My ramblings to "Sort out my life".

Archer0710

Far from originality, I am using the New Year to finally get in control and "get my life in order". Every time I struggle to get something sorted.....my key phrase is "sort your life out " hence the title

As a brief introduction:

Who?
Our household is 2 working adults and 2 spoilt dogs. We are child free (as opposed to childless)

Why now?
Well I have spent the last however many years in debt, with a bad credit rating and no control over my finances. I live in constant stress over money (which is ridiculous, given our household income, no kids etc) and am fed up with bank charges and the "will it, won't it" debit card dance towards the end of each month every time I go to pay for essentials. My Husband has even adopted the habit which makes it even more ridiculous and it needs to STOP.

The final straw was worrying about not being able to afford presents for my family (I could but it didn't stop the panic) and the way my money worries effect my relationship with my husband.

Once I am brave enough I will post my SOA, but a summary is
2 credit cards £5k ouch!
1 bank loan (1 year left)
£500 overdraft - not always used but I want to cancel it totally
£273 to Next

I know I waste (huge amounts of) money on food! So I need to sort this area. I also am not organised with expenses etc so want to sort that too.
Like any female I want to lose weight so I shall throw that in for good measure too!

So first few steps are:

1. Use our second account as a bills account and actually work out what I need to leave in there.
2. Pay my credit card off.
3. Clear overdraft
4. Get my shellac nails soaked off for the sake of my nails and my bank balance.

Once I have the bills account sorted I should be more in control on that score.
I have opened a fuel account as although I get quite generous expenses from work, I am always stressed about running out of fuel money and not being able to do essential work mileage which is silly.

I also want an emergency fund rather than an emergency stick it on the credit cards.

I have worked out if I make my notes on my iphone as I go along I can add to my diary daily.

Archer0710

I have 5 bank accounts currently

Main joint account
This will become our spending account
Second joint account
This will become the bills account. I am dreading swapping dd's etc over but this account is the best for this purpose I think.

Personal current account - to be fuel account

Esavings 1: present account

Esavings 2: dog account.

Archer0710

Oh and I forgot DH has Santander savings account with £145 in it which I think will become the basis of our emergency savings too. It's away from our main accounts and he's too lazy to access it and I can't. So perfect.

[Deleted User]

Hi there archer, well done on starting your diary and new life- its a great time to make plans, look forward to following your journey - off to subscribe!
GL x

mum2one

it sounds like some really good planning there, esp the fuel account as I'm sure fuel prices change weekly.

Don't know if its any help but this week Sainsburys have 10p litre off fuel when you spend £60 in store xx

Archer0710

Hi thanks for the replies I wasn't expecting any just yet so a nice surprise.

Well today after thinking hard about my accounts, I am going to use the main account as the debit account as its just easier.

On a big note, we always agreed that we'd have a decent car and ours had hit changing point. Today after test driving a newer model we have decided to just keep the current one as its nicer than the one we drove. Which will mean as that by the time our loan finishes in a years time, we can put £1000 a month into our house savings with no drop in our standard of living.

Its been a bit of a spendy day today as we bought much needed new dog bowls and food for the family for 2 nights as we are visiting parents. It's our only contribution to Christmas so £31 isn't too bad but come payday my new budget starts.

Archer0710

mum2one wrote: »

it sounds like some really good planning there, esp the fuel account as I'm sure fuel prices change weekly.

Don't know if its any help but this week Sainsburys have 10p litre off fuel when you spend £60 in store xx

Hi thanks for the reply. Yep we to shop at Sainsburys and i am going to try to remember to fill up and do the shop. I use about a tank of fuel a week but get it returned at £0.45 a mile so if I am careful my ridiculously frugal car does all my mileage plus commute to work at no cost to myself.

Reclaimed £75 from my Dad for presents I have already spent out but I am going to add it to the £115 in my fuel account as a start to keeping my accounts separate.

When I find the cheque!

This is where I fail and my life needs organising. I have put it somewhere and promptly lost it

Archer0710

goodlife10 wrote: »

Hi there archer, well done on starting your diary and new life- its a great time to make plans, look forward to following your journey - off to subscribe!
GL x

Thankyou I can't promise it will be exciting but I'll try to keep it updated.

mum2one

i know that feeling about where do I put things - there safe at the time, then when I need the stuff, the last time I'd chucked my debit card in the bin and put my daughters luggage tag in my purse! luckly realised before got out of the house.
xx

cazmanian_minx

Hello *waves*

Another childfree household here - we've just got the one dog now, but have a horse and a pony as well.

Good luck with your journey

*subscribes*

Archer0710

Well my parents have agreed to lend us the money interest free to clear the balloon figure and we can repay them. As DH and I have had some other commitments end in the last year we have agreed to repay it at £500 PCM (we intend to overpay) and we can clear the £8k by Christmas next year.

Yay for parents (mine really are great) and boo to interest.

It's some what of an Epiphany moment as I confess we have so called prestige cars and were all set to renew until I twigged that even after the loan amount v depreciation the figures were £4k adrift and the salesman looked shocked as I sat there and said I may as well write you personally a cheque for £4k if I were daft enough to sign up to this deal.

PCP's are a ripoff! Fact.

So realistically now we stand a chance of being clearing loads in 2013. List now reads to clear
Parents (priority number 1) £8k
Lloyds c/card £1200
Capital one £500
Next £273

Parents is an interest free loan and whilst I agree that it makes sense to repay the interest bearing stuff first, morally as we are not up the proverbial creek without a paddle, its only "right" to pay this first.
Especially as they are both retired and DH and I have an income of over £50k a year

I hang my shame over this, it's embarrassing but tonight we discussed our full financial position with the parents.

So there I go now my shameful car finance payment is gone from my SOA I am brave enough to post the rest. Suffice to say for the purposes of confession, it was the figure some people have down for rent!!!