Mighty Titan Overdraft will crumble!

liltdiddylilt

A small saving is always nice! A bigger one is better. I bit the bullet as I had a 'spend day' anyway and had to buy in July in order to get the saving I found. It equalled £28.25 in the end which isn't bad considering it kept me on the straight and narrow for the most part last month and will hopefully get me through a self-imposed super tight month in August so that I can pile up the savings and feel like I have some.

Re the house. I still 'technically' own it. It is complicated. Ex and I split in Feb 2009. I stayed for 6 months and continued paying my share of the bills etc rather than just piling all my money in and watching it disappear. He very quickly got into financial trouble. He had taken out a loan of £9k. Paid off his outstanding brand new car finance for a car that had been written off, then put in a new boiler etc. Turns out I had £600 spare of my wages a month when it was split equally, and he was disappearing into a black hole. We agreed that he would keep the house as it was going to cost £30k + to get out of the mortgage if we sold & he didn't want to move back to his parents; and he would pay me a VERY fair (to him) sum of money as he could within 2 years, by which time I would also be removed from the mortgage and deeds. To date I am still on the mortgage, and deeds. He stopped paying me money in 2011. Approx £2700 owed. Not that bad, but that is a third of our agreement... and I left him with everything... Better yet, he had quit his job shortly after I left and was mooching by, paying the mortgage with whatever he could. Suddenly it was all my fault. The loan for his car & boiler? He started telling people it was my debt and I had frittered it then left him with it. He told them I owed HIM money. We haven't spoken in 2 years at all now. I let him get on with fantasy land and blaming me. I'm 250 miles away, the people who matter know the truth. Everyone else can blow me not so much philosophical as resigned! I wouldn't buy a house with anyone else ever again. Not bitter, just self-preserving

Always better if you want a job doing, to do it yourself - even if it is someone elses horrid tax return! Lol. As for the credit control, you don't have to tell them who you are! Just tell them to pay the hell up or you will send a bill for admin time chasing them on top of it!

Hoping August is a fruitful month for both of us.

sunnyskies2

Hi there

I didn't realise foruming (new word !) could take up so much time - so have had to reduce my reading time...to get on with house and kids and money stuff

So many dittos - to what's being said:) I'm still getting to terms with YNAB ( really need OH) using app but can't see that happening...glad to see my working balance is slowly looking better though - although I havn't yet factored tax bill for OH was due end of July - and nothing saved :eek:...I'm hoping we can pull a good amount from yes 'outstanding monies from customers' . I've just put all his paperwork together and will take to the accountants tomorrow, probably won't happen but I am hopeful income will be less than last year to reduce tax. Although we are considering porting mortgage so really need it up - urgh self employedness has it's down sides for sure! I bang on about outstanding invoices to OH, so does another family member about the same thing - I think us girls are more on it and happy to demand what is ours sooner rather than later - you've had the work - give us the money - now please. I'd phone and say I'm the book-keeper or whatever and push for it

...don't start me on unfinished bathrooms, kitchens - my snagging list goes on forever - and then I see photos of luxury bathrooms etc OH has completed:) - I offer to sort out at home but no no, he has to do it properly :rotfl: - but yes it's way too easy to underestimate the cost and even the amount if work involved in renovating and maintenance etc. - you will definitely need to think carefully about how much you take on if buying that kind of property... I think ldl has a point about getting something all up running as starter home - I'm sure even then you'll want to do some amount of work to it - and gain some skills there.

I didn't know about earning enough to pay higher rate NI, I will look into it before it's too late!

Good luck with the house- hunting - such a super exciting time:)... I hope:)

Sorry a bit of a me thread - but really just understanding where you're at:)

hohum

Sorry been MIA - basically Edinburgh festival happens and entirety of UK theatre decamps up there, including me. A quick update for now..

- @sunnyskies2 it's really nice realising you're not the only one isn't it? Hope this thread is about sharing experiences so room for all of us..

- @lilt you're bloomin mazin you are. Not sure I would be half as sanguine as you about all that's gone on, but you make a really good life for yourself. Is good to read.

Now money updates...it's happened! I've been sent an application form for a barclaycard! :rotfl:Am clearly starting to look like a more profitable option (from being right against my credit limit, to having big amount of credit available). I did look at briefly thinking 'hm balance transfer and emergencies...' before tearing it up. Now I am not actually in my overdraft for the whole month (even though I still need to pay off the amount within my own budget) it's not costing me as much to use the facility, more like 5% interest on the entire balance really as opposed to the actual AER which is 19.8%. I'd pay more in balance transfer fees. Also, VINDICATED re not taking out a loan to pay off the overdraft. Just needed to earn more and then handle the money better when we are earning more.

Will update scores on doors for July later but basically we are buffered (eg living off last months income) for september. I'm trying not to hold on to that as am expecting us to bring in less Sep/ Oct/ Nov so we may well lose that month income buffer at some point. It's like looking at my bank balance: amazing to see it in credit but that money isn't 'mine' it's mostly the banks and earmarked for other things. I'm kind of putting off buying flights for October hol because then the money won't be sat in my account making me look in a better situation than I am anymore..

I paid £5.36 in interest on my overdraft usage last month (plus £6 usage fee) :T. Overdraft debt category in YNAB stands at £1404 down from £1920 when I started in April. Actual bank balance today is £680.27 IN CREDIT.

My NI debt is paid off :T and we should be paying off boyfriend's final 2013/14 payment this month. Money is set aside and ready to go.

I managed not to spend shedloads in Edinburgh, although I was pretty relaxed about spending money and not terribly moneysaving. TBH it's difficult to pack food when you're on go/ in temporary accommodation/ not actually in flat for more than an hour! Boyfriend has a lot of work on this weekend that means we'll prob need to put more spending money/ expenses in. Still, he's earning a couple of grand from work this month which is not to be sniffed at.

liltdiddylilt

Hello there!! That sounds like a most enjoyable 'working' week. I hope it was fruitful and a lot of fun!

I'm not all that sure I was sanguine at the beginning of the saga but frankly after 6 years it is boring and the same old story so I just pretend like it never happened!

I am sure you will have done fine at the festival ref money. And if not, you had a buffer anyway huh?!

Interested to see the scores on the doors when you tally up!

hohum

OK so spends for July - at this rate I will be following July with August in quick fashion.

So july which already feels like a million miles away...

£2385.61 income in July - but actually a lot of this was 'sent' to August as we had already allocated funds from massive June income to July. If that makes any sense.

I have rejigged my categories slightly and introduced some new ones so this doesn't quite compare like for like.

'discretionary' type spends

£128.76 on my spending money
£123.63 on his spending money
£36.14 on takeaway (that we eat together - I'm mean and say solo takeaway comes out of spends)

=£288.53

Is clear that £100 on spending money is just not going to happen, unless we need to reduce it. For ease I'm OK with £120 but August is going to be a shocker as both he and I have been working away which always costs more on food out.

£180.88 on groceries (was disappointed on this but boyfriend was at home a lot, which means less meals from scratch)
£58.50 on driving lessons
£21.89 on medical/dental (dentist appointment mostly)
£7.30 on household goods

= £268.57

So we spend more on fun money than everyday expenses. How real do I want to get on cutting food out?

Bills:

Rent £450.00
Phone & internet £24.38
Council Tax £75
Gas & Electricity £50.00
Water £26.80
Mobile me £33.44 (changing suppliers - supposed to be saving money but is costing more at the moment as overlap in montly payments)
Mobile him £10.00
NI him £10.80
NI me £11.00
TV licence £12.12
Joint A/C fees £2 15th £2.00
Software £7.99
AmazonPrime £9.99

Total £723.52

Employment expenses:

His employment exp £203.66
My exp £22

Total £225.66

Car Maintenance:
Monthly car insurance: £77.97
Car repairs/ maintenance: £3.79
Total: £81.76

Travel:

Fuel £130.68 (more jobs this month out of town for him)
Public transport £66.50
Parking £25.80 (all work related)
Total: £222.98


Debt repayment:

OD £237.75 (this is allocated to a category not actually 'paid', and is basically my tax refund!)
My NI Debt £89.03 (GONE)

Total: £326.78

Rainy days, savings and future bills:

Birthdays £93 (actually spent, from £150 budgeted month before. Gift from my parents)
House maintenance £2.5 (actually spent)
Total £95.50

Budgeted to savings, not spent
Road tax £25.30
Annual car insurance £40 (this is me being optimistic trying to save for our annual renewal next year)
Car repairs £45
Annual tax £50
Industry subscription £10
Emergency fund £33.82
Christmas £40
Friends wedding abroad £110.11
Replacement RAM £30

Total £384.23 (Totting this up I am thinking thank heaven for YNAB. Would never be able to keep track of these bills otherwise, and would be uncomfortable with putting away money without purpose. If I know why I'm putting it away and what my target is, suddenly it's totally fine to save the money!)

Total £849.75 budgeted this month,

Cost of servicing debt

My OD interest £13.87
His account fees and charges £16
My OD usage fee £6

Total £35.87 (the number keeps shrinking! )

Charitable donation £10

Although it's a bit confusing, what this means is that we spent £2041.42 and saved £384.23

liltdiddylilt

Wow that is HUGE!!! Well done you!

I would be interested to see how many categories you've got. I haven't been so good at allocating cash to a category for things like emergencies, home insurance etc. Instead I have a huge fat amount of money just sat in 'savings' and then I feel awkward taking some out for annual home insurance, or things like that... I really need to do a webinar...!

The number on your interest sure does keep shrinking! Less and less time in the OD each month, because you're using YNAB not your balance to figure out your spends! I barely look at my bank accounts now, just follow what YNAB says for groceries etc. Thank you for making me curious enough to go look at it! This month I will have managed to put away over £1000 in savings! And I only earn £944.24 a month after tax/NI lol.

Can you tell me, does the Hali!!!!s charge you OD charges over a month after they are due? I went overdrawn accidentally in July... and they still haven't come out!

Hope you've enjoyed the festival and things!!

hohum

liltdiddylilt wrote: »

Wow that is HUGE!!! Well done you!

I would be interested to see how many categories you've got. I haven't been so good at allocating cash to a category for things like emergencies, home insurance etc. Instead I have a huge fat amount of money just sat in 'savings' and then I feel awkward taking some out for annual home insurance, or things like that... I really need to do a webinar...!

The number on your interest sure does keep shrinking! Less and less time in the OD each month, because you're using YNAB not your balance to figure out your spends! I barely look at my bank accounts now, just follow what YNAB says for groceries etc. Thank you for making me curious enough to go look at it! This month I will have managed to put away over £1000 in savings! And I only earn £944.24 a month after tax/NI lol.

Can you tell me, does the Hali!!!!s charge you OD charges over a month after they are due? I went overdrawn accidentally in July... and they still haven't come out!

Hope you've enjoyed the festival and things!!

Belatedly (sorry)

! £1k in savings. WOW.

And Halifax, yes goodness knows but it does seem to be in serious arrears. i think they may have debited from your account today in fact? It's when our charges come out anyway (the ones that always used to trip us up, along with TV licence)

hohum

Soo this is possibly not a move that moves us towards debt freedom but interesting I thought nonetheless - I've been trying to get boyfriend to articulate priorities about spending. We are actually getting to the point where we are living off last months income. It throws up new considerations, as I go from thinking 'what do I have to make sure gets paid' to 'what do I want to do with the money that's left over once all bills etc are paid.

I'm still not a fan of throwing everything at the debt. I have become very attached to my rainy day funds though - car funds in particular because I am realising we basically need a car that's cheaper to run. our car was given to us by boyfriends Dad but it's a bigger engine so more fuel & insurance, older car so more tax. We need something smaller that has more boot space (this car has a fixed parcel shelf. so very annoying).

But anyway, boyfriend has still not said much either way. As he's had a lot of work on this month, I've seen some priorities become clear. He needs to feel like he's got money in his pocket. I think I'm the same. It's small incidental spends but makes you feel like you have agency. hence spending money this month will be HIGH. He also was pretty clear that he viewed takeaway as more of a 'reward' than doing a small upgrade on his computer.

In fact, it looks like that's lower on the list than a lot of things. I encouraged him to spend £100 on a new rucksack, a new pair of boots and some other essential spends. He has spent a total of £100 on clothes in the past 2 years and I've decided I am bored of having wet feet in rainy weather (both of us have shoes that are either canvas or have holes in!). My winter boots are now four years old and I think I'll need a new pair. Both the rucksack and boots he bought will see a lot of wear and I'm glad he has spent a bit more money on something that will last. Also, watching him do online shopping is funny. He was prepared to give up because he couldn't find the boots he wanted, within the price he was looking for, within about four clicks . A few more searches and we found him a pair of Caterpillar boots at just over £50 so I'm happy. He usually refuses to spend more than £30 so I pressured him in to it.

I'm waiting until I get some of my part time wages before I look in earnest for mine. I've set my heart on a pair of £110 boots. Boyfriend says with 'girl tax' I should aim for £80. I have had three pairs of shoes give up the ghost on me this summer, all cheap canvas affairs so I want an actual well made shoe for winter. I am forbidding myself from discount brands and holding out for a good price on a good pair.... It's going to take all my googling skills i think!

Yes this is money that could go on debt. I am just happy it's going to be a purchase we've budgeted for and can afford. And not to have wet feet. I had canvas shoes in Edinburgh. It was not good.

liltdiddylilt

Well... they still didn't come out. The OD charges I mean. The £10 sits in there still today casually awaiting them taking it. I daren't take it out and risk going overdrawn if they decide to take it on a whim. Looking back, it was actually in June I ran up the bill... do you think they somehow missed it? I was £26 into a £100 planned overdraft for 10 days, which clearly states on every agreement I can see, £1 per day. So confused. I was actually in there today mystery shopping 'buying' a credit card which will be cancelled and scrubbed from my history shortly. I didn't want to ask as #1 the interview overran with technical issues and someone else was waiting, and #2.. I was being recorded twice over. Why remind them... :rotfl:

I have a pair of wedged Fly London leather ankle boots. They are years old now... 5 in fact, which in shoe land in this house is positively ancient. Somewhere akin to a dog years x number of cat lives equation. They were an eyewatering £115, but they are the most wonderfully comfortable, weatherproof, all weather, all walking boots I have ever owned. And they still look beautiful... I wholeheartedly say go with the pair your heart are set on. You've worked blummin hard to get this far, and how many months in a row has BF overspent his spending money, not to mention on occasion hidden it until it came out in a reconciliation...! Fill yer boots :rotfl:

I think we all have to come to some sort of internal arrangement on debts vs. life. Inevitably there are things that crop up, not like cars and washing machines, but more like... well we could probably do with a new set of cutlery, and the hand towels are a bit knackered. I've been shifting money around for months, trying to find room in my mad savings flit to buy an ironing board to replace my mums hand me down which is older than I am... Today I taped it up. Good as new... :rotfl: it is all about balance, and I chose this month to stock up on lots of food and household items, and buy a lot of Christmas presents instead. Maybe I will ask for an ironing board for Xmas...

You're doing well; you only have to look back 3 months on YNAB, not to mention the interest charges dropping to know that.

liltdiddylilt

Well... you could always go back to Edinburgh and get some of these... http://www.bloglovin.com/viewer?post=3347480667&group=0&frame_type=a&blog=12561659&frame=1&click=0&user=0