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  • FIRST POST
    • Mummy_bear
    • By Mummy_bear 4th Jun 17, 9:02 AM
    • 234Posts
    • 914Thanks
    Mummy_bear
    On a Mission
    • #1
    • 4th Jun 17, 9:02 AM
    On a Mission 4th Jun 17 at 9:02 AM
    So this is me holding myself accountable, publicly, albeit anonymously, for my spending.


    To be fair I'm not so bad, sort of, ish.


    DH on the other hand has issues!!


    Why am I doing a Diary? Well it all came to a head when DH spent his entire wage (£1500) within a week of being paid. Of course a portion of this went to bills etc. But equally a lot was wasted on games for his playstation.


    It's frustrating because between us we bring in over £3k a month and literally have nothing at the end of it. I'm sick of it.


    So I've took on this challenge. I will do my utmost to rein DH in and fully intend to get us out of this debt.


    My intention is to tackle the different debt one at time.


    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


    I'm going to list our current debt.... GULP


    Outstanding on Mortgage - £84451
    Credit Card 1 - £2803.37 - interest free for 2 yrs
    Credit Card 2 - £1490 - interest free for 2 yrs
    Hitachi finance (for new Boiler) £3093 (includes interest)
    Littlewoods £518 (includes interest)
    Next £444
    Newlook (DH has no idea about this eeek) £130
    Loan 1 - £10865
    Loan 2 - £5964
    My overdraft currently stands at £150
    Dh's overdraft £700


    DH got a loan out last October - not sure what is outstanding on that so I'll have to update on that later.
    I do know that it's £155.12 a month payment.


    DH also has finance on a bicycle - again I need to get the outstanding on that
    Finance for a new TV - he got this against my advice - total amount was £899 - obtained earlier this yr - need the outstanding


    AND - he's recently took up a hobby that's resulted in the purchase, finance, for some items - again need to total figure on that one.


    See - he likes to buy things


    Without knowing DH's total outstanding I've totted up known figures.
    So including the mortgage we owe at least £110,608.37





    I also have a student loan that's £150 out of my wage every month. I believe I'm due my yearly statement this month so I can see what is outstanding hopefully. With 2 lots of Mat leave in the last 5 years it's taken longer to pay off. I'm hoping that I'm nearing the end though as that would be a huge help once gone.


    I do have some good habits!


    I overpay on our Mortgage. I think it's a monthly overpayment of around £120. I'll have to double check. Been doing that for years although previously the overpayments were more I the region of £75.


    I think initially I will concentrate efforts on overpaying the Hitachi finance and the Littlewoods account. Luckily with the Littlewoods account that is a buy now pay later (expires Jan) and I'm well on course to pay that off in time.


    With the Hitachi finance I currently pay just under £72 a month. I was the shittiest deal ever. However, it was Dec 2012. Our ancient boiler died. I was on mat leave. We needed a new boiler and in desperation took up the worst ever deal from British Gas. Ugh - shameful. I then just let it run it's course. I don't have figures at hand but I believe it was an 8 year deal and a disgusting interest rate.
    I logged into the account yesterday and found that it ends in Dec 2020. If I make just £18 a month overpayment it could end in Jan 2020!! I'm unbelievable peeved at myself for not concentrating on getting rid of this sooner. So that is my main goal!


    I aim to update at least once a week.


    By for now
    Last edited by Mummy_bear; 04-06-2017 at 9:05 AM.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5400.86/£37139.86 14.54% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3073.82/£9091.72 33.8% paid
Page 1
    • ChasingSunshine
    • By ChasingSunshine 4th Jun 17, 9:14 AM
    • 100 Posts
    • 857 Thanks
    ChasingSunshine
    • #2
    • 4th Jun 17, 9:14 AM
    • #2
    • 4th Jun 17, 9:14 AM
    Just wanted to say good luck.

    I know you are starting to look at the interest rates on the different debts now but maybe instead of overpaying the mortgage at the moment you could direct that money to the debts with higher interest and clear them first. Play around with the snowball calculators for ideas.

    Hope your DH gets on board with debt busting. Maybe completing a SOA, even if you don't post it here, will help even if just to make small changes which all add up.
    • Mummy_bear
    • By Mummy_bear 4th Jun 17, 9:45 AM
    • 234 Posts
    • 914 Thanks
    Mummy_bear
    • #3
    • 4th Jun 17, 9:45 AM
    • #3
    • 4th Jun 17, 9:45 AM
    Hi,


    thanks for your comment.


    I have contemplated using the mortgage overpayment elsewhere. However, we're currently on the standard variable rate with our Mortgage provider. It's actually really a really good rate at the moment. I looked into getting a better deal else where and no one could match it.


    We pay 478 a month at the moment which includes the over payment.


    The way I saw it if bank of England interest rates were to increase I have a buffer in place until we got a better deal else where.


    Now I may be wrong on this and totally welcome advice of other more experienced financially than I.


    Also of note, we took the Mortgage out in August 2007. It was a 100+% Mortgage We desperately wanted on the property market at the time. A few months later the Mortgage market crashed and property values decreased. Anyway, it meant we were in negative equity for years. I think we've only just got into positive equity. It has meant that we've been a little stuck for years to even consider getting a better Mortgage deal.


    I will, however, re look into this
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5400.86/£37139.86 14.54% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3073.82/£9091.72 33.8% paid
    • ChasingSunshine
    • By ChasingSunshine 5th Jun 17, 8:19 AM
    • 100 Posts
    • 857 Thanks
    ChasingSunshine
    • #4
    • 5th Jun 17, 8:19 AM
    • #4
    • 5th Jun 17, 8:19 AM
    Yes can see why paying the extra to your mortgage is a good idea. Obviously being in negative equity changes the whole thing. Would the bank allow you to take a payment holiday if rates rose and you needed that buffer?
    Subscribed and will follow along with your updates.
    CS
    • Mummy_bear
    • By Mummy_bear 5th Jun 17, 4:47 PM
    • 234 Posts
    • 914 Thanks
    Mummy_bear
    • #5
    • 5th Jun 17, 4:47 PM
    • #5
    • 5th Jun 17, 4:47 PM
    Yes can see why paying the extra to your mortgage is a good idea. Obviously being in negative equity changes the whole thing. Would the bank allow you to take a payment holiday if rates rose and you needed that buffer?
    Subscribed and will follow along with your updates.
    CS
    Originally posted by ChasingSunshine

    Hi,


    Thanks for the subscription


    The mortgage is with the Alliance and Leicester. I remember calling them up around 5 years ago whilst on Mat leave to see if they offered payment holidays and they said not.


    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~


    Today I've had a mini success and I'm hoping this is the start of a change to my mindset.
    On a Monday and Tuesday I have to pay for parking at work - £4.60 a day. Something I always budget for. Today I drove around a bit and managed to find a rare free car park space. This does occasionally happen and I would normally just waste the £4.60 saved on buying food or something else I don't actually need. Today I immediately used that £4.60 saved to pay towards the Hitachi loan.


    I feel great for doing that. It's a little victory.


    Other than buying a loaf of bread later I won't have spent any other money today.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5400.86/£37139.86 14.54% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3073.82/£9091.72 33.8% paid
    • FoxFace
    • By FoxFace 6th Jun 17, 6:55 AM
    • 238 Posts
    • 2,577 Thanks
    FoxFace
    • #6
    • 6th Jun 17, 6:55 AM
    • #6
    • 6th Jun 17, 6:55 AM
    Good luck!
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • MatthewAinsworth
    • By MatthewAinsworth 6th Jun 17, 7:15 AM
    • 2,840 Posts
    • 1,136 Thanks
    MatthewAinsworth
    • #7
    • 6th Jun 17, 7:15 AM
    • #7
    • 6th Jun 17, 7:15 AM
    Games always drop to £5 eventually, though it may take several years, I only ever spend more than that on a game if I really want it (ie £10). This way he's still picking up games at the same rate, but a few years behind the curve, no different than being born a few years earlier
    • Mummy_bear
    • By Mummy_bear 6th Jun 17, 6:57 PM
    • 234 Posts
    • 914 Thanks
    Mummy_bear
    • #8
    • 6th Jun 17, 6:57 PM
    • #8
    • 6th Jun 17, 6:57 PM
    Games always drop to £5 eventually, though it may take several years, I only ever spend more than that on a game if I really want it (ie £10). This way he's still picking up games at the same rate, but a few years behind the curve, no different than being born a few years earlier
    Originally posted by MatthewAinsworth
    Hi Matthew, I've said this for years to the DH . He keeps convincing himself that the latest big spend on a Playstation game will keep him out of trouble for months and he won't have a need to spend anything else. It never ever works like that. He has taken the steps to remove his card details from the playstation account as that made it way too easy for him to accidentally on purpose purchase a game. A step forward at least


    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Today I managed to put £1 towards the Hitachi loan. I had to pay for parking today but due to finishing earlier I didn't need the usual length on the parking ticket. As such I saved £1

    No other spending today

    What was really good to see was that before these two little payments the outstanding on the loan was £ 3,021.90. Paying off £5.60 over the last two days brings the out standing to £3,014.12 - a difference of £7.78. chipping away like this does make a difference
    Last edited by Mummy_bear; 06-06-2017 at 7:01 PM.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5400.86/£37139.86 14.54% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3073.82/£9091.72 33.8% paid
    • MatthewAinsworth
    • By MatthewAinsworth 6th Jun 17, 9:06 PM
    • 2,840 Posts
    • 1,136 Thanks
    MatthewAinsworth
    • #9
    • 6th Jun 17, 9:06 PM
    • #9
    • 6th Jun 17, 9:06 PM
    Mummybear - I think he should standing order some bill money to you on payday so what is left behind is his budget, and I always think in terms of "how many hours would I have to work to earn this" - that sort of thinking might scare him off of it.

    When you think about what gaming is, it's pretending to work, just in more exotic jobs

    Some genres seem really tired, so enjoy something innovative

    I occasionally find an old series that I previously missed and get sucked into - ie I bought Mass Effect 3, a space game for £5 because space was the only genre I hadnt explored (and everything else I was tired of) - i loved it, kept me going for many evenings and now bought the previous mass effect 2, also if you see a new version of a game, consider buying the version before to delay buying it (and get into/explore the franchise)

    I was never into online gaming as I find it far to serious and competitive and bullysome to be fun, I always crank the difficulty down to 'very easy' because I don't enjoy losing and just want the story, and quite often it's still challenging

    Also Freemium games can keep you occupied for a long long time if you resist the urge to spend
    • MatthewAinsworth
    • By MatthewAinsworth 6th Jun 17, 9:07 PM
    • 2,840 Posts
    • 1,136 Thanks
    MatthewAinsworth
    Or perhaps get him into reading newspapers or blogging
    • clearmydebts
    • By clearmydebts 6th Jun 17, 10:54 PM
    • 6,079 Posts
    • 17,548 Thanks
    clearmydebts
    Good luck!!!
    Total debt (starting September 2016): €22,473/€27,000
    BOI credit card: €6,000/€7,000
    Loan:€16,473/
    Savings: €600
    • Treadingonplaymobil
    • By Treadingonplaymobil 7th Jun 17, 5:27 AM
    • 1,012 Posts
    • 9,338 Thanks
    Treadingonplaymobil
    Good luck! My DH wasn't appalling with money, but he was a mindless spender. It took him a few months longer than me to get with the MSE program, but he's pretty good now.
    £67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017/DFD: £58,608.13/1st Dec 2026
    debt on 2nd Aug 17/DFD: £55,011.96/1st May 2025
    • Mummy_bear
    • By Mummy_bear 7th Jun 17, 5:13 PM
    • 234 Posts
    • 914 Thanks
    Mummy_bear
    Mummybear - I think he should standing order some bill money to you on payday so what is left behind is his budget, and I always think in terms of "how many hours would I have to work to earn this" - that sort of thinking might scare him off of it.
    Originally posted by MatthewAinsworth

    Funny you mention this.


    DH has always had issues spending. Years ago before kids I did this exact thing. He had his own account where a monthly 'pocket money' budget went in. However, it soon went and his overdraft would get bigger. Everyone used to say I was horrible for essentially giving him pocket money - but it had to be done. I wish I was stricter though


    We had an open conversation about his spending. He says he's not sure why he does it. It's like he can't handle having money and that he feels he has to get rid of it, by just buying crap. He does it thoughtlessly and only later see's the consequences
    I'm glad he doesn't gamble.


    I'm hopeful I can work on changing his ways and convince him that giving me all his money (to pay off debts) is just as good as wasting it on the latest gadget or game.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5400.86/£37139.86 14.54% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3073.82/£9091.72 33.8% paid
    • MatthewAinsworth
    • By MatthewAinsworth 7th Jun 17, 6:01 PM
    • 2,840 Posts
    • 1,136 Thanks
    MatthewAinsworth
    Lol giving it to you can get it out of his hands!

    I do agree with pocket money idea, he needs it, I believe it's done in Japan. My old boss who retired last year used to get pocket money for cakes lol.

    Money does burn a hole on my pocket too, I also don't like leaving it in my current account (because of the inefficiency) and keep buying investments (used to keep overpaying mortgage) - I kept cutting myself short. I find my aggressive investor self hard to argue with and was relieved when I got turned down for a second 0% credit card as then I could give myself an excuse to slow down

    Things that have helped me a bit was
    1- when I had a regular saver account, which I can no longer justify Vs investing
    2- the spending credit card clears it's full balance each month so that balance is basically kept in current account, getting me used to a higher balance
    3- running 2 different reward current accounts requires me to keep more cash now because with a weekend or bank holiday I can't rely on the standing order to transfer money in time

    It is a thing of habit I think, including the numbers he's used to seeing in his current account, for me that's never more than 1 months wage
    • Mummy_bear
    • By Mummy_bear 9th Jun 17, 9:00 AM
    • 234 Posts
    • 914 Thanks
    Mummy_bear
    Good Morning

    Well been quiet for a couple of days mainly as not much to report.

    Got my weekly shop today. Although I don't actually need to get much as I've done a meal plan based on things I already have in the house.

    Just counting down the days until payday really so that I can start the proper budgeting and debt busting!

    I've decided to get back into survey's. I've mainly only done Valued Opinions. Been on there since 2013. I've not really ever hammered it to be honest. But I've just gone on my account and can see that between 2013-2016 I had earned £150 in vouchers. I really need to get on doing them more often.
    So far I've got £8.85 in my account. Going to aim to earn at least £40 before Xmas.

    I'm also going to get back on YouGov. This I've never really dedicated time to either. I only have 1600 points. So I really need to knuckle down to earn my first £50

    Been reading more and more on these forums trying to get hints and tips. I like the idea of Roadkill and picking up pennies etc. Only managed to find 1p so far Going to have a Roadkill jar and at the end of the year I'll cash it in and put it towards debt


    MB
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5400.86/£37139.86 14.54% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3073.82/£9091.72 33.8% paid
    • Mummy_bear
    • By Mummy_bear 9th Jun 17, 9:02 AM
    • 234 Posts
    • 914 Thanks
    Mummy_bear
    Lol giving it to you can get it out of his hands!

    I do agree with pocket money idea, he needs it, I believe it's done in Japan. My old boss who retired last year used to get pocket money for cakes lol.
    Originally posted by MatthewAinsworth
    Matthew, I will totally sell the Japan thing to him. He's obsessed with all things Japanese .. his weakness and where he spends quite a bit of money is the local Japanese takeaway
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5400.86/£37139.86 14.54% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3073.82/£9091.72 33.8% paid
    • UncannyScot
    • By UncannyScot 9th Jun 17, 10:34 AM
    • 705 Posts
    • 3,263 Thanks
    UncannyScot
    I have a "finders" jar which I suppose is the same as a "roadkill" jar...
    Has a nice wee bit in it so far, a mix of notes and coins... I added the tenner I found yesterday too...
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • MatthewAinsworth
    • By MatthewAinsworth 9th Jun 17, 5:21 PM
    • 2,840 Posts
    • 1,136 Thanks
    MatthewAinsworth
    Mummybear- maybe he can get into old Japanese game Final Fantasy?
    I actually know a couple of Japan liking guys at work, it's not my thing though.

    I wonder which Korea makes the best kpop?

    Maybe he can be persuaded to buy a Japanese investing fund, although Japanese equities have been stagnant for about 20 years because Japan keeps bailing out zombie companies that should be allowed to go bust, ie Toshiba
    Last edited by MatthewAinsworth; 09-06-2017 at 5:27 PM.
    • Mummy_bear
    • By Mummy_bear 10th Jun 17, 10:36 AM
    • 234 Posts
    • 914 Thanks
    Mummy_bear
    Good Morning Diary

    Mummybear- maybe he can get into old Japanese game Final Fantasy?
    Originally posted by MatthewAinsworth
    Not his sort of game actually. But he can spend hrs watching anime.


    I wonder which Korea makes the best kpop?
    Originally posted by MatthewAinsworth
    All sounds the same to me

    Maybe he can be persuaded to buy a Japanese investing fund, although Japanese equities have been stagnant for about 20 years because Japan keeps bailing out zombie companies that should be allowed to go bust, ie Toshiba
    Originally posted by MatthewAinsworth
    Wouldn't even know where to being with this. :
    Something to look at in the future ... maybe


    ~~~~~~~~~~~~~~~~~~~~~~~~~
    Since making the decision yesterday to do more surveys on Valued Opinions I'v earned an extra £3.25. Brings my total in that account to £11.35. Undecided whether to cash out on the Love2Shop voucher or wait a little to get the Amazon one. Either way it'll be for Christmas. I think I'm leaning towards Love2Shop more as its an online code and some of the shops listed I can get Cashback on via Topcahsback. Amazon doesn't really feature on the cashback sites.....
    I think I've made my decision

    MB
    • Mummy_bear
    • By Mummy_bear 14th Jun 17, 4:56 PM
    • 234 Posts
    • 914 Thanks
    Mummy_bear
    Been quiet for a few days.


    I get paid tomorrow It's felt like a very long month. Set out my budgets and hoping to chip away at the debt.


    Since my last update I've listed a few things on Ebay - well only 4 - got a bid on one of them already. I don't expect to make a great deal but it at least kills two birds with one stone- declutters and earns cash. Need to focus on making this a weekly habit.


    Also in the process of sorting out my phone contract which will be saving me in the region of £19 a month


    Called up the mortgage company to see if they have an online account management facility - they don't
    So if I want to pay off a little more I have to keep ringing. I guess for the time being though I will just chip away at our other debt.


    Continuing with completing surveys and YouGov - that's now at 1775 points


    Look forward to tomorrow when I can update my signature and feel like I'm making some progress.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5400.86/£37139.86 14.54% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3073.82/£9091.72 33.8% paid
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