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  • FIRST POST
    • DrSpendLittle
    • By DrSpendLittle 22nd Aug 17, 4:30 PM
    • 207Posts
    • 750Thanks
    DrSpendLittle
    Reducing Debt - being accountable and taking responsibility
    • #1
    • 22nd Aug 17, 4:30 PM
    Reducing Debt - being accountable and taking responsibility 22nd Aug 17 at 4:30 PM
    Hi everyone!

    DFW newbie here! Been a lurker for a while but have been so inspired by reading others' DFW diaries - it's literally all I've done this weekend! - that I decided to take the plunge and join in the fun. Now's the time. Had my LBM a few weeks ago and can't wait to get started

    So, a little about me before I state my financial situation and my goals:
    - a happy, healthy and engaged homeowner
    - settled in my career with a fairly well paid job & annual increment
    - looking at starting a family soon as time is ticking!
    - enjoys sports and the outdoors and a healthy approach to life
    - has just started using YNAB
    - has a 'secret' unsecured debt of just over £10k (2 x cc's)

    About DF
    DF is debt free but doesn't actively save. He seems to spend what he earns which isn't great since we have a tiny mortgage and lowish bills. He had family money passed on to him a few years ago on the advice of his mother's accountants - she would NEVER give it away otherwise. This dosh acts as a financial cushion for him .....and, admittedly, me gosh, it really has meant I've been a wee bit lacking in the old saving malarkey Time to banish this false sense of security!

    About DF and I's financials
    DF and I don't have a joint account. All bills / mortgage come out of his current account except car insurance and broadband/phone which I'm responsible for paying. I give him £465 every month towards bills (includes a deduction for car insurance) and he gives me half of whatever the broadband phone bill is. This arrangement is, on reflection, part of my problem as I have too much 'distance' from the reality of bill payments and direct debits etc etc etc I'm sure you all know the score....

    DF knows I have some debts but isn't really aware of the current status of my 'net worth' He's one of life's worriers so I am taking this DFW journey alone for now. I'm completely settled and happy with this idea and I have been managing it all on my own thus far, so no need to change. I got myself into this situation so I'll be getting myself out of it.

    Why the DFW diary?
    Well, we're thinking of moving home since we could take a few leaps up the ladder. Its time for our dream home. This has caused my LBM. I want my dream home and the only thing stopping me is my poor money management skills! Its also time to move. We've been here a while and have never fully settled.

    My interim goal?
    To clear £4K of debt by January so when we put the house on the market, my debt levels are lower. I obviously also want to make sure we can maximise our borrowing, so I want to demonstrate good money management skills and a good pattern of spending and saving.

    My overall aim
    But, more than this interim goal, I just want to be in control of my money and no longer feel guilty for spending it. I want to save up for things and have that lovely 'I deserve this because I saved for it' feeling when I buy something. I want to be responsible. And, I am here to become accountable.

    My plan of action!
    So....this diary is my way of sharing my story, being accountable for my actions, taking responsibility and doing all this whilst my other half is oblivious!

    I hope you join me on my journey and I look forward to joining you on yours.

    My current financials
    I'll post my current financial situation later today - got some work things to get done before close of play. Its been one of those 'working at home' days which have largely comprised of obsessing over YNAB and lurking on DFW diaries, oh deary me A hint of my procrastinating / self sabotaging ways......

    DSL
    Last edited by DrSpendLittle; 30-09-2017 at 9:20 AM. Reason: I'm a formatting perfectionist :)
Page 2
    • DrSpendLittle
    • By DrSpendLittle 23rd Aug 17, 9:15 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    You've done some amazing working out there! Good idea though to see where money leaks away with nothing to show.
    Originally posted by Hiddenidenity
    Thanks Hidden! Nice bit of detective work and didn't take too long thanks on online banking. Just about to check over my CC statements. This will reveal what I've been putting on there... gulp
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 23rd Aug 17, 9:17 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    It's all relative - I just voluntarily cleared the final balance of my last loan - taken out in 1994
    Originally posted by redofromstart
    Congrats!! Yeah, you're right, it is all relative. And since repayment is all done via HMRC, I'm ignoring it for now. The interest rate is pittance at the moment, much less that today's graduates.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 23rd Aug 17, 9:42 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    So....what's been chucked on the CC in 2017?
    Okay, here goes. Lets see what spending I've put on the credit card (CC2) this year...

    January
    - £135 on work related travel. I may have paid this back when I got my expenses through, but I very much doubt that.....

    February
    - £6 on contactless London Underground travel (whilst on a work visit)
    - £55 on records (whilst on a work visit)
    - £200 on my sport hobby
    - £35 Ferry reservation for holiday

    March
    - About £100 on sport hobby. Difficult to say as I ordered a few sizes of a few different clothes online and then returned the sizes that didn't fit. The returns take time to process...

    April
    - £30 on sport hobby.
    - £150 on work expenses. See January.

    May
    - £1.30 on a coffee that I remember buying! In the middle of nowhere.
    - £465 on ferry final payment I was good and paid straight off

    June
    - £38 on work expenses. No comment.
    - £170 on train tickets for visiting family.

    July
    - £272 on balance transfer fees

    Four things that stand out to me from that little exercise...

    1. I use my CC to pay for upfront work expenses. I don't travel that often for work but have been increasingly paying visits to London and elsewhere. Normally I'd get work to prepay my expenses, but it doesn't always happen so I tend to bung it on the CC and then forget to pay off when I get my expenses back in my salary the month (or two or three) later. Also, when I'm in London, I tend to 'take advantage' and seek out some shopping opportunities. These are obviously unplanned and therefore go on the CC too.

    2. I've spent more than I thought on my sport hobby this year. Way more than I realised. In many ways, I didn't make extravagant purchases, I just got all the things I needed to participate. But I did this in the space of a few months. I didn't plan or save up for my purchases.

    3. I go through phases and get really into things and then throw all my time, effort and very clearly my money into them. I've always been like this though. My sport hobby has been one over the past few years. Hopefully MSE and DFW can be my new 'thing'.

    4. I need to stop the CC spending all together but I'm loathed to pay for work expenses upfront out of my current account. Sometimes it can be up to £200, most cases its £50 - £80. What do you do? What would you recommend?

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 23rd Aug 17, 9:52 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    A quick round up of Wednesday
    Today has been a work at home day and I've spent some of that time going through my spending patterns for this year. Its been revealing but not hugely surprising. We all know when we're overspending. But the effects are that of a chronic illness, not an acute illness- they aren't immediately visible but appear overtime, often when its too late to prevent. We're left with treating the problem. But we can do that. It just takes a little longer and there are some consequences (short, medium and long term) that we have to accept.

    However, this is all part of the DFW journey and I'm sure there are many of you who have been through this process already. For those of you who are still avoiding looking at the CC statements and totting up the damage - take a breath and just open them. You won't regret it. Its the first step. Its always going to be the hardest. But you will look back in 5 years time and be thankful you did. That's the motivation. And, that's the reward. Deferred gratification.

    So, today has been a NSD and we used up leftovers to eat. Tomorrow will be another NSD - the third in a row! I need to make a batch of soup for lunches for tomorrow and Friday and will get something of out the freezer for dinner. Bosh.

    Not sure on my weekend plans. I'd forgotten it was bank holiday. Doh.

    Happy Wednesday everyone!

    DSL
    Last edited by DrSpendLittle; 11-09-2017 at 5:18 PM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • enthusiasticsaver
    • By enthusiasticsaver 23rd Aug 17, 11:16 PM
    • 4,837 Posts
    • 9,138 Thanks
    enthusiasticsaver
    Excellent work on analysing your spends and seeing where your weak spots are on spending. Hopefully this will help you budget going forward.

    I would put all the work expenses on one empty credit card and pay it off when the expenses come in (not wait for the bill). As you pay off the John Lewis one each month (which is only used for food ) then you could combine it on there until you clear one of the other two cards. The Bank of Scotland one should hopefully be gone by the end of the year.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DrSpendLittle
    • By DrSpendLittle 24th Aug 17, 1:10 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    Excellent work on analysing your spends and seeing where your weak spots are on spending. Hopefully this will help you budget going forward.

    I would put all the work expenses on one empty credit card and pay it off when the expenses come in (not wait for the bill). As you pay off the John Lewis one each month (which is only used for food ) then you could combine it on there until you clear one of the other two cards. The Bank of Scotland one should hopefully be gone by the end of the year.
    Originally posted by enthusiasticsaver
    Good idea - I will use the BoS CC for work expenses when it's cleared, probably just in time for a work trip in Jan but maybe not for the few visits I have planned to London over the next 2 months (will try super hard to get train tickets booked in advance!). Will keep a track of them using YNAB and mobile app (the JL one doesn't have online banking). I can always shift money around to avoid interest charges if need be.
    Last edited by DrSpendLittle; 11-09-2017 at 5:19 PM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 24th Aug 17, 1:21 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    Another sale on e£ay today, bring in another £29 after fees

    Was tempted to put it straight into my emergency fund as I've been reading a few diaries of people who do this and it does seem to help. It's nice to see the incremental change.

    But.... I've got a post-holiday cost coming out of my account on 'around the 31st' - not terribly helpful when companies don't specify direct debit dates! It's for £140 for toll road payments.

    I've budgeted for this already in Septs YNAB and I'm fairly sure my salary will hit my account in time, but I want to avoid any unexpected early direct debits which may take my account into the red. I'm determined never to go in my overdraft again!

    So, the £29 will stay in my current account for now as a buffer but I will transfer it to my emergency fund when toll tag is settled.
    Last edited by DrSpendLittle; 11-09-2017 at 5:19 PM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 24th Aug 17, 6:48 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    August eb4y Tally
    Just doing some sums - such is the life of a debt free wannabeer - and looking over my ebay income this month.

    On 10th August (post LBM moment), I found myself with £52 in my current account, £30 in my purse, a weekend in London ahead of me and the rest of the month to go

    I'd already decided the overdraft had to go - if I was to demonstrate good money management in order to secure a decent mortgage in 2018, I had stop dipping in to it and start getting my financial act together.

    So, eb4y was my solution. I had a bunch of bike parts I'd been meaning to sell since March and had a few bits and pieces of clothes / shoes that I didn't wear. 14 items in total. I knew I could make at least £100 from it all and maybe, just maybe, it would get me through the month.

    The following Monday, I unexpectedly received £75 for a work thing I'd invoiced for yonks ago. Relief! Fate! Joy! That set me on an even more determined, if somewhat dogged, drive to achieve my ambition of staying out of my overdraft in August.

    I listed the 14 items for auction, some 4 day, some 7 day - it's all about cash flow isn't it? - and had a more successful time than anticipated!

    Items listed: 14
    Total Sales: £295.73
    eB4y Fees: £26.89
    Postage: £36.75
    Net Income: £232.09 Smashed it!

    Next month, I will start with a pre-salary positive bank balance for the first time since March 2017. Up to then, I had been overdrawn at the end of every month since 30th August 2012, which itself was an anomaly since I was payed for 2 months work in one go. Prior to August 2012, well, I got bored looking back by May 2011 and can safely assume that I'd been overdrawn since the account was taken out in 1999. Save for the consolidation loan hitting my account in 2004. And quickly leaving it

    DSL
    Last edited by DrSpendLittle; 25-08-2017 at 11:52 PM. Reason: typo!
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 24th Aug 17, 8:44 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    A quick round up of Thursday
    A few things achieved today in MSE land for DrSL worth reporting on.

    Firstly, I emailed DF (he's in the office today) and told him I wanted to get a joint account and start paying 50% of all bills and the mortgage. I probably need to tame my inner MSE beast since he's going to soon become curious as to all this meal planning, bread making and sudden desire to share our living costs!! Shhh, I'm keeping my DFW journey a secret from him

    Anyway, so I rang the bank to see what to process was since I don't want us to be credit checked before applying for a mortgage in the new year but didn't get a clear answer and was told I'd need a branch apoojntment. Grrr. I have a dormant account with no overdraft facility that I could add his name too - would this require a credit check? Its with the same bank where we already have our current accounts. Or would you recommend a proper joint account? It's only going to be bills account, not a spending account.

    So, my plan is to try and get all that set up shortly so I can complete my YNAB for September.

    Jeez, I just want it to be payday so I can get started with all this!

    Second, I had another NSD - the third one in a row

    I think I'll need to have a spend day tomorrow as I need to post some eB4y stuff, send my niece a congrats card (outstanding GCSE results) and pick up a prescription. I probably need to get out of the house too!

    DSL
    Last edited by DrSpendLittle; 24-08-2017 at 8:51 PM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • enthusiasticsaver
    • By enthusiasticsaver 25th Aug 17, 12:24 AM
    • 4,837 Posts
    • 9,138 Thanks
    enthusiasticsaver
    I think even if you add your DF to an existing account there would still be a credit check but presumably his credit record is ok so that should not be a problem. As it is with your current bank they may not even do one but it depends on the banks policy. You don't need an overdraft.

    Good that your overdraft is gone.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DrSpendLittle
    • By DrSpendLittle 25th Aug 17, 5:43 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    Friday Round Up
    So far, today has been a LSD and has involved working at home (there will surely be cobwebs in my office when I finally head in next week!) and spending a grand total of £6.75 on eB£y postage and a card/stamp for my very clever niece who did super well in her GCSE results yesterday.

    Also, just got my payslip in and discovered that I now get paid £30.67 more per month than before. Whoop whoop . Its due to some random August salary adjustment that my work place does every year that I that always forget about. This equates to a £689 annual payrise. Yipeee!

    I'm thinking of creating a standing order of £30.67 to go into my emergency fund on the first of every month so I don't 'see' this nice extra. If I keep my salary as is the current one in my SOA, that would allow me to top up my EF quicker whilst still achieving my repayment targets. Good idea?

    Got stuff out of the freezer for our dinner. Using up leftovers - going to make DFs into meat and potato pie and mine into some random concoction that is only acceptable on a Friday night and with a bad case of lazyitis.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • enthusiasticsaver
    • By enthusiasticsaver 25th Aug 17, 6:27 PM
    • 4,837 Posts
    • 9,138 Thanks
    enthusiasticsaver
    Yes it is a good idea to put your £30 payrise into your emergency fund as it only stands at £9.53

    I have been reading today how a number of banks are changing overdraft charging structure (not heard Barclays mentioned though) so good you cleared that overdraft now. In some cases some people are facing double what they pay now to use their overdraft.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • laurag89
    • By laurag89 25th Aug 17, 7:21 PM
    • 631 Posts
    • 1,235 Thanks
    laurag89
    DrSpendLittle your doing so well!

    I have just caught up on your diary, and you are smashing it!

    Good idea analysing your credit card to see what you have actually put onto it... I think I might do the same. I don't look what I have put on it, because I know more often than not it is likely I could have not put it on there!

    Keep going like this and that debt will come down in no time
    Total debt to pay: £13,467.88/ Remaining: £13,110.01 Total paid: £357.87


    Wedding dress fund: £36 / £1500
    • DrSpendLittle
    • By DrSpendLittle 25th Aug 17, 11:36 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    Yes it is a good idea to put your £30 payrise into your emergency fund as it only stands at £9.53

    I have been reading today how a number of banks are changing overdraft charging structure (not heard Barclays mentioned though) so good you cleared that overdraft now. In some cases some people are facing double what they pay now to use their overdraft.
    Originally posted by enthusiasticsaver
    Thanks! Just set up a standing order for all my monthly transfers to my YNAB categories (in real life they are online savers) inc. EF, car maintenance and holiday/presents. I arranged it for the last day of the month so that I can accrue some interest on the balance in my current account and my savings accounts - that'll pay for my YNAB subscription if nothing else

    Yes, glad I'm out of overdrafts now with all the new charges. Back in the day I had a £1600 OD and a £1200 OD. I've actually got a miselling claim in at the moment with Barclays for my graduate additions account - I payed a £7 monthly fee for it as I was told I needed it to keep my £1600 overdraft after my student account expired. Also wasn't told I needed to register the mobile phone insurance. Only learned about this 'mis selling' last week on the main MSE website and as I was reading the article I thought my gosh, that happened to me too! We'll see how that goes...

    DSL
    Last edited by DrSpendLittle; 11-09-2017 at 5:21 PM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 25th Aug 17, 11:44 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    DrSpendLittle your doing so well!

    I have just caught up on your diary, and you are smashing it!

    Good idea analysing your credit card to see what you have actually put onto it... I think I might do the same. I don't look what I have put on it, because I know more often than not it is likely I could have not put it on there!

    Keep going like this and that debt will come down in no time
    Originally posted by laurag89
    Thanks very much!! I m like a dog with a bone and like to really get stuck into stuff. The challenge will be sticking to it and not burning out my enthusiasm too soon. But, as I said my earlier posts, the medium term rewards are worth a few frugal months!

    Yes, really good to take some time and go through credit cards to see how they are used. I always thought I used them for the 'big' emergency payments but actually, it seems I've shoved smaller and more random stuff on them and forgotten to pay them off. Should be out of that habit soon once my YNAB budget kicks in. In fact, I don't have any CCs in my purse anymore, but, I don't think I could travel to London or elsewhere in the uk without once if I'm away from home for a few nights. I feel like I need that comfort blanket of knowing I have a way out of any emergency I may find myself in, like booking emergency trains or planes etc etc.

    How are you getting on with YNAB? I'm going get the subscription when it expires I think. I just feel so much more relaxed about money now as I have peace of mind that everything is budgeted for. I'm also looking forward to saving up for things too!
    Last edited by DrSpendLittle; 25-08-2017 at 11:46 PM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 26th Aug 17, 3:32 AM
    • 641 Posts
    • 2,526 Thanks
    wishingthemortgaheaway
    Hi DSL

    Regarding your student loan - at the stage you are at with it, don't even give it a passing glance. As you say it's a graduate tax and is highly unlikely to affect your mortgage application.
    I viewed my student loan as the key to getting the job, with the associated good salary I had.

    I had 4 years worth of plan 1 loan and it took me 11 years to clear it. I never thought about it until 18months before the end when I got a statement that made me realise the end was in sight.
    From that point (I think about £2.5k to go) I set up a small, monthly card payment of £36 to round up my salary payment to £200 and then Tilly tidied each month.
    Once it was paid off I then had £200 a month more to overpay on the mortgage. (I was already overpaying the mortgage, this just made my mop bigger when it happened)

    You will get there, but don't even think about it at the moment.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • DrSpendLittle
    • By DrSpendLittle 26th Aug 17, 11:53 AM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    Hi DSL

    Regarding your student loan - at the stage you are at with it, don't even give it a passing glance. As you say it's a graduate tax and is highly unlikely to affect your mortgage application.
    I viewed my student loan as the key to getting the job, with the associated good salary I had.

    I had 4 years worth of plan 1 loan and it took me 11 years to clear it. I never thought about it until 18months before the end when I got a statement that made me realise the end was in sight.
    From that point (I think about £2.5k to go) I set up a small, monthly card payment of £36 to round up my salary payment to £200 and then Tilly tidied each month.
    Once it was paid off I then had £200 a month more to overpay on the mortgage. (I was already overpaying the mortgage, this just made my mop bigger when it happened)

    You will get there, but don't even think about it at the moment.
    Originally posted by wishingthemortgaheaway
    Thank You! I really like that idea of overpaying the mortgage with the student loan money once the loan has been paid off, since I'll have never 'seen' that money anyway. I shall add that to my long term plan!

    I'll also remember to look at rounding up my salary like you once I get to a lower amount.

    Thanks for your advice!

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 26th Aug 17, 12:45 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    Weekend Plans!
    Oooh, its the weekend before payday and my second weekend as a YNABer.

    It's amazing how much more relaxed I feel about spending money now. Ironically I used to hate spending money since it was never mine, always the banks

    But, now I've budgeted for the spends and these are necessary and immediate obligations, I feel at peace.

    This weekend, DF and I are going to sort out our finances and rejig our spreadsheet so we have a grasp on what our outgoings are. We also need to jot down all the things that will affect our car insurance and contents/buildings insurance switches, which I need to crack on with.

    DF wants to 'do something' this weekend so we're thinking of going for a walk or something to get out of the house. We're usually good with these sorts of things but he's feeling under the weather just now so nothing too strenuous is on the cards. The past few weekends have involved spring cleaning our house as we had an estate agent around to value it. Need to do some tidying though as DF is a nightmare during the working week and just dumps stuff everywhere despite my regular protests. I didn't do my usual tidying yesterday (I worked at home, he went in the office) and he came back after work and said 'Gosh it's a mess in this house' and I was like 'No sh!t Sherlock!

    Anyway, should be a relatively low spend weekend but we do need to do a food shop at some point and get some toiletries. I have £23 of points on my bo0ts advantage card so that will cover things!

    Have a glorious bank holiday weekend everyone!

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 26th Aug 17, 12:52 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    Forgot to add the most important plan for this weekend......

    Catch up on DFW diaries and increase my subscriptions. I've read through quite a few recently - from start to finish - but I've got a few webpages open with others that I want to get through.

    It's so interesting reading through all the diaries and learning about others DFW journeys and picking up tips. We have a great little community on here!

    Right, better tackle the laundry pile!

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • DrSpendLittle
    • By DrSpendLittle 26th Aug 17, 1:26 PM
    • 207 Posts
    • 750 Thanks
    DrSpendLittle
    DF transfered his half of our holiday toll cost which is due to leave my account on or around the 31st. This means I can now confidently transfer £19 from my eBay profit into my EF. I didn't want to before now as I was worried it may go out early and make me overdrawn. My EF is now up to £28.53! Signature updated
    Last edited by DrSpendLittle; 11-09-2017 at 5:21 PM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
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