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  • FIRST POST
    • Iwantanewlife
    • By Iwantanewlife 25th Jul 19, 2:08 PM
    • 409Posts
    • 1,761Thanks
    Iwantanewlife
    New Life Pending.....
    • #1
    • 25th Jul 19, 2:08 PM
    New Life Pending..... 25th Jul 19 at 2:08 PM
    Here it is, my attempt at debt busting, learning to budget and create a saving pot!

    Im hoping this diary will help me, and enable me to get some tips along the way.

    Now ive actually started looking at money (like i should of done years ago) Im shocked at home much money ive just wasted. I literally did not think twice about any of it, even though ive never really had any savings. Every month i would wonder why i had no money, despite earning an ok wage - now i can see so clearly!

    I hope you guys can join me in my journey - Please dont hesitate to give me tips on where im going wrong!


    Background and info about my life:

    I am a single mum, in my early thirties. I work full time and live in London. I have always been silly with money, can even remember it when i was younger wasting money out of my piggy bank/spending it as soon as i was given it etc. I am ashamed to say, I do not think I have ever saved up for anything. I get it, deal with the consequences later. That has meant, I have never learnt the value of things. I have paid ridiculous interest rates, and most importantly to me left myself in a really weak financial situation. If i was to lose my job tomorrow, everything is finished.

    So, enough is enough.

    I made a budget cutting back everything. I have closed all subscriptions, and taken down all my TV, phone and internet bills ( im contracted in all). I have also set up a bank account and separated each heading off my budget into 'pots' so am always 100% clear on what i have left in my budget as i go through the month.

    SOA - New Budget, and what i am living to now.

    Statement of Affairs and Personal Balance Sheet

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

    Monthly Income Details
    Monthly income after tax................ 2604.17
    Partners monthly income after tax....... 0
    Benefits................................ 82.8
    Other income............................ 0
    Total monthly income.................... 2686.97

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 1000 (London)
    Management charge (leasehold property).. 0
    Council tax............................. 114 (moved to over 12 months)
    Electricity............................. 35
    Gas..................................... 35
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 0
    Mobile phone............................ 45 (just cut this, contracted till may 2020)
    TV Licence.............................. 12.5
    Satellite/Cable TV...................... 28 (as above)
    Internet Services....................... 24 (as above)
    Groceries etc. ......................... 200 (sticking to this well with meal planning!)
    Clothing................................ 40
    Petrol/diesel........................... 120 (company car for private use, no other costs bar tax)
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 10
    Other travel............................ 0
    Childcare/nursery....................... 280
    Other child related expenses............ 40
    Medical (prescriptions, dentist etc).... 5
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 14
    Life assurance ......................... 10
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 12.5
    Entertainment........................... 50
    Holiday................................. 20
    Emergency fund.......................... 50
    Total monthly expenses.................. 2295


    Assets
    Cash.................................... 50 (only just started this, this month)
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 50

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    CC 1...........................1373.19...42.71.....38
    CC2............................442.7.....15.66.... .38
    PayPal Credit..................218.76....8.........0 (not sure)
    Loan...........................1345.47...90....... .89%!!! (ridiculous i know, and is correct)
    CC 3...........................188.2.....50........38
    Total unsecured debts..........3568.32...206.37....-


    Monthly Budget Summary
    Total monthly income.................... 2,686.97
    Expenses (including HP & secured debts). 2,295
    Available for debt repayments........... 391.97
    Monthly Unsecured debt repayments....... 206.37
    Amount left after debt repayments....... 185.6

    Personal Balance Sheet Summary
    Total assets (things you own)........... 50
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -3,568.32
    Net Assets.............................. -3,518.32
    Last edited by Iwantanewlife; 25-07-2019 at 2:16 PM.
Page 35
    • lucielle
    • By lucielle 15th Jan 20, 1:56 PM
    • 8,277 Posts
    • 35,702 Thanks
    lucielle
    All sounding good. Enjoy your gardening leave.
    L
    Total Debt Dec 07 59875.83 Overdrafts 2900,New Debt Figure ZERO !!!!!! 08/06/2013
    Lucielle's Daring Debt Free Journey
    DFD Before we Die!!!! Long Haul Supporter #124
    • bd80s
    • By bd80s 22nd Jan 20, 3:02 PM
    • 69 Posts
    • 200 Thanks
    bd80s
    Hi


    Hope you are enjoying your gardening leave and having time to reset ready for your new role.
    Settled to date - 1, fiend loan 6589.36/339.39, 94.8% pd. loan 2 237.93/162.93, 32%, LBS lost - 7
    • enthusiasticsaver
    • By enthusiasticsaver 22nd Jan 20, 10:33 PM
    • 9,772 Posts
    • 22,952 Thanks
    enthusiasticsaver
    Enjoy the gardening leave. Only a week now until your pay day.
    Early retired in December 2017

    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
    • savingholmes
    • By savingholmes 24th Jan 20, 3:17 PM
    • 10,256 Posts
    • 21,432 Thanks
    savingholmes
    Glad you are getting some of the time between roles paid.
    During 2020: Target 1) 25,121 to be repaid in 2020 (0%) Now down to 24,703 Target 2) repay 1450 off (OP 102.51) mortgage now 144872 @1.7% Target 3) Set up SIPPs Target 4) Declutter 52 bags - now done 4/52
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