Russell's 'New Leaf' Spend Less, Make Money, Pay off Debts Diary

rustysmart

Yesterday I wrote about the day of £4s - well today my TA gave me a receipt that I had forgot to claim for so I've handed that to the office and yep you've guessed it, it's for £4.35! Not sure when/if I'll get it, but will keep you posted.

Another book sale last night (need to post tomorrow so hopefully not snow bound) which is another £2 - all these little amounts are totalling up quite nicely in my savings account.

rustysmart

Managed to get to work today, battled my way through the snow even though 90% of schools in the town are closed - mine has stayed open, oh joy!!

Actually, now I'm it is fine, but the drive in was pretty scary and I'm sure the drive home will be equally scary!!

Updates coming later!!

rustysmart

Had a mortgage meeting this week with our advisor and received some good news (in comparison to what I've been hearing on the news).

At the end of March our fixed rate ends, and as a result our interest rate drops to 1.35% (assuming rates stay the same) - this means that our monthly payments almost half!

We had a long conversation with the advisor about overpaying, saving etc. etc. Basically, we have decided to continue to pay what we are currently paying thus making a £400 overpayment each month. We will then fix rates in again when things appear to be going up.

On the flip side, it means our offset savings rate will be practically worthless so we are going to move savings out of there and into an account with higher interest - just need to find that now! We had been paying £300 a month into the offset account to reduce the mortgage term, but there is no point continuing to do then when our savings could be working harder in another account.

Things are looking rosy for 2010 - especially when I look at paying off my loan at the end of it!!

rustysmart

Can't quite believe that pay day is only 4 days away and I am better off than this time last month, in fact looking at previous balances, I am better off than other months! Not quite sure what has happened!

Updated signature at the end of the week. It won't show a significant decrease in my overdraft or credit card, but should show improvements to my loan and savings (which will ultimately go towards paying of my loan early).

Mildly exciting news, I found out that my promotional % rate on my ISA ended a few months ago so I have opened a new one with my bank which is 2% - I know it's not the best out there, but when you compare it to the 0.5% I was getting, it's alot better!!

rustysmart

It's PayDay! Well not officially, but because the 23rd falls on a Saturday my wage in in my bank today - I've just checked!

This means an updated signature too! Things looking quite rosy really. No huge decreases in overdraft or credit card, but they are not my immediate targets at the minute. Savings looking healthier, but this will ultimately be used to pay off the loan early at the end of this year.

I think the best thing for me is seeing the amount that has been paid off in total as this takes in to account all payments, both towards savings and debts. Since my LBM I've paid off over £3500. If I had made my min. payments each month since September I would have not chipped away at the overdraft (it was never a priority for me) and I would have only paid off £1900 of my debts.

Happy moneysaving everyone. I've ended a stressful week quite happy!!

rustysmart

I've decided that I do not like the 25th of each month! I look forward to payday (23rd) and then I have the lull of the 25th 'mass standing order exodus'!! Today is the date that my standing orders go out for my house account, loan and now overdraft payments. I know its coming every month, but I really hate seeing the 'available balance' drop by so much!

All just phycological I know, but decided I don't like it!!

TheLightFantastic

rustysmart wrote: »

I've decided that I do not like the 25th of each month! I look forward to payday (23rd) and then I have the lull of the 25th 'mass standing order exodus'!! Today is the date that my standing orders go out for my house account, loan and now overdraft payments. I know its coming every month, but I really hate seeing the 'available balance' drop by so much!

LOL!!!:rotfl:

Thats exactly what I just wrote in my diary. The 25th is the day I pay all the big amounts. My loans and rent. I'm really pleased to see you progress. It pretty impressive the amount you have paid off since you LBM. I really wish I'd paid more attention to this site earlier on. I might have tackled my debt earlier!

:beer:Here to having a bit of cash in the bank!!

rustysmart

Another £2.27 for a book sale - every little helps, or so the supermarket says!

I'm also raising money for a sponsored aerobathon in 9 days which is going well. I've never raised money for a charity before, although I have contributed many times. I'm up to £68 already after only one week. I've set myself a target of £100 which looks within sight! Will keep you posted on how it goes.

rustysmart

Bit of a break in communication as I've been out with my class on their residential - as a result I am blooming tired!!

Arrived home to find an envelope from the Tax Office following an enquiry about some Union fees I've been paying. After a bit of delving around, it appears that I've been overpaying my tax a little bit each year since 2004. Nothing huge mind you over the space of a year, but in short I'm getting a little cheque back for the grand total of ...

... £71.50!!! Not bad really as I was only enquiring about my Union!! That'll either go towards my savings (and ultimately my loan) or may treat myself - it's not everyday you get a cheque in the post!

rustysmart

Afternoon all, still wondering what to do with my cheque (when it arrives). A treat would be nice, but not too sure what I would buy really - all this money saving has sort of put me off a little bit whenever I go out. I think in the short term I will add it to my savings. If anything major is needed in the next few months I then know there is a little pot for me!! hehe