2009 - financial targets

penguin83

Thank you, it is attempt number 3 billion but the best I have ever done, my OH has quit at the same time which is a big help. I used our local NHS stop smoking service and have the inhalors although I havent really used them. Its weird though, like something is missing. Im not craving smoking though just feel like I have forgotton to do something! x x

whitevanwoman

I'm trying to motivate myself at the moment and so I thought I'd update my targets as ticking things off a list is so satisfying.



1. keep paying a £400 per month to my mortgage (actual monthly repayment is £390 at present so I am accruing a little bit of additional payment each time in case I need an emergency payment holiday)
Interest rate cut has meant that mortgage repayments are now £326 monthly but I have managed to pay £350 so am gradually accruing a little bit of "reserve". At the end of the year I hope to be a full month ahead. So I haven't managed to maintain the original target but I am paying more off each month than intended due to the lower interest rates.

2. clear argos card - approx balance of £350 so 10 monthly payments of £35 (double the minimum payment)
Nearly done now, only 2 months payments left to make - I need to check this month's finances, but I might even be able to pay off the balance this month, a month early.

3. continue to pay £35 month off visa card - current balance approx £950
Have been doing this and the balance is now about £720. Once target number 2 has been achieved, I can increase the repayments to double (£70 per month) which means I should be able to achieve this target within the next 12 months.

4. reclaim bank & credit card charges (as per last year)
Still haven't done this - it's on my "to do" list but it just seems so daunting at the moment, in view of various other (big) problems that I've got at the moment. I really need a good kick in the backside from someone to get going with this - please feel free to do so...

5. follow up tax credits complaint and claim expenses & compensation (as per last year)
As above - another tax credit overpayment (my 5th in 5 years of claiming, all of which have been down to staff error or computer problems) now needs sorting out, and I've lost courage and motivation. I'm currently having repayments for the latest overpayment (which arose because HMRC staff incorrectly calculated my award - this has been admitted) deducted from my present award and I know I need to dispute this but again it seems so daunting, having spent so much time and effort in the past doing the same thing with other incorrect overpayments.

6. open ISA, pay £10 month minimum (as per last year) to rebuild mortgage capital
I haven't opened an ISA but I do have a high interest (6%) e-saver account and I've been paying £20 per month into that and am building up a nice little amount as my emergency fund for when things go suddenly wrong (car repairs etc). In fact, 2 months ago, I increased the payments to £25 per month - not a huge amount but every little helps... I can't put a price on the peace of mind that having this emergency fund brings.

7. [STRIKE]reduce monthly electricity payment through reducing elec use [/STRIKE]- make better use of insulation, [STRIKE]reduce dependence on elec items[/STRIKE], investigate solar / wind power possibilities
:j monthly elec payments have reduced from £30 to £22.50 :j
I suspect they may need to go back up again in the winter to £25 but by taking weekly meter readings and keeping a graph of my usage, I have kept a careful eye on usage. I'm much better now at not wasting elec and switching things off (obsessive even? ). Sadly the "green" options are so expensive to install in the first place and much as I would love to have solar panels installed, I just can't afford it. However, achieving this target did mean that I literally froze last winter - my bedroom was regularly less than 10 degrees (during the daytime aswell as night) and I did find it very difficult.

8. apply for and follow up Warm Front Scheme - have coal fire converted to enclosed stove
this is still on my "to do" list and I would qualify for Warm Front, but I've heard so much bad stuff about Warm Front, that I've been a bit put off and so I haven't followed up on this.

9. Business plan for business idea - target start up date Easter 09, aim to be income generating by end of 2009
Health problems have meant that I've not been able to push forward with this, and have really lost all motivation. Alot of problems at work this year have led me to realise that self-employment is probably now the only realistic solution as having a long term recurrent health problem makes it difficult to stay in work and has meant a substantial amount of time signed off this year. It is now looking like I am likely to lose my job within the couple of months due to ongoing sickness and so I really need to do something to find an alternative income as I will also lose my tax credits if /when I lose my job. But I've lost confidence in myself and the economic climate doesn't help, and I need somehow to rebuild my confidence and motivation... any advice welcome

10. Quit smoking - save approx £1000 during the year (as per last year)
:mad: Sadly not achieved and again, due to lack of motivation, I can't see this realistically being achieved this year. I know it is just making excuses but to stop smoking and stay stopped, you really need to have your head in the right place for it and really want to do it. And I'm just not in the right place for it yet.



I feel very negative at the moment and feel like I am barely keeping my head above water. I know I need to do something positive to change my life but I feel like I've run out of resources.

Any helpful positive motivation or suggestions are most welcome.

costaerer

Can i join?

Have 8k debt on DMP, plus owe a personal friend 560. Am paying him 140 pm till Dec.

If i continue paying my current payment on DMP i will be debt free in .......7 years!! ARGH....I will be 27, then another 6years to get a half decent credit rating.

My aim for 2009 is...pay 400 off DH CC, pay 120 off my CC not on DMP. Carry on quitting smoking (not smoked...well bought any cigs for over 4 months now....already saved nearly 500 smackers!!), have 1k in holiday fund for October, pay the personal friends loan back, have 1k in savings, and try and double the amount im paying to my dmp so i can be debt free in 3 yrs when DH finishes uni! :-)

not sure how poss this will all be, but,i am getting over time the next month, i am due about 700 tax return, my grandpa is giving me some money but the amount is not guaranteed. i think by the time i go away in oct, i would like to see: debt to friend cleared, my cc and dh cc cleared, and have the holiday money.

whitevanwoman

costaerer wrote: »

Can i join?

Have 8k debt on DMP, plus owe a personal friend 560. Am paying him 140 pm till Dec.

If i continue paying my current payment on DMP i will be debt free in .......7 years!! ARGH....I will be 27, then another 6years to get a half decent credit rating.

My aim for 2009 is...pay 400 off DH CC, pay 120 off my CC not on DMP. Carry on quitting smoking (not smoked...well bought any cigs for over 4 months now....already saved nearly 500 smackers!!), have 1k in holiday fund for October, pay the personal friends loan back, have 1k in savings, and try and double the amount im paying to my dmp so i can be debt free in 3 yrs when DH finishes uni! :-)

not sure how poss this will all be, but,i am getting over time the next month, i am due about 700 tax return, my grandpa is giving me some money but the amount is not guaranteed. i think by the time i go away in oct, i would like to see: debt to friend cleared, my cc and dh cc cleared, and have the holiday money.

:hello:Hi costaerer, you're very welcome to join.

I hope you find it helpful to set definite targets which you can keep coming back to every now and again, either as a reminder or as motivation or hopefully to have a little boast about having achieved something which to other people is nothing special but which to you is a major achievement.

I thought by breaking down financial targets into yearly targets they don't seem so daunting and long term. Perhaps your 7 year debt free target could be revised to an annual target of paying off £X by the end of this year. Then you can set yourself another yearly target for next year. Then by simply maintaining the payments you have actually achieved your target for the year.

Well done you for not smoking - perhaps you could see your holiday as your "reward" for not smoking, or allow yourself a bit of extra holiday spending money as your reward. I really do admire people who have stopped smoking as I have tried and tried so many times and I know just how difficult it is. One day I do intend to do it, and I will keep trying until I do...

Keep us posted on how you get on - feel free to share your financial victories and we're here for support if you feel you need it. Good luck.

silly_boy_09

whitevanwoman wrote: »

7. [STRIKE]reduce monthly electricity payment through reducing elec use [/STRIKE]- make better use of insulation, [STRIKE]reduce dependence on elec items[/STRIKE], investigate solar / wind power possibilities
:j monthly elec payments have reduced from £30 to £22.50 :j
I suspect they may need to go back up again in the winter to £25 but by taking weekly meter readings and keeping a graph of my usage, I have kept a careful eye on usage. I'm much better now at not wasting elec and switching things off (obsessive even? ). Sadly the "green" options are so expensive to install in the first place and much as I would love to have solar panels installed, I just can't afford it. However, achieving this target did mean that I literally froze last winter - my bedroom was regularly less than 10 degrees (during the daytime aswell as night) and I did find it very difficult.

having lived in a static caravan for a few years don't go too low on the energy thing, lack of heat will affect your health...a bedroom lower than 10 degrees is fffffing freezing

maybe look into getting on a social tariff too?

whitevanwoman

silly_boy_09 wrote: »

having lived in a static caravan for a few years don't go too low on the energy thing, lack of heat will affect your health...a bedroom lower than 10 degrees is fffffing freezing

maybe look into getting on a social tariff too?

Tell me about it! The coldest it got was 6 degrees, and was regularly only about 8 degrees. I probably wore more clothes in bed than I did during the day! But with no central heating or gas, the only alternative is electric heaters which just eat up elec. So, lots of blankets, lots of hot water bottles and lots of warm pyjamas!

I'm on a discounted rate for elec so I don't think a social tariff would be much cheaper and I don't really want a card meter as I live 10 miles from the nearest shops so it would be extra expense and inconvenience to get it charged up. But thanks for the tip, I will investigate it and see if there would be any benefits.

silly_boy_09

oil filled radiators are pretty economical

and social tariff info

and see energychoices.co.uk for info on social tariffs

Fire_Fox

Is it possible to have an electric underblanket on your bed? Most models are safe to run all night, and they cost as much to run as a lightbulb (literally pence)!

whitevanwoman

Thanks - I do have a small oil filled radiator which I use to take the worst of the "chill" off the bedroom sometimes. I've also got a plug in elec consumption meter so I can monitor how much it is costing per hour - I haven't tested the oil filled radiator and I should do, I might be pleasantly surprised! It might work out cheaper than buying an extra duvet!

I have a wood burning stove in my kitchen and during the winter I literally live in the kitchen as it does get really warm. It also means that during the winter I have loads of hot water as the wood burner has a back boiler for my hot water so I tend to have a hot bath before bedtime which really warms me up so the bedroom doesn't feel so cold!

The downside of this is that during the summer, although I am saving money by not using as much wood and coal, I don't have hot water unless I put the immersion on but I have been surprised that the cost of putting the immersion on doesn't seem as bad as I'd thought. I have found, through monitoring my elec usage each week, that I use at least as much elec during the summer as during the winter if not more, probably due to having the immersion on and using the electric shower (which I hardly use during the winter).

Maybe I have been getting a little obsessed about cutting my elec bill though. An extra couple of pounds each month on my elec bill in return for a bit of extra warmth is a fair cost.
Thanks for making me realise this :T

whitevanwoman

Fire_Fox wrote: »

Is it possible to have an electric underblanket on your bed? Most models are safe to run all night, and they cost as much to run as a lightbulb (literally pence)!

Thanks for the suggestion but... Lol, I don't think I would ever get out of bed in the winter if I had one of those :rotfl:

To be honest, with several blankets, fleecy pyjamas, hot water bottle and a large dog which keeps my feet warm in bed, once I'm in bed I'm usually fine. I'm rarely kept awake at night from the cold. The worst thing is in the mornings, having to get up and run downstairs to the kitchen hoping that the stove has stayed alight during the night. I've lived like this for about 5 winters now and I do think I have got used to it - if I go to stay with people who have central heating I find it very uncomfortable and have hot flushes, and wake up in the morning soaked in sweat.

But perhaps I do need to just accept that I need to be a little less frugal with my elec consumption this winter.