Keeping up appearances.......

HappyNow

Thanks Granny. I'm embarrassed to say that I haven't been keeping proper tabs on my spending since last payday so I really can't predict exactly how grim it will be . I just keep checking I'm not exceeding my overdraft and that's the lot. There just haven't been the hours in the day, but that's my job for this weekend.

Hello armchairexpert, thanks for dropping by and NEVER apologise for jumping in - all advice/support/suggestions are very welcome around here . You are right, we own the rental property outright and the mortgage used to buy it is on our own home, which was a better deal at the time due to the large equity we have in it. Every year we have to complete one of the short tax returns and we can claim the interest on the mortgage as a taxable expense (along with any other related costs - repairs, building insurance, gas checks etc). As a result, we pay very little tax on the rent we collect - our annual profit last year was £367 each I think, and we only pay tax on that amount. And this current tax year will show a very substantial loss unfortunately, which will mean we pay no tax on it at all. I'm not sure whether that will qualify us for a tax rebate or not - I just leave the Inland Revenue to sort all that out when they get our returns. Is that what you mean? I have to admit to being embarrassingly clueless on tax stuff - it confuses the life out of me !

Right, quick change and off to work - 6pm finish tonight x

armchairexpert

Hi! If you're claiming the interest on your mortgage as a taxable expense that's brilliant. A lot of people tend to assume that if the mortgage is against the primary property not the investment property then you can't claim it, but it sounds like you're doing exactly the right thing, phew.

(On the downside, you don't have several years of nice tasty tax returns due back though)

HappyNow

armchairexpert wrote: »

(On the downside, you don't have several years of nice tasty tax returns due back though)

Tasty tax returns would be very nice, but sadly not to be!

Right, signature updated for November. Minimum payments made on all five cards which still gives a £267 reduction for the month. That looks better than it really is because I have refused to use the credit cards to cover last month's deficit. There most definitely IS a deficit - rather a large one actually - but I have burgled Little Miss Happy's student accommodation rent money (which she gives to me from her student finance for safe keeping - whoops!) to cover it. I have, obviously, left enough money there to cover her rent this month but it makes sense to use that money rather than credit cards because there will be no interest to pay. I will put it back over the next few months using our rental income and all will be well! The £257 reduction should have been nearer £480 but one of the interest-free periods has ended so I've had to do some shuffling which incurred a 3.5% charge.

November is the month of Christmas shopping . I haven't even thought about it yet with all the housey stuff going on. I hope there are lots of bargains about because we are broke. But on the other hand - 18.80% of our unsecured debt is GONE!

grannyx2

You'll be in the 20% off before you know it, which is amazing considering all you've got going on. Well done Mrs Happy

Granny x

HappyNow

Mr Happy's mum has been re-admitted to hospital. Lots of tests have been done and the results appear serious. There is a meeting later on today which Mr Happy will attend.

He has just rung to say his car has broken down on the way to work. He is due to drive straight to the hospital from work this afternoon. Luckily our bank account fees include RAC cover so they are on their way. Hoping it is nothing too major and the RAC man can fix it there and then but the way our luck is running at the moment I doubt it .

And our shower has broken, but on the scale of things that is just a mild irritation right now.

FlacosFloozie

Really sorry to hear about Mr Happy's mum. You have had a run of bad luck lately, lets hope that changes soon. ((hugs))

brizzledfw

Hugs, happy. Hope it all improves soonx

PinotGrigio41

So sorry to hear that Mr Happys mum is so poorly. Sending lots of hugs your way xxxx

Honey_Bear

November is such a miserable month. Whatever is thinking of breaking down does, the weather's utterly miserable and the thought of the heating bills are enough to make anyone's toes curl. Horrible.

Regarding Spendmas, the event that occurs in late December. It took me years to realise that the sick feeling I had during and after it wasn't because I hadn't bought enough for other people, it was that I felt swamped by all the stuff I was given and forcefed and that I had given them the wrong things in some abstract way or other. If there is one wish I would make for everyone who is feeling the financial pinch it would be think about rein(deer)ing in the spending spree. It is only one day. The leftovers are often the meal that most people prefer and just how much more stuff do we really need if we're taking bags of stuff to charity shops on a regular basis? If just thinking about it fills you with dread, has that become the new Christmas spirit? I rather think it might have and I don't want any part of that any more.

Rant over. You're doing amazingly well and I think you are absolutely right to 'borrow' money from your daughter's accommodation fund rather than rack up more interest.

HappyNow

Thanks for the replies, Chappies . I will respond fully soon, but for now I just need to scribble something down and then get to bed.

Life is a bag of cr*p at the moment. Mr Happy's mum has been transferred from hospital to a nursing home today and she hates it. The sad part is that this is probably her final home and we soooo wish she could be happy there. She just keeps asking to be taken home, but there's no way she will ever be well enough to go home. I hope she will settle there after a few days, but I'm worried she won't and the thought of her being unhappy in her final weeks is unbearable.

Shower mended but then broke again. Car mended but then broke again. Spot the theme?