Debt free and buy a house by 35

andymc29

A very bad month for my finances.
Okay, so I've overspent in December, not a big surprise. So at the end of January, I'll be lucky to save anything.

Actually, I would be, but now I won't save anything, I'll lose money infact. Mainly down to my car.

Some kind sole managed to smash the windscreen of my car and damage the side panel too, which will cost me £250 as they never left any details. Thanks mate. So I'm now driving around in a loan car (thank god I got fully comp). And in about two weeks, I'll have to fork out £250 to the garage to cover the excess on my insurance claim.
Not only that, but this will cost me more for my renewal too. Perfect start to the year.

Anyway, looking forward, only two more payslips till I get my annual bonus, and that should pay off my nationwide loan, free-ing up another £155 a month. It's not a massive step, but it significant as it reduces my outgoing's making it much easier to save up towards settling my natwest loan.

andymc29

I've overspent in December and January, so I've cut into my savings and also had a problem with my car, which has cost me £250 excess.

So my overal cash balance of my current account plus savings has dropped by about 400 pounds since the start of December. I'm a bad boy!!! :mad:

The good news though, is I've been informed I'm in for a pay rise at work, which will likely mean a few hundred extra a month take home pay, and should include back pay to the start of the year, so the end of march payslip should be very good. I also have my bonus coming in at the end of next month, which should clear my nationwide loan completely. :T

My credit card's on direct debit for the minimum balance (bad I know), but it's interest free for the next year or so, so not a real issue. After I get my nationwide loan cleared off, my next target is to clear the credit card, that will then act as my monthly account for petrol and food, I will clear it each month.
This gives the benefit of clearing most expenses on my current account at the very start of the month, keeping the transaction numbers small and easier to track.

Roll on bonus, roll on payrise!!!!

andymc29

Damn it!!! Just got home to a £200 leccy bill. HAve paid it on credit card, which I will clear when I get paid at the end of next week. Just annoying realy cause it wouldn't be nearly as much if my flat had gas heating. This bill is 3 times more than the last one, and the only difference is that I'm using the heating. Glad the weather's gone a bit milder now. But still means I'l find it very hard to save anything next month.

andymc29

Some good news!!!

I got a payrise at work!:j:j:j

Should make it much easier to stay ontrack with sorting out my debts.

Next big step is my annual bonus (I'm not a banker so don't hate me). At the end of next month. Should see some big changes in my outstanding debt figures then.:T

andymc29

I had a lapse of judgement yesterday and ordered myself a new iphone. £449 of electronic goodness.

Only in the vening did I realise what a stupid decision this was.

I mentioned to my GF that's I'd bought one to replace the one I lost 4 months ago and she got realy upset.

This is the bit that makes me look like a total !!!!!!!. I't smy birthday this weekend, and she's spent a lot of money arranging for us to go away for the weekend together, this is the first weekend we've had away together and are both really looking forward to it. I've offered before to help pay for it, but she's always said no, turns out she thought that because of my debts, I couldn't afford to help pay towards going away. So now I go and buy an iphone 3 days before we go. What an idiot.

The upshot of it is I'll be returning it as soon as it arrives and trying to put the "iphone envy" out of my mind and focus on getting my debt down.

I'm not as perfect as she wants me to be, and it will take me a while to change my spending habits, everyone here has the odd lapse in judgement but for me this one nearly lost me my GF.

Lesson learnt, the phone goes back tomorrow.

andymc29

For lent, I'm planning to give up all un-needed purchases.
The only thing I will spend money on besides essentials is seeing friends, oh and paying off debts of course! ;-)
I'm not religious but think lent's a good idea anyway.
I might give up playing computer games for lent too, will have to see.

andymc29

My annual bonus came through in my pay today
Just need to find the will power now to spend it all on my nationwide loan. I'll phone for a settlement figure tomorrow and find out the best way to pay. Hopefully I cna just do it online, don't like the thought of sending such a large cheque in the post.
Not sure how to handle my credit card yet though, should I pay it all off leaving myself with no savings? or keep a nest egg emergency savings amount and then pay the rest towards the card? teh card will be cleared in a few months either way, and it's interest free, so I guess it makes sense to leave it if I can resist spending the money sat in my savings.

andymc29

There's going to be some stress soon. Socially that is.

I was going to be moving in with a friend of mine soon, in about a month. The problem though is I need to clear my debts as soon as possible. debts are the main stress in my life. It affects everything from not being able to check my bank account through fear of the balance, I can't save to buy a house, replace my car, can't settle down with my girlfriend cause she doesn't want to risk my debt affecting us.
It keeps me up at night.

The best thing I can do is clear my debts as quickly as possible.
The contract on my flat runs out in a month, I'm going to move to my parents house for about six months, which will give me time to save to clear all my debts.

My friends going to hate it, but it's the best option, and I have to do what's right for me.

andymc29

I spoke to my friend, he's not happy. But really I have to look out for myself. I feel bad for him, but it's more important that I clear my debts. He'll be fine.

Anyway, so here's the plan. I've spoken to my parents and they'd agreed I can move home to get out of debt. We've agreed on an amount I can pay them to cover basic food and household bills I may affect. I should be able to clear off 90% or more of my debts for February next year now.
Going home for 8 months will be hard, but I think it'll go by pretty quickly and I'll be really really pleased by the end of it. As I'll be beginning my debt free life.

andymc29

Just paid out £250 to have my car MOT'd and serviced
My car insurance is due, that's just cost me £450 (partly due to the damage I had a few months back).
I've got a £300 leccy bill (thanks to only having electric heating)
And to top it all off, my car tax is due at the end of this month, which will be £100 for 6 months.

I'm really gladI'm moving to the parents soon, at least then I won't have lal these crappy bills. Oh crap, I just remembered I need to pay the council tax tonight.