Bring it on - new job, new county, new mindset!

kjp

Hello!

Well, this is my first diary, something I've been pondering for months and finally think its time to start!

The last month has been a whirlwind, I split up with my partner of 7.5 years, graduated and got offered a new job, starting in September, as a trainee accountant, and have given myself carte blanche to spend and buy whatever I want. I've just turned 26, and my flickering lightbulb is now well and truly glaring at me! I've always had a love/hate relationship with credit cards, and am proud to say that in 10 years of credit card access, I've never paid a penny of interest, but this month, my credit card bill is almost the same as my monthly wage. Hmm. I'm incredibly lucky in that I'm currently living at my parents, so outgoings are minimal, but in 14 weeks time I'll be packing my worldly possessions into my car and moving 100 miles away for three years, and I want to be able to get to a stage where I can pay my credit card off as soon as I spend on it - it's a Clubcard one, so I want to keep using it for the points, but need to rein the spending in!

I'm taking a paycut to move, about £3k per year, but hopefully in the end it'll be worth it as I'll also be doing my CIMA qualification. So, I need to start budgeting now to make sure I can live, and work out whether I can keep the card and behave or whether I need to just give it up.

So, this is me... Credit card lover, robbing Peter to pay Paul every month, and about to move out on my own whilst trying to become an accountant! I have 14 weeks to find somewhere to live and pull the spending in. Off to do my June budget and work out the plan... I'll be back!

Kx

kjp

OK, so, I've checked the credit card bill, worked out roughly how much I should get in Friday's wages (am salaried but not sure how it will have changed with the tax code changes - I got travel last month so salary wasn't 'normal'!), how much money I have in my 'slush' fund (where in theory I shuffle my spare money until the end of the month, when it goes into my ISA, but that hasn't worked for months), and what I need to pay out.

It's also hit me today that if my credit card bill, which I pay off in full every month, was an overdraft, I'd freak out a lot more, just the visual impact of seeing my current account with a minus figure - so I need to start thinking of it as an overdraft and not only think about it two days before payday.

So. Plan of attack.

Income: approx £1358 - will hopefully be more because of tax changes but working on 'worst case' scenario
Slush fund: £535 - made up of £125 First Direct bonus, last month's savings which I hadn't swept into the ISA, Ebay profit and travel claim from work last month.
Total: £1893

Outgoings:
Rent: £150 (I know I'm lucky!)
Phone bill: £25
Union fees: £16.50
Loan: £70.04 (more about that another day)
Holiday fund: £50 (used for travelling to see friends etc and also as emergency fund)
Car maintenance fund: £50
Gifts/Christmas fund: £50 (1 more birthday present to buy, then this will become Christmas savings)
Car insurance fund: £30

Credit Card: £903.13

This leaves me with £548.50 of 'slush' money.

So, I'm going to take £150 of that for 'my' money - food, entertainment and so on. If anything in that realm goes on the credit card - it will be paid off that night from this money. I will keep another £120 for petrol money - which is the entire purpose of using the credit card - and put in £30 fuel a week, and again - pay it off that night. The aim for the month is to end up with a £0 balance on my credit card.

A couple of other issues this month are car insurance - I should have most of it in my savings, but will need to steal a little from the slush money. I also need to pay for my CIMA fees, which will be refunded but not til September. Anything left is going immediately into my ISA - no opportunity for stealing!

I can do this - I can I can I can!

Next up - car insurance fun. Yay...!!!! Thanks for reading my ramblings, I hope I haven't put you to sleep!

Kxx

kjp

Wow, poor neglected lil diary!

So, what’s happened since I last posted… Well, I’ve moved and started my new job, both of which are going well so far! However, I’ve slipped up on the spends front – nothing unsalvageable, but I can see myself slipping further and further, so need to nip it in the bud now.

According to my spreadsheet, I have £22.23 to last me til payday – 26 days away. I need to purchase the following at a minimum, not including food etc., so think I might have to dip into my savings. However, the expenses I'm owed should cover the below.

Train tickets x 5 for course (will get reimbursed but not until October’s pay)
Train tickets x 1 to go home for the weekend
Exam exemptions (can possibly push this back til after payday, and will get reimbursed)
Self defence course – not a necessity but moving to a city on my own for the first time, and I think the social aspect will do me good as well as the course!

I have food for this week, and possibly can stretch what I have in stores til next week, so might be able to avoid shopping for two weeks.

So, the aim is not to spend anything this week unless it’s on one of the things listed above! Bit of a tough challenge but hopefully doable. I also need to sort out my expense claim (am owed 95.50, which if I can get the claim in by Friday I should get on payday, but not sure if I’ve been set up on the system yet), and set up a workable budget for the next few months.

I am declaring 7 NSDs this week (excepting the above!) – wish me luck!
Kxx

kjp

Hello diary land!

Well, I've succeeded in my NSD, and in fact ended up in profit-a shopping £100 appeared in my bank this morning from the Halifax switching incentive-pleased with that! Currently torn between paying it off my credit card (have money elsewhere to pay this off but don't want to waste this free £100!) or put half of it back into my gifts fund, which I've pilfered over the last week for fun money, and half to my ISA. Leaning towards the second, just need to decide quick so I don't fritter it away!

Going to book my trains tonight-gulp, will be about £160 hitting the credit card, although I will get all but £30 of that back in October's pay, and will get Clubcard points! I need to work out how best to use the expenses system to my advantage. To think about there, I think! But can then walk to the station tomorrow night to pick them all up, and drop in my self defense form on the way back.

I'm nearly there on my budget I think-need a few more tweaks then will post to hold me to it forever more!


Right, am off to treat myself to a hot chocolate with marshmallows and squirty cream in front of Doc Martin, and train ticket booking in the ad breaks!

Kxx

novagirl

Hot chocolate sounds good for a start!LOL

Well done on moving and settling in. Hope you use a cashback site for your train tickets

kjp

novagirl wrote: »

Hot chocolate sounds good for a start!LOL

Well done on moving and settling in. Hope you use a cashback site for your train tickets

Thanks nova girl-hot chocolate was lush and had the same tonight-yummy! No cash back unfortunately (although get Clubcard points!) but tickets were cheaper through First Great Western than any of the cashbackable sites!

Just quickly posting before Great British Bakeoff starts! Another successful NSD, paid CC up to date and transferred halifax incentive half to ISA and half to presents fund which I'd stolen from. Will watch Bake Off until 9 then pop upstairs, give myself a quick manicure/eyebrow tidy, type up what I've learnt at work the past few days and fill in self defense course form-will drop it in tomorrow after work when I go to pick up train tickets. Then will have an early night-struggled to get up this morning! Aim to be in bed by 10, we'll see...

Might take advantage of the next 10 minutes to make my sandwich for work tomorrow!

Update tomorrow diary land-hump day, woop!

Kxx

kjp

Not much happened today... Am halfway to getting myself set up on expenses system-cutting it fine but have scanned and emailed myself my receipts so hopefully will be done by Friday-could really use the extra £95.50 in my pay! NSD achieved although have just realised my 7 day NSD run won't be possible unless I don't eat... Need to meal plan and shop on Saturday, so will go for 6 NSDs instead-still not bad!

Lunch is made for tomorrow whilst cooking tea tonight, feeling a little coldy so having an early night in front of DVDs.

I am determined to have my budget sorted by tomorrow!

Night night diary land x

novagirl

Sounds like you are doing well! Hope you feel better in the morning though.

I shall check up on you tomorrow then for your budget :P LOL

laurag89

Well done, you are doing really well!

Sounds like your life is pretty exciting at the moment with all of your changes Good luck with the move!

kjp

Thanks novagirl and Laura! Technically another NSD today-I spent £47 on a 10 week self defence course but that was 'planned' so not counting it! Collected my train tickets for the next month after work and was proud that I walked through town and avoided the call of all the shops and coffee places!

Ok, draft budget to come, just waiting for my spreadsheet to load...

kjp

Ok, draft budget time!

Income:
£1244 (this is a guesstimate - depends on pension % which I need to find out!)
Expenditure:
£429 - rent and bills (I rent a room in a shared house, all bills (fair usage) included)
£25 - phone bill (in contract until next June, have loyalty discounts so not a bad deal)
£11 - union fees
£70 - loan (long story short - I took a loan out for a family member (don't do it kids!), but didn't want to take it out for the 4 years they wanted, so am paying a little bit towards it each month, with family member paying the rest, and then family member will pay me the amount that I've paid out over the last couple years in the final year - so am thinking of it like a savings scheme! This finishes next October, and I will then receive payment for another year)
£50 - holidays (I don't know whether this is excessive or not... I went on a lot of holidays with my ex but not anymore, will keep it going for now, it's a useful emergency fund)
£50 - gifts/Christmas (again, this might be able to be reduced now I'm single again - will review at the end of the year)
£30 - car insurance (I pay it yearly on the CC and then throw the full amount from my savings at it)
£50 - car maintenance (for MOT, service and car tax, so far this account has a fair bit in it, but will keep this going in case of car-tastrophe!)
£70 - travel (total guess, will probably be 1 train journey home a month at about £30, and maybe a tank of fuel (have left car at home) a month too for when I'm using it at home? To be reviewed)
£300 - spends/food (I was inspired by LondonSocialite's diary and her £10/day budget - I want to give it a try. It's higher than I think I will need/hope I will need, but idea of £10/day was a lot simpler than £6.65 or whatever per day! Will roll over any £10 savings and bank at the end of the month, or put towards things like new glasses!)
£159 - savings (it will take me a bloody long time to save up for a house, but it's a start!)

So that will be the budget as of 27/9/13 - my spreadsheet is all set up and ready and trialled so fingers crossed I can stick to it! Not sure how I'm going to sort out my expenses yet - won't get them in for September payday so will get a bumper load in October - might stick this in an account as a float for expenses - not sure yet!

Looking forward to payday!x