Jumping aboard!

Sepa74

I really don't understand how the utilities get away with their dodgy estimates... it makes me mad.

It sounds like you might benefit from doing a regular monthly meter reading. Then if your actual usage is lower than the direct debit you can ask for a refund straight away and hopefully get the ongoing bill reduced.

Your council tax is MAD!! Mine is a fraction of that and I live in London. Have you checked out Martin's guide to rebanding? It might be worth looking at it and seeing if you can get that down a little.

downsizer3

Thanks Sepa - my council tax is for a two bedroomed flat!!!! Unbelievable isn't it? I did miss a month when I moved house but still think it'll be £135 or so next year- you're right I should check. Edinburgh is bad I know - but they only waste it on tram sysytems that never happen.....
I'll check it out.
I will also start reading the meter regularly and putting online. As I'm not long in this house its hard to get a grip on my usage but with winter coming I'm about to find out the worst!!
Got fed up over the past couple of weeks with this saving lark. Still at it and putting away what I can but you do get cheesed off sometimes don't you?
So I did another spreadsheet!!!
I'll be shot of my credit card by Aug / sept next year then I can save more. And I'll keep my overpayments where they are until I have a savings pot of 6 months. Thats £6000 to me so I'll add that on my signature so I can see where I started - my sad saving pot can go on too - its getting £100pm so I can look back at how far I've come every 6 months or so. Gotta keep motivated - its too easy to slip back. Especially at christmas.........:eek:

downsizer3

Mortgage down to £31,685 this month. Wanting to get below £30k this first year.
No big expenses this month yahoo and checked my council tax - sadly I am the right band but it'll be about £135pm next year as that'll be a 10 month year rather than the catch up I had after moving. £30pm which could go into the mortgage - that'd make it a £100 overpayment each month. Every little helps.
My ex is working now. Not that any maintenance has been offered of course. I try not to let it rile me but he should be ashamed of himself. I rise above it but what a struggle it is. One day my daughter will understand I hope. Meanwhile I'll fix that smile......:mad:
Frugal christmas looms - not that I have a clue what to get people!

downsizer3

If I plug the £30 extra I can afford to overpay once my council tax goes onto next years rates ( without my catch up from gap when I moved house) into my overpayment calculator.............I can reduce my mortgage term by another 11 months I think.
So that just over £100 extra a month and I'm down to 9 years and 1 month!!! Wowzer! Definitely doing that!!:beer:
If only my spreadsheets allowed my to change the amount I overpay each month - I could get (worryingly) excited about that. Sad lass.:o

downsizer3

Well the good news is that profit for the year looks like it will be better than anticiapted. Bad news that bang goes my tax credit allowance. I may make more on paper but I still pay myself the same so I'm worse of in real terms - got to keep a pot in the business. This day was coming of course and its been a balance but this will be hard. I'll continue to overpay but no chance of it ever increasing much. Not till I can afford to pay myself more again. One day I hope............
I'll do a new SOA - think it'll look grim though.

downsizer3

Warning - rant alert!
Today I feel totally fed up of being skint.
Most days I feel virtuous and pour over spreadsheets looking at my slow slow progress.
Today I'd royally fed up with it all. I pay extra every month towards my mortgage, am slowly paying off my credit card, Trying to save a wee bit every month, heamorrage money towards childcare, and can't afford a flamin' haircut. Doing all the right things but sometimes, just sometimes I'd like a break.
Rant over.

wantabetterlife

I completely understand where your coming from..you could be me!! I havent had my highlights done in 6 months because i cannot afford it...sometimes the whole thing just feels soooo slow.

Sepa74

So sorry things are feeling really tough at the moment. Being short of money is a major grind...

And isn't it amazing how tax can completely distort what is actually in your pocket vs what should be there. My mother did some self-publishing of some text books once, and being extremely naive completely failed to discuss her plans with an accountant and didn't factor into the price of the books the tax she would need to pay! It turned out to be an excellent way to lose money very quickly.

How big is your business? Have you thought about turning it into a Ltd company and taking dividends? It separates your personal and business finances much more effectively and gives you a lot more control about how much money you take out of the business and when you take it.

The business is responsible for the tax, not you (although you have to put in a personal tax return also, of course), so no nasty surprises like the one you just had.

The downside is additional admin and accountants fees (£1,000 - £2,000pa), but the actual cost of setting up the company is maybe £150 at the outside and can be done online.

Maybe discuss the options with your accountant?

On a different note, have you discussed maintenance with your ex? Do it soon, as the longer you leave it the harder it will get. He is legally obliged to pay maintenance, which you can point out to him if he protests.

downsizer3

Thanks for the support both!
On top of everything - having projected our business income ( with the new business that has come in) at more than double what we expected ( and therefore what I told the tax credit people) not only have my tax credits disappeared but I owe them £2500!!! :eek:
If I owe it - I'll pay it, but the reality is that just because my projected income for the business is higher - I don't necessarily get more in my pocket as we split the profit at our financial year end. I have an amount in the business so can alter what I take home but I have to build up some capital or its too hand-to-mouth.
So - royally skint now and have to pay this back too. No choice but to up my income from the business so I can repay.
So - a miserable year ahead. £100pm to credit card £200pm to tax credits and bog all into savings till thats all sorted.
Never rains eh?
Still going to overpay a wee bit on mortgage- not giving up on that!
New SOA will make grim reading!

downsizer3

Sorry Sepa - too busy moaning to reply to your post!! We are thinking of becoming a limited company - we do already have accountants but wanted to wait until things looked like improving. There are costs involved in becoming LTD and 'rebranding' effectively - just don't want the outlay at the mo. We're a business of about 12 people - in construction industry so you can imagine how busy we are............not!