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  • FIRST POST
    • louby40
    • By louby40 17th Jun 16, 7:57 AM
    • 1,030Posts
    • 2,873Thanks
    louby40
    Round and round the overdraft....soon to be no more
    • #1
    • 17th Jun 16, 7:57 AM
    Round and round the overdraft....soon to be no more 17th Jun 16 at 7:57 AM
    Having lurked and read quite a few diaries I thought I'd start my own. If it's down on paper then I can read back and see my progress (or not)

    My debts aren't massive but my bugbear is my overdraft as I do believe if I can get that sorted everything else will fall into place

    My debts are:

    £400-500 overdraft every month PAID
    £970 cc (just moved to 0% which I shall pay £50-100 a month off)
    £5500 left on my car loan (ends in Jan 2019)
    £106,000 mortgage at £600 pm
    £6500 bank of mum and dad PAID

    I have £150 in an emergency fund

    I'm just in the process of moving my current account to First Direct to take advantage of their £250 free overdraft service and £100 incentive to switch. I need to keep my o/d under the £250 and slowly begin to chip away.

    My over spends are having 2 very tall teenage boys who eat a lot and extra trips to the supermarket. I also treat myself to a manicure/gel polish every month.

    I'm a single mum and work as a teacher so I buy stuff for my class, extra craft bits, second hand books from Amazon, it soon mounts up.

    I also need to be stricter with my boys and refuse the £2.50 they ask for lunch everyday.

    I shop in Aldi and cook a lot from scratch - my slow cooker is my saviour!

    I need to keep a strict spending diary and stop buying unnecessary things.
    Last edited by louby40; 15-08-2017 at 10:04 AM.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
Page 18
    • mummytogirls
    • By mummytogirls 25th Feb 17, 10:13 PM
    • 5,312 Posts
    • 15,910 Thanks
    mummytogirls
    So glad you had a great time in London Louby. Shame about Doris causing all the damage, at least OH can sort it for now. Always the way isn't it! xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £7586.76 - 31/05/17 - 67.25% paid off
    • louby40
    • By louby40 26th Feb 17, 10:36 AM
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    louby40
    Well my kitchen research continues.

    I've had 2 designs and quotes - both similar design

    Howdens are quoting £8500 which includes their (rubbish) Lamona appliances- which after extensive research MSE and Mumsnet say aren't good quality and often fail

    Wickes are quoting £6550 with Zanussi appliances and are offering 0% finance over 2 years. 10% deposit then finance starts when the kitchen is delivered which wouldn't be until July.

    I'm pretty sure Wickes is the one.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • mummytogirls
    • By mummytogirls 27th Feb 17, 8:12 PM
    • 5,312 Posts
    • 15,910 Thanks
    mummytogirls
    I agree Wickes sounds good x
    Mummytogirls x

    £23164.32 - 12/12/10
    £7586.76 - 31/05/17 - 67.25% paid off
    • louby40
    • By louby40 28th Feb 17, 8:12 PM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    I've bought a kitchen!

    I must be mad as now I owe on my CC - not much but still a debt. I won't start paying for the kitchen until July/August time which is when I'll have stopped paying my parents. It's a 2 year loan and it's interest free. I'm hoping to save up to pay the builder; I still don't know how much my builder is charging yet.

    I'm so excited....but gutted I'm in debt again. But needs must and at least it's interest free
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • louby40
    • By louby40 2nd Mar 17, 8:51 PM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    First NSD of the month! It's been a busy week at work - what's new!!

    My OH has come down with man flu so you can imagine what that's like! Hoping he's feeling better tomorrow as we're off to see the Kaiser Chiefs in Manchester. Tickets and hotel paid for, just need to pay for train and meal, drinks.

    This will be the last spendy weekend for a while as we've had quite an expensive couple of weeks. Need to reign it in a bit now if I'm going to save up to pay my builder.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • mummytogirls
    • By mummytogirls 4th Mar 17, 1:13 PM
    • 5,312 Posts
    • 15,910 Thanks
    mummytogirls
    Yay to the kitchen Louby. Enjoy your little weekend away x
    Mummytogirls x

    £23164.32 - 12/12/10
    £7586.76 - 31/05/17 - 67.25% paid off
    • louby40
    • By louby40 5th Mar 17, 11:13 AM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    Fab night in Manchester. We had a meal in Prezzo - I found a 30% off code so we got about £9 off - every little helps.

    When we got back we did the food shop in Aldi £58 and then decided to tackle the garage. My OH said we'd got to be ruthless and we were - filled the car full of rubbish. My OH then decided to tackle our downstairs toilet/shower room - we are getting rid of the shower (never used) and plan on putting the washer and drier in there. I also want a new toilet and sink so he started getting the shower out in order for the plumber and electrician to put in the necessary bits.

    It's the start of house renovations 2017 -
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • SpekySquarehead
    • By SpekySquarehead 7th Mar 17, 10:07 AM
    • 1,603 Posts
    • 12,424 Thanks
    SpekySquarehead
    Sounds very productive. Well done to you both.

    Have you read Kon Marie's book? After reading it I threw out a lot of things and felt much better for it.
    Debt Free Date: 29/09/16
    NSD (5/15)
    • louby40
    • By louby40 8th Mar 17, 3:35 PM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    Speky, no I've not read her book! To be honest I'm not much of a hoarder really.

    The builder came out last night to look at my plans for the kitchen, he's sorting me a quote out but it won't be until next week. He's booked up until June so a July/August fit will suit me fine. I just need it to be £3k or less, if it's more than that I'll be borrowing off my parents again.

    I've decided I'm never going to be out of debt - not for years and years! I have so much I want to do in the house. Plus I love my weekends away and holidays.

    I suppose the good thing now is I have a strict budget that I stick to, I plan ahead and I'm totally aware of what I'm spending. Whereas before I just bought stuff without a care or a thought!
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • SpekySquarehead
    • By SpekySquarehead 9th Mar 17, 8:33 AM
    • 1,603 Posts
    • 12,424 Thanks
    SpekySquarehead
    Am I allowed to be honest without causing offence?

    Louby you've done fantastically well so far in your journey. You started this diary back in June of last year and came on leaps and bounds. As you say, you've got a tight grip on your finances now and know where each penny goes. I personally don't think it's a good idea to resign yourself to being in debt for years to come. I appreciate that there are things that need to be done in the house and, more importantly, you need to live and enjoy life, but doing so and digging a deeper hold would only make the enjoyment temporary until I checked my bank balance.

    Again, I hope you're not offended but I just wanted to give you some encouragement to keep going.
    Debt Free Date: 29/09/16
    NSD (5/15)
    • louby40
    • By louby40 11th Mar 17, 9:34 PM
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    louby40
    I'm not offended at all. But I have set myself some goals and have thought long and hard about them. I need lots of refurbishment in my house and it's finding a way to pay for these as cheaply as possible.

    These are my plans:
    2017 - major kitchen re-fit £6500 for kitchen (0% finance over 2 yrs) set to kick in August, easily manageable at £240 a month but aim to pay double this where possible. Builder will be paid in cash, I can save/ borrow £3k by August.

    No holiday this year

    2018 - try to pay off kitchen asap and begin saving for new bathroom. Autumn 2018 new ensuite bathroom approx £3k

    No holiday abroad this year

    2019 - car will be paid off freeing up £200 a month. Decorating hall, landings and stairs (3 storey house) and new carpets approx £3k

    I'm 50 this year so may have to go away for a few days somewhere.

    2020 - holiday to Goa planned. On my list of places to go.

    But all of this is subject to good health, saving and positivity.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • louby40
    • By louby40 12th Mar 17, 3:11 PM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    Only managed 4 NSD so far this month. Must try and improve this over the second half of the month.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • mummytogirls
    • By mummytogirls 12th Mar 17, 3:52 PM
    • 5,312 Posts
    • 15,910 Thanks
    mummytogirls
    Snap on the NSD's Louby, I'm at 4 too!!!

    Sounds like you've got a sound plan in place for your renovations etc over the next few years xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £7586.76 - 31/05/17 - 67.25% paid off
    • louby40
    • By louby40 12th Mar 17, 7:17 PM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    Thanks MTG. I plan on saving as much as I can and paying for things as I go! I'm forgoing my holidays abroad which usually cost me £3k a year now my boys are teenagers. They have a few holidays planned with their dad so I don't feel too bad.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • SpekySquarehead
    • By SpekySquarehead 13th Mar 17, 9:06 AM
    • 1,603 Posts
    • 12,424 Thanks
    SpekySquarehead
    Louby - your plan sounds very well thought out and considered, so good on you. Lessons learned from getting into bad debt.
    Debt Free Date: 29/09/16
    NSD (5/15)
    • louby40
    • By louby40 13th Mar 17, 8:36 PM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    Thanks Speky. My spending (and debt) will be planned and controlled. YNAB has helped me immensely with managing my budget. Each month I barely go into my overdraft, bills are paid, savings made and my short (and long term) debt comes down every month.

    In early 2015 I was living in a house I couldn't afford with a monthly mortgage of £1300, £10k in credit card debt and I owed my parents £6k. Now I have no credit card debt, i owe my parents just over £1k and I have a manageable mortgage.

    I'm in a totally different place.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • SpekySquarehead
    • By SpekySquarehead 14th Mar 17, 8:32 AM
    • 1,603 Posts
    • 12,424 Thanks
    SpekySquarehead
    Louby I can tell you're in a better place. It's fantastic.

    For me, although being in debt was a terrible feeling, so much good has came from it. Like you, I'm in control of my cash and know what I'm doing. Which is thanks to YNAB too I suppose.

    Keep up the amazing work!
    Debt Free Date: 29/09/16
    NSD (5/15)
    • louby40
    • By louby40 18th Mar 17, 2:27 PM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    Only 5 NSD so far! Not great.

    I'm still waiting on a quote from my builder. I've also being looking for kitchen flooring and the type I want is too expensive so I'm going to have to re think.

    Ten days to pay day and I'm still in the black. Yay for YNAB
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
    • kittykatneedscash
    • By kittykatneedscash 20th Mar 17, 12:01 PM
    • 47 Posts
    • 107 Thanks
    kittykatneedscash
    Well done Louby you are doing great isn't it great to feel in control of your finances.

    'Each month I barely go into my overdraft, bills are paid, savings made and my short (and long term) debt comes down every month.

    In early 2015 I was living in a house I couldn't afford with a monthly mortgage of £1300, £10k in credit card debt and I owed my parents £6k. Now I have no credit card debt, i owe my parents just over £1k and I have a manageable mortgage'.


    This is brilliant well done! Always good to look back as see how far you've come on your journey. Kitty
    • louby40
    • By louby40 20th Mar 17, 8:35 PM
    • 1,030 Posts
    • 2,873 Thanks
    louby40
    Thanks Kitty! It's the control that's the key. Knowing where every penny is going and realising you can't just have whatever you want!

    Wish I'd realised that 20 yrs ago
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £500/£1000. Christmas savings £400/£600
    Kitchen July £12,493 Aug £11,993. 4% paid off
    Barclaycard £522
    Car loan £3472 Mortgage £96,589
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