Help with planning a budget

roobee13

Hi all,

Wasn't sure whether to post here or in DFW, feel free to move me if needed

So here's my story. I have been in and out of having debt for 10 years now. However due to a few life changes I am very nearly debt free (and very happy about it obv).

I was made redundant at the end of last year and was lucky enough to have a good few years service behind me and a new job to go straight into in January. I have been sensible and used my redundancy money to pay off an overdraft and car finance. I then sold said car (new job is in better location) and paid off a credit card and bought a little run around car outright.

I have one credit card left to pay (balance circa £1k) which will be paid using the proceeds of my house sale (due to complete late July). This will also leave me with around £2k of savings which I've never had before and intend to increase as much as I can! The house is being sold due to a relationship breakdown 2.5 years ago and we're finally cutting our losses.

Anyone still with me? Good . I suppose what I'm trying to ask is, I feel like I'm starting from scratch in terms of knwoing about good bank accounts, where/how to save, how to budget each month. Does anyone have any good tips as to how I can maximise my savings and minimise my outgoings?

I'm happy to post any other financial info that may help, I wasn't sure what I did and didn't need to include.

All advice appreciated, thanks fellow MSEr's

asparagus1968

hiya, you sound like you are in a very good place now:)


i'd suggest having a read of "debt free wannabe" and "debt free diaries," infact you could pop this thread onto debt free wannabe I think it may be better placed there, and just get the banking advice from here.
you could post up you Statement of Affairs , link here for you (format for MSE at the end)


http://www.stoozing.com/calculator/soa.phpr


that should get you started on budgeting.
is the interest on your savings more than the interest you are paying out on the Credit Card? if not it may be better to just pay off the last card.
another good read is "old style", cheap meals/meal planning/cheap cleaning materials etc


welcome aboard!

McKneff

I just wanted to say 'well done' and hope you feel good about yourself.


It sounds as if you do and so you should....


Good luck.

roobee13

Ah, thanks McKneff and Asparagus1968. I do indeed feel good about it, it's nice knowing I won't owe anyone anything very soon!

I will ask the admins to move this to DFW and have a good read through other peoples debt free journeys, thanks for the ideas.

My remaining credit card is a 0% balance transfer deal until Jan 2015 but I've been chipping away at it for a while now. Once the house sale completes, the balance will be around £900 so that will be fully cleared and closed!

:j

Albert_Tatlock_2

If your Credit Card is 0%, you might consider paying only the minimum monthly payment until the 0% period ends. The money you would use to pay it off in full could be earning 5% gross in the likes of the TSB Classic Plus. Would be worth a few quid to you.