Risen from the ashes ...

rising_from_the_ashes

beanielou wrote: »

OD's are evil things and as you say hardest to say tata to.
I worry the bank will decrease mine.

I worry about that too when I'm in it - worst case scenario I'd have to empty the pots totally but they wouldn't cover it now :eek: Guess I'd have to cash in the boiler fund too (which would p me off as it was bloomin' hard work saving that up!) and then :eek::eek: to finding the rest!:o

StressedSteph wrote: »

Morning Rising,

don't get me started on OD's....Grrrrrrr. My current OD is for £2500 with an emergency extra £500 where they charge me the EARTH!!!. Well I am currently £-2738 :mad::mad:.

Ohhhhh maybe we can try to rally each other on ..... as Beanielou says, they're the hardest thing to get rid of.

I'm convinced that it's cos the money in it fluctuates & you're using the account.

Your bank sounds very like mine: £1,000 OD with £500 extra which I get charged to go into - but you get 1st £300 free (really need to try to get to that!)

ETA just noticed from your sig that you bank with the same bank as me which explains the above!

I don't usually worry too much about it if it's up to the £400 ish mark (prob as I know I can cover that from other funds) but once it creeps over that :eek:

rising_from_the_ashes

Stage 2

Have gone over budgets for month .... errrr tight!

So payday:

• Transfer set amounts to pots
• Pay CC
• Pay DM
• Withdraw £50 : £10 / week treat money into envelopes for each week & £10 for emergencies! (have £5 left from this month that will cover the window cleaner & no massage in Dec)

This should therefore give me a figure that the OD will remain at until next payday

Good job I'm a bar humbug / scrooge and don't like going out partying at Christmas!:o

Haven't started my C shopping yet :eek: - luckily a very reduced list nowadays & could manage with online shopping etc. Need to think about what to get!!

rising_from_the_ashes

Stage 3

Have transferred outstanding amounts back to the House & Car and Pets pots.

Feel a bit better that the money's where it should be

There are quite a few things incl Car Tax & Service due in first 3 months of the year and other yearly things like Landline & House Insurance due within first 5 months .......

The last thing I need or want - not often both of them happen together :rotfl:- is to not have enough money in the pots when needed and end up in even more of a mess :eek: - and I really can't afford to have to overpay to them again as need and want to get the defunct Others pot sorted.

BUT the OD is now sitting at £850 :eek:

beanielou

Swings and roundabouts I think

rising_from_the_ashes

Stage 4

• Re work budgets - will update / post SOA shortly
• List amounts to go to each pot each month
• Up the amount transferred to the House & Bills account - all pet insurances now coming out of here instead of my main account - no d/debits left on there at all now!
• Emergency Fund - bit worried about this - it sits in the House & Car pot, which is where it should be as it's for household repairs / new appliances etc but it seems to get used for things it shouldn't all the time:o.

To do:

• Re-do SOA & post
• Do new list of amounts to transfer to pots each month
• Set up spreadsheet listing dates & d/debits coming out of bills account Done
• Find new savings account / ISA for Boiler Fund money (was 12 month savings plan - now finished)
• What to do with the Emergency Fund - do I separate this to a new savings account / pot? (don't really like this idea for some reason )
• Need account I can pay cash & cheques in locally & have online banking so I can transfer funds to main bank if needed *

* No branch of main account where I live or work - nearest is in centre of Edinburgh:eek:. Can post cheques or send via PO but don't like doing this as have gone missing in the past. Can't pay in cash at PO.


I do have an account with a local bank but it's a savings account only & no online facility so can't transfer funds is needed. #


# Had though of using this for the Emergency Fund but not feasible as no way of transferring funds & certainly wouldn't pay for goods in cash!


Also have CU account ..... which nothing really happens with atm - only thing with this is that the payment comes directly off my salary and it's not got online facilities for transfers etc ..... think they're setting this up next year so that may be an option!



Why is nothing ever straight-forward!!!!

slowlyfading

I think that doing an updated SOA and then a list of what needs to go where/what goes out on what date, etc., will help you get a clearer picture of things

PS the offer of the notebook still stands...

beanielou

Rising~with the greatest of respect you worry even more than me.
You need to try to worry even a wee bit less.
I know this is easier said than done believe me.

rising_from_the_ashes

Right .... really, really need to stick to this next year and it's quite tight - especially to try to pay off OD.....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1330 No OT available & can't do 2nd job due to medical restrictions
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1330

Monthly Expense Details
Mortgage................................ 277
Secured/HP loan repayments....... 0
Mobile insurance......................... 6 Had a look & can only find £1 cheaper so have left (watch the T&Cs on these!)
Estate maintenance charge ........ 11
Council tax................................ 94 Incl single persons' discount & paid over 12 months
Electricity.................................. 30
Gas.......................................... 40
Dog costs ................................ 40
Cat costs ................................. 45
Telephone (land line)................... 12.49 1/2 price to May - line rental paid in advance (money is saved)
Mobile phone............................ 21 Cashback reduces this to net cost of £8.50/month over duration of contract
TV Licence.............................. 12.12
Satellite/Cable TV...................... 22
Internet Services....................... 12.99 1/2 price to May
Groceries etc. ......................... 140 Still struggling - dietry requirements
Clothing.................................... 25 *
Petrol/diesel........................... 130 Estimate - new car & less fuel efficient
Road tax................................ 8.5 Due Feb (money is saved) New car - higher band
Car Insurance........................... 20 Due Sept (money is saved)
Car maintenance (including MOT)........25 Service Feb (money is saved)
Dog insurance............................. 17.32 Just switched (saved £9)
Big cat insurance .......................... 7.39 " (saved £6)
Wee cat insurance ....................... 5.39 " (saved £6)
Bank account fee .......................... 6.5 Use benefits provided
Dentist ........................................ 11.5 *
Optitions ...................................... 10 # Will def need new glasses next year
Buildings insurance..................... 10 Due May (money is saved)
Contents insurance...................... 10 "
Income protection insurance ........ 23.5 Can't change - already redundancies where I work = new policy wouldn't pay out
Boiler insurance......................... 12.9 Just switched (saved £8)
Presents (birthday, christmas etc)...... 10 *
Haircuts................................ 8.5 *
Entertainment........................... 50 #
Holiday................................. 20 #
Emergency fund.......................... 25 (money is saved)
Window cleaner.......................... 5.50
New boiler ................................. 25
Charity....................................... 8.50
Bike insurance .......................... 2 Just renewed - paid in full this year!
Total monthly expenses.................. 1241.1

Assets
Cash.................................... 1000
House value (Gross)..................... 70000
Shares and bonds........................ 0
Car(s).................................. 7000
Boiler fund ............................ 300
Total Assets............................ 78300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 68000....(277)......2.49
Total secured & HP debts...... 68000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
OD.............................850.......0.........0
Total unsecured debts..........850.......0.........

Monthly Budget Summary
Total monthly income.................... 1,330
Expenses (including HP & secured debts). 1,241.1
Available for debt repayments........... 88.9
Monthly UNsecured debt repayments....... 0 Need plan for OD
Amount left after debt repayments....... 88.9:eek:

Personal Balance Sheet Summary
Total assets (things you own)........... 78,300
Total HP & Secured debt................. -68,000
Total Unsecured debt.................... -850
Net Assets.............................. 9,450

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser

* Part of the defunct Others pot that I need to get off the ground again - no monies saved towards them just now!

# Optition, Holidays & Entertainment - have not been putting this into a separate account & therefore no monies actually saved.

Will add Optition to Others pot but not sure about the other 2 ....

Must still be overspending as I should have money left & when you add up the ones I've not been putting aside *sigh*

slowlyfading

That looks tight but do-able if you are determined. I suppose at the moment you are saving money on petrol? Where's that going?

Also, do you do a spending diary? You really need to do one to see where you spend/what you might spend unnecessarily on/patterns of spending.

But, you can do this! You have some spare, which should hopefully reduce your OD slowly but surely. You could be DF by the end of next year, if it all goes to plan

Also, try to stop worrying so much x

rising_from_the_ashes

beanielou wrote: »

Rising~with the greatest of respect you worry even more than me.
You need to try to worry even a wee bit less.
I know this is easier said than done believe me.

slowlyfading wrote: »

Also, try to stop worrying so much x

I know ..... I am a worrier - born & bred .... my DM is just as bad so that's where I must get it from .....

I don't know if it's because I'm so bloomin' freaked / scared of getting really into debt again or because I'm on my own & have no-one to a) share the responsibility with and b) unburden it all too!

I guess that's why it ends up written down on here! (it does actually make me worry less when it's written down & I have a plan so ....)

slowlyfading wrote: »

I think that doing an updated SOA and then a list of what needs to go where/what goes out on what date, etc., will help you get a clearer picture of things

PS the offer of the notebook still stands...

I've done a new spreadsheet this afternoon ;) which lists all the dates & amounts of the d/debits that come out my bills account.

Need to up the amount going to it as I've now moved the pets insurances over to it .....

Hoping to get out soon but I may take you up on that if it doesn't happen shortly!

slowlyfading wrote: »

That looks tight but do-able if you are determined. I suppose at the moment you are saving money on petrol? Where's that going?

Well ..... the OD would've been even higher if I'd been buying that too! (and cigs ... which were never even accounted for in my SOA & would probably mean I was just about at break even point) ETA and .... DMs been buying my groceries ..... which is costing a bit more!

slowlyfading wrote: »

Also, do you do a spending diary? You really need to do one to see where you spend/what you might spend unnecessarily on/patterns of spending.

I got a bit lazy with this a while ago ...... it was re-started the day I came out of hospital!

slowlyfading wrote: »

But, you can do this! You have some spare, which should hopefully reduce your OD slowly but surely. You could be DF by the end of next year, if it all goes to plan

Fingers crossed ....:)

Right .... going to stretch my legs & clear the cobwebs away......


Cuppa & mince pie when I get back