Diary of plans, lists, goals and challenges

fyggy

Hello all out there in diaryland!

I have been pondering about starting a diary to log my thoughts and progress through my journey to debt free. I take part in challenges and find myself rambling on those threads, so figured as I'm an avid diary reader/lurker, I'd start my own.

So a little about me to start- I am a 30 yo female. I got married just over a year ago (where a lot of our debts come from). We have no children, only a gorgeous kitty, and plan to start trying next summer hopefully (debt dependant). My DH & I both work full time. We live in my flat which we would like to sell and get a house, but we'd not get anything for this (it's lost 55k since I bought it nearly 6 years ago) and don't want to be mortgaged up to our eyeballs in order to afford a house.

DH (also 30) is from N.Ireland and moved over to Yorkshire 4years ago. He had a property over there which is in joint names with his middle brother. His sister and bro in law currently rent it for cost value, but look after it. They hope to raise a mortgage to buy it off us (no equity in it, DH has it on an interest only mortgage, so nothing paid off in the 8years he has owned it), this is unlikely to be in the next 12 months though unless they are really pushed.

Our main hobbies are scuba diving (not a cheap hobby unfort) and fitness (gym- weight training, pole fitness, running, crazy events like Tough Mudder).

DH is fully aware of the debts and on board with any plans. I go through the budget with him each month and the last 2 months have had it pinned on the fridge as we've been doing NinjaSavingKats challenges. He is much better at not spending than me. But I handle the finances

Our debts-
I'm relatively new the debts, having only got a CC for the first time 3 years ago! The main of our debts have accrued from last year when we got married. We initially took out one loan but ended up maxing out all of our CCs and overdrafts on wedding and diving stuff. So at the start of the year we took out another loan to consolidate (I know I know). First loan is 5 years, second is 3 years. I think my light bulb has been flickering but not fully switched on until this last month. So prior to that we also took out a 12 month 0% HP to buy some Drysuits for diving in the UK. I'm not going to justify any of these debts as they're there and to be paid.

Alongside the loans & HP we have several CCs. Unsurprisingly after clearing them with the consolidation loan we have run them up, paid them down and added more to them over this year. I now really feel I can see the error of my/our ways- simply overspending. We have made a lot of cuts in our living and DDs having sought help a couple of months ago on here and following good advice. Yes, I still find it hard not to revert to old ways and buy things cause I think I need them or I'd like them. This will be my biggest challenge in this journey - not creating more CC debt.

We have £6666 (!) on our CCs currently after this paydays payments. We pay £800 PCM in debt repayments before any CC payments. That's two loans and one HP. So on average with CCs payments we're paying over a grand in payments to debts every month. That's about a quarter of our income. How depressing is that. The reason I've worked this out (the per cent, knew the amounts/totals) is because I want our CC DFD to be July next year, 10 paydays away and when our 0% deals run out! that means paying £660 PCM - we currently always manage £200 at least. I just don't know if we're being realistic with this or not? We'll pay off the HP during that time so can snowball that payment in from Aprils pay.

We are likely to take a drop in pay from the new year if I get a new job (actually a more senior job, but I would lose £350 from working unsocial hours I yet currently) I am more than likely applying for and this is after DH has dropped his wage £300 earlier in the year through a promotion (same reasons as I would drop).

I'm rambling I know. I like goals. I like lists. I like plans. I think I will stick with the July CC DFD as I do like a challenge and I don't think I will be too disheartened if I don't make that date, as hopefully I wouldn't be too far off by then and know I will have really tried. I don't want to face another year of CC debts as I plan to start overpaying the loans to get them off early and then maybe even the mortgages!

DEBTS TOTALS-
Loan 1- originally £10,000 taken out in March 2012. 5 year term. 6% APR. £269.63 PCM
Loan 2 - originally £13,000 taken out in February 2013. 3 year term. 5.119% APR. £352.48 PCM
Total loans = £20,132 (approx according to my Debtpayoff app)

HP - originally £1800 taken out in June 2013. Deposit and then 10 payments at £155.56 until April 2014

CC 1 - £3879 (£530 not 0%) 0% to July 2014
CC 2 - £2773 (£180 not 0%) 0% to July 2014
Total CCs = £6666


Things we've already done- Reduced out monthly outgoings by about £400 (downgraded and blagged a deal with Sky, got rid of Virgin Wines club, got rid of cleaner, cancelled our weekly Graze boxes, switched back to normal milk from Lactofree, downgraded our mobile contracts to the lowest we're able to, cancelled my two magazine subs, cancelled DHs mag sub, checked we're on the best tariffs, cancelled phone/camera insurances), I keep all receipts and input these into our Home Budget app. I do budgets and plans for each month. We've switched from Tesco to L1dl for all shopping. I've downgraded my petrol from 97 to 95RON. I've been selling in eB.ay, taken up a second Avon style job, sent a load of stuff to Music Mag.pie, taken clothes to those shops who weigh it and give you money for it, still to do a carboot tho due to my shift pattern.

We have no savings as such, I spend a tenner to DHs ISA (£30 in currently!) & the same to a savings acc (£40 in currently) I can't "see" in internet banking monthly. I also send a tenner to my Zopa account after reading in one of Martins emails you get better "interest" there than in a savings account (£180 lent out currently) and this also stops me attacking it and moving it back to my current account. I am not aiming to save currently as paying off debts is the priority, just like to put a little to one side.

My goals for the next 12 months-
-Not create any more debt
-Pay off CCs
-Start being able to put money aside for planned yearly expenses- e.g. Car insurances and MOTs etc etc once CCs paid off (works out at approx £200pcm)

So yes, this post is indicative of what's to come.. My ramblings and thoughts. I need you guys to keep me on the straight and narrow when it comes to CC use. I'm freezing my CCs as we speak in a non see through tub! October is a VERY tight month. Wish me luck

fyggy

Good morning

I've had some bad news job wise recently. I am a trained professional and work in the NHS. A fortnight ago I got to the last two in an amazing job I really wanted and which would have meant the same take home salary without doing 120hrs a month of nights and weekends.

Most NHS workers are on a banding system for their pay as I hit the top of my band last January. Without this I'm stuck at the same pay as I doubt we'll get any April pay rises and like many haven't had any for the last 2 years.

Earlier in the year my DH who is in the same profession got a promotion, but this meant no more nights and weekends, so although the base pay is higher than he was on. His actual monthly salary dropped around £200-250 PCM. When that happened I increased the amount of nights I do and so managed to increase my average monthly take home by £100-150 PCM.

This has left us a little stuck financially. As it will take years for DHs wage to increase to be at what it was before his promotion. I need to be applying for and hopefully moving up a band to continue my earning potential. The problem is I will drop £300 PCM if I get a similar promotion. My worry is that the Gov may continue their attack on terms & conditions (this mornings news!) and maternity pay could be next. We hope to start try later next year and who knows if they'll have eroded that so rather than it be your average pay it be your basic pay etc. I want to feel safe in our pay. Right now I don't.

Which brings me to a decision I have been toying with. Last year I applied for a promotion at a different hospital, the one DH works at. This was before I hit the top of my pay scale, before DH had got a promotion and before I was working a million nights. I again came a close second. However, the job is coming up again, I know this because the Manager for the service has rung DH and told him to tell me, and tell me to apply.

So really in the long run this will give me more job security, but it will mean that drop in salary, again. I really like the Hospitals I work for and I do union work alongside it, which has taken me a year to nicely settled in and get known etc, so unfortunately I'll have to leave that and try to get started there again in a years time once I'm settled in my new role... This is of course assuming I get this job. One thing which has probably helped in my decision to leave is at the same time as all this I applied for a promotion on the area I work on. They haven't even short listed me for interview. I'm not in any way blowing my own trumpet, but I meet the criteria. And I meet it more than one of my colleagues who has been short listed. Great.

My ramblings again...!

John_Pierpoint

https://forums.moneysavingexpert.com/discussion/comment/63262222#Comment_63262222

fyggy

Nearly a new month! I've been doing NinjaSavingKats monthly challenges and racking up SFDs. This month I should get the aimed 20 days, currently on 19. :j I'll be partaking in NOvember's one too.

Had some good eB.ay sales recently. And kind Mother donated some €uros for our holiday (booked a year ago before LBM) on Friday. All adds up! I need to work harder at my 2nd job to try and secure a little more extra income. DH has signed up to do additional shifts at work, so that'll help too.

Speaking of jobs, as mentioned in my last post I have applied for that post which has come up again. Going to put every effort into getting it. Already emailed the manager asking if I can come and spend a day with her prior to interview (assuming I shortlist of course). Wondering about what outfit I can wear though. My interview outfit I bought last year is now, like the rest of my wardrobe 2 sizes too big! I can get away with the top. But the trousers don't even sit on my hips. May try it with a plain black skirt I have instead and could always "dress it up" with some tights if needed I guess.

We're doing a secret Santa with my in law side of the family which is cutting down on gift buying. And giving my MIL & FIL an small wedding photos album as their gift. May suggest something similar for my side of the family, but all my 3 siblings have kids so often they just say to buy for them. It would help if I was more crafty, so I could bake, sew, knit etc some things as gifts to save money.

Another month and then I can downgrade my mobile tariff to save around £25-30 PCM. Dyed my hair myself yesterday for the first time in a few years as I have decided we can't afford for me to be off to the hairdresser every 6-8weeks at £80-100 a time. It's now a "boring" brown colour. As opposed to my usual array of bright red, orange, purple, etc. it hasn't been a normal colour for about 4 years! Planning to let it grow out and be natural. I don't have any greys so no need to be dyeing it all the time until that happens I guess! Little changes all add up!

Managing to keep to our budgets for food and fuel. Lots of forward planning and good cooking skills on behalf of DH. Generally trying to be more positive in all aspects of life.

End of Oct totals

Loan 1- originally £10,000 taken out in March 2012. 5 year term. 6% APR. £269.63 PCM
Loan 2 - originally £13,000 taken out in February 2013. 3 year term. 5.119% APR. £352.48 PCM
Total loans now = £19,053 (approx according to my Debtpayoff app)

HP - originally £1800 taken out in June 2013. Deposit and then 10 payments at £155.56 until April 2014 = £622.24 to go

CC 1 - £3840 (£485 not 0%) 0% to July 2014
CC 2 - £2600 (£130 not 0%) 0% to July 2014
=£6440

Did a bit of balance transferring to move some non 0% around. Re-fixed our energy prices, but just for another year as the 2017 deal meant a hike from 11.99p p/kWh to 14.70p. More than 10%!

Last holiday for a few years on Friday. We shall make the most of it!

fyggy

Well, back from holidays. Unfortunately I let DH talk me into spending more than I had budgeted. So it's leaving us approx £60 short this month and that's with zero spending money for us both. Very sadly it's meant we've gone into an overdraft for the first time in over a year. But determined to pay that back as soon as payday comes around. In the meanwhile I'm scraping pennies together to limit the damage- bagged up some clothes to take to be weighed and paid for, got some books, DVDs and CDs boxed and priced via a Mus1cMagp1e type website, counted and bagged up some coppers from the money jar.. All little bits here and there, but it all adds up!

At the moment I'm housebound pretty much anyway as I picked up an ear infection, and cold, on holiday- we went diving, so my last outing was Monday to the doctors and I've been given antibiotics. I have a pre payment prescription card so no money spent. I'm unfortunately off work sick as well due to it- if you've never had an ear infection it's like being drunk all the time with your walking and movements. I sit here and feel like the ground is moving or on a tilt and use walls when walking. But, it's not about to kill me and I'll be back to normal in a few more days. Getting a second cold in as many months is a little annoying, but it doesn't seem a full blown one like the last... I think it's more related to the ear as it's quite sinusy and I've only been blocked up really rather than runny. Sudafed type medicines to hand!

I've just been sat reading a document about a project I'll be doing if I get the job I've been harping on about. It sounds immense, makes me excited just reading it! Speaking of which, I've arranged to spend Friday morning shadowing who would be my future boss. No word on the interviews yet, I'm hoping I'll have heard by Friday as I'm keen to get fighting for this great new opportunity. I have spoken about the reduction in salary I would expect if I do get this new job. DH and I sat down yesterday to discuss how we would manage and to highlight further areas for cut backs. Whilst doing this we looked in more detail at the salary scales and it's actually not as bad as I had first thought- if I get into post prior to 23rd Jan then I will probably only drop around £150ish PCM. But a month later DH will get a pay rise of £1k p/a so it's not all bad.

On that subject we had some fantastic news whilst we were away- the job DH is in at the moment is a secondment which was due to end once his former boss came back from mat leave in May next year. However, said boss has in the meanwhile applied for and secured a new job at the same time as his workplace approves funding for a 2nd deputy (his grade). This means that he will be made permanent and they can recruit for another deputy. How exciting. His place is really going from strength to strength. :T

In other financial news the balance transfers I mentioned in my last post which I thought were at 0% turns out aren't! How annoying. Not sure what I did wrong. I may ring them up and see. Though I never like speaking to CC companies, they're always trying to sell you products, like banks these days do. However, I do have a 0% deal on my other CC! but there's not enough credit to move the whole lot over. There's £700 not on 0% and tother CC has space for £450. So I'm pondering what to do. Should I just move that much across then it's not gathering interest now? Or should I wait until payday and put both monies I'd assigned to each CC to the one I want to use the credit and 0% on so I can move more? Only problem there is that the deal is on until 30th. I find it takes 3 days for my payments to show on the CC balances and as I get paid on the 27th this may be cutting it too fine and miss the deadline? Other option, as much as I hate to suggest it, is to use the overdraft I'm already in and make the payment I intend to make on payday earlier using OD funds and then it gets "paid back" come payday? I dunno about this option though as it's a dark and slippery slope. One of the loans is a debt consolidation. So I am that debt person who does or did that. Hhmmmm. Thoughts?

This brings me onto Christmas. I am feeling festive now. Whilst it was strange to come back from 33 deg heat and diving in the Red Sea to below 10deg and Christmas TV ads, I am getting in the spirit! We have two paydays before Xmas. Our works are good that they bring forward the Dec and Jan paydays a week or few days. We have nothing saved as we don't save when we have debts. But I am hoping to keep it a cheap one. I have checked all my balances on reward cards and I can happily report that we have the following:
Tesc0 Clubcard points: £10 in vouchers and 60 points
Boots Advantage card: £47
Superdrug Beauty card: £5 and a few points (100 points per pound)
Nectar points: £4.55
Virgin wines: £65.22 (left in the account after we stopped paying in)
Total: £131.77

I have purposefully not been spending any of these points etc to save them for Xmas. Question is, can we get most of our Xmas shopping on these? I know Martin said not to spend our TCC points on food, so I'll follow his instruction, as tbh we had planned to do that. It's all the many nephews and nieces that will use up most of that I imagine- 9 of them! Better get thinking. DH and I haven't discussed what we're doing for gifts for one another this year yet. But I think we will go cheap. Last year we had £100 limit. I have a few ideas, but one is for some EDT as he has completely run out of ALL of it now, good job he smells nice normally without any haha. But I know his parents usually like to give gifts rather than cash and last year they spent £50 on each of us, which is what a big bottle of his fave costs, so I could see if they will buy that for him.. I'm rambling again!

Finally thing to discuss in my loooooooong post (as always) are hen dos. This year we have been to no full weddings, just popped into an evening do in August. Next year 2 lots of DHs friends are getting wed and both within months of each other (March & May). Both brides have invited me, well their Chief Bridesmaid, to their hen dos. Both of these couples are or appear to never be short of cash. DH has been invited to and so far accepted one of the stag dos. We have paid a deposit of that one already, we shall call it wedding1. Next month we need to book flights as of course both of these stags are abroad. The hen do to the bride of wedding1 is a close friend to DHs family, practically a sister, so much so that DHs Mother/my DMIL is the Matron of Honour. Both DMIL & DSIL have been invited to the hen do which is in London. Wedding1's couple and indeed DHs family and friends are all from and mainly live in N.Ireland. So whilst London doesn't seem far it is a plane journey for a lot of the hens. So far the Bridesmaid has priced it up at £140 for the weekend. No dates on when deposits etc are due as yet, but the do is the 2nd week of Feb. I would really like to go as 1. I really like the Bride and future hubby 2. I don't get many (until now!) hen party invites, in fact my last was 10years ago as I don't have many girlfriends. But of course it's the cost factor.

I have just yesterday been offered a floor to sleep on of the Chief Bridesmaid who I know probably well enough to take up on and so it'll be train fare on top of this which I estimate to be £100ish. The £140 includes drinks too, which is reasonable. Unfortunately, it doesn't look like DSIL & DMIL will be coming to hen1 as they can't afford- you need to factor in flights and if they did come I think the 3 of us would get and share a hotel together. As for wedding2, the location of hen do is likely to be abroad and I'm not as bothered for going to that one as I won't know as many people and I'm not as close to the couple. DH is likely to go on both- stag2 is going to be abroad again. The problem is more that the potential is for us both to be off hen and stagging in the same month. Regards the weddings. Wedding1 is back home in NI so we'll make a week long visit of it. Stay with inlaws for the majority, but will be 2 nights where we all (DMIL DFIL DSIL DBIL DBIL DH) plan to get a house to share for 2 nights. Wedding2 will hopefully be an hour away in the city couple2 first met and lived. Groom2 is N.Irish Bride2 is English so it shouldn't involve as much expense as we can drive over in the morning hopefully and just stay one night.


Right, off to continue the decluttering etc

fyggy

My monthly update for December.

I am the bearer of good news! I got an interview for that job I mentioned.... and I GOT IT! :j:j Handed my notice in and hoping to start on Jan 6th. The new job despite being a "promotion" as such means a drop in take home salary due to losing all the many many unsocial hours I do. But DH have discussed and planned. As I'll be working M-F like him we are planning to both pick a weekend and work it as bank/agency/overtime once a month to top up our salaries if needed. I'm hoping we won't be horrendously poorer though, but we'll see how it all pans out next month Can't wait to start! :T

On that topic we've been looking at way to reduce our monthly direct debits. We were in arrears for DH's N.Irish property (his sis rents it at cost value) rates (council tax), so we have been overpaying that all this year. This should be paid off by Jan so we should be paying around £30 less pcm from then. Our HP final payment is in March, so that'll be £155. Also we have so far been given £600 for Christmas. We have moved that away to a savings account and will use it towards are car insurances renewal in March. It won't quite cover it but we'll be able to make up the difference. We currently pay £80 PCM for both cars and had to pay some interest to pay them both monthly. Hurrah.

My 2nd job is going okay. I need to get some more clients, but I've been on some training and networking recently ready to put more into it in the new year. Working normal hours and days will certainly help it get going.:T

We're in NI at the moment with the in laws, celebrating Christmas. We come over every year to visit them on or around Xmas, dependant on shifts.

The day after my last post DH got a letter in the post offering him a 0% balance transfer for 18months. So I moved all the money from the other 2 CCs onto that. I am planning to try and pay off 50% of the CC debt in the next 12 months which equals £300 PCM on average. There is £800 on one CC which comes off 0% at the end of Feb, so that card is the priority.

So overall, all good here. Looking forward to the new year.

apple_muncher

:T:TCONGRATULATIONS:T:T on getting the new job! Glad the time, energy, effort and emotion that goes into applying, interviewing and impressing was all worth it. And hope your plans to pay off the debts all work out for you. Have seen you over on nsk's monthly challenges, so I feel like I already know you, rather than popping in cold.

fyggy

Thanks apple_muncher Nice of you to visit! I was beginning to feel like I was chuntering on to myself hah. And yes, we are NSK disciples

apple_muncher

Hey fyggy, chuntering on is perfectly acceptable, I believe, as is lurking, loitering, and reading and running! I often ramble and witter on myself, whether I'm listened to or not - may be the by-product of teaching secondary!!

Keep going at those debts and keep on diving! (may be two mutually incompatible activities there ?!)

Hope you have a lovely Christmas that sets you up good and strong for 2014.:xmastree:

killerpeaty

Congrats on the job!

Oh and please chatter on, I'm almost constantly lurking and love reading about people's goals and actions. :rotfl:

fyggy

apple muncher- Haha, thanks! And yes, diving and MSE do not go together unfortunately!! :rotfl:

killerpeaty- Thanks for stopping by! I do like a good chunter, and now I shall do just that!:money:

I missed giving my end of November totals. As mentioned I did a fair bit of CC shuffling to move all those pesky non 0% balances off and onto another I'd cleared.

I've been doing my January budgets and paying CCs so updating all my totals.

End of Dec totals

Loan 1- originally £10,000 taken out in March 2012. 5 year term. 6% APR. £269.63 PCM
Outstanding: £9,883.88
Loan 2 - originally £13,000 taken out in February 2013. 3 year term. 5.119% APR. £352.48 PCM
Outstanding: £8,121.13
Total loans now = £18,005 (approx according to my Debtpayoff app)

HP - originally £1800 taken out in June 2013. Deposit and then 10 payments at £155.56 until April 2014 = £311.12 to go

CC 1 - £3,222. 0% to July 2014
CC 2 - £1,563. (~£500 on 0% til Mar 14) 0% to July 2014
CC 3 - £2,049. 0% until Nov 2014
Outstanding: £6,834

OVERALL DEBT TOTAL - £25,151

I've also had the chance to sit down and do my 2014 goals. For this year my DH & 2 best friends set them, albeit under duress from me, in the pub in NYE. 5 each. I hit 3 of mine by May and the other 2 this month. However as I shall be in work NYE & NYD I have done them now! I think I might've got a little carried away given I have 5 categories and 5 goals for each, or there abouts.

Here are my finance goals for 2014, so far:

FINANCIAL

• No new debt
• Pay off 1/2 CCs - £3600 = £300 PCM
• Pay for car insurance upfront
• Strict budgets each month and good future planning of events
• MSE - continue this diary, NSK challenges and being financially clued up via this website

Future goals and financial achievements would be to be able to save for and pay for planned expenses, e.g. MOT, insurance, 6 monthly service charge, Liverpool season ticket. At the moment we don't save anything, just plan it in the monthly budgets. I'd love to have a little bit aside each month in order to pay things listed above