Tm's MFW ramblings

turtlemoose

Unfortunately (or fortunately?!) we are just polar opposites when it comes to money. He feels that he earns it so he should be able to spend it. He seems to begrudge every penny that goes on bills as he'd love to spend the lot.

I earn more than him (22 v 37). And I have rental income too (generates £115 a month profit at the moment). I take £200 personal spends a month. He takes £350 a month personal spends and it was a hell of a battle to get it that low. He often runs out of money before the end of the month.

Some of the time I feel ok about this, just accept that we are different and have different opinions on this. Other times I really begrudge it and feel he is being selfish and irresponsible. At times he gets in a tizzy that he is not named on the mortgage - well that isn't even possible as his credit is so poor and he has £8k of (frozen interest) debt that he is paying off at a rate of £16 a month.

*sigh*

turtlemoose

Ref 12 months ago:

Start debt £13783
Current debt £7400

£6383 paid off in 11 months. £580 per month. That's £317 a month overpayment. In a year where my OH was signed off work for 5 weeks and unemployed for 4 months, I suppose that isn't bad

LadyGnome

Excellent result:j

It must be hard when your other half has a more "relaxed" view of debt and spending. How does he think he is going to manage in retirement or does he not think beyond the next payday.

I'm a bit of a fan of the Your Money or Your Life book it really changed my thinking about spending.

turtlemoose

He'll get a state pension during retirement, and if he doesn't own a house outright by then he will live in social housing and have that paid for by the government. That's his attitude.

He started a new job recently and I kicked up a big fuss about pension. He is annoyed about the auto-enrol thing and them "taking" 1%. I pointed out that if he ups his pension contribution to 5% then his employer also adds 4% to it AND his CSA payment reduces proportionately. So....same amount of money in his pocket at the end of the month, but 9% going in to his pension vs 2%. He *still* didn't want to do this. Total apathy. I kicked up a big stink in the end and just went on and on until he did it.

Perhaps he expects that I am responsible for feeding and housing him in his old age.

Perhaps he thinks he will die before he gets there (his dad died in his mid 50s, but his mum is still going at 75+ despite 3 heart attacks).

Thanks for the recommendation but he won't read a book.

turtlemoose

Wow a year since I started this diary.

Time for a round up then!

On to the numbers then:

M1 Rental house:

IN: Rent £516.75
OUT: Mortgage £270 (incl v small op to round up the number)
Set aside for tax/repairs/insurance etc: £131.75
Profit: £115

M2 Home:

Joint account:

IN: OH £815 + ME £1600 + CC voucher £486 + rental profit £115 + CB £82 + Halifax reward £5 = £3103

OUT:

Mortgage: £600 (incl. v small OP to round up the number)
Council tax: £97
Water: £20.83
Gas&Elec: £75
Virgin Media: £83.49
Netflix : £5.99
TV Licence: £12.12
Mobile x 2: £34.99
Groceries: £275
Lottery d/d: £18
OH fuel: £80
Date night: £50
Life assurance: £10.84
Nursery: £862.50 (or £690 if it is a 4 week month)
Personal Loan: £187.76
Tax credits: £50
0% CC: £26.24

TOTAL £2489.76 (£2317.26 4 wk nursery)

Then for other things that we pay annually, I divide by 12 and put that much aside in a separate account to try to avoid a nasty surprise we can't pay:

B&C Insurance: £22.00
Cat (non food): £5.00
Breakdown cover: £10.00
Car maintenance: £100.00
Car tax: £17.50
Car insurance: £90.00
DS1 expenses: £40.00
Christmas: £30.00
OH debt: £50.00
Emergency fund: £50.00
Savings: £50.00

TOTAL £ 464.50


TOTAL IN TO JOINT ACCOUNT: £3103
TOTAL OUT OF JOINT ACCOUNT: £2954.26 (£2781.76 4wk nursery)
DIFFERENCE: £148.74 (or £321.24 4 wk month)

turtlemoose

BTL balance: £49,275.89 Daily interest £4.31
Home balance: £99,775.17 Daily interest £13.37
Total debt 0%: £2940.29
Total debt 4.9%: £4628.84 Daily interest £0.62

turtlemoose

As you can see our outgoings have increased as we now have 2 cars, but OH can't access his new job on public transport (well he could but it'd take over an hour and a half to travel 14 miles). But OH's income has increased a little so he's adding more to the pot now £1058 vs £940 before so that helps.

Both mortgages hit a milestone - Sub £50k and sub £100k :j:j


I suppose next target is that daily interest - currently £18.30 total - want to get to the next £ bracket

Job wise mine is a bit wibbly on the ol' prospects, the IT system I support is being phased out at some point from July onwards (could be July, could be 18 months away). It's been strongly suggested to me that I will not be offered an alternative role within the company. Sooooo .... trying not to panic too much about that and wait until I hear something concrete.

Upcoming this year: Getting married!! Trying for baby #2!! exciting times

turtlemoose

I currently overpay by £6.77 a month at the mo just to round the figures up. I've never bothered putting this in to an OP calc before, but my Natwest online account just told me this will cut 6 months off my mortgage. That has put me in a really good mood! Such a small amount can make such a difference. Can't wait until the bigger payments start hitting it

turtlemoose

Little "one year on" summary for my own reference, calculated properly, from Feb 14 to Feb 15:

Mortgage 1: £50,859 ---> £49,276 (75.81 LTV)
Mortgage 2: £102,419 ---> £99,776 (87.52 LTV)
Debt: £14,064 ---> £7,570

turtlemoose

ugh, job still a bit wibbly, but an internal vacancy has come up. Ideal really - based at the same office I'm at now, less travelling than now (although the travel isn't a problem), same hours. I am more than capable of doing the job, and have lots of relevant experience for it - I really think I could do it well, and certainly better than the person who just left the post. So of course I have applied - it would be around £15k a year pay rise. Yes you read that right. So everyone please cross everything for me to get it!!!