Getting clarity on my finances

specialkaye

And thats loads less then when you started

fantastiyk

Thanks for dropping by Specialkaye

I only buy for our kids. Stopped all the extra spending quite some time ago.
They're not asking for anything but do have things they need.

Spent £25 on DD1 yesterday for Christmas.
Need to get something for the other 3 now.
When I have something for each of them I'll see if we can afford a second something for each of them.

With our income being so low if we want to pay off the debt then we have to take it serious. I know it is hard for them but they know it has been hard for us also. It gets monotonous but I don't want to end up like so many others who can't pay it off.

And if we don't get this paid off things could get harder if we don't find work in the meantime.

I've had 3 potential clients who made appointments and then either cancelled or didn't turn up. Has never happened me until now. Just when it would be lovely to be working again.

Internet connection has been very dodgy of late so keep getting cut off so haven't completed the swag b***s application.
If its still dodgy when the contract runs out we are considering ending it and doing without internet and possibly phone for a few months to pay the debt off. Its silly paying £30 - £35 a month for a phone we use about 3 times a month now and an internet that hasn't really been fit for purpose. We didn't renew our yearly line rental when it expired. It would have been cheaper over the year but unless BT get cracking in our neighbourhood they will be at least one household less. Had we renewed the line rental we would be stuck in contract for 6 months longer.

Re the minimum payments: since joining on here and reading lots of brilliant advice any month I make the minimum payment I pay £1 to £2 over via online banking or going into the branch. I have my account set up to make the minimum payment as well so I never miss that deadline. I missed it once years ago and got charged something like £20 for being a day late. I won't ever get caught out with a cc payment again!!! So when I say minimum payment I mean minimum payment plus a minimum payment from me :T

I am not really worried about trying to build my credit rating as its fine. We are near the end of our mortgage having 3 years left and its less than a low rent anywhere. We pay all our bills on time, 1 late payment (by a day)on cc approx 7 years ago. I don't want another home. We don't buy cars on hp and if something breaks we make do until we save for a new one. Our oven broke last year and we did without for 3 weeks until our cheapest sourced new one arrived, paid for it by cc but had half of the £220 it cost gathered up and paid the rest off before the payment date on the cc was up. It was tight going but we did it.

We ate mince, stew, bacon, anything that didn't need cooked in an oven. Would definitely do the same again. The washing machine would be a bit of a stretch if it were to go but we'd manage. We and our kids have been learning patience instead of the have to have it now mentality

If I could sort the "get the work/job to get it paid quicker" motto we'd be landed.

Thanks for dropping by. I do appreciate it.

specialkaye

Hey no worries, you really do seem to know where you're headed and what you need to do to get there.

If your internet is that bad I would maybe look at free sources in your town eg library/mcdonalds that you or the kids could use if you needed. It would definitely go quite a way to clearing that debt, even if it is just for 3-6 months.

If you wanted to go further!!!! you could even do that for the tv license. Put the tvs into storage for 3 months when the renewal comes up and get those board games out!! Not sure i could do that but if you had an old analogue tv that doesnt recieve signal anymore you could attach a dvd/video player to it and do it like that?

I think youd be surprised at how long you can last without a washing machine (as long as you have enough clean underwear lol), although youd have quite a backlog. You could look at your washing habits and see if you could reduce loads per week, do things only get worn for a few hours before they get shoved in a pile?

For your business can you only take cash payments? or could you operate a pay on booking system? or can you travel to clients houses for the service you provide? if they do try and cancel try to rearrange the appointment rather than an outright cancel. it sucks that all 3 let you down but it does seem a good way to up your income.

Do you mind me asking what you do?

mamato3

Hows things with you? Been of the radar lately Christmas spends have overtaken everything! So much for my great plans! Will post more in the New Year with figures and so on but really would just like to get to the end of the month now pleassseeee! Hate feeling like that:( but I know the kids will have a great few days. Anyhows hope alls well in your household and your Christmas plans are going well.

fantastiyk

Hi Specialkaye and Mamato3, thanks for dropping by.
Life is good. Have managed all Christmas shopping without cc spending. We are getting less. And it has been more about the meaning of Christmas and goodwill in our house. Also a lot less stress. Everyones Christmas present came in between £44 and £49 so under budget of £50. Got some good things in sales or with 25% deals so all happy.
DH has the chance of a job in the new year so things are looking good. Just turkey, ham and veg to get.
have a lovely Christmas everyone!!

fantastiyk

Hi everyone,
Have been lurking on MSE and decided to report on progress so far.
I have managed to pay £23 towards the "1 debt vs 100 days" challenge bringing my total to £30/£200.
I think this £200 may have been a bit ambitious for me as Christmas was in the middle of this challenge this time round. I have worked out that I will need to get £10.62 - £10.63 per day for each of the 16 days left until the challenge ends if I am to reach my target.

I am not overly worried as I don't see it happening - I'm just so delighted that we managed Christmas without CCs which is a huge step forward!!

I will carry any money not paid off onto the next challenge as I know we will get there.

For now any of this money paid off is going towards the overdraft which was £300. I knew £300 was too much to try and aim for so had aimed for £200 as a good starting base.

I have had this overdraft (rather naively) since 2001 when I opened my account and have made a few half hearted attempts to pay it off - all of them unsuccessful. I had never actually totalled up how much it was costing me as it was only £9 a month

Only £9 a month turned out to be 36% interest :eek:
So, although I've gotten used to it over the years, it has GOT TO GO!!!!
I find this account hardest to keep track of as so many things go out of it - we use it for all the miscellaneous spending - and people do not always cash cheques when we send them!!! I have over £300 in there already waiting to go out - one cheque for £250 since November !!!

I wish they would just cash them. I try to keep a record of what has to go out but occasionally forget something and end up at the limit of the OD again.

The plan for January is to stop using it when this week's spends go out. My child benefit goes in there so a few months of not touching it should cover the overdraft - if I don't get it saved first!!

This is my second last debt so when it's gone I'll be onto the CC, which has a minimum payment + a few £s being paid off it every month. I am more excited about getting onto it than getting the OD paid - hmmm methinks I will have to get more focussed on the OD. I will use this thread to hold me accountable. The habits of 11 - 12 years are harder to break on this one!!

Wishing you all a very happy new year :beer:

specialkaye

Happy New Year Fantastiyk!!!

Well done for not using the CCs, you are definitely winning the battle against your debt.

Is the overdraft for personal spends? And are those personal checks that aren't being cashed? I would stop writing cheques and use card or cash. Or at least only use them with people that can be trusted to deposit them say within the week. that way you can keep a better track on your money.

fantastiyk

had a post written and internet cut out !!:mad:

Thank you Specialkaye

It is my personal bank account but work spends go out of it as I dont have enough coming in anymore to warrant a separate business account.

The big cheque payment was to a charity who paid me to train a client- at the start of 2012. It didn't work out- in the end I contacted them and offered the money back. I sent it by recorded delivery in early November and it still hasn't been cashed. will ring them next week when they reopen and ask them if they got it ok.
Am usually paid by cheque so use my bank account to lodge the cheques and pay any expenses from the courses. The clients I used to have have mostly had paycuts or they or their partner have lost their jobs so my work has pretty much dried up over the last few years.
I pay 2 other people by cheque because that is how their business works - and they usually lodge within a fortnight of me sending the cheque. Other than that I just have my cc payment and bank account fee going out.

fantastiyk

have a few bills coming in on top of each other so that will take the money I had planned to decrease my overdraft to pay them off.

Am going to revise how I pay this one as its not working out. Transferred the £36 I had over to my cc so it doesn't all go on bills, and I can stay in the challenge of " 1 debt vs 100 days"

I have tried many times to pay off the od and always something comes along and its the only place I have touchable cash as the money I pay to the cc is gone when I make the payment and I can't get it back. It gets frustrating.

OH got call that the job is ready for them to start in the last week in January so that sounds promising.

fantastiyk

:T Well done SpecialKaye!!! :T

I see you have completed your payments 100% :T

You must be delighted :T