Welcome! We get real in this post. I am about to go into detail about exact how much debt I am in and what my budget is each month. This may be a stark read but this blog is all about getting honest and accepting that I need to Sort My Debt Out. I will explore what methods I am trialing in debt clearing and budgeting throughout this journey in later posts.
I have split this post into two sections. For those of you who just want to see a quick breakdown of exactly what I owe and what my monthly payments are, I’ve summarised that first below. If you are interested in the nitty gritty and full breakdown, read on!
Summary of Debt
| Summary of Debt | Amount |
|---|---|
| Total Debt | £70,024.36 |
Summary of Monthly Payments
| Summary of Monthly Payments | Amount |
|---|---|
| Total Debt Payments PM | £1,850.74 |
| Total General Payments PM | £2,534.18 |
| Total Irregular Payments PM | £182.41 |
| Total Monthly Payments | £4,567.33 |
Full Debt Breakdown
Below is a table breakdown of all of my unsecured debts. I haven’t included any of my secured debts like a mortgage as I am not focused on paying that off right now. Psychologically it would be too daunting to include those sums for me. I have sorted them by highest interest rate to lowest interest rate. I go in and out of the way I like to sort my debts. I’m in the process of moving all my credit cards to 0% interest so this suits me at the moment. I’m also exploring the avalanche method which involves paying off your debts by the highest interest rate to the lowest interest rate. It’s less common than the snowball method which involves paying off your debts by the smallest balance to the largest balance. I will do a deep dive into debt pay off methods in a later post.
| Unsecured_Debt | Category | Amount | Monthly_Payment | Remaining_Months | Years_Remaining | Interest |
|---|---|---|---|---|---|---|
| Barclaycard (Me) | Credit Card | £787.32 | £75.92 | N/A | N/A | 31.04% |
| Barclaycard (Wife) | Credit Card | £1,275.78 | £45.27 | N/A | N/A | 25.68% |
| Zopa Bank | Unsecured Loan | £16,327.46 | £372.36 | 72 | 6 | 19.1% |
| Zopa Bank | Credit Card | £723.98 | £6.56 | N/A | N/A | 14.90% |
| Tandem Bank | Finance | £2,226.22 | £36.43 | N/A | N/A | 12.90% |
| Admiral Loan | Unsecured Loan | £21,539.98 | £560.07 | 48 | 4 | 12.80% |
| Halifax Loan | Unsecured Loan | £10,042.82 | £224.83 | 59 | 4.9 | 11.83% |
| Novuna Personal Finance | Finance | £3,217.45 | £44.80 | 110 | 9.1 | 10.90% |
| HSBC | Credit Card | £8,582.89 | £200.00 | N/A | N/A | 0.00% |
| Octopus Energy | Utility | £2,863.75 | £0.00 | N/A | N/A | 0.00% |
| PayPal | Store Card | £2,017.06 | £40.34 | N/A | N/A | 0.00% |
| Monzo Flex (Me) | Flex | £229.60 | £144.05 | N/A | N/A | 0.00% |
| Monzo Flex (Wife) | Flex | £190.05 | £100.11 | N/A | N/A | 0.00% |
| Total | £70,024.36 | £1850.74 |
General Monthly Bills
Below is a breakdown of all of my monthly payments outside of unsecured debts. You will see this includes my mortgage with Halifax and I also have a second charge mortgage with Equifinance. I haven’t yet gone through and made tough decisions on what I can cancel/live without. This is as it is right now at the start of my journey.
| Name | Day | Amount |
|---|---|---|
| TV License | 1 | £13.25 |
| Pet Club (first dog) | 1 | £15.50 |
| Pet Plan (first dog) | 1 | £23.64 |
| Virgin Money Life | 1 | £20.76 |
| Pet Plan (second dog) | 1 | £33.07 |
| Water | 1 | £42.00 |
| EE | 1 | £12.00 |
| Octupus Energy | 1 | £150.00 |
| Council Tax | 1 | £175.00 |
| Halifax Mortgage | 1 | £747.50 |
| Netflix | 1 | £10.99 |
| Now TV | 1 | £34.99 |
| Omaze | 1 | £10.00 |
| Postcode Lottery | 1 | £12.00 |
| Boxt Boiler Service Plan | 1 | £7.99 |
| Nursery | 1 | £258.00 |
| Pet Club (second dog) | 2 | £15.50 |
| Dentist Plan | 8 | £22.99 |
| Coffee Subscription | 10 | £32.00 |
| Vodafone | 11 | £11.44 |
| Arval Car Lease | 13 | £285.86 |
| Internet | 18 | £18.00 |
| Curve Black Subscription | 18 | £9.99 |
| Wow | 21 | £4.33 |
| Equifinance Mortgage | 22 | £540.40 |
| Apple | 25 | £8.99 |
| Spotify | 29 | £17.99 |
| Total | £2,534.18 |
Irregular Payments
Below is a set of tables of all of my irregular payments for things like M365 subscription and car insurance. In the summary tables at the start I have broken this up into equal payments over 12 months.
| Annual_Payments | Amount |
|---|---|
| Disney Plus | £79 |
| Microsoft Office | £79.99 |
| Amazon Prime | £95.00 |
| Domain and Email Hosting | £50.00 |
| Van Tax | £250 |
| Car Insurance | £1000 |
| Van Insurance | £600 |
| Van MOT | £60 |
| Total | £2134 |
| Quarterly_Payments | Amount |
|---|---|
| Dog Food | £55 |
| Total | £55 |
So, there you have it, a completely unfiltered, raw breakdown of my finances and why I desperately need to Sort My Debt Out. I’ll take you through my household income and how I budget my surplus money in a future post!
Join the Conversation
Alongside my experiences, I can hopefully share some of your stories, whether you are at the start of this journey, part way through or have liberated yourself from the spiral, I want to hear about it!
This blog doesn’t just have to be about my journey. I invite you to join the conversation, share your stories, and connect with like-minded individuals on the same path. Together, we can build a supportive community that encourages one another to stay committed to the pursuit of a debt-free life.
Thank you for joining me on this adventure. I’m excited to see where our collective pursuit of financial freedom takes us!