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  • FIRST POST
    • JoJoC
    • By JoJoC 26th Jan 17, 12:20 PM
    • 1,234Posts
    • 3,931Thanks
    JoJoC
    Getting my shhh together
    • #1
    • 26th Jan 17, 12:20 PM
    Getting my shhh together 26th Jan 17 at 12:20 PM
    It's January 2017 and I want to make a stand against myself.

    I will let me sabotage myself no more and I will take control and make my finances better!

    Where to begin? Good question! Since my husband and I bought our first house together in 2009, we have bad financial decision after bad financial decision. Not through stupidity, but a combination of naivety, laziness and lack of foresight. We are very impulsive people and it's quite tricky to rein that in when it comes to finances but we've had endless talks over the last few months and 2017 is the year that we sort our sh!t out!

    A combination of astronomical childcare costs, unpaid maternity leave, paying the mortgage for our flat when it isn't let (second property) and a few other things has meant that the last 2.5 years have been really tight and we have built up some debt that I really want to reduce. I'll declare it below!

    Credit card 1: £6,000 (on 0% interest)
    Credit card 2: £3,800 (not yet on 0% interest)
    Overdraft: £600
    Owe to MIL: £120
    Owe to uncle: £700

    I CAN tackle this in 2017 because:

    - My eldest son is starting school in August, meaning i'll be saving on nursery fees
    - I have just started a new job and my earnings will increase by around £200 per month
    - My husband is busy with additional work in the form of 'homers' over the next couple of months

    Hurdles/ challenges/ costly things happening:
    - My sister's wedding in September
    - My sister's hen weekend in September
    - It's my mother in law's 60th and we are going away for a few nights to a cottage to celebrate
    - Husband is going on my brother-in-law's stag weekend to Prague
    - We need to save for spending money as my company is paying for myself and husband to go to Thailand for a week for work.

    As you can see, the opportunities to save, to rein in what we are spending and to pay off debts are there, but it's such a busy year of commitments so I know it's going to be hard going.

    How am I going to achieve this?

    Change the setup of our banking
    It's currently one big bank account for all income, bills and spending but that's not working for us at all, particularly because we have massive outgoings so I want to switch to having a bills account, a spending account and a savings account.

    Spend time weekly on budgeting
    I have set up a comprehensive spreadsheet detailing when money comes in, when it goes out, when money is transferred to savings and when money is transferred to spending accounts. I want to ensure that this is kept on target and we aren't left short so I want to spend time every Sunday night when my husband is at football going through our finances and the spreadsheet to make sure everything is running smoothly and tackle any adjustments that need to be made. I'm paid monthly and my husband is paid weekly so it's a tricky balance.

    Striking the balance
    I need to strike the balance between paying off debt that we have and saving up for the things that we've committed to this year - I know if I focus on debt alone, we'll end up further in debt to cover things. Vigilance is the key and I will need to keep on top of what we can and can't afford to do. Considered choices will work best and looking ahead to see what's coming up will help too. I want to tackle the family debt first, particularly as they are the smallest debts and the ones that I feel bad about the most.

    I appreciate that there's a lot of debt-free diaries on here and this one isn't solely about hammering debt, but I think it's important for me to be accountable and I want to make changes rather than plan then just bury my head in the sand.

    Any encouragement along the way would be appreciated!
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
Page 37
    • JoJoC
    • By JoJoC 11th Oct 17, 12:17 PM
    • 1,234 Posts
    • 3,931 Thanks
    JoJoC
    Updated list - things to do to make a difference

    This isn't in any kind of order - just in the order I thought of them.

    1. Sort out tyre pressure as I have an alert in my car to say they're slightly low (keep putting this off because I've never actually done it before in over 10 years of driving...the shame...)

    2. Bring down ALL paperwork from the spare room, sort through it all, throw out all old stuff and put together folders of stuff to keep

    3. Clean make up brushes (I haven't done this in TOO long and keep thikning about it but not doing it)

    4. Clear out all the rubbish and toys from the car - it's become overrun with stuff because I'm only in the car while rushing to get somewhere so 10 minutes will clear the whole thing out and make it nicer to drive in again.

    5. Help my mum to clear out my sister's house while she's on honeymoon - this won't make much of a difference to me, but the help will make a difference to my mum and it'll make a massive difference to my sister when she gets back at the weekend.
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • JoJoC
    • By JoJoC 11th Oct 17, 3:48 PM
    • 1,234 Posts
    • 3,931 Thanks
    JoJoC
    Things to make a difference #1
    #1 is complete.

    What did i do?
    I went to my sister's on my lunch break, even though I didn't really have the time to spare, to help my mum to gut her house. She left for honeymoon the day after her wedding and all of the wedding decor was just dumped in her living room.

    Why did it make a difference?
    It meant my mum didn't need to tackle it herself. It means that my sister and BIL won't come back to a complete shambles after a long flight home. It gave me a break away from my screen.

    What's left on the list?
    1. Sort out tyre pressure as I have an alert in my car to say they're slightly low (keep putting this off because I've never actually done it before in over 10 years of driving...the shame...)

    2. Bring down ALL paperwork from the spare room, sort through it all, throw out all old stuff and put together folders of stuff to keep

    3. Clean make up brushes (I haven't done this in TOO long and keep thikning about it but not doing it)

    4. Clear out all the rubbish and toys from the car - it's become overrun with stuff because I'm only in the car while rushing to get somewhere so 10 minutes will clear the whole thing out and make it nicer to drive in again.

    5. Help my mum to clear out my sister's house while she's on honeymoon - this won't make much of a difference to me, but the help will make a difference to my mum and it'll make a massive difference to my sister when she gets back at the weekend.
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • Rachel24
    • By Rachel24 11th Oct 17, 6:36 PM
    • 87 Posts
    • 281 Thanks
    Rachel24
    Updated list - things to do to make a difference

    This isn't in any kind of order - just in the order I thought of them.

    1. Sort out tyre pressure as I have an alert in my car to say they're slightly low (keep putting this off because I've never actually done it before in over 10 years of driving...the shame...)

    2. Bring down ALL paperwork from the spare room, sort through it all, throw out all old stuff and put together folders of stuff to keep

    3. Clean make up brushes (I haven't done this in TOO long and keep thikning about it but not doing it)

    4. Clear out all the rubbish and toys from the car - it's become overrun with stuff because I'm only in the car while rushing to get somewhere so 10 minutes will clear the whole thing out and make it nicer to drive in again.

    5. Help my mum to clear out my sister's house while she's on honeymoon - this won't make much of a difference to me, but the help will make a difference to my mum and it'll make a massive difference to my sister when she gets back at the weekend.
    Originally posted by JoJoC
    Im going to do something similar jojo. Is this for the week or month? Xx
    • Suffolk lass
    • By Suffolk lass 12th Oct 17, 8:05 AM
    • 1,532 Posts
    • 17,364 Thanks
    Suffolk lass
    Can I check if you (I think it was you) have sorted out the final payment on your car personal finance plan yet? Seeing TOPM post on here re make up brushes made me feel I have been nagging her a bit recently so it might be your turn this morning

    If my memory is working right you have that in the next two months?
    MFiT T4 #2 update 31.2% after Q6
    Save £12k in 2017 #64 - £8833.96 saved (80.31%) after September - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 70.68/75% including stores after July
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • JoJoC
    • By JoJoC 12th Oct 17, 10:09 AM
    • 1,234 Posts
    • 3,931 Thanks
    JoJoC
    Im going to do something similar jojo. Is this for the week or month? Xx
    Originally posted by Rachel24
    DIA and I said that we'd try to do something every week that makes a difference so this should technically last me just over a month. However, I won't limit it to once per week. For example, i'm going to make sure those make up brushes are done by the end of the week!

    I'd like this to be a rolling list - I'll just keep adding to it as I think of things.

    Please do feel free to join us! The more the merrier
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • JoJoC
    • By JoJoC 12th Oct 17, 10:11 AM
    • 1,234 Posts
    • 3,931 Thanks
    JoJoC
    Can I check if you (I think it was you) have sorted out the final payment on your car personal finance plan yet? Seeing TOPM post on here re make up brushes made me feel I have been nagging her a bit recently so it might be your turn this morning

    If my memory is working right you have that in the next two months?
    Originally posted by Suffolk lass
    Thank you for thinking of me, and I do appreciate being nagged now and again, but it's not me! My car finance still has a good two years left on it i think.

    Feel free to nag me about something else though - god knows, i probably need it.
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • Suffolk lass
    • By Suffolk lass 12th Oct 17, 3:59 PM
    • 1,532 Posts
    • 17,364 Thanks
    Suffolk lass
    Thank you for thinking of me, and I do appreciate being nagged now and again, but it's not me! My car finance still has a good two years left on it i think.

    Feel free to nag me about something else though - god knows, i probably need it.
    Originally posted by JoJoC
    MFiT T4 #2 update 31.2% after Q6
    Save £12k in 2017 #64 - £8833.96 saved (80.31%) after September - my annual target is £11,000
    OS Grocery Challenge 2017 budget of £3,600 £3000 (reduced from Apr) - 70.68/75% including stores after July
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • doingitanyway
    • By doingitanyway 12th Oct 17, 9:59 PM
    • 1,996 Posts
    • 9,137 Thanks
    doingitanyway
    DIA and I said that we'd try to do something every week that makes a difference so this should technically last me just over a month. However, I won't limit it to once per week. For example, i'm going to make sure those make up brushes are done by the end of the week!
    Originally posted by JoJoC
    I like the idea of one thing a week. I like the idea of a rolling list too. I had a few down days but I am not out I did my pension statement forecast (forward planning )
    Have a good day tomorrow
    JANUARY 2016/SECURED DEBT=24,822/September 2017=5,250
    MORTGAGE FREE 25/07/16
    • JoJoC
    • By JoJoC 20th Oct 17, 12:20 PM
    • 1,234 Posts
    • 3,931 Thanks
    JoJoC
    I haven't been around this week because of the school holidays - it's been a busy week! I also probably won't be around a great deal for the next couple of weeks as I'm travelling long haul with work so will just be popping in when I can.

    We have been really spendy the last couple of days and it's only going to get worse. I have bought a few Christmas presents, ordered travel money for our upcoming trip, replenished a lot of household items that we were running out of... we still need to buy some bits for going away too like shorts for my husband, sun cream etc.

    We just booked our family holiday for Easter next year (paid 25% deposit) but this was taken out of our holiday fund which is down to only £300 now. We'll be saving for the rest to pay in March 2018.

    I have also just purchased tickets, flights and accommodation for a gig next summer. I wasn't planning on doing one of these trips next year but it's a band that I've always wanted to see and they only have two dates (both are 300+ miles from where I live) so just bit the bullet and did it. It's my 30th next year so it's a treat for that and there's 8 of us going.

    Anyway, the above feels a bit like a massive confession (maybe it is) but it helps to write it all down
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • helsbell
    • By helsbell 21st Oct 17, 8:06 AM
    • 83 Posts
    • 281 Thanks
    helsbell
    I find it hard to spend money as well now, mindset well and truly changed! Everything you've mentioned has sound reasoning behind it though. We can't live without celebrating the things that are important to us.

    I hope you and your husband enjoy your time away. Are the children staying here?
    August 2017 B'card £5006.83 BoS £1086.59 DFD November 2020
    • JoJoC
    • By JoJoC 21st Oct 17, 9:32 AM
    • 1,234 Posts
    • 3,931 Thanks
    JoJoC
    Thanks for stopping by Helsbell - yes, the children are staying at home this time. My first trip next week is a work trip, the second (the following week) is a work trip which will involve some work but also company gathering with partners. It just so happens this year it's long haul. Great opportunity for a free trip to Asia (somewhere we've never been) but it's a shame leaving the kids behind. It'd be far too long a trip for a 2 and 4 year old for five days anyway.

    However, the holiday that we've just booked for next year is a family holiday for the four of us and I can't wait to take them away properly for the first time.

    I'm the same as you - I find it difficult to spend money like this, especially when I feel like we've been doing really well with saving up but I need to remember that the aim of these savings was always to get us through 2017 - our most expensive year for a while - and to take the kids away on holiday. These are mostly planned spends, it's just crazy when it all comes at once.

    My husband also just forked out £150 on getting his car through its MOT and the following day his alternator went so that was another £200. Again, it all just came out of our savings pot but it's taken a significant hit in the last few weeks and it's definitely depressing to see it so low.

    I need to remember that this time last year, i'd have just been firing all of this on a credit card and that's not happened at all this year so I can be pleased about that progress at least

    Do you have a diary Helsbell?
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • doingitanyway
    • By doingitanyway 21st Oct 17, 10:31 AM
    • 1,996 Posts
    • 9,137 Thanks
    doingitanyway
    The holiday is essential spending in my book and the gig sounds like a well deserved birthday treat. We still have to live! You are only 30 once...

    Bad luck about the alternator (whatever one is) but that is what the emergency fund is for...

    I wish I was a switched on as you when I was 30.

    Have a good weekend
    JANUARY 2016/SECURED DEBT=24,822/September 2017=5,250
    MORTGAGE FREE 25/07/16
    • helsbell
    • By helsbell 21st Oct 17, 6:32 PM
    • 83 Posts
    • 281 Thanks
    helsbell
    I agree it's hard when it all comes at once, but as you say you had very specific savings targets and that's the things you're paying for (mostly). Still, it would be better if you could pay for things and your balance stay the same

    I do have a diary. It's called Finding strength and balance. I have know idea how to link to it on this useless tablet though
    August 2017 B'card £5006.83 BoS £1086.59 DFD November 2020
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