Repaying my loan from The Bank of Mum and Dad

jaffacakegal

moneypuddle wrote: »

Hello Jaffacakegal, I'm here to give you a little kick! No, no, no to the credit cards. Don't do it. I had £3k on them, am now down to £1776, but still find it so majorly depressing to be paying them off every month, when my money could go elsewhere! So my one tip is to do whatever you can to avoid them! Consider yourself ticked off

I also need to stop wasting money on food too. I shall join you in that pursuit!! :T

Hehe thanks moneypuddle! Sorry only just noticed you'd posted!

I agree re the credit cards - my parents don't use credit for anything! I've been brought up to only buy things when you can afford them! Although that day never comes for me :rotfl:

I only thought this would be a good idea so I could see my bank balance without OD next to it all the time! Which it is at the mo!! Only cos my wages have just gone in! Well they go in on 30th but for some reason showing I have them already! Now on $601.59 woop won't last long! My d/debits for the month out on 1st add up to $580!

Anyway I sent my cheque off to the charity on Friday - $290 which I am so so happy to be able to donate on behalf of people but it will make a big dent in my bank balance!

I also found out that my course fees will be coming off my wages at $100 a month for 3 months from next pay. I was hoping it would be $50 for 6 months but alas no!

I think I will post my SOA on here at some point during the week, as it looks as if things will be really tight from now til the dreaded Xmas! Although I'm not sure if the money I owe my dad is secured (against the house) or unsecured?! And whether I include my student loan? For someone who studies accounts I'm not very wise to this world of finance

Anyway I am feeling rather happy today! As well as being an NSD, I also finally did some painting in my living room! It's been over a year since I touched it and I am bored of living in my bedroom! It was pure laziness stopping me! I have only done my feature wall and those next to it and it already looks amazing! Can't wait to carry on tomorrow - even though it will involve using the dreaded gloss paint! :mad:

Oh and I changed two lightbulbs :j so two things today crossed off my August list (consisting of many dull boring non-MSE things)!

Hopefully I will get my SOA on here soon, and post my September budget - see what people make of my spends! Nervous!

JCG xx

jaffacakegal

Oh dear,

Was just walking downstairs to get me some toffee apple cider (yum yum) and thought the following to myself...

Hmm changed two lightbulbs today. Well things are definitely looking brighter in my life!

It just reminded me of the Martin Lewis rubbish Friday jokes on Facebook :rotfl:

Sorry!

clippy_girl

urgh to gloss paint i did that last week so feel the pain!) i wear full clothing and rubber gloves to avoid getting any on me! also its not very money saving but i buy brushes from £1 shop (pack of 5) and chuck them away when i have done gloss as too lazy to clean the gloss off

with your soa personally i would not include your student loan if it comes out your salary. with your dad debt i would say unsecured.

i found the soa too complicated for that reason so i just listed everything i pay on a spreadsheet and copied it in my diary for people to comment on.

my gym is £50.50 per month :eek: they are all that expensive round here except ones with no pool, sauna or steam as i go swimming more often i feel its worth it (although not been for two weeks! )

jaffacakegal

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1056
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1056
Monthly Expense Details
Mortgage................................ 247
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 57
Electricity............................. 24
Gas..................................... 41
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 11
Car Insurance........................... 33
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 3
Pet insurance/vet bills................. 0
Buildings insurance..................... 11
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Hobby costs............................. 40
House expenses.......................... 30
College fees/course costs............... 110
Total monthly expenses.................. 1011

Assets
Cash.................................... 0
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 100250

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48800....(247)......4.5
Total secured & HP debts...... 48800.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Bank of Mum and Dad............51000.....100.......0
Total unsecured debts..........51000.....100.......-

Monthly Budget Summary
Total monthly income.................... 1,056
Expenses (including HP & secured debts). 1,011
Available for debt repayments........... 45
Monthly UNsecured debt repayments....... 100
Amount short for making debt repayments. -55
Personal Balance Sheet Summary
Total assets (things you own)........... 100,250
Total HP & Secured debt................. -48,800
Total Unsecured debt.................... -51,000
Net Assets.............................. 450
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

jaffacakegal

Phew SOA posted!

It looks a little strange as I have put what I will be paying from next month - hence high college costs! Fees, plus after starting back today I now need to fork out for important text books which I hadn't accounted for in my September budget!

Basically, as I already knew, I'm fine living within my means but the big things take me over. And the big things seem to happen every month!

I guessed at my mortgage rate and just checked and it is actually 4.89% so close enough I reckon! It's strange looking at things set out with the total amount I owe my parents - pretty shocking! I just see it as a Standing Order like my mortgage every month

If anyone has any help on my SOA feel free and don't forget - kick up the backside!

JCG x

clippy_girl

think you could reduce your food spends! do you batch cook? i find that saves lots of money as means dinners only cost about £1. i also batch cook soup for lunches. i have got mine down to arounf £80 per month inc cleaning and some toiletries

jaffacakegal

Hi clippy,

Yeh I know the food needs to come down - I was trying to be truthful on my SOA rather than putting what I budget! always end up over my meagre food budget! I have done batch cooking but not for a while as my freezer has been full of homemade stuff :rotfl:

Have tried to put together a tight budget for Sept to try and get overdraft down to $600 at the end before my wages go in:

Food $80
Petrol $60
Work clothes $30
Contest $40
Interest $5
Text books $30
Cleaning/toiletries $10
Sundry $20

Ramadan is over so I think from Monday we have lunches provided again at work (predominantly muslim staff so haven't for past month!) This should help with me cutting down the food costs.

Petrol I nearly got today - glad I didn't as dad gave me a 5p off a litre voucher when I went round earlier

Work clothes I am desperate for some more trousers! I may not buy but if I do it will be a couple of $6 pairs from A$da and a couple of better tops than what I have.

Contest - I play in a brass band and we are away a day in September so this is food and alkihol - hopefully won't actually spend this much!

Text books urgent for college as I need to read chapters 1-3 in next 2 weeks and will struggle without them :rotfl:

Also need to pay $80 for another band trip in Nov - hotel stay, and this is the best month I can see to pay it in!

All this plus DDs and charity cheque which should be banked soon take me to $600 O/drawn!

Really gonna have to try and bring in more money somehow after this month, even if I do stick to the above!

So glad I come on here - I didn't realise until someone mentioned, that I could use clubcard and nectar to get cinema tickets off out tomorrow after exchanging some nearly expired clubcard vouchers for 2 tickets!

JCG x

ViolaLass

Would it be an option to negotiate a payment holiday with your parents for a couple of months to give you time to get out of your overdraft? If you're disciplined and save the money rather than spending it on something else, it could get you back on the straight and narrow.

jaffacakegal

ViolaLass wrote: »

Would it be an option to negotiate a payment holiday with your parents for a couple of months to give you time to get out of your overdraft? If you're disciplined and save the money rather than spending it on something else, it could get you back on the straight and narrow.

Hi Viola!

I have broached (sp?) the subject with dad tonight, but not completely seriously. Think I may need to ask very nicely if I could miss 3 months whilst I am paying the same amount for my course fees. Won't make me any better off, but will stop the situation getting worse! I just want to start paying him more, not stopping payment

If I was truly skint i.e. unable to feed myself/pay mortgage or bills, I know they wouldn't see me go without. I'm so grateful for this, I don't want to ask before I have explored other things.

JCG x

savingholmes

Hi JCG

Just wrote a post and it logged me out... Your SOA looks reasonable... I would look at ideas to up your income on the up your income board or look if the £10 a day challenge is still running on the DFW board... As you can see from my signature you can majorly improve your income with a little effort