The freezing, and the pain to come.

miggy

I thought there was probably a good reason, and now I can see it. So, you prioritise the Finnish taxes rather than pay interest on it and have to sort out exchange rates and what-have-you.

I can understand the Finnish lessons too* - hopefully she will be glad to help your new venture!

One little suggestion - if you put the balance from the Mastercard that's charging 18% onto the other that's charging 11%, instead of paying £36 on the £200 debt, you'll pay £22... I think... check my maths.

*ETA - not literally!

savingholmes

Hi FP glad you are posting again.

Good luck with the new relationship, lessons and renting stuff out... You're taking on a lot at once. Hope it works out for you. You don't list a place in Finland as an asset - is it worth anything

financial_planner

Thanks:)

The finnish house situation is complicated. It's best to think of it as an inheritance. It is in an area with a high risk of avalaunches, and you can't stay there in winter. Given the complexity of the ownership (I've basically inherited a complex lease arrangement), and the limited value of the house were you ever to find someone to buy it off you - maybe £20k - sorting out the legalities of the lease would cost more than you would ever hope to gain from selling it, so it's technically worthless as an asset at the moment. But that's not to say it won't improve in the future.

On the other hand, it's a lovely place. A sizeable chunk of debt I have built up has been in furnishing the house, not cheap in Finland. There are also overheads each year of circa £1000. I think these, along with my trips to the country, can actually be offset by renting it out. The problem is that it isn't as easy as just renting it out, you need to pass police, fire and safety inspections, and you need to do work on the house to meet these standards, that's what I've been working on at the moment.

FP

miggy

I think you're doing exactly what I'd be doing in your place.

financial_planner

Hi all

Just thought I would provide an update, to demonstrate my commitment to the MSE cause...

Im doing okay - although my gross debt is still at the same point as it was exactly two months ago: approximately £21500.

However, I have made two trips to Finland in the last two months, which cost about £500 per trip.... to see that girl, and also to prepare the house for rental.

Guess it is a long haul thing... :-)

FP

gallygirl

financial_planner wrote: »

However, I have made two trips to Finland in the last two months, which cost about £500 per trip.... to see that girl

Well??????????????? :rotfl:

financial_planner

Okay, Hi.
I guess that I said that I would keep this diary going, although I changed tack and direction and haven't really been saving all that much money.

But, there is good news, in that I got promoted. the first paycheck is yet to arrive but I believe that the total monthly income will rise to around 2150 pounds. Thats a LOT more money, for sure.

Ive also taken about £3000 in rental income for my home in Finland. I think my total target for this year is around £4000 - £5000. Although I have obviously incurred costs to get to this stage.

So, its all going in the right direction. but the savings are yet to be really seen, I believe by this autumn they will have definitevely bore fruit.

FP

debtfreewannabe321

Hi FP i've just found your diary well done on everything you have achieved so far! And loving the recipes will try them out thanks

I rent a house out in Wales & also make around £5000-6000 a year and this basically pays my debt each year. So definitely worth it. Look forward to reading more of your posts

dfw