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  • FIRST POST
    • Exerbusi2
    • By Exerbusi2 3rd Jan 17, 10:53 AM
    • 232Posts
    • 152Thanks
    Exerbusi2
    I'm Back - and better! Final Push to Go...
    • #1
    • 3rd Jan 17, 10:53 AM
    I'm Back - and better! Final Push to Go... 3rd Jan 17 at 10:53 AM
    It's the start of a new year, so as per every year I take a look at my finances!

    When I first joined this forum, I was in £8000 of debt with no savings and no others assets. Not any more.

    My current situation is....


    Debts

    Credit Card: £5,500

    Assets

    Savings: £3,500
    Stocks and Shares Portfolio: £4,600

    I've been there and back when it comes to debt. At one point I was in £8,000 of debt with an income of £15,000.

    Not good.

    I grew a business, started to take more care of my finances and with the help of this forum, I chipped away at it.

    You can do it too. Just stay disciplined.

    My Current Situation

    So my current situation is simple. I have cash in the bank, I have a small share portfolio and I have a much larger income than I used to have (I also have larger outgoings though!)

    The obvious thing to do is to use my cash to pay my credit card. There are two reasons why I won't do this though...

    1. My cash is my buffer. It's also there to help with business expenses.
    2. My credit card is 0% for 32 months, so it costs me no more than it should.

    My Plan

    The reason I have a £5,500 credit card balance is because I took out the 0% credit card to pay off my car loan. The loan was £5,700, but I saved £230 by closing it early.

    My plan is to pay off the card within 22 months. To do this, I'll have to pay £250 per month (more than the £183 I was paying off my loan), but I will be doing this by cutting other expenses I don't need.

    I'm having a shed built at home (necessary, not indulgent) and I plan to (in time), make gifts to sell from there (I'm a woodwork fan!)

    If I can make this side business pay for itself, I shall be channelling all of that money into debt repayment.

    I also have a website that I earn a little money from. All of my website earnings will go towards credit card repayment.

    I'm going to take a good look at the finances this year. I have the means to get rid of this credit card, I just have to do things sensibly.

    I'm looking forward to seeing this debt disappear!

    Steve
Page 6
    • Exerbusi2
    • By Exerbusi2 17th Mar 17, 5:05 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Hey Exerbusi2 hope you are ok as you haven't posted in a couple of days.
    Originally posted by zippygeorgeandben
    Hi Zippy!

    All good here - I've just been very busy! I'm flying solo with the kids until tonight as my partner is away on a course, so for 3 days I've been busy with the kids, then working late into the night!

    Just a brief update for you. The monthly repayments on the Sainsburys 0% card are £76pcm. I was paying VirginCC £200 a month to try and clear as much as possible before the 0% ended in July but obviously I do not need to do that. I will keep this card though, just in case I want to purchase any small items in the next couple of months, but that is unlikely.
    My sister has agreed to give me a £2k interest free loan over a period of 15 months so it's £133.33 back per month.
    This £2k loan will go directly onto paying the Zopa loan, reducing this from £4600 currently to about £2600 balance (that's quite a lot lower!). The result will then be that my monthly payments to Zopa could be lower than the current £216.16 pcm, (I think down to £125pcm) but I intend to over pay it each month and (if you are still following me here) each month I pay off my Sainsburys CC will reduce the minimum payment and, however small it is, that surplus can be used against the Zopa loan.
    The tesco one will just stay the same, it'll get a bit complicated if I chuck funds at that one too.
    Originally posted by zippygeorgeandben
    So far, that all makes sense. I think you've taken the right course on those.


    Other options which I have thought about and would appreciate advice are:
    I did wonder about getting a cash advance (25.95%) of £2500 from the sainsburys CC directly into my bank account and immediately pay off the Zopa loan. OR
    Go into my £3500 overdraft (16.9%) with my bank and pay off the whole of the Zopa loan.
    Originally posted by zippygeorgeandben
    Hmm. First question would be how quickly could you get your account back in the black?

    The obvious answer is to go for the lower interest cost (the O/D), but do you need the cash available? Also, if you could get it back into credit quickly (within 3-4 months) then I'd probably do that. If it'd take you 12 months+ to get back into credit, it's probably not worth it.

    The plus side to doing that is that you've cleared one debt completely, so you'd have extra cash available to put into the bank again.

    You'd then have reduced your debt VERY considerably!

    I wouldn't take the advance from the CC - it's very expensive.

    Keep on posting
    Originally posted by zippygeorgeandben
    Will do! I'm back to it now!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • Exerbusi2
    • By Exerbusi2 17th Mar 17, 5:12 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    So today is my birthday!

    I am paying a little money off my CC today (£80), which brings me down to £4,500 - meaning there has been £2,300 paid off since I started!

    I'm awaiting payment from a couple of people this month, which should see me slightly more comfortable.

    Slightly concerning, but not a disaster is I'm waiting for around £2,000 in payment from a company.

    I know they're going to pay me, but it's going to be in early April. My mortgage goes out on the 1st, so I'll have to dip into savings to pay that. Of course when I receive the money I can top my savings back up, but I don't like the using cash I have stored bit!

    I can't speed that payment up either, which is a shame.

    I've had a slight concern over a company I do some work for, wondering whether or not they were going to continue to use my services. They are happy with my work, but they are undergoing to cost-cutting measures and I wondered if I am on the 'cutting' list. I spoke to the guy in charge there today and he assured me they want to keep my services, which is a relief (they account for around 25% of my income!)

    I'm running my project next month too, which has sold out and should see me make (after all costs) around £1500-£1600 profit. I'm going to pay around £1000 off the credit card and stick the rest into savings for tax.

    I'm still on target to pay off the CC by 1st January 2018!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • Exerbusi2
    • By Exerbusi2 17th Mar 17, 5:20 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    If you register the woodworking as a business you can get the startup materials (including the shed?) without VAT right? I may be wrong on this... If you're not savvy with taxes an accountant's advice might be useful.
    Originally posted by dcouponzzzz
    I'll have to ask my accountant about it! There's even a way I could (genuinely) justify buying tools for my other business, but I'll have to ask the questions first!

    Thanks for reminding me of that!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 17th Mar 17, 7:57 PM
    • 709 Posts
    • 885 Thanks
    zippygeorgeandben
    Hi Zippy!

    All good here - I've just been very busy! I'm flying solo with the kids until tonight as my partner is away on a course, so for 3 days I've been busy with the kids, then working late into the night!
    Originally posted by Exerbusi2
    I didn't want you thinking I was haranging you to reply! Busy with the children oh my!

    So far, that all makes sense. I think you've taken the right course on those.
    Originally posted by Exerbusi2
    Thanks for the endorsement

    Hmm. First question would be how quickly could you get your account back in the black?

    The obvious answer is to go for the lower interest cost (the O/D), but do you need the cash available? Also, if you could get it back into credit quickly (within 3-4 months) then I'd probably do that. If it'd take you 12 months+ to get back into credit, it's probably not worth it.

    The plus side to doing that is that you've cleared one debt completely, so you'd have extra cash available to put into the bank again.

    You'd then have reduced your debt VERY considerably!
    Originally posted by Exerbusi2
    I've taken on board what you've said. Not sure really. I think I might just see how it plays out for a couple of months really. It's all heading in the right direction so I'm not too worried. I know the decisions I've made so far have been the right ones. I cannot also guarantee when I'll have the £2k from my sister. It may well be after my next Zopa payment which would mean that balance would be reduced by a couple of hundred pounds.
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • zippygeorgeandben
    • By zippygeorgeandben 17th Mar 17, 8:05 PM
    • 709 Posts
    • 885 Thanks
    zippygeorgeandben
    So today is my birthday!
    Originally posted by Exerbusi2
    HAPPY BIRTHDAY TO YOU! HAPPY BIRTHDAY TO YOU Another year older, another year greyer (perhaps!?) I couldn't find a cake emoji so you'll have to have the pints!

    I am paying a little money off my CC today (£80), which brings me down to £4,500 - meaning there has been £2,300 paid off since I started!
    Originally posted by Exerbusi2
    Great news - little and often, that's what is working for you. You've come so far since your first post on page 1!

    I'm awaiting payment from a couple of people this month, which should see me slightly more comfortable.

    Slightly concerning, but not a disaster is I'm waiting for around £2,000 in payment from a company.
    Originally posted by Exerbusi2
    Hmm how long will you give them until you chase? and on a totally separate point is it really a week since you went to Bath?!

    I know they're going to pay me, but it's going to be in early April. My mortgage goes out on the 1st, so I'll have to dip into savings to pay that. Of course when I receive the money I can top my savings back up, but I don't like the using cash I have stored bit!
    Originally posted by Exerbusi2
    Neither would I. Do you have payment terms?
    I can't speed that payment up either, which is a shame.

    I've had a slight concern over a company I do some work for, wondering whether or not they were going to continue to use my services. They are happy with my work, but they are undergoing to cost-cutting measures and I wondered if I am on the 'cutting' list. I spoke to the guy in charge there today and he assured me they want to keep my services, which is a relief (they account for around 25% of my income!)
    Originally posted by Exerbusi2
    What a relief - as long as the guy in charge is the guy making the decisions.
    I'm running my project next month too, which has sold out and should see me make (after all costs) around £1500-£1600 profit. I'm going to pay around £1000 off the credit card and stick the rest into savings for tax.
    Originally posted by Exerbusi2
    Great to hear.
    I'm still on target to pay off the CC by 1st January 2018!
    Originally posted by Exerbusi2
    Fantastic although I'm sure you could make it 31st December 2017

    You could have your own Happy New Years Eve Debt Free Party (HNYEDFP)

    Someone has enquired about buying some candles for £260 which would be another great amount off the CC. Plus it would leave space for my partners lego!

    Once again happy birthday Steve!
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 18th Mar 17, 6:58 AM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Hi Zippy!

    I do have payment terms, but it's a massive company and occasionally things get lost in the system. For the most part I'm OK with it, as long as I get the money in the end!

    I'll probably give them until the 7th or so before I chase them. If I do that, I'm laughing really because then I'll get two payments from them, plus my project money in one hit - that'll be around £3,700 in one go!

    As for the NYEDFP, that sounds like a great idea! At the start of this project I wanted to pay off my CC in 22 months. Now it's looking more like 12. I don't want to put any pressure on myself - if it takes longer, it takes longer. I just want to make it as quick as possible!

    As for your candle sales, even better news! £260 is a fantastic little boost. Will that go onto bet repayment?

    I'm taking on a new client today, so that could be a nice little boost to the income!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 18th Mar 17, 9:07 AM
    • 709 Posts
    • 885 Thanks
    zippygeorgeandben
    Good morning! Well, you're up nice and early but that'll be because of the children I guess!
    You seem confident you'll get the money so that's good. New client as well!? What is it you do again?!

    The candle sales will probably go off a debt yes, that's if it comes through. I've had agreements in the past but they've just gone quiet, time wasters really. However this person wants to pay a deposit on PayPal and for me to remove the listing on eBay.
    What will you do with that £3,700 if you get it in one go? What's the plan?
    I've applied and been accepted for a 26 month interest free on purchases credit card. That means I now have three CCs.
    1) The Virgin Money one. Balance £0 - interest free until July 2017.
    2) The Yorkshire Bank one. Balance £0 - interest free on purchases until May 2019
    3) The Sainsburys one. Balance £3394 - promotion rate of 25 months at 0%

    The reason I have done this is that if we go away in the Summer, I won't make the mistake I did last year where I didn't pay the money my sister gave me off it straight away. I will also have just shy of two years to pay this off. My partner is also aware that I won't be able to pay for all of his this year It also means that I feel I'm being a bit more proactive. We have also got an expensive wedding in the middle of August to attend (I might have mentioned the cost of the hotel room in a previous post) and I'm conscious of not being screwed by that!

    I'm a little bit worried that I'm throwing everything at the debt and not preparing myself for these possible eventualities you see, which is why I'd like to be a few hundred in the black just in case.

    Have a great weekend. Off to see Beauty and the Beast today!
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 19th Mar 17, 7:38 AM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    I was up early because of the children, yes! I also have a body clock that wakes me before 7 most days as well!

    I'm sure in selling the candles you'll get time wasters, but I wouldn't accept only a deposit for them to be taken off eBay, unless that deposit is over 50% of the value you wanted - otherwise you could be selling yourself short.

    As for the £3,700, I've promised my girlfriend some new running trainers, which will set me back around £50-£60. Beyond that, it's going to be into savings and paying down the CC - I imagine over £3,200 of it will be paid into savings or on debt, such is how I use my money nowadays!

    I have a couple of payments coming in this week, so I shall probably pay a little more off the credit card today, bringing it down to £4,450!

    Was the show good?
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 19th Mar 17, 10:24 AM
    • 709 Posts
    • 885 Thanks
    zippygeorgeandben
    The show? It was at the cinema - i go about once a year to the cinema as I don't really enjoy the experience however it's my favourite Disney film so had to see the live action remake!
    I'd agreed a price with the buyer and it only had a couple of days to run. Plus I'd listed it a few times with no takers really. To be honest, it's a good deal for both parties because I get some funds and even though I am selling for slightly less than I bought I have to remember that they are using their petrol and it's a bit like the webuyanycar advert, it's saving me time, hassle and convenience. Plus I'm not selling one or two at a time in this transaction, 14 in one lot.

    We are over halfway in the month now and if I do the following calculation;
    SALARY - Direct Debits = SURPLUS, I currently stand at £899.42. I know for the rest of the month that I do have £350 coming out for deposits for nights out but I'll reclaim all that back through friends. I'm just making the initial deposit. I also have £120 against an Ocado shop due today but even thinking cautiously, I should have a couple of hundred to throw at the loan debt as an extra repayment this month.
    I do need to speak with Zopa though and make sure that they are reducing the months of the contract and not the monthly amount as I'll get a better interest rebate with the earlier option.

    I think I need new running trainers. I always buy Brooks ones but after about 12-15 months I somehow manage to make a hole with my toe at the front. Happens all the time and they aren't cheap.
    Plus I don't run that much!
    I was reading your OP before writing this reply. You've certainly done well. Paying the card off in 22 months!? Think your plan has changed.....
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 19th Mar 17, 1:20 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    The show? It was at the cinema - i go about once a year to the cinema as I don't really enjoy the experience however it's my favourite Disney film so had to see the live action remake!
    Originally posted by zippygeorgeandben
    Ah OK! I love the cinema, but we don't often get to go (it's a bit indulgent to get a babysitter to go to the cinema!
    I'd agreed a price with the buyer and it only had a couple of days to run. Plus I'd listed it a few times with no takers really.
    Originally posted by zippygeorgeandben
    In that case, it's a fantastic deal. Well worth going for and it free's up both space and money!
    We are over halfway in the month now and if I do the following calculation;
    SALARY - Direct Debits = SURPLUS, I currently stand at £899.42.
    Originally posted by zippygeorgeandben
    That's very comfortable indeed! Wow! Well done you! Even with the deposits etc you're still pretty comfortable on a monthly basis - that debt'll go away so quickly!
    I do need to speak with Zopa though and make sure that they are reducing the months of the contract and not the monthly amount as I'll get a better interest rebate with the earlier option.
    Originally posted by zippygeorgeandben
    Absolutely. In fact, it may even be an idea to see if they can up the amount slightly and reduce the term, if you can spare the cash that is. If they can, you may be able to shave quite a chunk of time off the loan.
    I think I need new running trainers.
    Originally posted by zippygeorgeandben
    Me too! I left a pair at the gym the other day, which is a pain. They weren't expensive (I train a lot and my job sees me wearing trainers, so I rarely buy expensive ones), but still, it's £35 I'd rather not have to spend!
    I was reading your OP before writing this reply. You've certainly done well. Paying the card off in 22 months!? Think your plan has changed.....
    Originally posted by zippygeorgeandben
    Ha ha! Possibly/probably! I think I what I intend to do is to see where I am financially after I've paid the big chunk off the card when I get paid by the company and my project.

    If I can bring the balance down to around £3,000 (or less) in April, I'd have 7 months to get rid of it within the year. That's potentially possible (it's certainly doable financially - at present I earn enough to do it fairly easily), but I overpay my mortgage by £270 per month, so I'm fighting debt on two fronts so to speak.

    I could always reduce my mortgage payments to the minimum amount, but overpaying has been a big friend of mine when it came to remortgaging last time. Plus, that's a debt at 2.09% and my CC is a debt at 0%.

    I've got the chance to run my project again in October and if I do that, I should be able to clear the debt very easily - that'd certainly see me paying it all off within the year. It largely depends on if I can actually run the project again though as some of the factors are out of my control.

    I'll certainly pay it off in less than the 22 months, as per my original plan. What I'd like to do is pay it off, build up cash reserves to over £5,000 and then assess my financial goals. I'm 34 now, so I want to put myself and my family on a very firm financial footing.
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • C.M.
    • By C.M. 19th Mar 17, 5:19 PM
    • 49 Posts
    • 98 Thanks
    C.M.
    Hi guys - sorry to but in, but zippy - I just wanted to say that Zopa don't do term reductions for over payment, only repayment reductions.

    I was over paying a loan with them last year and when I noticed they had reduced the repayment I phoned and asked them to reduce the term instead, but they told me it wasn't possible.

    I called again the next day...just to try again, as I was sure the person had for it wrong - but it's their policy only to over repayment reductions. What I did was just work out the difference between my original payment and the new one, and then add that to my next over payment, and continued that - I still managed to pay it off 2yrs early
    • zippygeorgeandben
    • By zippygeorgeandben 19th Mar 17, 5:26 PM
    • 709 Posts
    • 885 Thanks
    zippygeorgeandben
    Hi C.M - not butting in at all! Thanks for that information. They were telling me all about amortisation on the phone when I rang last week. Do you think it's a blanket non reduction of the term for anyone who borrows with Zopa then?
    Yes I think I will do what you are suggesting. That way i'll still clear it early but won't recoup as much interest.
    Appreciate you taking the time to respond.
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • C.M.
    • By C.M. 19th Mar 17, 5:30 PM
    • 49 Posts
    • 98 Thanks
    C.M.
    Yeah it seemed to be a blanket policy when I spoke to them - but maybe it's changed since this time last year....you could always try another call just to check, and if it's still the same then just keep bumping up your over payments each month.

    Best of luck
    • zippygeorgeandben
    • By zippygeorgeandben 19th Mar 17, 5:31 PM
    • 709 Posts
    • 885 Thanks
    zippygeorgeandben
    Thanks once again
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 20th Mar 17, 8:22 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    I did something quite abnormal for me today... I spent money on clothes!

    I had a bit of birthday money (around £150) and a pretty desperate need for new clothes, so my girlfriend and I took a trip out to pick up some bits. It was a success - 3 new shirts, 2 new pairs of jeans and a pair of trainers to replace ones I left in the gym on Friday!

    I spent around £250 today, but that's the last money I'll spend on clothes for a little while (although I probably need a new suit for a family wedding).

    I took up Olympic Weightlifting about 18 months ago and now a lot of my clothes don't fit me properly, hence the need to shop!

    I also had my tax payment code through from my accountant, so I need to get that paid this month. There's good and bad in this....

    The good = I will have paid my tax bill.
    The bad = I will have removed my cash buffer.

    I think my intention is to pay all but £1000 of it, which I will then pay when I am paid from my project. It will also mean I will then be able to pay some more money into my savings account, topping up my saving for next years' tax bill.

    I will re-assess my CC repayment plan when I've been paid all of the money I owe, so I know exactly where the land lies. I like to have a few thousand pounds in cash around (it's necessary when I have an annual tax bill), so the money I will be paid may be split £2,000 back into savings, £1,500 on the credit card.

    In reality, until this money is paid back then my figures are purely speculative.

    A strange thing has happened to my psyche though - I feel guilty and perhaps a little exposed when I spend money, which is probably down to my wanting to keep everything neat and tidy financially. I'm sure I'll feel better when I can see over £1000 in cash available to me.

    Finally, I forgot about the £300 my girlfriend owes me towards our family holiday, which will take care of a good chunk of the CC repayments for the next month or two!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • Exerbusi2
    • By Exerbusi2 20th Mar 17, 8:37 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Nice bonus - my CC payment had gone through and knocked my balance down to £4,470!

    I made a payment but because it hadn't come straight off the balance, think I forgot so made a second payment. I now realise the reason it didn't come straight off the balance was because it was made on Friday and so the weekend was the delay!

    I'll have to check back tomorrow to see if I had made a payment the day later. I made end up with a surprise CC balance reduction!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 20th Mar 17, 8:44 PM
    • 709 Posts
    • 885 Thanks
    zippygeorgeandben
    Hi Exerbusi2,
    Well an insightful post from you there! I'm not quite sure I can visualise you now, without thinking of Popeye. It's the Olympic Weightlifting you just threw into the post which made me chuckle! Have you got bulging biceps then! I'll have to see a picture of you sometime!
    To get to the point in question, the guilt about spending. I've commented on this either in our thread, or in another one. I'm trying to save £££s everywhere and I think it's making me resent spending, which is silly as I do have disposable income (like you) but we are both trying to pay our debts off as quick as possible.
    Was your tax bill what you expected? Obviously not being self employed I don't know if the figure you get is what you expected but it's good that you can get it paid.
    Yes re-assess your CC plan when things sort them self out in the wash. I'm a bit like that too really although I'm wanting to make some payments which come out of my budget for this month, not going into April. When I go to Manchester before flying to Egypt, my sister has already suggested we go out for dinner before we fly. I'm saying no as it's £75 I'll spend which I wouldn't do if I wasn't going on holiday with them. If that makes sense?!
    Reading about what your girlfriend owes you, I worked out what my OH owes me yesterday. It's over £500. I know he cannot really afford to pay that. I might just ask him to pay me stuff for this year which adds up to £150 and just forego the rest. Other stuff was hotel rooms/meals out in Summer last year. Things you do for love I guess.
    A conversation we should have sometime is about how you work finances out with your OH, but that's a conversation for another day!
    Anyway, Broadchurch is on soon so enjoy the rest of the evening, and the week!
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 20th Mar 17, 9:17 PM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    Popeye?! Not sure about that. I've lifted weights for 15 years in various forms, so I have the sort of shape that comes with that I suppose!

    The spending thing is odd. I earn far more than I used to (around £45,000 - £50,000), but my outgoings are higher. I have a mortgage, I have the CC, business expenses etc. These take their chunks out of the income. That being said, I do have disposable cash and we live a nice life.

    The tax bill was what I expected. I invested money into the business which allowed me to reduce the tax bill significantly. I had saved money throughout the year for the tax man however.

    I think you've been wise saying no to the dinner. Those £75's add up over time. This weekend we went out as a family for lunch which cost £50, but it's the last time we'll do that for a little while. Maybe when I come back from my work trip!

    As for the couples finances, yeah that's a conversation to have!

    Enjoy Broadchurch...
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
    • zippygeorgeandben
    • By zippygeorgeandben 20th Mar 17, 9:33 PM
    • 709 Posts
    • 885 Thanks
    zippygeorgeandben
    I forgot to say I've got about £400 due out over the next couple of weeks. Deposits for various events I have to pay for up front, and then get the money in dribs and drabs!
    End Sep 2016 End Oct 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2610.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1066.69 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3676.73 Original DFD May 2019.
    • Exerbusi2
    • By Exerbusi2 23rd Mar 17, 10:38 AM
    • 232 Posts
    • 152 Thanks
    Exerbusi2
    My DD payment for my credit card came out yesterday, so that has been paid. I'm also a little confused - I thought I paid extra off yesterday too, but maybe I didn't!

    I'll have to check the bank as I thought I'd paid off another £70, but maybe not!

    It takes 3 working days to be credited to the account, so I'll check back on Friday/Monday and see what has been paid!
    Loan £5000 £0; Overdraft £700 £0
    Savings £0 +£1500; Share Portfolio £0 +£4000
    £0 Credit Card £6800 £1700
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