It's kind of fun to do the impossible

Sholly

I posted my debt figure as a Facebook status on this day last year (privately, so that only I could see it) so that it would come up in my memories and I could see my progress, never imagining that I'd be debt free a year later.

30th December 2019: £28,943.96

Onto 2021:
I'm attempting a no spend January so essentials only. Our freezer and cupboards are full so I hope that it really can be a low cost month, but I'm also conscious about keeping an eye on the Brexit situation - this could be the worst time to run down the cupboards! I did this last January and was eating out of the freezer for a couple of months and then the pandemic hit. If I can keep away from the shops for a while though, it'll be better for my bank account and our safety. My credit card bill (Amex for the cashback, pay in full every month) is high this month at £735 but in early December I donated a selection box to each of the children that our local foodbank supports which was a couple of hundred pounds and absolutely worth it, plus there's Christmas shopping on there so it's not unexpected (and still keeps me debt free!). My credit card bill is usually £350ish so if I can spend very little in January, then that evens things out. I've been planning and researching the Spanish property purchase. I'm set on a general location and have seen a property that I really like, but I'm about 10 months away from having enough money to complete so I'm crossing my fingers that it's still available then! I'll need around 42% of the purchase price to buy (30% deposit and 12% for fees). I'm hoping to go out there in the summer for a week to view properties and get to know the area better. I almost booked flights the other day but I still feel very uncertain about what restrictions COVID will impose so I didn't. I'm tempted though!

2021 money goals/tasks:
- No spend January
- Pay off Tesco credit card (0% ends May 21, money already saved)
- Save £25,500 by October for Spanish purchase

Here's to a happy, healthy, prosperous 2021 to all MSEers 🥂

Sholly

I thought I'd do a SOA. I don't think there's anywhere in there to save any money, but if anyone spots anything, please let me know!

Household Information

Number of adults in household 1
Number of children in household 1
Number of cars owned 1


Monthly Income

Monthly income after tax 3118.49
Child Benefit 91.22
Other income (child maintenance/bonus) 401.28

Total monthly income 3610.99


Monthly Expense Details

Residential mortgage 611
BTL mortgages 230
Council tax 103
Energy 86
Water 25
Son's mobile phone 3.5
TV Licence 13.13
Internet/landline/TV/my mobile 33.99
Groceries 160
Clothing 10
Petrol 35
Road tax 2.5
Car Insurance 16.55
Car maintenance (including MOT) 33.33
Son's activities 14.17
Medical (prescriptions, dentist etc) 10
Buildings & contents insurance 25.75
Life/critical illness assurance 0 (via work)
Presents (birthday, christmas etc) 57.7
Haircuts 6
Entertainment 40
Holiday 40
Union 15.78
Landlord GDPR registration 2.92
Buy to let safety certificates 8.33
Chimney sweep 4.92

Total monthly expenses 1588.57


Assets
Cash 15122
House value (Gross) 310000
Car 4000
BTLs value 158000

Total Assets 487122


Secured & HP Debts
Description/Debt/Monthly/APR

Mortgage/171646/611/2.06%
BTL mortgage 2/58499/116/2.39%
BTL mortgage 1/57719/114/2.38%

Total secured debts 287864


Unsecured Debts
Description/Debt/Monthly/APR

Tesco/8676/86.76/0% until May 21
Santander/4612/46.12/0% until Jan 22

Total unsecured debts 13288/132.88


Monthly Budget Summary
Total monthly income 3,610.99
Expenses (inc secured debts) 1,588.57
Available for debt repayments 2,022.42
Monthly UNsecured debt repayments 132.88
Amount left after debt repayments 1,889.54


Personal Balance sheet

Total assets (things you own) 487,122
Total Secured debt 287,864
Total Unsecured debt 13,288
Net Assets 185,970

Sholly

My gas and electric fix is due to end in Feb so it's now within the 7 week penalty-free switch period so I've arranged a move. I've been paying £89 but I got an email this morning to say my direct debit was changing; I assumed it was going up but it's changing to £83 (not the £86 I mentioned above) from the 1st of February, but hopefully my switch will go through by then. My new amount is just under £70 per month with £38 cashback (hopefully!) from QuidCo and 100% renewable energy. If the cashback goes through, I'm £266 better off. MSE win! My account is also in credit by £22.07 so hopefully I'll get that back depending on how long it takes my switch to go through.

Sholly

HAPPY NEW YEAR!
No spend days are going well: 6/31 so far. Of course, lockdown is helping - well, it's probably the cause really - we would normally be going to my son's activities, cinema etc, plus passing shops whilst out so it's been pretty easy so far. Plus it's also absolutely freezing here! I needed a key to bleed the radiators and almost ordered one but thought I'd ask my neighbours first and they had one (they must be better adults than me 😂). I was also going to buy a webcam for my son's online lessons but none of the other kids seem to use them so I won't unless school specifically ask us to. And I've got a craving for Morrisons tex-mex dips 😅 but it's not worth breaking a NSD for! The random things you crave when in a NSD challenge!

Sholly

Important MSE/NSD update...I ordered the Tex Mex dips! BUT...I have Amazon vouchers so I've used them for a Morrisons delivery so I still haven't spent a single penny in 2021. My bills have come out but aside from that, not a penny! The meal planning has been going really well but we were running short on some staples - we could've done without the delivery but the cupboards are looking a bit bare and those staples make keeping to cheap meals so much easier (potatoes - the Queen of all Foods!) so when I saw the invite from Amazon earlier, I went for it. I had £42 of vouchers so that was my budget. I ended up spending £41.97. It's the first time that I've used Morrisons or Amazon for a grocery delivery - I did find that there wasn't as much choice as there would be in a normal online shop via Tesco (my usual for online orders!) so although there were Morrison's own brand items available, they didn't have their basics ranges on there and not as much variety in general, so I probably wouldn't use it again, but in the circumstances and with the vouchers, it's fine for what we needed. Part of the meal planning challenge is to use up all of the eggs that we've got - our 3 chickens usually lay an egg per day each, although they've slowed down slightly now for winter but we're still getting at least 2 eggs a day and we have a backlog! So the challenge is to use at least one egg a day and I've found that it's made meal planning so much easier, especially for lunchtimes. I've included: egg/egg and sausage wraps, pancakes, Spanish tortillas, eggy bread, Yorkshire puddings, homemade pasta, egg fried rice, scrambled eggs on toast and a full English breakfast. I'd forgotten how versatile eggs are - I'll be lost when we've used up the backlog! We also used some in baking today - I made cookies and my son made a cake, and he's making brownies tomorrow - they'll all be made into little portions and frozen so we can take out a slice if we fancy one for dessert. We ran out of bread today too so I've baked 3 loaves which will also be sliced and frozen. I've really enjoyed being more conscious about what we've got at home - normally I'd go and buy a loaf, even though I've got all of the ingredients at home to make bread, and it's cheap and easy. I wonder if I can get to the end of the month without spending anything - that would be amazing!

I've got a second viewing at a flat tomorrow. It's a cheap property which needs several thousand spending on it, but I was thinking of buying it, refurbishing it, renting it out and then refinancing it, which would give me my money back. I'm not expecting to make profit on it, but if I could get all of my money back out and get rental income, then it might be worth it. It would mean temporarily leaving debt neutral, but only for a couple of months and it wouldn't affect my actual debt free dates. I'll (hopefully!) decide tomorrow.

Sholly

Viewing went well - the asking price is £45k but it's not worth that with the work that needs doing. I would've put an offer in of £38k but the vendor rejected another offer yesterday of £40k so that's the end of that! I got an email from my savings account provider today to say that my savings rate is dropping but I checked on MSE and there are no accounts that beat the new rate so I'll keep the account but keep an eye out for others...and other cheap properties. Savings accounts feel really pointless at the moment though! If I wasn't considering buying abroad this year, I think I'd pay it all off my mortgages rather than put it into savings accounts

cannyscot_2

Well done on the no spend - it is easier in lockdown as you say !  I allowed myself £100 for food this month and I am at £37 so no so bad. I intend to spend rest of budget at Lidl with £5 off £25 voucher as I like to keep basics like coffee beans and olive oil in stock. We use olio to get some bits of Tesco leftovers like carrots and cucumbers so like you racking  my brain on how to make things out of carrots ! 

Shame about property but definitely a struggle to get god deals at the moment . 

A no spend January is definitely worthwhile , saying no to bargains and questioning why you need them-  it just resets your thought pattern after Xmas ! 

Downloading free books on amazon has become my fun this month ! 

I won a £100 voucher for any store so can’t make up my mind whether to make Asda as I have set my food budget tight . Have to make sure I have £32k put by for university costs for postgrad study .
I am looking at income trusts at moment to see what returns I can get there but defo saving mortgage interest is about one of the few ways to make on your savings at the moment ! 

Sholly

£37 is excellent - almost half way through the month too. One of my items wasn't available so my shop came in at £38 so we're almost equal! I thinking you've inspired me to make some carrot and coriander soup! I've got carrots to use up too. I need to download the Lidl app too but we don't have a Lidl close by - there's one in a town a few miles away but it's out of my way to go there - do you find the value comparable to Aldi (if you shop there too?)? I'll download any app really for discounts 😂
I do enjoy no spend months, but I'm not a big spender anyway, so no spend months can make spend days a bit guilt-inducing. My challenge last year was to not buy any new clothes, and I managed it but I haven't bought anything new so far this year either because I'm still in the frame of mind that buying new clothes is "bad" - I will have to buy something new when lockdown is lifted though because I'm living in joggers at the moment, and I've put holes in all but one pair of trousers that I would wear out of the house 🙈
Well done on the voucher win! Food is something that will always be needed so I think I would put it towards Asda and save the cash that would've been used. How long have you got to save for your uni costs?

cannyscot_2

September 21 - need £16.5k to pay fees then rest per month after that so should be fine just need to be organised enough. Lidl is cheaper due to vouchers - £5 off £25 in dec and again in jan plus then the new app voucher £2 / 100 and £10 / £200. Then odd scratch card win. £1/2. I also discovered a little green box on bottom of fridge called no waste and inside is reductions - everything is 90p ! I had a huge pork which I made pulled pork from - first for me! - but everyone loved it ! I even got free brioche buns from olio . So Lidl is currently making a huge difference price wise . Last night had enchiladas for 5 with salad and choc orange brownies - is pushing me to think up new ideas . All leftover or free from olio . Brownies made with leftover carrots and orange lurking in the bowl - son said was amazing ! Funny how you can get a real boost from something by setting yourself a new target and finding new ways to achieve it - It’s become a new lockdown activity - walking while analysing my leftovers and what I can make . - usually results in something different ! 

Sholly

cannyscot_2 said:

September 21 - need £16.5k to pay fees then rest per month after that so should be fine just need to be organised enough. Lidl is cheaper due to vouchers - £5 off £25 in dec and again in jan plus then the new app voucher £2 / 100 and £10 / £200. Then odd scratch card win. £1/2. I also discovered a little green box on bottom of fridge called no waste and inside is reductions - everything is 90p ! I had a huge pork which I made pulled pork from - first for me! - but everyone loved it ! I even got free brioche buns from olio . So Lidl is currently making a huge difference price wise . Last night had enchiladas for 5 with salad and choc orange brownies - is pushing me to think up new ideas . All leftover or free from olio . Brownies made with leftover carrots and orange lurking in the bowl - son said was amazing ! Funny how you can get a real boost from something by setting yourself a new target and finding new ways to achieve it - It’s become a new lockdown activity - walking while analysing my leftovers and what I can make . - usually results in something different ! 

That's a great goal! Good luck! Our Aldi is next to my son's basketball so I'll call in when it restarts - parents weren't allowed in last year before it stopped altogether so if that's still the case when it restarts, I'll have an hour to burn. Are the scratch cards and green box on the app? Pulled pork and brioche 🤤 yum! I do that with leftovers too! It's another challenge for me so I do really enjoy it. I hope you've had a good weekend 🙂