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  • FIRST POST
    • tori.k
    • By tori.k 4th Jun 16, 9:55 AM
    • 2,849Posts
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    tori.k
    From Debit to Credit
    • #1
    • 4th Jun 16, 9:55 AM
    From Debit to Credit 4th Jun 16 at 9:55 AM
    Hi All

    After sifting through my notebooks and scraps of paper decided it was time to keep a more coherent record of what im trying to achieve.
    We've been dancing the finance hokey-cokey for more years than I care to admit didn't seem that bad when we were younger but time has a sneaky habit of catching you with your draws round your ankles and the Doddy old fool (DH) and I find we are both closer to 50 than 21 but our finances are still stuck in the 80's with neon socks and a bad perm it time it grew up.

    THE AIM

    Oddly im pretty frugal and not bad with money but im miserable at forward thinking and it life's inevitables that catch me out this has got to change if I ever dream of being able to actually retire this side of 102.
    we are carrying some credit card debt and a unsecured loan this need to cleared and a emergency fund built then I can look towards savings

    Current debt

    HSBC (Dods) 2050.41 0%
    HSBC (mine) 377.00 0%
    Barclay 1224.15 0%
    Sainsbury 4546.20 5.5% ( 18months to run)

    Total unsecured debt £8197.76

    To clear all Credit cards debts £3651 by Christmas and live within our current budget start building a emergency fund.
    To clear loan and create a 1k emergency fund
    3 month living expenses fund (3K)
    Pre-paid funeral X2
    Retirement savings plan
    Last edited by tori.k; 03-08-2016 at 9:47 AM. Reason: corrected
Page 7
    • tori.k
    • By tori.k 1st Jun 17, 8:07 AM
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    tori.k
    Still waiting on payroll, so guessing nothing will be sorted untill next payday. On the positive I'm trying to see the tax office as an unofficial savings account they pay about the same amount of interest as my current account .
    Made my first top up contribution to my pension this month luckily I had set up nest pensions when we were self employed not that we really used them but both our employer's use nest as there work place pensions so at least it all going in the same pot. The plan is once the loan is paid off this will also be diverted into the pension as we have been managing without this money for the last two years​ so hopefully won't miss it to much going forward.

    The first of the regular savers is due to pay out in August the plan was to save a years utilities and travel bills so we would get a lump sum payout every 13 weeks make a little interest and be able to pay things like the council tax off in full rather than monthly, it's a work in progress as we only managed two instead of the four planned we will make £25 in interest on each saver and had to raid the loan overpayment savings the last two months to fund them, will mean another tight 12 months ahead and a slog to get there, but would mean we shouldn't need to use a loan to sort a big ticket item like replacing the car, as I don't think on our wages we can save a huge amount and service the pensions like we want.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Hiddenidenity
    • By Hiddenidenity 3rd Jun 17, 2:44 PM
    • 5,065 Posts
    • 23,194 Thanks
    Hiddenidenity
    Have a lovely weekend x
    DFW £1388.71/£7348.71 Rent Arrears £511.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • tori.k
    • By tori.k 3rd Jun 17, 11:55 PM
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    tori.k
    Thanks HI I work every weekend so it the same pretty much every day but lucky enough to love my job
    New hours were confirmed today so from July to March will have 30hrs a week from March to July I will have 38hrs (excluding overtime.) Which suits me perfect as my second job will wind down a bit from October till March so I will have 2 days off a week, sounds worse than it is a Sunday is only a 6hr shift and it's pretty much a 9 to 5 job most of the year.and light work compared to what I'm use too.
    We are still on track for finishing the loan in September ( I'm told my tax stoppages will be sorted by pay day ) so officially​ I should be debt netural by months end as the SOA bill savings and wages should see us ahead of our debt at least for a few hours, the checkerd flag is finally in sight
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • tori.k
    • By tori.k 5th Jun 17, 8:30 AM
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    tori.k
    Invasion of the body snacher going on in this house with Dods. I came home from work to a list of 20 houses to edit. Most need a bit of work, new kitchen bathroom's when I questioned about paying for this, Dods said he would sell his caterham seven, his pride & joy, I had to sit down at that point.
    He's done well all the properties are 150K or less, tax band A ( we are D in this house) and semi rural which would be better as we get older. So we have narrowed it down to six we both like. If we make the move now it wouldn't change much, we would be mortgage free in about 12 years maybe a little sooner if we overpaid the mortgage with what we save in things like council tax, and it would give Dods a little more security as he has no interest in the property I own ( not that that is an issue) but this would be ours rather than just mine from pride point of view.
    As much as I hate the idea of him selling his car it would give me £80 a month back into my budget that it cost to keep it on the road, which is effectively a week wage from my second job.
    It would also reduce our pension requirements a bit, but I feel so guilty and it's not even my idea.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Hiddenidenity
    • By Hiddenidenity 5th Jun 17, 9:55 AM
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    Hiddenidenity
    Understand you feeling guilty but don't!

    It's his suggestion and his thoughts. Maybe he things a house is a much more worthwhile asset than a car? And feels he wants to do it sooner rather than later?

    Either way good luck such a big move
    DFW £1388.71/£7348.71 Rent Arrears £511.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • tori.k
    • By tori.k 5th Jun 17, 10:10 AM
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    • 6,307 Thanks
    tori.k
    There is a catch my youngest son just fessed up, that Dods has been looking at a motorbike, he's yet to say anything to me. He's such a boy child,crafty begger he knows I would never agree to him having both and would rather a car over a bike.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Dolly Rocker
    • By Dolly Rocker 5th Jun 17, 10:25 AM
    • 3,352 Posts
    • 9,509 Thanks
    Dolly Rocker
    Aha caught out

    My DH wants a motorbike & I am not keen on it at all.

    Dxxx
    Goals
    Debt free by Christmas 2017
    Save for Christmas 2017
    Goal weight of 10st 7lbs by Christmas
    Add to deposit savings
    • Tahlullah
    • By Tahlullah 6th Jun 17, 8:28 PM
    • 783 Posts
    • 4,669 Thanks
    Tahlullah
    Cheaper, faster, more fun. motorbike all the way!!!

    Tx
    Striving to be mortgage free.
    • tori.k
    • By tori.k 11th Jun 17, 12:02 AM
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    tori.k
    They scare me, but I don't understand the whole driving for pleasure thing, it's just something that gets me from A to B.

    Looking like it's going to be July before my wages issues are straighted out, which is a royal pain I ended up using the credit card it's paid in full each month but is due a few days after Dods payday so smacks of robbing Peter to pay Paul but it takes out the issue of something clashing with one of the DD, first time I regret have more than one account.on the plus side once it's finally sorted I can finally clear the last of the loan, and give myself a massive headstart on clearing this house ready for a downsize.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • tori.k
    • By tori.k 12th Jun 17, 1:18 PM
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    tori.k
    Well went for a wander with Dods to look at some of the villages we are looking to move to I know the area well enough but not the surrounding village's that fit our budget, we've settled in one area in particular back on the North coast the village itself just has the usual cornershop and village pub, but is on a regular bus route to a decent size town, a couple miles away from the sea but inland enough it doesn't have a sea view price tag, and actually drops 5 mins off my commute to work, downside like most villages nowadays parking can be a bit of an issue, it's 15 mins closer to my mother's as we are only looking at smaller cottage style properties most only have parking for one car at best and you can stick another 20K for houses with a garage, and we would have 1 van 2 cars and 2 motorbikes to house, but that will be an issue pretty much wherever we move to as we are spoilt for space here.
    Dods is right ( I will never admit that to him) that even putting every spare penny to the pensions the we are still going to be pretty dependant on our state pensions, this house just takes too much maintenance, will freely admit he sold me at central heating.

    So Dods plan is to clear the loan, and tidy up our accounts for a few months then see the mortgage brokers, he will put his caterham up for sale next March in the meantime will do his bike test ( man child) this will free up money for cosmetic remodeling and a bike for him ( why do I know I'm getting an ebay kitchen) nothing on cards or loans other than the mortgage, I think he's got an eye opener coming his way, but I'm willing to play along for now.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • tori.k
    • By tori.k 12th Jun 17, 7:25 PM
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    tori.k
    What's happened to my husband�� he's come home from work sold his beloved car and spoke to the broker and has an agreement in principle for the mortgage even with the loan in place.
    • Tahlullah
    • By Tahlullah 12th Jun 17, 7:43 PM
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    Tahlullah
    If you have a bike (2 bikes), you will need a garage. The sad thing about today's society is that you cannot leave anything that isn't tied down outside and bikes are immensely nick-able.

    The last thing you want is for him to pass his bike test, buy the bike of his dreams and find he comes home one day and it has been removed by some little darling because it wasn't locked away. And unfortunately, as you know, being in a quiet, quaint village doesn't protect you.

    A garage, central heating, double glazing, open fire, parking and preferably detached, has to be on the list of essentials for a house for me.
    Striving to be mortgage free.
    • tori.k
    • By tori.k 12th Jun 17, 11:20 PM
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    tori.k
    I'm blinking fuming in part, as he moving too fast it going to take 6 months a least to get this place sorted with the amount we work, he's sold his car back to the dealer that he brought it from 6years ago, and just thought he'd give the brokers a quick call to see what we would be looking like. I know he has the best intensions but it won't be him that will be sorting out the majority of the jobs that need to be done to be able to move. The bikes are the easy bit youngest lad already owns one and Dods will be getting one they will just build a shed/garage to house them car parking will be an issue pretty much anywhere as son and I both have cars and Dods a works van. We currently live in a massive industrial conversion so everything is oversized to fit the space Dods hasn't given this any thought, sadly Tahlullah nothing really quaint about the village's here they are for those of us that can't afford to live in town, few amenities and far enough away from the A30 to put off the Truro/Plymouth commuter's the younger folks don't really want to live in them which means the housing stock is pretty fluid but usually needs updating.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Tahlullah
    • By Tahlullah 13th Jun 17, 8:09 AM
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    Tahlullah
    OK, if he's sold the Caterham, then that money is now available to start work on the house to prepare for sale?

    The loan in principle is neither here nor there. It can sit, wait and lapse. The most important thing is to get him focused on where he is going to spend the money first, assuming he spends it in the right direction, which is doing up the house, not buying the bike.

    There is always a downside when someone gets on board with a plan; their enthusiasm can over-run. He is enjoying the future planning and is forgetting the groundwork that needs to be done to make the future steps possible. You need to give him a focus. what needs doing first in the house to sell it?
    Striving to be mortgage free.
    • tori.k
    • By tori.k 13th Jun 17, 8:06 PM
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    tori.k
    I did just that, his face was a picture , I'm just not use to him being so proactive, he usually so laid-back​ he's almost comatose.
    Our housing situation is a bit odd, I own a very small house that's rented out, and we rent this place off a close family member cheap. We have done a lot of the renovations and still have some to finish up, I will inherit a third of this property further down the line with my siblings, I'm thinking most likely my eldest son will probably move in when we move out, the place would only be rented to family and we are running out as everybody owns.

    Dods has never owned due to the hassle of being self-employed and a lazy begger, but now likes the idea of decent retirement that will only happen if we remove the housing costs.
    The money from his car is being saved towards any work needed in the next property minus 6K for a bike for himself the budget for the house is 150K tops this would see us mortgage free in 12 years giving us a bit more time to save for retirement its not a lot for Cornwall but doable.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Tahlullah
    • By Tahlullah 13th Jun 17, 10:54 PM
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    Tahlullah
    You have a plan. Fantastic. And more importantly, you will have a comfortable retirement as you will have additional income from the other property. When you don't have a mortgage, the amount you need to earn is significantly lower, so everything you are doing sounds great. And 12 years is immensely doable.

    So, if you are renting this property, do you really need to spend that much on it, especially if it will be staying in the family? Could you see the new house purchase and move taking place this year?
    Striving to be mortgage free.
    • tori.k
    • By tori.k 14th Jun 17, 8:25 AM
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    tori.k
    It time more than money, the whole place will be have to be painted through, the tiles in the family bathroom need regrouting, only real expense is I will replace the carpet in the lounge as I managed to melt a hole by the woodstove.
    The little house is my lads inheritance, it's in a crappy location really its the place you live because it's the only viable option. At the time I was a working single parent had come out from husband one with a little bit of money and my parents talked/bullied me into buying over renting so with there help I purchased, back when houses were still cheap in the 90's, Dods doesn't mind the place, I hate it with a passion. It will stay rented as it would take a age to sell.
    If I worked my numbers right retirement should see us with basically our current basic income​ and would work well for us, but then again Dods is driving me nuts,so I may never leave this place....as I wouldn't want them to find the body
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • Tahlullah
    • By Tahlullah 14th Jun 17, 8:29 AM
    • 783 Posts
    • 4,669 Thanks
    Tahlullah
    Well, don't put him under the patio; it's the first place the police will look!

    Tx
    Striving to be mortgage free.
    • tori.k
    • By tori.k 15th Jun 17, 8:33 AM
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    tori.k
    National day of mourning, eldest son came to visit as his brother had told him Dad has sold the car and the dealer was picking it up at the weekend, I'm not joking when I say it was like watching a wake, totally sureal.
    With help from one of the forums on here found out Dods is eligible for a help to buy isa which means we would be able to get between £400 to 1K extra, from the government depending on our timeline, which would take a chunk out of the fees. The rest can be dripped into regular savers. I have to tie it up, as Dods can undisciplined at times and will start dipping in with the best intensions to return, and we've all been there.

    Checked the bank loan and credit card been paid off and most of the DD have gone out for the month and the balance is better than I thought, think I must of self consciously been watching my spending knowing I will be short again this month just have to get to July 25th and we are free and clear doesn't help that I have everyone's birthdays between now and then, bonus is we paid half towards a welding course back in February for the eldest and told him then it would be his birthday gift from us, I picked him up a T_shirt from the surf place he likes in a sale so he has something to open, so only have the youngest lad & Dods to worry about.
    Last edited by tori.k; 15-06-2017 at 8:35 AM.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
    • tori.k
    • By tori.k 22nd Jun 17, 9:09 AM
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    tori.k
    Dipped a toe into the world of house hunting, found a place that looked promising not far from where we currently live, well within budget but advertised over priced for the area, turned out the modernisation is actually renovation as the roof isn't water tight and has blown the plaster in the upstairs rooms, the work doesn't put us off but any offer we put on the table will offend the vendor.
    On the other hand my heart house has just been sold, it's the totally impractical house I fell in love with year's ago, it was never an option far to small, but the place I could see myself growing old in, just me, Dods & the kids would of had to find somewhere else to live
    I'm bored of house hunting already.
    I've always been the money minded side of Dods & I ,so we can split our strengths he can plow through all the property ads, and I can just sit back and tell him we can't afford it I set the budget so we can actually retire someday, not so I can spend another 25 years working our backsides off. He has to learn to chill the right house will come along when it does and the worse that happens is the smaller our mortgage requirement when it does.

    We finally managed to shut down the Barclay card, no easy task, this was paid off last year and hasn't been used since but showed we had massive amount of available credit for our current income so shutting it down reduces our overall available credit to under 50% of our annual income. We also have one more payment into the regular savers, the what's left in the account can be transferred off the loan, I'm tempted to just pay it off in it's entirety but the plan has been working well so will stay the course. As we plan for the four regular savers where we only managed two last year.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Last Castle 150,000/ 25300
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