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  • FIRST POST
    • Money Rollercoaster
    • By Money Rollercoaster 2nd Mar 17, 1:58 PM
    • 246Posts
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    Money Rollercoaster
    Money Rollercoaster - maximum headroom 6'2"
    • #1
    • 2nd Mar 17, 1:58 PM
    Money Rollercoaster - maximum headroom 6'2" 2nd Mar 17 at 1:58 PM
    I've had a tricky time with credit over the past decade or so. In the early noughties, my credit card balances started creeping up. I got a loan in 2005 to 'help' but actually, 6 years later, I was in exactly the same spot, another pile of CC debt and another (bigger) loan to try and square things up. I bought things I didn't need and couldn't afford (compulsively) and buried my head in the sand, hiding the extent of my problem from myself and being secretive at home.

    Thank heavens then that I got to the end of 2013 and had my LBM. Facing nearly £18k of loan and CC debt, with very little to show for it, I turned over a new leaf of sorts. I started budgeting again and really squeezed my monthly budget to the max, so I could pay off my debt. As it stands now, I use one CC for monthly spend, which is always paid off at statement date and another on a 0% which is the residual £2,500 from previous spending / CCs. I intend to clear this before Christmas 2017, but more likely some time during the summer.

    Despite the above, I do have a difficult relationship with money. I have a tendency to buy on impulse and often, the urge to do this is related to mood swings. This week, for example, I put a £2,000 television in my virtual shopping basket! Fortunately, I know that I don't actually have a spare £2k either now or when the CC statement would bill and more to the point, I think my missus would stamp on my testicles if a £2k telly suddenly arrived. Anyway, you get the idea ... I have to battle against an ever present risk of frivolous and frankly dangerous expenditure.

    This is where you come in, good people - in exchange for me sharing how terrible I am with money, you get to give me support and tell me not to be so stupid, when I post that I really want to buy something outlandish.

    Deal?
    Last edited by Money Rollercoaster; 06-03-2017 at 12:19 PM.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
Page 1
    • Money Rollercoaster
    • By Money Rollercoaster 2nd Mar 17, 3:01 PM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    • #2
    • 2nd Mar 17, 3:01 PM
    • #2
    • 2nd Mar 17, 3:01 PM
    You see, this is why the DFD is a good thing. I can share my frustration.

    I've just realised that I'll have about £750 to pay out in car tax and insurance in June, so that means my debt free date for that CC balance isn't likely to be early or even mid-summer ... more likely late-summer/autumn. It's going to largely wipe out my piddly savings pot. Grrrr.

    On the upside, at least I've thought about it now and I'm not arriving at June without having made some provision for it! Hooray for budgeting.
    Last edited by Money Rollercoaster; 06-03-2017 at 12:20 PM.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Bobarella
    • By Bobarella 2nd Mar 17, 7:04 PM
    • 10,476 Posts
    • 69,666 Thanks
    Bobarella
    • #3
    • 2nd Mar 17, 7:04 PM
    • #3
    • 2nd Mar 17, 7:04 PM
    Well done for starting your diary, good luck with it all.
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • Money Rollercoaster
    • By Money Rollercoaster 2nd Mar 17, 7:51 PM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    • #4
    • 2nd Mar 17, 7:51 PM
    • #4
    • 2nd Mar 17, 7:51 PM
    Hey, thanks for dropping in. Looks like this is a big month for you ... DFD is looming. Good luck!
    Last edited by Money Rollercoaster; 06-03-2017 at 12:20 PM.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Money Rollercoaster
    • By Money Rollercoaster 4th Mar 17, 9:26 AM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    • #5
    • 4th Mar 17, 9:26 AM
    • #5
    • 4th Mar 17, 9:26 AM
    Ok, another day. Just cleared my balance on the Barclaycard (which I do every month anyway) and my DD against my long term balance has just gone out, making that balance now £2,250. It always amazes me that within just a few short days from pay day, my balance drops more than 90% by the time all these payments go out. Had to pass on a curry night last night as I'm feeling the pinch and I've got a birthday do next week involving a night away.

    I always have a weird feeling at this time of the month. All my debt payments have gone out and I'm just left with a couple of DDs for things like the phone, and even though I have a budget and stick to it pretty solidly, I still look at that CC balance and wish I could get it down faster.

    However, it has been helpful to realise that actually, I don't have a huge amount spare monthly and if I do go off the rails and buy something in the thousands (which has happened numerous times in the past), I'd be saddled for months or years paying for it (unless I've saved for it). So far, that has helped steer me away from silly purchases.
    Last edited by Money Rollercoaster; 06-03-2017 at 12:21 PM.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • ChasingSunshine
    • By ChasingSunshine 4th Mar 17, 11:15 AM
    • 101 Posts
    • 864 Thanks
    ChasingSunshine
    • #6
    • 4th Mar 17, 11:15 AM
    • #6
    • 4th Mar 17, 11:15 AM
    Good luck with clearing the last of it. Recognising where the problem lies makes it much easier to avoid those impulse purchases that derail the budget plans.
    • Money Rollercoaster
    • By Money Rollercoaster 6th Mar 17, 8:27 AM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    • #7
    • 6th Mar 17, 8:27 AM
    • #7
    • 6th Mar 17, 8:27 AM
    A bit of a wobbly start to yesterday. I had back-ache and really had a negative feeling. Seriously, I wasn't sure I should be around anyone. I don't know if you get that at all, but I do and sometimes it's really tricky to shake it.

    Anyway, me and the kids ended up down in the woods making dens. That gave me something positive to focus on and I felt a heap better. It really was lovely to see them having fun.

    Back in the world of high finance ... I started the day with a £20 note, did some dodgy exchanging with the kids savings pots and ended up with £7 for my Christmas savings pot, a tenner and £1 which I spent on car parking. So, I'm starting the week with my tenner and my trusty (not real) trolley pound!


    I did buy a book for my nephews' (plural) birthday, which was silly cheap on Amazon. Looking at my cash budget, I've got about £200 after all payments have gone out. however, I've got to keep back nearly £50 for an ebay refund (bloomin' dodgy buyer!!) and we have a night away and a meal out to pay for at the weekend, so I can foresee a looooonnnggg month, financially. I think I might start a petition to make months shorter (while maintaining my monthly salary at the same level). I'm sure I could get a lot of support on here!
    Last edited by Money Rollercoaster; 06-03-2017 at 12:22 PM.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Money Rollercoaster
    • By Money Rollercoaster 8th Mar 17, 9:00 AM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    • #8
    • 8th Mar 17, 9:00 AM
    • #8
    • 8th Mar 17, 9:00 AM
    I pay £300 for a personal loan (car) every month. Yesterday, I set up a standing order to over pay a further £175 PCM. I'd rung Sainsburys to inform them I'd be doing so. The loan term was originally 60 months (yes, I know ...) but I figured that A. it was a new car B. I would want to keep it for 6 years and C. I could over pay and bring that term down / settle early as I have done in the past. So, I've set up the overpayment thing and I would still need to save a further £100+ PCM to get the loan paid off within 3-4 years. I do save, but at the moment it's difficult to tell whether that saving money will hang around to be used to reduce the loan term ... as I've already noted, I have to raid that pot for insurance and car tax and most likely Christmas present money.


    I have some sympathy for you WorriedDan, forever checking your balances, progress and the minute details of your budget. I always think there's got to be a smidge more latitude in my budget ... there rarely is.


    Still, today is a good day. I'm volunteering at School with crafts this afternoon and I'm going to work like a b this morning, fuelled by strong coffee and DnB - the magic formula.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Money Rollercoaster
    • By Money Rollercoaster 9th Mar 17, 10:02 AM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    • #9
    • 9th Mar 17, 10:02 AM
    • #9
    • 9th Mar 17, 10:02 AM
    Nothing to report today really. I do have to stop looking at Amazon deals of the day though ... this morning they had a coffee machine which was dangerous as I do love coffee. Anyway ... while writing this I've just nipped back to the Amazon site and removed the offending item from my basket. Hooray for will-power!


    Re-did my monthly budget for the rest of 2017 yesterday. So, on top of overpaying the loan, I should be clear of the 0% CC balance by Christmas and I've bumped up payments to our mortgage so we are overpaying there by about a quarter, which is something at least. Our mortgage grew about 5 years ago due to having a lot of work done on the house, so I'd like to get that back down to reasonable proportions and ultimately look at shaving some years off the term.


    Only recently started putting into a pension, after leaving a position with a local govt pension about 15 years ago. A pitiful amount going in at present, so I've got to find yet more slack in the budget to bump that up. I honestly don't know where to look to find yet more magic money!


    I don't know whether other people find this, but sometimes money matters for couples can be complicated and frustrating. I look at my missus and she's fortunate enough to have had a reasonable pension payment going out (and decent employer contributions) for the whole time I've been shouldering CC / loan debts and putting nothing away for crumbly-dom. I had it in my mind that we would have a look at everything when we re-mortgaged last October, but as we went onto a new deal with the same provider we never really had to sit down and think about things for any great length of time. I think that talk is probably overdue. Hell, I might even hand over responsibility for sorting all the bills and insurances out etc ... she might save us some money!
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Money Rollercoaster
    • By Money Rollercoaster 13th Mar 17, 10:56 AM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    OK, feeling like I'm 1 step forward 2 steps back this week. I'm sure this is common.

    Weekend away was more expensive than expected. The hotel + food + fuel was north of £250, which I know is probably not desperate for a family of 4, but it still left me feeling a bit glum when my budget for it was pretty much nought. Missus is helping with the cost, fortunately, so it's not as bleak as it could be. I find it hard sometimes relaxing into these social events when my gut instinct was originally to not go at all. That's sometimes the challenge for me ... I know I need to make more of life, but I've just got the overwhelming feeling that I'm not really in a position to. I'm pretty sure this is a personality disorder more than a financial one ...

    Next month's Barclaycard bill is going to be nearly £600. I have made provision for it in my budget, by stripping this month and next month's money to the bone. BUT, at least I'll have it. On the positive side, I'll have £9 to take off that balance from cashback earned on the Amex ... woohoo!

    With my adjustments to my loan payments and the recent Barclaycard spend, the savings balance will look pretty depleted next month, casting doubt in my mind about the prospect of paying off my 0% CC card late summer, as hoped. I'm not at risk of drifting into interest bearing territory, but still ... I'm going to arrive pretty much at CHRISTMAS still paying the blessed thing off at this rate.

    I think I'm going to have to do some more ebaying / selling. I've got a bike which I can sell, so I'll probably look at what I might get for that. I already know that even though it's seen pretty much zero use, I'll be lucky to make back 50% of its cost. Selling it would, however, make a dent in my debt balance (and make it easier to get in the garage!). I've made my mind up to sell it before and haven't (largely because of the WASTE of the money put into it originally), so we'll see if I can actually do it this time ...
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Money Rollercoaster
    • By Money Rollercoaster 15th Mar 17, 4:48 PM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    Well, no progress yet with selling things as I've been flat out with work. I have however reviewed my planned overpayments to the car loan. I've set the DD at a funny figure (£160.19) which should see the loan paid off in Dec 2020, which is reducing the original term by 2 years. I would imagine that at some point in that fourth year I'll be able to get a settlement figure and either clear it from savings, saving more interest. I just hope I'll actually manage to amass some savings ...

    If I can stick to this plan, I'll be delighted. I don't really think it's an option not to. If I'd let the loan run its course without overpaying I'd still owe more than £7k at Dec 2020 ... negative equity, anyone?
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Bobarella
    • By Bobarella 15th Mar 17, 10:27 PM
    • 10,476 Posts
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    Bobarella
    That's great to get two years knocked off!!
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • Money Rollercoaster
    • By Money Rollercoaster 15th Mar 17, 10:54 PM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    Yes ... it's only when you look at these things in the cold light of day, after the buzz of crazy expenditure (a new car) that you think .... damn, that's a lot of money to be shelling out every month for 3 years or more! When I bought the car, it was all about the wanting and I justified it in questionable ways, but hey ... I'm here now. There's no selling it and it is a nice vehicle, but damn ... the MONEY!!!
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Happier Me
    • By Happier Me 16th Mar 17, 6:31 AM
    • 375 Posts
    • 815 Thanks
    Happier Me
    Hi Money Rollercoaster

    I just wanted to wish you all the best and to say that I can relate to the urge to spend (and so can my husband). It is a battle to be sensible and sometimes it can suck the fun out of things.

    We have debt, all on interest free cards and a mortgage, that we're aiming to pay off in the next 2.5 years or so without touching our savings. But to do this we need to live within the budget we have set. Our budget has plenty of wiggle room for entertainment and 'stuff' but we regularly overspend. The concept of cutting back on x because we have spent y on a big purchase is completely alien to my husband. But since Christmas I have been much stricter with our spends and despite having a weekend away (£400), replacing the washer (£270), birthdays (£200), school trip (£250), buying theatre tickets (£190) and spending (£330) on the garden, we are still within budget because we have cut back elsewhere (no takeaways since Christmas). DH isn't overly impressed with the new, improved me but he's tolerating the changes for the time being.

    So good luck and keep strong, just think how great you will feel making that last debt repayment!
    • Money Rollercoaster
    • By Money Rollercoaster 16th Mar 17, 10:41 AM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    Hey! Thanks for popping in. I wish I had more wiggle room to be honest, but I'm determined to clear this last CC this year and really stick to the plan to get the car paid off (well) before it reaches its 5th birthday (June '21). I'm pleased I paid for a service plan up front - even though I had to add that to the loan, I know the individual services would be more expensive and I'd likely be hunting around for the money to pay for them too!


    Well done on only paying £270 for the washer ... we seem to be permanently washing and like you had to shell out for a new one a couple of months back. If I'm honest with myself, yes we needed one, but it probably didn't need to be the model we ended up buying ... still, on the up-side it does have a 5 year warranty.


    It made me laugh when you said you'd spent £330 on the garden ... I'd be able to buy a lot of Round Up for that sort of money!


    Anyway, you keep DH in check ... I wish I'd had a bit more guidance from the better half over the years!
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Money Rollercoaster
    • By Money Rollercoaster 20th Mar 17, 1:59 PM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    Feeling a bit glum about the general slog this week. Got ages to go on the car loan, months left on the CC, lots of tight months in the middle and I still haven't got anything meaningful going into the pension. I'm not getting any younger either.


    Our poor dog is going in for an op tomorrow, which is likely to be £700+. I hate going to the vet - the money is a pain, sure, but dropping off your dog for surgery is very worrying. We've got a bit of money squirrelled away which we're using and hopefully I'm worrying for nothing. She's not getting younger either, bless her.


    Just got the credit card statement from Virgin. Got £860 on 0% expiring in Oct and a further £1,300 expiring next Sept (0%). This is the one I'm really desperate to clear this year. I did think about perhaps reducing my monthly payment to something like £130, which would ensure that the first balance was clear before expiry and then save the remainder of my normal monthly payment to get the interest on it (a further £150) before clearing the remainder of the debt from savings. Then I thought ... I'm not sure I can be bothered! I think I'm better chipping away at it as I have done, so I can make my last payment in Nov (as planned) without other complications.


    Barclays is a bit hefty this month, but pretty much as expected. Statement for that posts tomorrow, so no shopping / refuelling until that's occurred! My poor savings pot ...
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Bobarella
    • By Bobarella 20th Mar 17, 2:05 PM
    • 10,476 Posts
    • 69,666 Thanks
    Bobarella
    Really hope your dog is ok. I'd be feeling worried too.

    When I feel overwhelmed about money stuff I try and only look at it monthly. And come up with some smaller goals. If you look at the big picture all at once it's too scary. Well that works for me anyway.

    At least you are trying your best, no one can do more. Keep going.
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • Money Rollercoaster
    • By Money Rollercoaster 20th Mar 17, 2:42 PM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    You're right of course ... I've got things set up about as well as I can at the moment, moneywise. I'm ending the month with at least a few p left in the bank and everything gets paid, saved or knocked off the debts. No use in dwelling on it too often.


    Hope I can post back with some positive news tomorrow / Weds re dog ...
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Money Rollercoaster
    • By Money Rollercoaster 22nd Mar 17, 10:09 AM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    All good news today ...


    The dog op went well. We're pleased to get her back home. She's currently sporting one of the kids' t-shirts to cover up the stitches. Hopefully no more ops for the near future!


    Second dose of good news was that the vet bill was about £60 cheaper than we thought it would be.


    Third dose of good news was that yesterday was CC statement day and the vet bill didn't make the statement, so we'll not have to clear that from the CC until it gets taken on our May DD. All that time we can make about 80p on it in our savings account


    Finally, the payment was made on our Barc duo cashback card, so we'll have earned a further £3 or so in cashback.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • Money Rollercoaster
    • By Money Rollercoaster 3rd Apr 17, 3:01 PM
    • 246 Posts
    • 601 Thanks
    Money Rollercoaster
    Well, the Barclaycard is currently empty, barring a lunch out with the kids yesterday. Was a total B to sort at pay-day as I had to raid two savings pots to help make the payment.

    The Virgin card is below £2k and we're on target for pay off before Christmas.

    At present, I should have enough saved to cover the car insurance in one go when it falls due in June. Similarly, by the time I get to June, car tax should also be covered.


    A bit P'd off that actually, I've only reduced my total debt by £966.85 since Jan 1st, despite having paid £1,361.63 in car loan payments and £927.72 in CC payments ... this is THE CHRISTMAS EFFECT. Note to self ... Christmas 2017 is cancelled.

    Had an invite to go out last night with mates. Sometimes it's hard when you have to dodge these things ... I've got £61.18 to last until 28th April (thankfully that's after all commitments have been paid!). They are planning a curry / beer out later in the month which I might have to sidestep too. Trouble is, you can't dodge too many of these things otherwise you stop getting asked ...

    Overall, I'm feeling like the formula is wrong this month. Historically, when I've been feeling under this sort of pressure financially, I have gone off the rails. I'd like not to fall into that trap this time. There's a good chance that, come the summer, I'll feel more positive, I certainly hope so ...
    Last edited by Money Rollercoaster; 03-04-2017 at 7:01 PM.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
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