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  • FIRST POST
    • plush
    • By plush 20th Sep 17, 2:41 PM
    • 39Posts
    • 147Thanks
    plush
    early 40s and not fabulous at all
    • #1
    • 20th Sep 17, 2:41 PM
    early 40s and not fabulous at all 20th Sep 17 at 2:41 PM
    I'm not entirely sure how I ended up here... I don't mean the forum, I used it several years ago when I bought my flat and it's an invaluable resource. I mean with £14K credit card debt and nothing to show for it, and virtually no savings. Also single, mildly depressed and 15-20 lbs heavier than I should probably be.

    I don't understand why I'm unable to leave this vicious circle. I'm healthy - physically anyway - I have a healthy and happy child, family, some friends, a decent job, my own flat (mortgaged, but I'd pay more if I were to rent it, we're in greater London). Compared to many people I don't have big problems, yet I feel like s__t most of the time, don't sleep well, and plus I've started to feel really bad about the level of debt. last but not least, feeling super lonely and discouraged about dating and finding and partner.

    So I live well above my means even though my income is not that bad. Although I have been able to cut some bills, I'm lacking willpower when it comes to everyday spending. I tried to put my credit cards away but I failed. I go on too many holidays. I spend too much money on everything: clothes, shoes, haircuts, household things, concerts, theatre, etc. And I definitely spend too much money on food, on both groceries and eating out.

    I thought it would be a good idea to write here and check in once in a while, because I don't talk to anybody about my money issues. No one knows I'm in so much debt, not even my parents. And I should probably talk to my GP about my depression, as it's now affecting my general well being - I'm not sleeping enough, I'm eating too much in the evenings and I constantly feel tired and grumpy. I also stopped going to my weekly yoga class in an attempt to reduce spending, but that was probably a stupid move...

    So there. I need any help and advice I can get. And a big kick in the a__e...

    Thank you for reading.

    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 04-10-2017 at 9:30 AM.
Page 8
    • Plush
    • By Plush 21st Nov 17, 12:16 PM
    • 79 Posts
    • 188 Thanks
    Plush
    Hello. I'm quite busy, just a quick update. Happily back to yoga, it makes a huge difference. Managed to do an extra session on Sunday, as DD had a bday to go to. I've also managed to squeeze two 5k runs over the past week or so, and it's all helping with my mood.

    On the negative side though... there were layoffs at my company yesterday. It shook me to the core. They let go about 5% of employees... one of them was part of our team. We have no idea if this was it, there was no announcement whatsoever, it's all rumours at this stage. There is an employee call tomorrow, we will know more then.

    I'm thankful that I was not on the list, but at the same time scared as hell. I don't want to imagine what would happen if I lost my job today. I should not have let myself get here - to this level of debt - as a single parent.

    !
    • Plush
    • By Plush 21st Nov 17, 12:16 PM
    • 79 Posts
    • 188 Thanks
    Plush
    PS. There is £11 left in my Halifax account. Looks like I might make it to Friday unscathed.
    • enthusiasticsaver
    • By enthusiasticsaver 21st Nov 17, 12:33 PM
    • 4,848 Posts
    • 9,162 Thanks
    enthusiasticsaver
    Hope you manage to make it to payday without going into your overdraft.

    Change of circumstances is one of the biggest reasons for debt and if you are already in debt when that change comes the crunch point comes that much sooner. This is one of the reasons I strongly urge people not to turn unsecured debt into secured because it threatens the roof over your head. If you cannot meet unsecured debt payments there is very little the lender can do other than wait for you to find a new job or default you. Your credit record is trashed yet but you are not risking your home. If you default on your mortgage they can start repossession proceedings within 3-6 months.

    Re the school photos yes, they are nice memories but I have spent the last few weeks sorting out cupboards full of school photos for our two daughters which are just up there gathering dust having long been replaced by graduation and wedding photos. Why not just pay out every two or three years rather than every year?
    1 week to go until early retirement. 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
    • EssexHebridean
    • By EssexHebridean 21st Nov 17, 3:23 PM
    • 8,234 Posts
    • 43,589 Thanks
    EssexHebridean
    Maybe worth talking to your line manager about the redundancies situation? If you explain that it's left you and others feeling very uncertain/insecure - and that some form of official statement would really help to get people feeling reassured maybe? I can certainly understand why it's scared you - it's never a nice situation to find yourself in, but even worse when you're finances are on the line too. Absolutely agree with what ES says about turning unsecured debt into secured too - I shudder when I see folk thinking to do that. It's almost never a good idea.

    Keep at it with the yoga and running - definitely good stress busters!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£702.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Plush
    • By Plush 21st Nov 17, 9:53 PM
    • 79 Posts
    • 188 Thanks
    Plush
    I have not made a decision on the remortgage yet. In any case, there is no way I will do it unless 1. credit cards and overdraft stay untouched 2. I cancel the credit cards once paid and 3. I make regular over-payments on the new mortgage of at least £300. I have a friend who's a financial adviser and she promised she'd help me run all numbers for me, not only short term but long term.

    On the redundancy situation, will find out more tomorrow at the meeting. My line manager is on holiday at the moment, he's picked the perfect timing

    Had a really busy day today, work, DD's swim class - she's moved up to the last stage of the swim courses. Then came home and cleaned up the bathroom and did laundry. It's only Tuesday and I cannot wait for the weekend.
    • Plush
    • By Plush 22nd Nov 17, 10:58 PM
    • 79 Posts
    • 188 Thanks
    Plush
    So it looks like there will be no more layoffs - for now, anyway. The morale at work is very low... not surprised.

    Mine's better, yoga is definitely helping, even though my body isn't very happy, the break was way too long.

    Pay day is Friday and I still have the £11 left. Tomorrow is free lunch day, we have a long training session at work. Once again, cutting it close... but happy to be in green.
    current credit debt Nov-2017 £12800 @ 0% // initial debt Sep-2017 £14200
    • Plush
    • By Plush 24th Nov 17, 10:03 AM
    • 79 Posts
    • 188 Thanks
    Plush
    Pay day today, happy to report I stayed in green. Just.

    Paid £300 to my credit cards, which is just the minimum payment, rounded up. Total debt across the 2 cards is now £12800. I'm really hoping to get it to less than £10K with the help of the annual bonus but that might be too ambitious.

    December is a tough month financially - I will have to get very creative with some of the presents. DD is helping me, she's told me she would make presents for some of her friends. We have a good stock of charity Christmas cards, will need to buy a few stamps though.

    Next pay day is on Friday the 22nd of December and it's going to be super-hard to stay in green giving all the presents that I still need to buy. But, the bonus will be on the 22nd payslip, so at least I won't have new debt post Christmas. I still don't have my bonus statement from work, which is a bit annoying, as I'd like to know the amount, roughly.

    Can't wait for tonight's yoga session. I've actually turned down an offer to go out to dinner and drinks with friends tonight, because of yoga. Still in honeymoon over it. Speaking of honeymoons, my dating life is still a big blank, I forgot about my online profile and I have not accidentally met anyone on the tube yet. There is a guy in my yoga class, the problem is he's double my age... probably 80s... very sweet though

    The weekend looks quiet but nice. I'm going to do a Crisis at Christmas volunteer training session tomorrow (I'm volunteering 2 days just before Christmas this year) and DD will be at her dad's. Sunday looks like it will be an NSD - we'll stay at home and have DD work on her Tudor project, as it's due in 2 weeks, then perhaps go for a short walk in our local park.

    That's pretty much all... my tube's arrived to Blackfriars, I'm meeting a client today.

    Happy Friday everyone!
    current credit debt Nov-2017 £12800 @ 0% // initial debt Sep-2017 £14200
    • enjoyyourshoes
    • By enjoyyourshoes 24th Nov 17, 10:05 AM
    • 819 Posts
    • 1,000 Thanks
    enjoyyourshoes
    Work out why you need to spend.

    Solve that problem, then move forwards.

    Unless you stop the profligate sending you will always be in debt.

    Saving for the wants makes them more rewarding and ultimately more enjoyable.
    Debt is a symptom, solve the problem.
    • Plush
    • By Plush 24th Nov 17, 10:58 AM
    • 79 Posts
    • 188 Thanks
    Plush
    PS. Forgot to say. I used the £11 that were still in my account this morning for a mortgage overpayment! That felt so good (OK I know I could've reduced the credit card balance instead, but that's on 0% and I really felt like making a mortgage OP, as that doesn't happen very often).
    current credit debt Nov-2017 £12800 @ 0% // initial debt Sep-2017 £14200
    • enjoyyourshoes
    • By enjoyyourshoes 24th Nov 17, 2:31 PM
    • 819 Posts
    • 1,000 Thanks
    enjoyyourshoes
    Have you a plan to pay off the full balance on the 0% before the period ends?

    If not please look at what you need to pay per month t get balance to zero before offer period expires, often the terms are poor and interest astronomical (check terms carefully on what happens at term end with outstanding balance)
    Debt is a symptom, solve the problem.
    • Plush
    • By Plush 24th Nov 17, 3:47 PM
    • 79 Posts
    • 188 Thanks
    Plush
    @enjoyyourshoes that is work in progress. The £12.8K balance is on 0% for another 18-19 months, on 2 cards (Barclaycard 1 and Sainsbury's). I've been making miniumum payments on the Bcard, because I plan to tackle the Snsb one first.

    On the immediate term, at the end of December, right after Christmas, I plan to use a large portion of my annual bonus to pay a good chunk of the Sainsbury's credit card. I have yet to find out how much is the bonus, but it should be more than £3000 net. I won't be able to use it all to pay off Sainsbury's but I hope I can use a lot of it.

    Also, I've been tracking all non-bills spending in YNAB since late September, and I plan to sit down and do a spending review after the first 3 months, then come up with a realistic monthly budget for 2018. I've already started a draft of the spending budget but I need to know where I stand debt-wise at the end of the year, after that bonus.

    The main plan, however, is to stop using credit cards (and the overdraft) altogether. I have managed to do that over the past couple of months BUT it was always too tight and I need to come up with some emergency fund, otherwise this isn't going to work.

    Then, there is the question about re-mortgaging which I have yet to decide on... in any case next year my current fixed mortgage deal is expiring and I will have to either switch to a new fixed deal with Halifax OR remortgage to a different lender. In any of these scenarios my monthly payments should be lower than currently, if the interest rates don't go up by more than 0.25-0.5 (they just went up by 0.25).
    current credit debt Nov-2017 £12800 @ 0% // initial debt Sep-2017 £14200
    • Plush
    • By Plush 24th Nov 17, 4:23 PM
    • 79 Posts
    • 188 Thanks
    Plush
    Just sold DD's old bike on eBay - for a good price, yay!

    Local buyer so hopefully won't have issues with collection and payment.
    • EssexHebridean
    • By EssexHebridean 27th Nov 17, 4:35 PM
    • 8,234 Posts
    • 43,589 Thanks
    EssexHebridean
    Good news on eBay - hope it's been collected and paid all OK now!

    I'd suggest keeping an idea in mind of how you're looking with regard to potentially needing to switch some of the current 0% stuff to a new 0% deal as and when - that will be a tall order to get the whole lot cleared but you might well be able to get a new deal just for the cost of the BT fee as and when needed. It's always nice to know if that's the case, even if it doesn't influence the way you go about clearing it.

    One thing I will challenge you on - you refer to the christmas presents that you "need" to buy - are they all definitely "needs" or might you be able to, by agreement with other parties, reduce the list down a bit? Token present/secret santa style gifts might work with some people instead of a "normal" present perhaps?
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£702.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Plush
    • By Plush 27th Nov 17, 7:08 PM
    • 79 Posts
    • 188 Thanks
    Plush
    Not yet - but he's coming tonight. He's a priest, so I trust I won't get scammed.

    On the presents yes, trying to do a bit of that. TBH they aren't that many, and the only one that's more expensive is DD's.

    Regarding the debt transfer yes, I have that in my mind. I've always been able to transfer debt at 0% and sometimes with 0 fees. But, my hope is that, in 18-19 months from now when the 0% runs off, there won't be much, if anything, left to transfer. Fingers crossed

    That, assuming I keep my job and use bonuses to pay off chunks of it... I also hope I will be able to reduce my mortgage payments starting mid next year, if bank of England does't increase their rate more than .25-.5 (and even with this increase I should be able to lock in at a lower rate than I am on now). Also, childcare costs will decrease as my DD will go into yr 6 next autumn, and they will decrease even more in secondary school - will use some holiday clubs, but very limited, as I have a lot of holiday myself.
    • Plush
    • By Plush 28th Nov 17, 10:39 PM
    • 79 Posts
    • 188 Thanks
    Plush
    Just made a plan to skip this week's big online grocery shopping. I temporarily switched from Ocado to Tesco because I got some good vouchers in the post - 3 vouchers worth about £10 each. But, I need to spend £60 to use the £10, so I decided to shop online every 2 weeks until mid Dec when the vouchers expire. THen, who knows...

    I know I need to switch to Aldi or similar. I have not had time to physically check it out (it's not exactly close).

    Bike was collected and all is good with payment. The extra money covers half my DD's present. I wish I could stick them into her bank account but I won't.

    Off to sleep, knackered...
    current credit debt Nov-2017 £12800 @ 0% // initial debt Sep-2017 £14200
    • Plush
    • By Plush 30th Nov 17, 2:40 PM
    • 79 Posts
    • 188 Thanks
    Plush
    Here we go. I have rounded up some amounts and removed all car and pets-related information as it does not apply. My annual bonus is not included 1. because it's not guaranteed and 2. it was always spent beforehand, so why budget it...

    This is way too tight - not on the bills side, but on the spending side. YNAB shows overspending in food, eating out and fun, and beauty. (also holidays, but I removed that from the budget for now). I know it's DOABLE to stay in green and pay off that damn debt... but the question is... can I do it, especially long term? Not so sure. I'm hopeful though...

    Any suggestions welcome. I probably forgot a category which is why I have "Contingencies" in there. Software/storage subscriptions comes to mind... those are paid annually.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 1

    Total monthly income.................... 3063
    (salary, child benefit, and child support; excluding annual bonus)

    Monthly Expense Details
    Mortgage................................ 1000 (actually this is £980 but I've rounded it up - overpaying)
    Mortgage (unemployment only) insurance.. 36
    Other insurances........................ 17 (contents, mobile, WW travel, home emergency cover)
    Life assurance ......................... 0 (work perk - also sickness and accident insurance)
    Management charge (leasehold).......... 70 (service charge, building insurance and ground rent)
    Council tax............................. 102
    Electricity ............................ 23
    Gas..................................... 37
    Water rates............................. 17
    Telephone (land line)................... 19
    Mobile phone............................ 42
    TV Licence.............................. 12
    Satellite/Cable TV...................... 8 (Netflix only, no cable TV)
    Internet Services....................... 0 (free with Sky until end of contract - paying for landline only)
    Oyster monthly card & top-ups........... 146
    Pension contributions................... 0 (actually £100 but it comes off the payslip)
    Childcare .............................. 290
    School clubs, lunches, sch fund..........120
    Child savings........................... 100
    Groceries etc. ......................... 200
    Clothing................................ 100
    Medical (prescriptions, dentist etc).... 10 (work perk - dental insurance)
    Presents (birthday, Christmas etc)...... 30
    Beauty.................................. 30
    Eating out & Fun........................ 100
    Donations............................... 10
    Gym pass (yoga)......................... 45 (starting 1 Feb 2018)
    Household fund.......................... 50 (starting 1 Jan 2018)
    Contingencies........................... 50 (this is really to capture all those "unexpected" ones... work in progress)

    Holidays................................ 0 (no holidays planned for 2018 ... unless a miracle happens)
    Total monthly expenses.................. 2664


    Assets

    Cash.................................... 700
    House value (Gross)..................... 400000
    Pension fund ............................ 35800
    Total Assets............................ 436500



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 185300...(1000).....2.34
    Total secured & HP debts...... 185300....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard1...................8400......190...... .0
    Sainsbury's....................4400......100...... .0
    Barclaycard2...................0.........0........ .7.9 (this WAS* my weakness)
    Barclays Overdraft.............0.........0.........0
    Halifax Overdraft..............0.........0.........0 (this WAS* my other weakness)
    Halifax Clarity................0.........0.........17.9
    Total unsecured debts..........12800.....290.......-


    Monthly Budget Summary

    Total monthly income.................... 3,063
    Expenses (including HP & secured debts). 2,664
    Available for debt repayments........... 399
    Monthly UNsecured debt repayments....... 290
    Amount left after debt repayments....... 109


    Personal Balance Sheet Summary
    Total assets (things you own)........... 436,500
    Total HP & Secured debt................. -185,300
    Total Unsecured debt.................... -12,800
    Net Assets.............................. 238,400
    (at least I'm at in green....)

    * Hopefully it WAS!


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Last edited by Plush; 30-11-2017 at 10:47 PM.
    current credit debt Nov-2017 £12800 @ 0% // initial debt Sep-2017 £14200
    • Lucifa73
    • By Lucifa73 30th Nov 17, 4:32 PM
    • 7,282 Posts
    • 9,085 Thanks
    Lucifa73
    I have just returned to MSE after a long absence, although glad to say NOT because I have fallen off the wagon!


    You are doing great. I remember doing my SOA back in the day. (My that WAS a painful experience!!!) I look forward to following your progress!
    80/20 - Life is to be enjoyed, not endured
    • EssexHebridean
    • By EssexHebridean 30th Nov 17, 4:36 PM
    • 8,234 Posts
    • 43,589 Thanks
    EssexHebridean
    Comments in red then...
    Here we go. I have rounded up some amounts and removed all car and pets-related information as it does not apply. My annual bonus is not included 1. because it's not guaranteed and 2. it was always spent beforehand, so why budget it...

    This is way too tight - not on the bills side, but on the spending side. If you know it's too tight, then consider relaxing it a bit. Trying to cut back is one thing -setting yourself up to fail is another entirely...Not sure which bits you think are still tight but can you make enough savings on the higher areas to pad out the tight bits? YNAB shows overspending in food, eating out and fun, and beauty. (also holidays, but I removed that from the budget for now). Are you definitely not planning any holidays or trips? I know it's DOABLE to stay in green and pay off that damn debt... but the question is... can I do it, especially long term? Not so sure. I'm hopeful though... Hopeful is good.
    "determined" would be better though...


    Any suggestions welcome. I probably forgot a category which is why I have "Contingencies" in there. Software/storage subscriptions comes to mind... those are paid annually. Maybe set up a savings account for those things that are annual and make sure you set aside a small sum each month to cover?

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 1

    Total monthly income.................... 3063


    Monthly Expense Details

    Mortgage................................ 1000 (actually this is £980 but I've rounded it up - overpaying) Long game - well done!
    Mortgage insurance..................... 36
    Other insurances...................... 17 (contents, mobile, WW travel, home emergency cover) this is a bank account fee yes?
    Life assurance ......................... 0 (work perk - also sickness and accident insurance) Should that be zero? If so - brilliant - but do you then need the mortgage insurance?
    Management charge (leasehold).. 70 (service charge, building insurance and ground rent) Bleurgh - yes, can't do anything about this!
    Council tax............................. 102
    Electricity ............................. 23
    Gas..................................... 37
    Water rates............................. 17
    Telephone (land line)................... 19
    Mobile phone............................ 42
    TV Licence.............................. 12
    Satellite/Cable TV...................... 8 (Netflix only, no cable TV)
    Internet Services....................... 0 (free with Sky until end of contract - paying for landline only)
    Oyster monthly card & top-ups............................ 146
    Pension contributions................... 100 Do these not come out before you see your take-home?
    Childcare ....................... 290
    School clubs, lunches, sch fund............ 120
    Child savings........................... 100
    Groceries etc. ......................... 200 This is more than realistic - you should definitely be able to stay within this.
    Clothing................................ 100 This seems high - can you review and switch to "needs" only?
    Medical (prescriptions, dentist etc).... 10 (work perk - dental insurance)
    Presents (birthday, Christmas etc)...... 30
    Beauty................................ 30 You know this is high, don't you...
    Eating out & Fun........................... 100
    Donations............................... 10
    Gym pass (yoga).................................. 45 (starting 1 Feb 2018)
    Household fund.......................... 50 (starting 1 Jan 2018)
    Contingencies........................... 50 (this is really to capture all those "unexpected" ones... work in progress)

    Holidays................................ 0 (no holidays planned for 2018 ... unless a miracle happens)
    Total monthly expenses.................. 2764


    Assets

    Cash.................................... 700 I'd suggest that any savings you make on groceries and clothing ought to go to building this to £1000 in the first instance.
    House value (Gross)..................... 400000
    Pension fund ............................ 35800
    Total Assets............................ 436500



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 185300...(1000).....2.34
    Total secured & HP debts...... 185300....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard1...................8400......190...... .0
    Sainsbury's....................4400......100...... .0
    Barclaycard2...................0.........0........ .7.9 (this WAS* my weakness)
    Barclays Overdraft.............0.........0.........0
    Halifax Overdraft..............0.........0.........0 (this WAS* my other weakness)
    Halifax Clarity................0.........0.........17.9
    Total unsecured debts..........12800.....290.......- Awesome work on those zeros - well done!!


    Monthly Budget Summary

    Total monthly income.................... 3,063
    Expenses (including HP & secured debts). 2,764
    Available for debt repayments........... 299
    Monthly UNsecured debt repayments....... 290
    Amount left after debt repayments....... 9
    Nice balancing!

    Personal Balance Sheet Summary
    Total assets (things you own)........... 436,500
    Total HP & Secured debt................. -185,300
    Total Unsecured debt.................... -12,800
    Net Assets.............................. 238,400
    (at least I'm at in green....)

    * Hopefully it WAS!


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Originally posted by Plush
    A few tweaks I'd reckon - but overall looking good!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£702.45 (20/11/17)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • Plush
    • By Plush 30th Nov 17, 9:21 PM
    • 79 Posts
    • 188 Thanks
    Plush
    @thanks Lucifa

    @Essex: When I said tight I was thinking about the reality of the past 2 months - vs the above budget. On paper it looks generous. The reality is that it feels like a big adjustment for me. I'm still trying to understand what's the best way for me going forward - apart from not touching the credit cards. I keep thinking about lowering my overdraft limits on my 2 bank accounts to... £0. I'm not sure if it's wise or stupid to do it.

    Using YNAB is not enough, it doesn't block my account when I overspend so I'm tempted to go the hard/radical route for 2018, for the entire year. I'm good with plans that have a finite date in mind. The hard route means cash only for everything that's not bills/regular - so for all spending that happens in Halifax (nb. text in Italics in my SOA ). I kept thinking about it over the past couple of weeks and I think I need it. I just have to figure out a realistic weekly allowance and a practical plan to deal with it. My deadline for the grand plan is end of December, after the Christmas madness is over and my bonus is paid (i still don't know how much it is, my boss is rubbish at this; he has not calculated our bonuses yet).

    Regarding your other comments:
    • Holidays. Yes that's pretty much it. I can take one year off holidaying. IF at the end of the year thinks are looking brighter, I can use half my year end bonus as a reward and buy a holiday, instead of using a CC.
    • Annual: I do need to make a list with all annual subscriptions. They aren't that many but they aren't £0 either.
    • Contingencies: I do project budgeting at work and I always add 15% contingency. That's realistic in personal budgeting as well. I know that. I just chose to ignore it so far.
    • Other insurances: contents insurance (separate) plus bank account fees less bank account rewards
    • Life assurance: yes it's £0 - work benefit, together with accident and sickness insurance. I do need the mortgage insurance though; it is actually an unemployment insurance policy that covers mortgage and household bills for 12 months in case I am made redundant. Giving my lack of savings, that's wise.
    • Pension contributions: yes it comes off my payslip and I now think I made a mistake with the income figure, need to check.
    • Groceries, Clothing & Beauty: yes I know. This is why I think cash only would work for me.
    • Assets cash £700 that's actually in a child account I set up for DD. I've started a while ago saving money in a child account (because of the high interest rate) for future child-related big expenses - such as school trips in secondary and her going to uni (here's hoping). I figured saving regularly would help - that's child benefit I get for DD rounded up to £100 The account is flexible so in case something bad happens to us, there is something in there as well.
    • Plush
    • By Plush 30th Nov 17, 9:54 PM
    • 79 Posts
    • 188 Thanks
    Plush
    PS. And yes, I am thick... the pension contributions should have not been included in the SOA, because they come off my payslip. In YNAB they are included as I've started tracking pension there as well. The budget for 2018 should be allowing for £400 monthly payments to credit cards, not £290 which is the minimum. Now edited SOA.
    current credit debt Nov-2017 £12800 @ 0% // initial debt Sep-2017 £14200
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  • Nice debating with (all but the rude ones) of you. Bedtime for me now. Goodnight #bbcqt

  • RT @kevmthomas: @MartinSLewis It was a comment you made about the referendum being a binary choice on a non binary issue that helped me rea?

  • To clarify this. Cameron's gamble that having a stark vote'd mean his team won. He gambled wrong (that's not a stat? https://t.co/NSCT3aKvGS

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