Young, free and simply stupid; MrCF takes control!

MrCrimeFiction

Well its not been a good month....:o

I put in that extra £100 to the joint account, so really that's £850 of my money into it this month which is over 50% of what I get. Really doesn't help that I have these loans...

Anyway, all loans came out as normal. Xbox live came out at £5.99 and I spent £2.39 on Itunes buying books. It was a worthwhile purchase. Spent £3.49 on Ebay and then another £24.00 on fuel. Shouldn't have to top up till next month now hopefully

Treated myself to a couple of bits of clothing as I was going round as a bit of a tramp. This came to £23.96, which considering what I bought, wasn't too bad.

Now the dreaded car...There is nothing wrong with it, just everything came at once. The MOT and service combined cost me £110.00 which is pretty decent. No advisories which is excellent.
Road tax is also out on the 30th, so I paid for it today. Another £130.00 wiped out of my wealth right there.

Should hopefully have no more spends till the end of the month.

I've also moved more money from my current account into my ISA as I wanted to use up as much of my allowance as possible. I transferred over just shy of £300.00 so my ISA now stands at a whopping £1400. It doesn't bother me where my money is as its my total wealth I want to go up each month as well as bringing the debt down. I might actually get balances of the debts this week and put them up.

Really hoping April is a quiet month as I need it. This month will defo be in the red as the car alone has cost me £240.00, plus the extra money to the joint account, plus my spends....:o

OH has suggested that we put £10 a week each into a tin until December so it will enable us to have a decent amount for xmas. Obviously I was already doing this in my £1 a day challenge, but I think I will do it with her and use my £1 a day tin for emergencies. You never know what will break down or happen in life I suppose. It just means between the 2 tins and the loan over payment, I haven't got much money left for myself..

On the bright side, the house is coming together...

MrCrimeFiction

Well it's the end of the month and there is no guessing that I'm in the red this month :rotfl:

Only spent £24.00 on fuel which is great, but my spends came to a massive £388.83 (£240.00 of which was for my car). Phone bill was a nice £20.71 and as I've mentioned before I put an extra £100.00 into the house account.

My wages came in at £1666.93, but my total outgoings came to £1797.85, bringing my overspend this month to a nice £130.92.

Theoretically, if I didn't have to pay extra into the house account and all the money towards the car, I would have saved a pretty penny

This month should be nice and quiet, nothing to buy and nothing needed.

My £1 a day pot stands at £140.00. I don't count any of it towards any budgets or wealth calculations as it's just a pot for birthday / xmas money.

So my ISA stands at £1400.00 and my current account £1745.32

I will go get the loan amounts to have a laugh at :rotfl:

MrCF

MrCrimeFiction

Forgotten the bank log in so can't get exact figures but here are rough estimates for my debts!

Loan 1 - £9900
Loan 2 - £2400
Car loan £4000

All in all, I owe more than £15,000 which is bad news. Just need to keep chipping away at it.

Could do with some serious overtime

MrCF

MrCrimeFiction

Well it's snowing again. I am taking the car to work this week as I don't want to catch a cold. It is freezing out there!!!!

So it's the 1st today, which means the following came out of the bank:

£750.00 to the joint account
£25.00 to the emergency fund

I didn't overpay my loan this month as I'm trying to be cautious with what money is in my current account. I think our department is getting changed around at works, so incase I get a new job I thought I better keep some spare cash for new clothes! If I'm wrong then maybe I'll do a double overpayment next month or even save more into the emergency fund.

Work today and tomorrow. Then the weekend off!

I'm off to go have a look in the nearby Lidl for cheap Easter eggs, I love a bit of chocolate.

Anyone got any advice for me?

MrCF

Karmacat

Hello MrCF - just posting quickly as I've seen your post on the Millionaire Challenge. Sounds like you're really getting to grips with things - I was wondering about the driving you have to do for work: do you drive with fuel saving in mind? I know I wouldn't have at your age! But Martin's blogged about it quite a bit, and I'm sure there's threads on it - just an idea. Got to run, I'm working in an hour and there's a lot to prepare for.

All the best, HTH.

MrCrimeFiction

Hello Karmacat

A very valid point you've brought up. As my work is in the city and its slow driving either way for 4 miles, I doubt it's very efficient at all.

I only drive to work when the weather is bad or if I know I'm going to be late. All the other times I cycle, which I find actually quite refreshing.

I will have a read of Martins blog, maybe it will help me on the longer journeys I sometimes do to see family. Where do I find this?

Thanks for stopping and chatting

MrCF

MrCrimeFiction

Well I got a nice few surprise hours of overtime on Wednesday night. The boss asked me to draw up some plans for a project, so I stayed for an extra 4 hours. That should cover the bike payment that should be coming out my wages this month. Hopefully I get a bit more to actually boast the wages rather than compensating for things I've spent.

Took another £30.00 out of the bank today to put away in mine and OH's pot for Xmas. She will do the same and we will top it up with maybe a little cash from the joint account. It just means we won't be skint around Xmas time which is what always happens.

Logged into the bank and my mobile bill is coming up as pending. So that's £21.19 coming out on the 7th.

Really wish I could fill my ISA :rotfl:

Now me and OH are doing joint presents for everything, all we bloody seem to be doing is buying birthday presents for the 10000 family members we have..

Enough nagging, maybe il do some reading tonight.

MrCF

MrCrimeFiction

So I managed to dig out my loan paperwork...

Loan 1 (£15500) was taken out in Feb 2013. It had 60 months to run at 7.3%, although I've paid 24 months.It has exactly 36 months left to run. The total amount payable will be £18444.60

Loan 2 (£4000) was taken out in Nov 2013. It had 36 months to run at 8.9%, although I've paid 16 months. It has exactly 20 months left to run. The total amount payable will be £4549.32

Car Loan (£4673) was taken out in April 2014. It had 36 months to run at 13.8%, although I've paid 10 months. It has exactly 26 months left to run. The total amount payable will be £5695.08 :mad:

All 3 loans together add up-to a nice sum of £24,173 (without interest)

I've just noticed that they added a £150 credit fee and another £150 fee for completion of the sale for the car loan. The only reason I needed a car is because I used to travel 50 or so miles a day and I had no cash to actually purchase the car myself. Can't believe how silly I was.....

All loans are double payments at the end as well which will be rather annoying for me as paying them normally is bad enough.

All in all, I'm at least paying loans for another 3 years. I've calculated the added interest on all 3 loans and it adds up to a shocking

£4516.00 in interest payments!

Ouch, it really hurts looking at that figure. Never mind paying the loans which are high enough, I've got this to pay. Completely all my own fault though so major lessons learned :rotfl:

So if I add my interest total to my loans total, the amount I will have repaid by the time all 3 loans are paid off is:

£28689.00 total paid towards loans!

On the bright side, my ISA was added with a generous £0.49 interest.

No spending for me for the next few days. Maybe I'll get some more overtime

MrCF

Chrysalis1976

Hi MrCF, can you see what your early repayment would be on the loans I had a look at my car loan and it came back with a figure over a thousand pounds less than if I continue to pay monthly. Is saving a lump sum an option to completely pay off a loan?

C x

MrCrimeFiction

Hello C.

This question has been asked time and time again to me by people on here. Having just moved into a house, I needed spare cash for things. I have about £1425 in my ISA which I have built up over the last 6 months. In a good month I could probably save about £50-£100, but other months I'm in the minus. There is a potential I might have to move jobs soon as well which is the main reason I'm keeping the ISA money there. To pay my loans incase I'm jobless!

My initial action plan was to build my ISA to £2000, but now it's the new tax year I'm not so sure. I think il just build up the left over monthly money in my current account and then overpay the loans from there. This means I can have an emergency fund (ISA) and I don't touch this years allowance. If in time I know 100% that my job is secure, I might think about using the ISA money to overpay one of the loans. Maybe by this time loan 2 will be low enough that I can pay it off fully. But then is it sensible taking it out of the ISA?

So many wrongs and rights unfortunately. It might seem like an easy scenario to everyone looking in, but I've got to be careful with what I do. Obviously I have both the 3 loans and my contribution to the joint account each month to think about it.

What would you do?

Edit - I will find out the settlement balance on Tuesday when the banks re open.

MrCF