Caz counts it down

gallygirl

cazmanian_minx wrote: »

More shop news, another £150-worth of orders have gone through, that's £519.16 since I went away :eek::D

Sounds like you should just stay away, never mind going away more often :rotfl:

cazmanian_minx

Small update this morning to say that we have made the last repayment to my wonderful mother for the money she lent us to buy the fields and that £500 will now be diverted back to the mortgage.

As I've been mildly concerned about the effect stopping overpaying for 14 months will have had on being able to pay the thing off in time, I've been lying here in bed constructing a very basic overpayments spreadsheet. We're actually planning to put the £500 into one of the offset accounts, as IF doesn't allow you to withdraw overpayments any more, and we thought it would be wise to build up a proper emergency fund of a year's living expenses, just in case. So the spreadsheet takes into account that offset balance and the £50 a month into the small 'something household-y broke' emergency fund which lives in another offset account.

At the moment, we're going to be short by £984 on the date of the last payment (5th May 2028), BUT that assumes that interest rates stay the same all that time and I don't think there's a snowball's hope in Hades of that being the case. Once my credit cards are gone, I shall be suggesting to Mr Minx that we up the overpayment by £150 a month each, which will either account for interest rate rises or get it paid off ahead of time.

mfmaybe

Now that's long range thinking :eek:. But I am similar, looking forward in the same way. Buying fields is very much part of my big plan too.

cazmanian_minx

Hmm, a couple of friends have banged my head on a table (not literally, you understand!) and said for goodness sakes, use the £500 to pay off yours and Mr Minx's cards first. This would be an excellent idea were it not for the fact that Mr Minx's lightbulb appears to be dimming again because I came home from holiday yesterday and found a list of things to do this summer that included building a shed to hang and butcher deer in and applying for planning permission for a double garage and workshop :eek::eek::eek: I have no idea how he thinks all that is going to be paid for, so a State of the Nation discussion is about to be had later I think

Anyway, I am now caught up with my finances (overspent a bit on holiday ) and here are some slightly late scores on the doors.

Business
Overdraft: -£-9620.00 / -£9560.00 +£60.00

Business total: -£9620.00 / -£9560.00 +£60.00

Personal
Egg card: -£4730.00 / -£4630.00 +£100.00
Barclaycard: -£2150.00 / -£2150.00 no change
Nationwide card: -£2355.00 / -£2355.00 no change

Personal total: -£9235.00 / -£9135.00 +£100.00

Grand total: -£18,855.00 / -£18,695.00 +£160.00

cazmanian_minx

£68-worth of proofreading done in the last 24 hours :T:T:T It would have been £80, but the enormous 3 hour file, worth £12, had the last part of it missing. I flagged it up to the company and it's been left in my proofreading list, so hopefully they'll get it assigned overnight and I'll keep the work.

eBay sales are still a bit slow, but I think it'll take a few days for the listings to re-establish their places in the search. I've booked on a load of stock today as well, so hopefully that'll give things a boost.

wonabeedebtfree

You are definitely doing well on both proof reading and shop front. It is so nice when you get a bit of a surprise. Good news you are buying more stock. That is at least telling you people want your products.
Got an idea for you..
You know you have a few people that buy from you regularly...well would you be able to direct them to your personal business site? There would be less fees I assume??

In the future are you planning to get rid of your personal debt first and then work on the business or tackle to two at the same time? Your accountant would advice to clear personal I would assume.

Thought I would check in with you and let you know what happened with hubbys business. At the moment no need to worry about cc as the job has been broken down into chunks so only a small bit is being released at a time that we can manage to pay the suppliers for the materials he is using at that stage. Soo delighted. I thought we would be living on soup and sandwiches for a month!!

I have to work out our own finances and set up spread sheets has you have. We have a few credit cards with we will say a few pound owing on them.

I know this may sound daft but when you show your set of figures every Friday is that after the minimum payment and interest that the companies charge? Do you basically divide the minimum payment and interest over the 4 weeks and then pay that amount and if you have more pay that in as well?

Your mortgage is obviously interest only for the term or is it an endowment that you need to put money aside each month? If you paid a lump sum would not that reduce the term and the balance owing? Sorry for being personal but I am trying to reduce my mortgage and it is double what you have.

DebtFree2012

Great going on the proof reading

cazmanian_minx

wonabeedebtfree wrote: »

You are definitely doing well on both proof reading and shop front. It is so nice when you get a bit of a surprise. Good news you are buying more stock. That is at least telling you people want your products.
Got an idea for you..
You know you have a few people that buy from you regularly...well would you be able to direct them to your personal business site? There would be less fees I assume??

Nearly all the regulars are through the personal website

In the future are you planning to get rid of your personal debt first and then work on the business or tackle to two at the same time? Your accountant would advice to clear personal I would assume.

I'm doing the two simultaneously - personal debt gets paid off out of personal money, business debt out of the business's money.

Thought I would check in with you and let you know what happened with hubbys business. At the moment no need to worry about cc as the job has been broken down into chunks so only a small bit is being released at a time that we can manage to pay the suppliers for the materials he is using at that stage. Soo delighted. I thought we would be living on soup and sandwiches for a month!!

:T:T:T:T:T

I have to work out our own finances and set up spread sheets has you have. We have a few credit cards with we will say a few pound owing on them.

I know this may sound daft but when you show your set of figures every Friday is that after the minimum payment and interest that the companies charge? Do you basically divide the minimum payment and interest over the 4 weeks and then pay that amount and if you have more pay that in as well?

The scores on the doors are the exact amounts outstanding on that date. I always pay each card's monthly minimum (plus a bit extra to make sure that the outstanding balance is rounded down to the nearest £5!) on the same day I get the email notification to say the statement has been generated.

Your mortgage is obviously interest only for the term or is it an endowment that you need to put money aside each month? If you paid a lump sum would not that reduce the term and the balance owing? Sorry for being personal but I am trying to reduce my mortgage and it is double what you have.

Yes, lump sums would reduce the mortgage, but a) it's an offset mortgage, so depositing cash in the offset accounts has the same effect in terms of reducing the interest paid and b) it's at an incredibly low rate of base rate plus 1.1% (currently 1.6% in total) for the whole term, hence the idea of maybe paying off higher rate debt with that £500. However, Mr Minx was honest enough to confess that if his cards were paid off for him, he might not be able to resist running them up again, so it's going in the offset for now.

So what have I been up to today? LOTS of proofreading Now up to £92, I've done another file tonight (£4) and have five to do tomorrow (£20). Not bad going when you think that's only since Sunday night.

I've also packed and posted a £411 order and another regular customer has already put £128-worth of stuff in her basket and then got in touch to ask me to shift some stock between sites so she could buy more. Hopefully that'll be all sorted in the next 24 hours (she's in a very different time zone).

Things are looking up. If (and it's a big if) the bead sales recover and I can continue to draw out £1300 a month, freeing up the transcription and proofreading money for debt repayment, then I do actually stand a chance of making my original target of getting it all paid back by the time I'm 40 in August 2015. The race is on!

brizzledfw

Great to catch up on the last fortnight or so Caz..you're doing great x

DebtFree2012

Here's to hoping Fingers crossed for you re sales and well done on sticking to the proof reading!


How's the boys? Have you ridden lately?


xx