savings
    Counselling............................. 70 Possible savings
    Pension payment......................... 311.9
    Charitable giving....................... 62 Possible savings
    Gym memberships......................... 61 Possible savings
    Total monthly expenses.................. 2894


    Assets
    Cash.................................... 0
    House value (Gross)..................... 115000
    Shares and bonds........................ 0
    Car(s).................................. 7000
    Other assets............................ 0
    Total Assets............................ 122000


    Secured & HP Debts

    Mortgage...................... 56377
    Total secured & HP debts...... 56377

    Unsecured Debts

    Car loan.......................5083.7
    CC1...........................4685.9
    CC2....................2755.7
    Overdraft...................386
    Other debt................453
    IOUs...........................92
    CC3.....................1457.85
    Total unsecured debts..........14914.15

    Monthly Budget Summary
    Total monthly income.................... 3,408.6
    Expenses (including HP & secured debts). 2,914
    Available for debt repayments........... 494.6
    Monthly UNsecured debt repayments....... 568.08
    Amount short for making debt repayments. -53.48

    Personal Balance Sheet Summary
    Total assets (things you own)........... 122,000
    Total HP & Secured debt................. -56,377
    Total Unsecured debt.................... -14,914.15
    Net Assets.............................. 50,708.85
    Paying off debts and preapring to build a new life
    • AllThatStuffIsJustStuff
    • By AllThatStuffIsJustStuff 13th Aug 18, 7:15 AM
    • 94 Posts
    • 225 Thanks
    AllThatStuffIsJustStuff
    • #4
    • 13th Aug 18, 7:15 AM
    • #4
    • 13th Aug 18, 7:15 AM
    Saved another 23 a month already this morning by cancelling one of my gym memberships.
    • AllThatStuffIsJustStuff
    • By AllThatStuffIsJustStuff 13th Aug 18, 8:32 AM
    • 94 Posts
    • 225 Thanks
    AllThatStuffIsJustStuff
    • #5
    • 13th Aug 18, 8:32 AM
    • #5
    • 13th Aug 18, 8:32 AM
    My thoughts on potential savings here:

    Monthly Expense Details
    Mortgage................................ 438.6
    Council tax............................. 135
    Electricity............................. 35
    Gas..................................... 35
    Water rates............................. 43
    Mobile phone............................ 62 Made some already
    TV Licence.............................. 12
    Internet Services....................... 24
    Groceries etc. ......................... 327 Definitely can save here. Need to get back to doing more cooking. I had this at closer to 200 in the past
    Clothing................................ 34
    Petrol/diesel........................... 96 Sometimes we go further afield just beause, when we can do stuff closer to home. Can definitely be reduced
    Road tax................................ 2.5
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 25
    Other child-related expenses............ 167 I don't want to reduce this.
    Pet insurance/vet bills................. 60
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 32
    Presents (birthday, christmas etc)...... 60
    Entertainment........................... 194 Definitely can reuce this. Watching more free TV/films. Less take aways as well - again, back to doing more home cooking
    Holiday................................. 180
    Cash spent.............................. 350 Need to get this down and track what it's being spent on
    Scribophile............................. 14 I don't want to cut this. It's a hobby we both enjoy and a small price for something that is good for the mind
    Counselling............................. 70 I consider this health spending and therefore essential
    Pension payment......................... 311.9 Don't want to reduce, but could in a real pinch
    Charitable giving....................... 62
    Gym memberships......................... 61 Cut down to 38 now. I want to keep this for now for personal reasons. Obviously it's healthy and that, but also, it's important psychologically for me that I don't just cut everything that is spent on me immediately by default.
    Total monthly expenses.................. 2894
    So in short, outgoings reduced by 40 a month so far. Probably could get it down by another 200 without too much pain, I think.
    • PiggyBankShaker
    • By PiggyBankShaker 13th Aug 18, 9:36 AM
    • 853 Posts
    • 3,102 Thanks
    PiggyBankShaker
    • #6
    • 13th Aug 18, 9:36 AM
    • #6
    • 13th Aug 18, 9:36 AM
    Called Vodafone this morning and reduced bill by 6 a month. Every little helps!
    Paying off debts and preapring to build a new life
    • PiggyBankShaker
    • By PiggyBankShaker 14th Aug 18, 11:44 PM
    • 853 Posts
    • 3,102 Thanks
    PiggyBankShaker
    • #7
    • 14th Aug 18, 11:44 PM
    • #7
    • 14th Aug 18, 11:44 PM
    Sold some stuff on eBay - 85 and counting. Still two days until the listings end so hopefully will get a bit more. Also have a few extra items to sell, including one that I hope will go for 125+. Must remember that I have 20 worth of books to send off as well.

    Had a tough couple of days. Had a painful row with my mother. DD is unwell. And... I tried to sort out an updated life insurance policy, only to be refused cover for an historic medical condition I did sort a single policy for ATSIJS but need to wait for my medical records to come through before I can reapply.

    In addition, I sorted out some admin pertaining to pensions (beneficiary's etc) and also decluttered a stack of out of date paperwork. ATSIJS applied for new EHIC cards for us all, so good work done there.

    Tomorrow we need to choose and buy some sleeping bags for our camping trip next week and I might take the car to KwikFt for a tyre 'check up'. Oh, and I almost forgot It's our wedding anniversary tomorrow, too.
    Paying off debts and preapring to build a new life
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