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  • FIRST POST
    • crunch_time
    • By crunch_time 23rd Oct 16, 8:22 PM
    • 1,050Posts
    • 3,094Thanks
    crunch_time
    Learning to budget to make future adventures happen
    • #1
    • 23rd Oct 16, 8:22 PM
    Learning to budget to make future adventures happen 23rd Oct 16 at 8:22 PM
    Evening everyone!

    I've decided its time for a new diary after sort of losing steam with my old one.

    In September 2013 our debt peaked at £29k. With some luck, a vague budget, changing priorities (kids), and some significant salary increases we have now got it down to circa £13-14k.

    I have learned lots during the process but the thing that I feel is holding us back is our inability to stick to a budget (or, more accurately, create a realistic budget).

    So basically the grand plan is to smash this 'debt hangover' as the hubs and I call I, as soon as possible so we can start using the money we currently use to pay it off for the adventures we have been planning pretty much all our adult lives. And also the things we should be doing at our age to be financially savvy like overpay the mortgage, contribute more into pension pots etc etc.

    I love the support from the wonderful people on this forum and look forward to sharing this adventure with you all!

    More info to follow!

    Crunchy
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
Page 3
    • crunch_time
    • By crunch_time 28th Oct 16, 8:20 AM
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    • 3,094 Thanks
    crunch_time
    Been brave and updated my signature!

    NSD planned for today! No wine or booze bought in or will be buying just because its Friday! We don't need it!

    Crunchy xx
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • crunch_time
    • By crunch_time 30th Oct 16, 7:28 AM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    Morning diary land!

    Very foggy here today! Husband just about to go out for a run and it will be my turn later.

    No spend day today. Need to do some school work while dd naps and we are planning a roast chicken for dinner.

    My month has already started so I have been collecting receipts for budgeted spends ready to update ynab on Tuesday.

    Feeling very glad and happy in life and pleased that I have a plan to ditch the credit cards once and for all.

    Have a lovely Sunday everyone!

    Crunchy xx
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • remote_control
    • By remote_control 1st Nov 16, 2:01 PM
    • 178 Posts
    • 823 Thanks
    remote_control
    Hi Crunchy,

    I followed your last diary as we are extremely similar in our life set ups! Just to say when you say about out growing your house, I used to think the same thing about ours. But then I read 'The Life Changing Magic of Tidying', subscribed to 'Becoming Minimalist' and 'The Minimalists'. Now we plan to stay in and our house, live within our means, have less possessions and spend our money and time on adventures! I just mention it because if you let them brainwash you like they did me it saves a lot of money!
    • crunch_time
    • By crunch_time 3rd Nov 16, 10:27 AM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    Hi Crunchy,

    I followed your last diary as we are extremely similar in our life set ups! Just to say when you say about out growing your house, I used to think the same thing about ours. But then I read 'The Life Changing Magic of Tidying', subscribed to 'Becoming Minimalist' and 'The Minimalists'. Now we plan to stay in and our house, live within our means, have less possessions and spend our money and time on adventures! I just mention it because if you let them brainwash you like they did me it saves a lot of money!
    Originally posted by remote_control
    Hi remote-control!

    I'd love to stay put and not have to move again but I'm afraid we literally will grow out of our house. DD's room can only fit a cot bed in it. She is currently 2 and we reckon we will grow out of her cot by the time she gets to school age. To stay put we would need to knock down walls to extend her room into another bedroom. We have seen this done in one of the other houses on our estate and even then there is not enough room for a single bed. When we moved here we already knew we would have to move again and this is our 'sorting our house out financially' house. Husband can afford to mortgage it by himself despite having a £11k loan and car finance. Its not much of a jump square footage wise from our old house but it work for us now BUT we know it wont in the future.

    We are minimalists already. I got rid of all clutter during my first maternity leave 4 years ago, have minimal clothes as do the children and husband and pretty much everything in my house is beautiful or useful or its in a bag ready to be removed from the house or put on gumtree.

    We don't want a huge house next just something with enough space for us to live comfortably in. I don't want a massive mortgage as I want to have LOADS of adventures in the future.

    Its great to find fellow minimalists on here who aren't addicted to buying stuff!!! I think I have subscribed to yours ill check later.

    Thanks for following my diary!

    Crunchy x
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • crunch_time
    • By crunch_time 3rd Nov 16, 10:43 AM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    Morning diary!

    Phew! What a week! Working week over for me. I am exhausted but managed 3 NSD's! I have to go food shopping today but hoping for a low spend one as we still have food in the cupboards. I'm going to make a meal plan later.

    YNAB all updated and on track. I love having the things I forgot to budget for section. A few things have popped out of the account which I did forget to budget for but they are no biggy now and would have been almost catastrophic before.

    A nice fat check for £468.39 arrived in the post today from the mortgage transfer. I will take it to the bank tomorrow when I go and clear out my ISA as well.

    That will pay just over half of my childcare bill for DD November which came in at £850 and with the £600 from my ISA I will retrieve tomorrow (originally earmarked for the dog) will mean I can pay my bill upfront this month - woohoo!!

    The minimum payment for the loan has come out which means it stands at £11,325. At the end of the month I will level it to £11,300 because I like nice round numbers.

    I've got lots of organisational jobs to do today including checking I will be paid on the 19th and registering for childcare vouchers for me. I also need to find out when our mortgage payment will go out.

    The best news however is I got a new credit card in the post today as it was up for renewal and I literally pulled it out of the envelope and immediately cut it up!

    I'm starting to feel very different in my approach to money now. Less panicky.

    Have a lovely day all.

    Crunchy
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • remote_control
    • By remote_control 3rd Nov 16, 12:20 PM
    • 178 Posts
    • 823 Thanks
    remote_control
    Hey,
    Glad to hear you are minimalists too! I think by minimalist standards we have a long way to go but compared to anyone else I know we are!

    Sounds like you will have to move then, unless they can share a room. Our box room is just about big enough for a single bed. We spent a long time planning giant extensions and now we are really peaceful and happy that we're not going to do any of it!

    I liked when you described your debt as a hang over. That's exactly what ours is, moving house costs plus maternity leave. It goes down every month and its all on 0% but I can't wait til it's gone.

    xx
    • pennywisepoundstupid
    • By pennywisepoundstupid 3rd Nov 16, 1:20 PM
    • 4,439 Posts
    • 13,872 Thanks
    pennywisepoundstupid
    Hi crunch_time.

    Just wanted to say good luck with your new debt busting journey and that i'm really enjoying following your new diary.

    Good luck and take care.x.
    Be mindful of your self-talk. It's a conversation with the Universe."

    Debt free and saving for my future
    • Seasidegal58
    • By Seasidegal58 4th Nov 16, 7:35 PM
    • 1,191 Posts
    • 6,694 Thanks
    Seasidegal58
    You're doing great crunchy!

    YNAB all updated and on track. I love having the things I forgot to budget for section. A few things have popped out of the account which I did forget to budget for but they are no biggy now and would have been almost catastrophic before.
    Originally posted by crunch_time
    I keep thinking of regular outgoings categories to add to YNAB. Next month I'm adding a category for vitamins! I've noticed that these are beginning to run low and I buy them again as soon as they run out so a category makes sense to me!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Save for New Kitchen!
    My debt free diary - " Paid off the £31,000 - BUT still scrimping!"
    • crunch_time
    • By crunch_time 5th Nov 16, 7:27 AM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    Hey,

    I liked when you described your debt as a hang over. That's exactly what ours is, moving house costs plus maternity leave. It goes down every month and its all on 0% but I can't wait til it's gone.

    xx
    Originally posted by remote_control
    I very much know the feeling! Lets smash it once and for all!

    Crunchy xx
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • crunch_time
    • By crunch_time 5th Nov 16, 7:29 AM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    You're doing great crunchy!



    I keep thinking of regular outgoings categories to add to YNAB. Next month I'm adding a category for vitamins! I've noticed that these are beginning to run low and I buy them again as soon as they run out so a category makes sense to me!
    Originally posted by Seasidegal58
    I think I am going to do the same for toiletries that aren't shampoo and shower crème. Makes sense!

    Crunchy xx
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • crunch_time
    • By crunch_time 5th Nov 16, 7:40 AM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    Morning all

    So I closed my ISA yesterday and emptied the funds into my bank account and paid my cheque in for the £468. It wont clear until next week but I have updated YNAB to reflect it and now its in the green. I have also lowered the amount for DDs childcare bill to £850 which is what it is for November. So not included December and also got rid of DS's childcare bill as I wont be billed until December for that, apparently.

    This along with some other tweaks means there will be circa £350 extra to go towards my credit card at the end of the month. What a great start! Considering the extras this month.

    I get paid on the 19th and this money will pay for DD's December childcare bill and DS's November childcare bill. Everything left over will go on debt as this is the idea with the husbands and my budget. His money pays our bills and lifestyle and mine pays for childcare and debt and then once the debt is paid off - adventures.

    On my spreadsheet this is £770 so hopefully we will get very close to clearing the credit card soon! I really hope so as a I so want to smash the loan. Been waiting a long time to really attack it.

    Crunchy xx

    Happy Saturday everyone!
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • crunch_time
    • By crunch_time 5th Nov 16, 10:41 AM
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    • 3,094 Thanks
    crunch_time
    Just had credit card statement through the door.

    £50 min payment has hit. Reduced down from £1096 to £1041 ( I wrote it wrong it should have been £1091 originally.

    Signature updated.!!
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • MistyMountainTop
    • By MistyMountainTop 5th Nov 16, 12:09 PM
    • 619 Posts
    • 2,137 Thanks
    MistyMountainTop
    I've just caught up with your new diary and am here to subscribe!

    You said you were using a trial of YNAB, when the trial is done do you have to pay monthly to use it?
    • crunch_time
    • By crunch_time 6th Nov 16, 12:05 PM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    I've just caught up with your new diary and am here to subscribe!

    You said you were using a trial of YNAB, when the trial is done do you have to pay monthly to use it?
    Originally posted by MistyMountainTop
    Aw thanks MistyMountainTop! With regards to YNAB yes I think you can pay monthly. I will need to factor that into my next budget!
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • crunch_time
    • By crunch_time 6th Nov 16, 12:19 PM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    Good Afternoon all!

    I've been using some of the 'money available for debt overpayments' to round down some numbers....

    Loan was £11,325 but is now £11,300!!


    0% credit card was £1041 and is now £1000

    My credit card was £1275 but is now £1269 thanks to one of my online savings accounts having £6 in it just sitting there...doing nothing. SO I have out it to good use.

    Its so nice to think that this is the last time I shall be paying it off!

    I'm thinking about using my ISA savings (£350) to pay it off so I'm completely debt free before my birthday in early December...... It would mean soooooo much to have absolutely nothing in my name.

    What do you lovely folks reckon?

    Crunchy xx
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • Seasidegal58
    • By Seasidegal58 6th Nov 16, 7:25 PM
    • 1,191 Posts
    • 6,694 Thanks
    Seasidegal58
    With regards to YNAB yes I think you can pay monthly. I will need to factor that into my next budget!
    Originally posted by crunch_time
    Oh gawd so will I now!

    Re paying off your your CC with your ISA savings - well you're probably getting an awful interest rate on you ISA so there is that. But have you got an emergency fund in place yet?
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Save for New Kitchen!
    My debt free diary - " Paid off the £31,000 - BUT still scrimping!"
    • crunch_time
    • By crunch_time 8th Nov 16, 8:16 PM
    • 1,050 Posts
    • 3,094 Thanks
    crunch_time
    Oh gawd so will I now!

    Re paying off your your CC with your ISA savings - well you're probably getting an awful interest rate on you ISA so there is that. But have you got an emergency fund in place yet?
    Originally posted by Seasidegal58
    We have £350 in husbands ISA which will suffice for now. I will aim to top it up for £500 next month.

    xx
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • crunch_time
    • By crunch_time 8th Nov 16, 8:34 PM
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    • 3,094 Thanks
    crunch_time
    Good evening diary!

    Just checked the bank balances and the cheques haven't cleared yet. Hopefully tomorrow I will be able to pay my childcare bill and some money off my credit card.

    I have great news! Our new mortgage company has written to say that our first payment wont come out until the 1st December so £600 just paid off my credit card! Just £669 to go and then I'm CLOSING IT DOWN!!!!!!

    Crunch
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT (1-1-18) : £7608 Now: £7608 Paid off £0 Long term savings £3440
    • Seasidegal58
    • By Seasidegal58 8th Nov 16, 9:32 PM
    • 1,191 Posts
    • 6,694 Thanks
    Seasidegal58
    Great news crunchy!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Save for New Kitchen!
    My debt free diary - " Paid off the £31,000 - BUT still scrimping!"
    • MistyMountainTop
    • By MistyMountainTop 8th Nov 16, 10:20 PM
    • 619 Posts
    • 2,137 Thanks
    MistyMountainTop
    That's brilliant news!!!
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