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PositiveBalance’s Diary: In Search of Positivity, Balance and a Positive Bank Balance
PositiveBalance
Posts: 1,268 Forumite
Hi all! :wave:
Once upon a time I had a diary on these boards under a different name, but my circumstances have changed so much and I need so muchmore positivity than I had in my life at the time that I was posting that Ihave taken a new identity (I really wanted a superhero outfit, but I don’t look good in skintight spandex, so this is the next best thing!
)
It’s a new year and the start of a new life for me: I movedinto my own (rented) flat two months ago and I need to get my bills, budget andfinances in general in order. I was hoping to have done it long before now, but Christmas and a lot of other things got in the way, so now, the new year is my chance to restart. I was also hoping to have the idea of what mywater/electricity bills were averaging out to by now, but the electricity billhas been so ridiculously high that there simply must be something wrong withthe meter , so I am in the process of getting someone out to help me from myelectricity provider to see what isgoing on. I have no gas supply, therefore no gas bill.
Firstly, I have one credit card to pay a total of £4834.23 off. This is currently on 0% until September or October this year (I’ll look that up ASAP) and I want to have the money setaside to pay it off. Given that I’m currently paying no interest on the balance and only have a small sum set aside as my emergency fund, I think it’s probably better to put any money I could use to pay it back in a savings account to grow my emergency fund, just in case. I will pay off my minimum payment + £1 each month, and try to squirrel as much extraas I can to one side for repayment/savings. Hopefully, if I don’t quite make it by then, I can tart to another 0% CC, but I shall cross that bridge when I come to it.
Ideally, I need to save as much as possible as if anything goes wrong in life, there’s only me to sort it out (there’s no Mr. PositiveBalance and my family are kind and would happily help me, I’m sure, but I want to be independent unless absolutely necessary). In the longer term, I am now past 30 years old and have no pension or long-term savings established, so I am aware that this needs sorting out ASAP (none of my employers have ever offered a company pension and I’ve been paid so poorly that I’ve been struggling to make ends meet until I got my current job, never mind putting something aside for the future)! I also want to save for a deposit for a house (although my mum has kindly said she would help me with that) and my dream would be to travel the world for a year, eventually, which also required cash. Also, I don’t like my current job and want to get a new one ASAP (which has nothing to do with any of this, but it’s bound to come up soonish on the diary and highlights my desire for some money set aside for a rainy day).
So here’s my financial situation:
Debt: £4834.23
Current worth in cash (in various accounts + penny pot + purse): £943.22 (including £156.86 in my savings account, which is the start of the emergency/pay-back-credit-card fund)
Incomings:
Salary: £1215.08 per month
Outgoings:
Monthly Bills
Rent: £500
Council tax: £91.00
Water: £22.27
Electricity: ? {When I say the meter has gone haywire, I really do mean MAD! According to it,I’ve used just under £200 of power in less than 2 months – in a 2 bed flat living alone!) Last lady who lived here (in a family of 3) said they paid £45 on average, so let’s go with that for the minute, just to give me something to add to the figures.
Food: £200 (including lunches for work): I haven’t set a budget up to now, just bought as and when so this is a potential area for good savings. I’m not a bad cook, but I need to cook more consistently and do meal plans etc, and I've noticed how easy it is to waste food when you are only cooking for one! :eek:
TV Licence: £24.25 (why is it double this year - don't get it?!)
Medical bills: £15.30 (ongoing, but not exactly every month so I will save the difference the months that I don’t spend all that and that’s not including dental or eye check ups)
Petrol : £100 average
Hobbies: £80 -£100 depending on how many weeks in the month (@£20/week so only £80/month in a four week month). I'll count £100, though, and I can pocket the difference on short months.)
Mobile phone: £31.50 minimum contract (still a while to go so no cutting down here, but it should have been a lot more expensive...I got a friends and family deal.)
Internet: Hmm…have a PAYG dongle at the minute, so not easy to estimate. Would say ~ £10/month at the minute, but I’ve only reloaded it once yet so it’s hard to average.
Credit card minimumpayment: £45.50 (about) this month
Socialising: ??? Not sure what to budget. I don't want to be clubbing seven nights a week, but I don't want to be a total hermit, either. Besides, with my current heating bill it's probably cheaper to be out of the flat than in it! :rotfl:
Total: £1023.82 (not including anything for socialising)
(Annual bills, to be totalled then divided by 12 and that much saved per month):
Flat contents insurance: £113
Car insurance: £337.50 this year but that was with a friend’s friends and family discount, plus with the EU gender increases, this could be quite a considerable increase this year. I don’t know how much extra to budget, to be honest.
Car tax: £135
MOT: £50(?)
Car repairs/maintenance: not sure how much to save for this. I normally get away with it pretty cheaply as my brother is very good with cars, but mine is getting on a bit so I could do with putting a little to one side for it. [Not currently included as I have no idea how much to budget.]
Monthly total: £53 (rounded up to nearest pound and not including car maintenance)
Monthly bills + monthly total of annual bills: £1076.82
Difference between salary and outgoings: £138.26 (to cover savings, debt repayment and eventual social life)
The moving process has highlighted the fact that I have far, far too much stuff, much of which can be Ebayed, so at least I stand a chance of earning some extra cash doing that. I REALLY need to declutter, and have already started, but it looks like it will be a long process!
All suggestions to improve my financial efficiency are welcome!
I have seen that many people have found doing cash only has worked well for them, and I am tempted, but I like the ease of making online payments which you can’t do if you have all your money in envelopes/pots in front of you. I’ll have to give this strategy some thought, though, and after the shock I have just had writing this all down in black and white and totting it all up, perhaps I can take the food, hobby and prescription (as well as anything else that isn’t automated) money out of the account to teach me to be more frugal with it…once it’s gone, it’s gone.
This diary is intended to keep me focused and on the straight and narrow. I did really well saving up before I moved, but the vast majority of what I saved went on buying things I needed to furnish the flat (I was fairly frugal, but it still took a lot of cash!) If I look like I am going to deviate from what I should be doing, feel free to give me a kick up the bumto get me back on track!
As you can see, my budget is relatively tight. I need to start earning above and beyond my regular salary, and hopefully earn a bit more when I get a new job. I have a little savings account annexed to my current accountand a currently unused ISA for this year, which I think will be my main savings account, but with ISAs once it’s in, it’s not generally a good idea to take it out again, although the chances of me wanting to put in more than the limit this year are invisible, so I will just do it, anyway.
Thanks for stopping by!
Once upon a time I had a diary on these boards under a different name, but my circumstances have changed so much and I need so muchmore positivity than I had in my life at the time that I was posting that Ihave taken a new identity (I really wanted a superhero outfit, but I don’t look good in skintight spandex, so this is the next best thing!
)It’s a new year and the start of a new life for me: I movedinto my own (rented) flat two months ago and I need to get my bills, budget andfinances in general in order. I was hoping to have done it long before now, but Christmas and a lot of other things got in the way, so now, the new year is my chance to restart. I was also hoping to have the idea of what mywater/electricity bills were averaging out to by now, but the electricity billhas been so ridiculously high that there simply must be something wrong withthe meter , so I am in the process of getting someone out to help me from myelectricity provider to see what isgoing on. I have no gas supply, therefore no gas bill.
Firstly, I have one credit card to pay a total of £4834.23 off. This is currently on 0% until September or October this year (I’ll look that up ASAP) and I want to have the money setaside to pay it off. Given that I’m currently paying no interest on the balance and only have a small sum set aside as my emergency fund, I think it’s probably better to put any money I could use to pay it back in a savings account to grow my emergency fund, just in case. I will pay off my minimum payment + £1 each month, and try to squirrel as much extraas I can to one side for repayment/savings. Hopefully, if I don’t quite make it by then, I can tart to another 0% CC, but I shall cross that bridge when I come to it.
Ideally, I need to save as much as possible as if anything goes wrong in life, there’s only me to sort it out (there’s no Mr. PositiveBalance and my family are kind and would happily help me, I’m sure, but I want to be independent unless absolutely necessary). In the longer term, I am now past 30 years old and have no pension or long-term savings established, so I am aware that this needs sorting out ASAP (none of my employers have ever offered a company pension and I’ve been paid so poorly that I’ve been struggling to make ends meet until I got my current job, never mind putting something aside for the future)! I also want to save for a deposit for a house (although my mum has kindly said she would help me with that) and my dream would be to travel the world for a year, eventually, which also required cash. Also, I don’t like my current job and want to get a new one ASAP (which has nothing to do with any of this, but it’s bound to come up soonish on the diary and highlights my desire for some money set aside for a rainy day).
So here’s my financial situation:
Debt: £4834.23
Current worth in cash (in various accounts + penny pot + purse): £943.22 (including £156.86 in my savings account, which is the start of the emergency/pay-back-credit-card fund)
Incomings:
Salary: £1215.08 per month
Outgoings:
Monthly Bills
Rent: £500
Council tax: £91.00
Water: £22.27
Electricity: ? {When I say the meter has gone haywire, I really do mean MAD! According to it,I’ve used just under £200 of power in less than 2 months – in a 2 bed flat living alone!) Last lady who lived here (in a family of 3) said they paid £45 on average, so let’s go with that for the minute, just to give me something to add to the figures.
Food: £200 (including lunches for work): I haven’t set a budget up to now, just bought as and when so this is a potential area for good savings. I’m not a bad cook, but I need to cook more consistently and do meal plans etc, and I've noticed how easy it is to waste food when you are only cooking for one! :eek:
TV Licence: £24.25 (why is it double this year - don't get it?!)
Medical bills: £15.30 (ongoing, but not exactly every month so I will save the difference the months that I don’t spend all that and that’s not including dental or eye check ups)
Petrol : £100 average
Hobbies: £80 -£100 depending on how many weeks in the month (@£20/week so only £80/month in a four week month). I'll count £100, though, and I can pocket the difference on short months.)
Mobile phone: £31.50 minimum contract (still a while to go so no cutting down here, but it should have been a lot more expensive...I got a friends and family deal.)
Internet: Hmm…have a PAYG dongle at the minute, so not easy to estimate. Would say ~ £10/month at the minute, but I’ve only reloaded it once yet so it’s hard to average.
Credit card minimumpayment: £45.50 (about) this month
Socialising: ??? Not sure what to budget. I don't want to be clubbing seven nights a week, but I don't want to be a total hermit, either. Besides, with my current heating bill it's probably cheaper to be out of the flat than in it! :rotfl:
Total: £1023.82 (not including anything for socialising)
(Annual bills, to be totalled then divided by 12 and that much saved per month):
Flat contents insurance: £113
Car insurance: £337.50 this year but that was with a friend’s friends and family discount, plus with the EU gender increases, this could be quite a considerable increase this year. I don’t know how much extra to budget, to be honest.
Car tax: £135
MOT: £50(?)
Car repairs/maintenance: not sure how much to save for this. I normally get away with it pretty cheaply as my brother is very good with cars, but mine is getting on a bit so I could do with putting a little to one side for it. [Not currently included as I have no idea how much to budget.]
Monthly total: £53 (rounded up to nearest pound and not including car maintenance)
Monthly bills + monthly total of annual bills: £1076.82
Difference between salary and outgoings: £138.26 (to cover savings, debt repayment and eventual social life)
The moving process has highlighted the fact that I have far, far too much stuff, much of which can be Ebayed, so at least I stand a chance of earning some extra cash doing that. I REALLY need to declutter, and have already started, but it looks like it will be a long process!
All suggestions to improve my financial efficiency are welcome!
I have seen that many people have found doing cash only has worked well for them, and I am tempted, but I like the ease of making online payments which you can’t do if you have all your money in envelopes/pots in front of you. I’ll have to give this strategy some thought, though, and after the shock I have just had writing this all down in black and white and totting it all up, perhaps I can take the food, hobby and prescription (as well as anything else that isn’t automated) money out of the account to teach me to be more frugal with it…once it’s gone, it’s gone.
This diary is intended to keep me focused and on the straight and narrow. I did really well saving up before I moved, but the vast majority of what I saved went on buying things I needed to furnish the flat (I was fairly frugal, but it still took a lot of cash!) If I look like I am going to deviate from what I should be doing, feel free to give me a kick up the bumto get me back on track!
As you can see, my budget is relatively tight. I need to start earning above and beyond my regular salary, and hopefully earn a bit more when I get a new job. I have a little savings account annexed to my current accountand a currently unused ISA for this year, which I think will be my main savings account, but with ISAs once it’s in, it’s not generally a good idea to take it out again, although the chances of me wanting to put in more than the limit this year are invisible, so I will just do it, anyway.
Thanks for stopping by!
Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£3300
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£3300
0
Comments
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*Second post snaffled for future calculations, aims and plots and plans for world domination*Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33000 -
...And this one...Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33000 -
*Looks up at first post*
Blimey...how long is that?! No wonder nobody has commented...that's a dissertation, that is! (In my defence I wrote it in Words as I have a terrible history of losing posts and I don't think I realise how long I rambled on for).
I shall take my scissors to it...Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33000 -
Well, the first post shows my initial finances, but I must admit to not having or knowing how to efficiently budget for the following on top. Advice welcome please...
Cleaning products:I think should possibly put £10 aside per month for the minute. I’m going as green as possible and hope to make my own, so I will have to do some calculations at some point.
Hair: Not had a haircut for a while (much-needed now - it's getting looong!) and keep changing hairdresser, so no idea how much at the minute. £30 every 3 months (so £10/month average) is probably slightly overgenerous round these parts, unless I go to a Tony & Guy style place next.
Toiletries: I currently have a fairly large stash I am working my way through, so I don’t buy much, but I do need a budget for things like foundation that I only ever have one of as it’s too expensive. Perhaps £10 a month just to be on the safe side?
Presents: need to calculate a rough figure for this. Perhaps £20 a month including all the little people's birthdays I will have to fit in.
Rainy day savings: After all the above? :rotfl:
Medium-term savings: my car may be coming to the end of its days. I hope not, cos I love it and can't afford another one!
Long-term savings/pensions: Definitely trying to run before I can walk here! Need to have a look at it ASAP, though.
College courses: I’m a terror for learning new things! Should this count as part of my hobbies budget? I have learnt some things that I can use to make money. I now need to put them into practice. I really want to do a small sewing course that starts in a few weeks’ time to teach me how to do all the things I’m rubbish at (which is literally anything to do with sewing); could do with sewing my own cushions for my dining room chairs as they are a non-standard size or hemming trousers, but not sure whether to go for the soft furnishings or dressmaking class. I think I can do one after the other. I will have to think about this as they would both be useful and save me money over time…have you seen the price of curtains and how much it costs to rehem trousers nowadays, especially when I keep expertly dehemming them?!
Holidays: Everyone I know goes on nice holidays and I never quite seem to get it right!
Miscellaneous expenses/ sale shopping: just bought a slow cooker in the sales, which is a good thing as I hope it will save me money and cook me tasty food, but I didn’t really have a budget for it. And I get tempted by bargain pretty things. Oops! I could do with a fund to dip into for this for this time next year. Again, I think I’m dreaming at this point in time.
Yoga/Pilates: not yet something I’m doing, but something I need to do for my posture and tension levels in neck/shoulders. I would prefer to go to a class to get me out of the house, and also to make sure that I am doing it properly as I went to one Pilates class once, thought I was doing it correctly and then the teacher put a finger on my hip and rotated it for a second and I couldn’t believe the difference!
Well, I guess that's more than enough to be going on with for the moment...I have guests staying this weekend so even though I have stuff I should post it will have to wait as getting ready for their arrival tomorrow night is eventful enough!Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33000 -
Ooh, it’s been a mad week!
Some friends came to stay at the weekend, meaning I went a bit mad and bought LOADS of food! We didn't eat anywhere near all of it. Between that and buying too many lunches out, I have spent over half of my generous food allowance for this month. Having said that, I have loads in, so if I do some canny food planning, I shouldn’t have to buy much more than milk, fruit and vegetables.
So I spent £23.85 yesterday, £3.99 of which was on behalf of someone else and should come back to me soon: in that I bought a few small items I needed for the house and some food bits and pieces at a cheap shop Iwas passing, to keep my supplies up. I got tea bags, which I needed it, and pesto as I have only one opened jar, and some Weetabix. Well, it is winter!
Having said that, I spent £2.85 on lunch for work, which is ridiculous – I need to get into the habit of making lunches again. I had a visitor last night and then was totting up the finances (I sat down and went through and plotted all my receipts since Christmas. It’s astounding how time has flown) so I didn’t get anything made, but I need to get into the habit!
I was paid back £32.00 for something I bought on behalf of someone else a little while back, so I have put it in the savings account: I didn’t have it, so I won’t miss it and it wasn’t part of my calculations.
Savings = £156.86 + £32.00 = £188.86
I paid £52.00 for a sewing course during the week and tried paid the money off my credit card today.
On the plus side, I listed two small items on Ebay. I have many more to go, but it's a start.
Overall, I need to get a grip. :mad:Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33000 -
Lunch bought again today. Very bad!!! :mad:
Brother and his GF came round tonight (brother kindly helped with some DIY) so I cooked them dinner. I didn’t think I had enough of certain ingredients in to cook for 3 of us as I was only expecting two, so I bought some extra (plus a treat for brother), but I did have enough so a lot of it was unnecessary! Grr!
Food budget: £134.39/£200 (!!!!)
I’ve also realised that I can transfer £40 to the savings due to not having any hobby lessons for the first two weeks of the year: my teacher is away so I can’t get taught, and if I didn't spend it on what is should have been spent on, I won't miss it, will I?
Savings: + £40 = £228.86
I also spent £5 on a thank you gift for someone who made me something very useful for my kitchen. It's a totally genius article, and will save me a fortune on my deposit when it comes to handing the flat back, so well worth the money! :T
I’ve also realised that I can transfer £40 to the savings due to not having any hobby lessons for the first two weeks of the year: my teacher is away so I can’t get taught, and if I didn't spend it on what is should have been spent on, I won't miss it, will I?
Savings: + £40 = £228.86Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33000 -
Today I spent £6 getting my eyebrows waxed (can't do it myself) and was given the money for the teabags back so
Savings: +£4 = £232.86
Today I spent £6 getting my eyebrows waxed (can't do it myself as I can’tsee the beggars!) and was given the money for the teabags back so
Savings: +£4 = £232.86
*Edits on Sunday morning*
I also bought petrol (£36.01) and a bottle of wine (£5.99) yesterday as Ispent yesterday evening eating and staying over at a friends' house. (Plus a chocolate bar (60p) and there REALLY was no excuse for that!
) I took some of the food I bought to cook a similar meal at my house plus the wine as my giftso we split it between the two parties involved. T'was a very nice night, and not bad for a Saturday night's entertainment, I guess.
I guess that my wine spend should really go down under 'entertainment' but since I don't really have a category for that at the minute, I will make it a 'food' spend.Debt: £11,640.02 paid in full! DFD: 30/06/20
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£33000 -
What is the genius kitchen gadget you've had built?? x
Good luck with the debt payments0 -
*subscribes*
Now, to go and read all that waffle
*puts kettle on*0 -
Hi PositiveBalance :wave:
I have just had a read through your diary and subscribed i think we have a few things in common - similar age, no pension or savings - something i also want to address this year! I am also looking for a new job and i love learning too and a dressmaking course sounds amazing :T:T:T And i'd also love to travel round the world!!
My head is currently fuzzy as i've been studying lots today :eek: and still have loads to do but i'm having a proper break before getting back to it :cool:
I'll hopefully be back next week with some more useful suggestions after i've got this assignment out of the way although i think its fab how you've worked everything out and have got the energy supliers coming round to sort out your meter readings so you know its accurate :T The thing that stood out to me was your food budget which you've already identified could be cut back on - it could be higher though as you've not been in your place too long so you might not have a big stash of ingredients for things that keep for ages such as herbs etc. Mind you food shopping is so dear these days i think - i spent about £15 more than anticipated and budgeted for when i went shopping the other day - and i had already put all the treat things back
meal planning has been good for me to keep the bills down and i've also challenged myself to just buying 12 lunches in the year - averaging at 1 a month as i was wasting so much money on this I also try and buy reduced price items that can be frozen but haven't managed to pick any of these bargains up for weeks.
Looking forward to reading your news and progress CC1:T £[STRIKE]2531[/STRIKE] £1460MORTGAGE OVERPAYMENTS: £10575.20 Target £12,100MF Date: [STRIKE]August 2042[/STRIKE] May 2035Declutter 1000 things by Xmas 2015! 53/10000
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