Catriona's Credit Card Countdown

beanielou

I also thought they looked at the available credit you had to use.

catriona79

Thanks my lovelies.

I have checked the total credit available to me, £30,500. Out of this I am using £10,500. So roughly 30% which is what experian recommend (not that all lenders want the same, I understand..)

I guess my Virgin card has the benefit of giving cash transfers to my current account, so that means if I ever need access to cash, I can have it.

All in all, I think I will keep it, as it may be a mistake to close it down!
Thanks for pointing this out.


On another note, we had another viewing last night, a very nice person and even has their own furniture, which would mean no expense buying a bed or a wardrobe. Let's see what they say. Fingers crossed!

catriona79

Well, I've had good news from the potential lodger- who is now lodger in spe! Excellent news for me and my budget.
I think things will get moving now.

Hope everyone's had a good day

catriona79

Have been reading about credit utilisation ratio, after the tip off from cwal and beanielou.

It appears that the ideal is around 30% but not only overall! but also on each credit line. My Santander and Halifax cards are very nearly maxed out! But I'm not going to worry about it too much. Think I'll just save for now and see when the time comes to pay them off, when 0% runs out! what is best to do.

I'm doing well budgeting for good - living with my new lodger I'm much better at it now. Healthy eating too. I get lots of fruit and veg from A£di - and love it! Sometimes, for variety go to Waitrose for a treat. But can easily live on £150 a month on food. Well impressed with myself! Long may it continue (:eek:)

Orange_Ena

I've seen you've been a bit AWOL from your diary too. Welcome back!

Brilliant news about your lodgers, totally paying your mortgage for you I've been thinking of getting a lodger (once I've cleared the spare room out) but can I ask, have you found it ok? I've lived on my own for about 15 years but the income I could get is making it a very attractive prospect!

catriona79

Hey, yup been AWOL! It's always better for my finances to be on this forum, it focuses me ��

Re lodgers - it's been brilliant. Obviously your house isn't your own, but my current lodger pays £500 a month, which is a very nice bonus.
The key thing is to get the right person in, trust your instinct on that!
I'm lucky in that I live in an area with lots of young professionals which has in the last ten years really gone up in the world. Also, the people here are a certain type of person, attracted by the neighbourhood. I chose to live here because of the vibe, so getting like-minded lodgers is not difficult.

I had a nightmare lodger once, who caused a bit of damage - but I got rid of him within 4 months. The rest have been really great. Your space is not your own any more, and you do have to accommodate them, but they are also nice company. It's like everything, has advantages and disadvantages.

What's the area where you are like?

Have you looked at sp@reroom.com to see how much you could charge in rent?

I didn't have a lodger for 6 months last year and in many ways it was bliss, but i couldn't afford anything extra... So it seemed silly to have a house that's too big for me to myself and spend all my money on keeping it. I considered getting a little flat, which would be almost completely paid off, but then decided against it, as this house is done up the way I like and all the furniture fits. Importantly, it can bring in £950 a month before tax, so it's worth it! I don't want to live like that forever, but maybe do it for a couple of years?

Ideally I'd like to save up a savings buffer, but I also know that I'm the kind of person who likes to fly be the seat of her pants, so I think I will actually invest rather than save. Either a loft conversion (architect visit today) or a buy to let. Cost the same. Still thinking.

All in all, I would recommend having a lodger. See how much you could get and how much it would cost to furnish the spare room. Let me know your thoughts ��

catriona79

Well, it's Friday and it's going to be an enjoyable and cheap one. Three girls, sofa, free sky movie and a Chinese takeaway. With three people. There's so much more variety when you share with two others!

Car insurance to pay, renewal at £881! Hair-raising. Cheapest quote on comparison sites £515. Phew!
It's that stupid collision a year ago when a lorry drove into the side of me when it was changing lanes, and I stupidly didn't stop any witnesses... All done now though.

Treat Friday at work today and we had amazing taste the difference salted caramel muffins. I don't care for cakes, but that was heaven.

Let the weekend begin!

catriona79

It was a bit of a speedy Saturday, I went to Ikea to look at a wardrobe and chest of drawers for the third bedroom, as my new lodger is moving in on 13th of August.
Spent 135 on accessories - whoa! I know!
But half of it will probably go back:) and the other half will make the house look better and more cosy, which it needs at the moment.

So what will need to be bought (and delivered, eek the delivery fee) is a wardrobe, a chest of drawers and a comfy seat for one for the living room. Luckily, I won't have to buy a bed!

But all of those should be no more than one month's rent, so that's ok.

Off to find out how much ikea charge for deliveries...

Orange_Ena

catriona79 wrote: »

Hey, yup been AWOL! It's always better for my finances to be on this forum, it focuses me ��

Re lodgers - it's been brilliant. Obviously your house isn't your own, but my current lodger pays £500 a month, which is a very nice bonus.
The key thing is to get the right person in, trust your instinct on that!
I'm lucky in that I live in an area with lots of young professionals which has in the last ten years really gone up in the world. Also, the people here are a certain type of person, attracted by the neighbourhood. I chose to live here because of the vibe, so getting like-minded lodgers is not difficult.

I had a nightmare lodger once, who caused a bit of damage - but I got rid of him within 4 months. The rest have been really great. Your space is not your own any more, and you do have to accommodate them, but they are also nice company. It's like everything, has advantages and disadvantages.

What's the area where you are like?

Have you looked at sp@reroom.com to see how much you could charge in rent?

I didn't have a lodger for 6 months last year and in many ways it was bliss, but i couldn't afford anything extra... So it seemed silly to have a house that's too big for me to myself and spend all my money on keeping it. I considered getting a little flat, which would be almost completely paid off, but then decided against it, as this house is done up the way I like and all the furniture fits. Importantly, it can bring in £950 a month before tax, so it's worth it! I don't want to live like that forever, but maybe do it for a couple of years?

Ideally I'd like to save up a savings buffer, but I also know that I'm the kind of person who likes to fly be the seat of her pants, so I think I will actually invest rather than save. Either a loft conversion (architect visit today) or a buy to let. Cost the same. Still thinking.

All in all, I would recommend having a lodger. See how much you could get and how much it would cost to furnish the spare room. Let me know your thoughts ��

Hey Catriona, I quite agree about staying on the forum for focus. I took my eye off the ball and I'm in a mess again

Gosh that is brilliant income. I have had a look at that website you mentioned and as it's only a single room, in my area I could get about £320 pcm. I think by the time I lose my council tax discount and pay extra utilities, I could make about £275 profit. Money for doing nowt!

I think the payoff would be worth it. And it will make me tidier, and be nice to have the company. Sorry to hear you had a nightmare lodger, I suppose you just don't know until someone moves in. But good that you've got a good one now.

I don't think I'd have too much trouble letting it. I live about 5 mins from a station and there are a few industrial estates in driving distance. There's also a college quite nearby that has visiting students. I would prefer a professional for sure, preferably a Monday to Fridayer but as long as I get the right person. I really need to get that room cleared and decorated and start bringing the money in. Trouble is my room is shocking too but once someone moves in, I can't move everything around to get the work done on either room but without the lodger, I can't afford to pay for the work to be done yet! Catch 22 I've already got a bed in there so I'd just get a little wardrobe and a chest of drawers, maybe a desk if necessary. I'd pretty much sort out what the right lodger would want, but nothing extravagant. If I've got ike@ furniture in my room they will not be having Next furniture!

Sound like you've got a really good plan there. Maybe you could rent the rooms for a few more years, pay the mortgage off and retire early? :rotfl: Nice to have options anyway

Thanks for advice Catriona, much appreciated. Operation clearthespareroom has commenced

Orange_Ena

catriona79 wrote: »

It was a bit of a speedy Saturday, I went to Ikea to look at a wardrobe and chest of drawers for the third bedroom, as my new lodger is moving in on 13th of August.
Spent 135 on accessories - whoa! I know!
But half of it will probably go back:) and the other half will make the house look better and more cosy, which it needs at the moment.

So what will need to be bought (and delivered, eek the delivery fee) is a wardrobe, a chest of drawers and a comfy seat for one for the living room. Luckily, I won't have to buy a bed!

But all of those should be no more than one month's rent, so that's ok.

Off to find out how much ikea charge for deliveries...

Hope the delivery isn't too much but so much better than going to the store, buying something then figuring out that no matter what angle you try it, it will just not go in the car. And then having to console yourself with meatballs. No......this has never happened to me! :rotfl: