MoneyQueen’s MFW Journey and Daily Diary

MoneyQueen

Now that I have already prepared the update for January 2010, thought I will just post it now

Update for January

Monthly Salaries = £4450.75

Mortgage

Balance = £94999.16
Interest Rate 1.29%
Monthly Payment £873.81
OP done in January £238.94

Savings (These are all Net Rates)

Reg Saver 4% Expires Feb 2010 Adding 500 per month = £3875
Reg Saver 4% Expires Feb 2010 Adding 500 per month = £3625
Reg Saver 4.8% Expires Mar 2010 Adding 250 per month = £2075
Reg Saver 4.8% Expires Mar 2010 Adding 250 per month = £2075
Reg Saver ISA 7% Expires April 2010 adding 300 per month = £3000
Reg Saver ISA 7% Expires April 2010 adding 300 per month = £3000
Reg Saver ISA 3.6% Expires Jan 2011 adding 500 per month = £500
Reg Saver ISA 3.6% Expires Jan 2011 adding 500 per month = £500
Reg Saver ISA 3.6% Expires Jan 2011 adding 250 per month = £250
Reg Saver ISA 3.6% Expires Jan 2011 adding 250 per month = £250
Fixed Savings 4.07% Expires Jan 2010 = £6000
Fixed Savings 4.08% Expires Nov 2014 = £3200
Fixed Savings 4.08% Expires Nov 2014 = £3350
Cash ISA Fixed 5.00% Expires July 2014 = £7218
Cash ISA Fixed 5.00% Expires July 2014 = £10589
Cash ISA Fixed 3.75% Expires Dec 2012 = £3878.91
Cash ISA Fixed 6% Expires Nov 2011 = £3644
Instant Access Savings Account 2.18% = £35.49
Instant Access Savings Account 2.18% = £35.49
Vantage Account 1 Instant Access 3.2% = 6985.38
Vantage Account 2 Instant Access 3.2% = 6985.00
Vantage Account 3 Instant Access 3.2% = 5001.00
Vantage Account 4 Instant Access 3.2% = 6954.49
Vantage Account 5 Instant Access 3.2% = 6961.74
Current Accounts + MB Float (This includes Moneybookers and Paypal) = £5432.98
Cash + Loose Change = £70
Euros - £206.66


Total Savings = £95698.14

Debts other than mortgage

Balance to be paid to a Credit Card (Full Payment) = -£87.00
Balance to be paid to a Credit Card in 19th Jun 2010 (currently 0%) = -£2,424.40
Balance to be paid to a Credit Card in May 2010 (currently 0%) = -£4,765.88

Total Debts other than Mortgage = -£7277.28

Mortgage + Debts – Savings = £6578.30

SOA for January

Monthly Household Income (after tax) = £4450.75
Mobile -£21.48
Mortgage - £873.81
Transfer to Regular Savings Accounts - £2600
Council tax (Paid by 0% Credit Card) - £0
Telephone and Broadband - £27.42
Fuel (Paid by 0% Credit Card) - £72.31
Electricity/ Gas (Direct Debit) - £35
Food & Groceries + work Expenses - £86.64
Shopping + Misc (Paid by 0% Credit Card) - £55.93
Credit Card Payment (0% Balance Transfer) - £2497.40
Credit Card Payment (0% Balance Transfer for 9 months) - £48.63
Credit Card Payment (Purchases at 0% for 12 months) - £33.00
Credit Card Payment (Full Payment) - £31.85


Elecricity – KWH/day (Will add later)
Gas – KWH/day (Will add later)
Grocery Spend £86.64/£100 :j

Will update my signature now

setmefree2

MQ that stuff about redundancy I'm keeping everything crossed for you that things turn out OK.

SmlSave

(hug) to you and your DH re redundancy worried. Hope everything works out ok. Do yoou know when you'll find out?

Queen-Bee_2

MQ - thanks for the update, everything crossed the redundancy scare passes you by, QB

MoneyQueen

Hi eveyone,

Thanks for your kind words...

Smlsave, both of us have a consultation period of 90 days. They are looking at voluntary redundancies first but as there are not many people who will get a big redundancy package, I don't think they would achieve the number they are looking for (250)

so thers will surely be compulsary redundancies.

I am totally clueless about what we can do.

Some people are volunteering for going part time. Don't know if that makes them immune to compulsary redundency (where is the confused smiley?????)

Not sure what the procedure would be in my company as the consultation period has not started yet. They haven't announced the creteria or the names yet so atm everyone is at the risk.

I just hope that atleast one of us gets to keep the job so that we don't have to dig into our savings.

On a positive note, we still have 3 months' jobs so we would be "debt free" by the time we loose our jobs. :j

DH has finally accepted the overtime offered for the next 2 months so that would be another 2 grand or so :j

I am just being extra cautious with food/energy spend.

Only packed lunches and have reduced the time the heating comes up for.:money:

I have decided to speak to the mortgage company if we can get the term increased though not sure if they will agree without us paying charges for it

Our house is not in a area where there is a great demand (though I love my house) so it is not easier to sell it and move to a better job in another city if it does come to this and IT job market in Scotland is really bad atm

Hope everyone is doing good. I haven't read anyone else's diary for a long time.

MQ

Floxxie

Hi MQ,

Had got a bit behind on reading posts and have just caught up on your possible redundancy. :mad::mad::mad: At least you have some savings to keep you going.Hope it becomes clearer for you soon - I'm guessing that you can ask for a figure for taking voluntary redundancy and work out what standard redundancy you would get? Going part-time might be an option too as neither of you have been there very long.

I'm keeping my fingers crossed that it works out well for you both.

Do you think MBing is calling you back? (I'm planning to start in Feb sometime although may have to go and find f/t job if OH is sacked from his job )

MoneyQueen

Hi Floxxie,

Is your OH also at the risk of redundancy atm?

This is the first time for both of us and it's just so depressing.

I had thought of doing MB again but am just not in that state of mind and don't want to do any costly mistakes so MB will have to wait.

Had to update my CV but the most recent version is at work so will do it on Monday.

The company hasn't decided about the redundancy package yet but my contract mentions one week's salary for every year worked.

Both of us are trying to keep a positive attitude. DH has started preparing for job interviews. I would soon do the same.

MQ

Floxxie

Hi MQ,

Check what the voluntary redundancy package would be for you; it's usually more than the standard (a week a year for you).

No, OH is not facing redundancy which if he was we would grab with open arms as he has worked for 30 years but he is currently suspended pending an internal investigation. Have got solicitor ready as their reasoning is utter rubbish but it is one less stress I could do without.

Same here on the MBing side which is why I haven't done any for ages. Ridiculous really as it would really help us out but haven't got the concentration for it at the moment. Hopefully that will change soon.

Try and stay positive; it will work it itself out in the end.

Fx

MoneyQueen

Floxxie wrote: »

Hi MQ,

No, OH is not facing redundancy which if he was we would grab with open arms as he has worked for 30 years but he is currently suspended pending an internal investigation. Have got solicitor ready as their reasoning is utter rubbish but it is one less stress I could do without.

Fx

Oh that's a terrible thing to happen... Is he suspended with salary or without?

Fingers crossed ... this phase passes soon

MQ

MoneyQueen

Have just applied for a 12 months 0% purchases Credit Card for DH so that if it comes to the worst, we don't have to touch our savings for as long as possible.

It would feel bad dipping into the money that we have saved for being MF

All the other 0% credit cards are coming to an end in May/ June this year so the new credit card will pay for insurance/ council tax etc. and we would get Clubcard points on top :money:

Another Regular Saver is maturing tomorrow. As it was a postal account, have to post the passbook and they would send a cheque then. Have to find home for these funds also soon as we have exhausted all our vantage accounts