Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • louby40
    • By louby40 17th Jun 16, 7:57 AM
    • 1,163Posts
    • 3,174Thanks
    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 now £250 Oct 17
    £5500 left on my car loan (ends in Jan 2019) now £3084 Oct 17
    £106,000 mortgage at £600 pm now £95,805 Oct 17
    £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; 29-10-2017 at 3:56 PM.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
Page 3
    • louby40
    • By louby40 12th Jul 16, 6:22 AM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    AH, meal planning really helps me focus my food shopping! I pin the plan up in the kitchen so my 2 teenagers can see what we're having and then they won't snack (as much)

    I try to budget for £50-60 a week.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • SpekySquarehead
    • By SpekySquarehead 12th Jul 16, 10:47 AM
    • 1,735 Posts
    • 13,598 Thanks
    SpekySquarehead
    Morning,

    Your holiday is just round the corner, luck sod!

    I'm a huge YNAB fan and like you, I was dubious before I started. It costs me £3.99 a month and that's including the international fee cause you're paying them in America.

    There's no harm in trying the free trial. Before you do, or at the same time, I would recommend attending their Getting Started webinar. It's interactive so you can ask any questions you may have and they're very clear and thorough without complicating it.

    With my free trial I made a ton of mistakes but it was really about getting to grips with it so when it came to my actually paying for it I knew what I was doing. I've only been using for 3 months and I've more money in my current account now than I have ever, EVER! With an easy to use mobile app and the website being just as easy and more indepth it's really helped me get a grips on my spending.

    You can pick any category and ask how much I spend and I can now tell you my monthly spend within £10. Groceries, direct debits, petrol, nights out. You name it. I would urge you to give it the free trial a go and see how you find it and although I'm not an expert I'd be happy to help in anyway I can if you've got questions.
    Debt Free Date: 29/09/16
    • louby40
    • By louby40 12th Jul 16, 4:59 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    Speky that would be really good if I could ask you questions about it.

    Is it a good idea to start it around payday/ start of month? Or could I start now? I get paid the last Wednesday of every month so it's 2 weeks away. All my bills are paid. My account is in credit....for now?

    Louby
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • louby40
    • By louby40 12th Jul 16, 9:29 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    I've downloaded YNAB and spent the last 2 hours working it out!!! I've booked a webinar on Friday evening!


    Today is my third NSD for July!


    8 more work days and 10 days till my holiday to Spain!
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • Poor_Single_lady
    • By Poor_Single_lady 12th Jul 16, 10:24 PM
    • 1,102 Posts
    • 4,154 Thanks
    Poor_Single_lady
    Hope you enjoy your holiday. Sounds well deserved.
    The NSDs are quite motivational i think and kind of addictive in a strange way. Im hoping for a good few before payday! xxx
    2017- 5 credit cards plus loan
    Overdraft And 1 credit card paid off.

    2018 plans - reduce debt
    • louby40
    • By louby40 12th Jul 16, 10:29 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    PSL, the NSD are great, I could literally spend everyday, I don't know about you? I always have something to buy but I consciously delay things now. I need to buy face cream as I'm running out but I'm scraping the last dregs out of all the pots lol!
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • SpekySquarehead
    • By SpekySquarehead 13th Jul 16, 9:22 AM
    • 1,735 Posts
    • 13,598 Thanks
    SpekySquarehead
    Speky that would be really good if I could ask you questions about it.

    Is it a good idea to start it around payday/ start of month? Or could I start now? I get paid the last Wednesday of every month so it's 2 weeks away. All my bills are paid. My account is in credit....for now?

    Louby
    Originally posted by louby40
    You can start it now, in fact you’re probably best as you’ve paid your “Immediate Obligations”.

    So lets say you have for talking sake £800 in your account right now to last you until pay day. Input that as your current balance and then budget your £800. You may anticipate to spend £200 on groceries, £100 on petrol, £40 on new clothes, £20 for the dentist appointment, £30 for lunches etc etc. YNAB forces you to forecast ahead, to look at your diary and see what you’ve got planned. Any appointments or events need to be budgeted. I still put quite a large chunk into “Stuff I Forgot to Budget For” and I would recommend you do too at the early stage, then you can maybe see a pattern of things you always allocate to there, maybe car parking or you put the lottery on (again I’m just making something up).

    If you can’t wait until Friday for your webinar, they have all their webinars on YouTube. The only downside is you can’t interact, obviously.

    When I started, I read through their handbook while at work on my lunch and I also downloaded their podcasts in which they give handy tips too.

    Lastly, they are very big on being very specific with their individual help. Meaning, if you’ve got a question or problem and you can’t get your head round it, you can email them (bottom left of the YNAB screen) and they can look at your budget and see what you’re doing wrong and give recommendations.

    They’re not shy in giving help and there’s tons of resources to get your round the most difficult bit – the beginning,

    Hope that helped.
    Debt Free Date: 29/09/16
    • louby40
    • By louby40 13th Jul 16, 2:52 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    Speky

    That's great advice thanks. I didn't realise there were videos on Youtube.

    I'm confused with it already. Lol.

    I have £370 in my current account and I've told it I'm withdrawing £90 cash but it says I'm underfunded? But I have the money sat there?? Confused.... It must be great for the Yanks who can actually link their bank accounts and see real transactions going in and out!

    I know I'll probably have to dip into my overdraft too so that should be interesting. Unfortunately I get paid whilst I'm on holiday.

    I'll keep dabbling and hopefully it will make sense?
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • SpekySquarehead
    • By SpekySquarehead 13th Jul 16, 3:41 PM
    • 1,735 Posts
    • 13,598 Thanks
    SpekySquarehead
    Ah, a concept I’m just getting to grips with is cash on YNAB. It was a subject in which I had to email them and they were super helpful. Below is their reply;

    "Cash transactions differ from your other spending, because they do not create a record the way debit or credit transactions do. You can’t simply import a batch of transactions and know that you are up to date. Also, your cash isn’t sitting in a traditional account–it’s in your pocket or wallet or purse.

    We cover how to handle cash spending in our User Handbook. You have two options:

    1. Set up a cash account and track your spending there

    2. Treat cash as a category and record it as spent as soon as it is withdrawn from another account.

    Spending from a cash account allows you to track every dollar of your spending. The more cash spending you do, the more important it is for you to use this method–otherwise your budget won’t reflect significant portions of your spending. Entering transactions at the point of sale is easy on our iPhone/iPad app and Android app.

    Treating cash as a category treats cash withdrawals as immediately spent from your budget. This allows you not to track cash spending if you have difficulty maintaining that level of detail. Whenever you withdraw cash from one of your other accounts, you can either use a category that reflects it (ex. vacation) or use a category for that type of spending (ex. fun money).

    Let me know if you have any other questions about this or anything else!

    Best,
    Alicia
    "

    I hope that helps...?
    Debt Free Date: 29/09/16
    • louby40
    • By louby40 13th Jul 16, 4:26 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    Ahhh thanks Speky, that sort of helps!


    I've just watched a few videos on Youtube and it made things lots clearer. I think I'm getting to grips with it now after a bit of playing around with it.


    It's thinking about it differently, it isn't really a reflection of your bank account is it? It's to budget your money, so once you've understood that it's good.


    On the negative side you could budget all this money but then not ACTUALLY move your money around to pay off credit cards and add to savings - but why would you??






    Thanks
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • ramblehan
    • By ramblehan 13th Jul 16, 7:37 PM
    • 400 Posts
    • 924 Thanks
    ramblehan
    We use Ynab and it's massively helped us too.
    It's worth signing up for their weekly email and their FB posts. They usually do a weekly video.

    Enjoy playing with your money in a much more fun way!
    • louby40
    • By louby40 13th Jul 16, 9:19 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    Thanks Ramble, I've liked the FB page - there were some good ideas on there too.


    I'm enjoying YNAB very much and it will definitely help me. But, this is my first month on my journey so I know I'm going to have to dip into my overdraft very slightly this month - this will be fine as the first £250 is free (I shant go over much) but I don't want to use my savings so I'd prefer to use my overdraft this month.


    It's a work in progress and I'm still learning. Each month will get better and better


    Today has been a spendy day.
    £20 for 2 presents of £10 each for my niece and partners daughters birthdays
    £20 petrol - this should last me until I go on holiday
    £60 carpet fitter fee - carpet/vinyl being fitted next Monday
    £16.50 for 2 gifts for ladies that work for me - I have wine in to add to these so cheapish presents
    £4 zumba class


    Next week I still need to pay for the hairdressers, nail appointment and buy euro's.


    I get paid whilst I'm away!


    Tomorrow should be NSD#4
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • louby40
    • By louby40 14th Jul 16, 7:37 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    Busy day today as I was on a class trip with my class. 30 5 year olds running round looking for mini beasts was good fun but stressful.

    Today was NSD 4/10.

    I'm still getting to grips with YNAB and have finally managed to get it on my iPad and iPhone by downloading the correct app. Looking forward to getting paid now so I can budget my money.
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • ramblehan
    • By ramblehan 14th Jul 16, 8:26 PM
    • 400 Posts
    • 924 Thanks
    ramblehan
    That's what I found hardest when we first downloaded YNAB - waiting for payday so I could mess around with it all!

    Sounds like a proper busy day. Not long to summer hols
    Ramble x
    • louby40
    • By louby40 16th Jul 16, 11:18 AM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    Morning all


    Last big spendy day for a while I hope. I had to go and get some euros for my son who is off to Paris in the morning with school and some for our trip to Spain. We're staying in an all inclusive hotel so I'm only taking 100 euros as we won't need to buy much whilst we're there.


    Last supermarket shop at Aldi & Tesco and spent £50, was hopin it would be less but hey ho!


    Hoping that I will rack up some NSD now as I don't need anything. I may dip into my overdraft by £60 if my hairdresser cashes my cheque before I get paid - sometimes it can be 2/3 weeks before it's cashed, so we shall see.


    But £60 overdrawn is better than £500 which is what its been for months, so I'm pleased with that progress. Hopefully it should be 0 next month and I can start building it up.


    Right off to tacklesome washing...
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • louby40
    • By louby40 16th Jul 16, 2:58 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    ...and I haven't used my CC all month which is another MAJOR achievement!!
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • ramblehan
    • By ramblehan 16th Jul 16, 11:06 PM
    • 400 Posts
    • 924 Thanks
    ramblehan
    Do the happy money dance - I think you have earned it ;-)
    • Poor_Single_lady
    • By Poor_Single_lady 17th Jul 16, 3:40 PM
    • 1,102 Posts
    • 4,154 Thanks
    Poor_Single_lady
    "its a work in progress and i am still learning"
    This definitely applies to me too. We will get there must not overnight.

    I laughed when I read about your boys drinking all the milk. My brothers were exactly the same growing up! Exactly the same. I dont know what it is with boys and milk! And I don't know how my mum managed to feel us all when we were teenagers. Good luck with your journey. xxx
    2017- 5 credit cards plus loan
    Overdraft And 1 credit card paid off.

    2018 plans - reduce debt
    • tori.k
    • By tori.k 18th Jul 16, 8:27 AM
    • 2,897 Posts
    • 6,519 Thanks
    tori.k
    Have a wonderful holiday Louby.
    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
    • louby40
    • By louby40 19th Jul 16, 7:55 PM
    • 1,163 Posts
    • 3,174 Thanks
    louby40
    My budget went a bit haywire on Sunday as I bought a wardrobe for my son off eBay. I'm now £1.31 overdrawn.

    I get maintenance/child benefit on Monday and paid next Wednesday so it's not too bad. Food is sorted for the rest of the week. I've got my euros and £20 in my purse for a drink at the airport on Saturday. I'm sure I can get through the next 3 days!
    Parent loan PAID IN FULL Sealed Pot Challenge 10 #572
    Emergency fund £670/£1000. Christmas savings £450/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

774Posts Today

6,415Users online

Martin's Twitter