Young, free and simply stupid; MrCF takes control!

Chrysalis1976

I agree that due to the job insecurity it would be wise to keep hold of the money in the ISA and probably leave anyway. Then build up the settlement balance from there, I do question myself whether saving the money is as good as paying off a bit per month but I don't know how to work out the maths!

C x

MrCrimeFiction

It's a never ending scenario though, with no clear answer at the end.
I know the quicker its paid off, the more interest I save. I will need to think of a concrete plan.

Anyway, another 2 hours of overtime tonight to literally sit and do not very much but I'll take it. This will probably be the end of it though, but I suppose this months not been too bad for it.

£22.00 on fuel today along with £4.50 on lunch on Sunday. Another few ££ in tesco getting a few nick nacs and that's been my spends so far.

I've just thought of my challenge. Can I get the loan 2 completely paid off before xmas? With regular monthly overpayments I think so. I would do this without touching the money in my ISA. Challenge accepted!! Will phone up and get an outstanding balance in the morning.

Busting debt does seem a bit more exciting that saving money. Maybe I should switch my views on it :rotfl:

Cheers for reading, it does mean something.

MrCF

MrCrimeFiction

Ok so I phoned up for my settlement balances. I was pretty shocked to be honest as I keep on forgetting I need to add the interest to my outstanding balance which shows up on my online banking.

Settlement figures

Loan 1 £9851.88
Loan 2 £2338.90

Let's concentrate on Loan 2. I have 9 more payments to make in 2015 so that comes to a total £1137.33 (9x£126.37). Even if I overpay £100 a month it pays an extra £900 (9x£100). All totals, that equals about £2,000 so I highly doubt il get anywhere near clearing it but I won't be far away. The motivation to have an extra £126.37 a month should spur me on.

So instead of doing my total wealth at the end of each month I will now try to concentrate on my debts a bit more. Still very unsure what to do with my ISA?

Should I close the ISA and put the money into the current account and drip feed my overpayments?

Spent the following in the last few days:

£4.79 - Tesco
£5.99 - Xbox Live
£16.00 - Tesco

A family member is visiting for a few days so there might be a few spends entertaining them.

Seriously can't wait till I get rid of my debts

MrCrimeFiction

Spent ages on my signature tonight so I hope it looks lovely. I did steal the layout from a fellow member but I'm sure they won't mind :rotfl:

Another £20.00 on fuel today but that should hopefully last me the week.

Loan 1 came out yesterday so the account looks a little bare. Waiting for loan 2 and the car loan to come out so I know how much I will be left for the rest of the month. I do need to buy a few new outfits for work soon but maybe I can't wait till next month.

I have finally decided what I'm going to do with my savings pots. The pot OH and I are both saving into shall be used for xmas presents. My own personal pot which I use as part of my challenge shall be used for my OH's birthday and my car insurance, which I will pay off in full.

I have also though that I'm going to continue with my emergency fund, trying to get it upto £1k and my overall savings to £2k. This will be painfully slow as it will be by very small amounts every month. I will overpay loan 2 as much as much as I can every month, depending on my spends. I hope to overpay by at least £100 each month so I can stick to the challenge which I recently wrote about.

Another 3 hours of overtime yesterday. All I was doing was basically photocopying so I'm delighted with the extra money

I did accidentally spend £9.24 on eBay last night. I ordered "Rich Dad, Poor Dad" and 2 other books by the same author. Hopefully they should be inspiring reads.

Will get a accurate balance for my car loan as it looks a bit out.

I hope all you readers are well

MrCF

juicyjackieb

Just waving hello - I have been awol the last few weeks and catching up with my fav diaries. I totally understand about not knowing where to put your money first... debt ... emergency fund... savings.... I have the same issue. Not enough money to pay everything I want, but then again if I did I wouldn't be in my situation!

Keep up the greatness!

MrCrimeFiction

Hello JJ. Thanks for popping by and for the kind words. Your entirely right about where do we put our money. There is no many scenarios I really have no idea what I want to do. I will follow my last post and save towards my emergency fund whilst trying to overpay loan 2.

So since my last update, I've bought and started reading "Rich Dad, Poor Dad". I'm nearly finished and I think it's fantastic. It makes you think about paying yourself before the government. It's all about investments and assets, finding out your liabilities and eliminating them. I purchased a few more of the same books, hoping to get inspiration

Since my last update, I've transferred a little more from the current account to my ISA. So that's the ISA balance up to £1450.00.

Loan 1, 2 and the car loan all came out ok with no issues. Me and the OH had to stick another £25.00 each into the joint account as things were a bit tights as we've had an expensive month. We had backdated council tax to pay.

I really needed new clothes for work as I'm getting a sort of trial at working at a higher level. I'm not getting a rise, but it's all about showing myself and seeing how the boss likes me. The new clothes cost me £99.00 so far but I still need to get a few more small bits. Hopefully shouldn't cost much more.

I'm on 2 weeks holidays but I've got a meeting in the office tomorrow. I was offered double time to go in so I grabbed that without hesitation. Hopefully it should go through the finance department ok and that I get it in the May wage. Ideally tomorrow's overtime should pay for the clothes.

I haven't out anything into my Xmas tin this month as everything has been really tight. I haven't got much left in the current account but it should hopefully last till the end of the month.

That's all for now folks, hope your all well. I even managed to get a slight tan today from a quick 30 minute lie down after working in the back garden :rotfl:

MrCF

MrCrimeFiction

Just amended the signature to show the revised loan balances. Loan 2 will shortly be down to below 2k which is half way. I still haven't gotten a balance for my car loan, but it is on my to do list for this week.

Oh and just quickly before I log off, can some help me getting a link to my diary into my signature. I seriously can't get it to work but everyone else seems to have it sorted. A link will finish my signature off nicely I think.

MrCF

MrCrimeFiction

Right, I finally managed to get a balance for the car loan. It is roughly £3846 (£154x24 payments left, plus £150 completion fee). I didn't see the point in getting a settlement figure as I'm not going to be settling it any time soon.

Signature is fully upto date. It's a bit scary seeing how much I have still to pay, however it is extra motivation for me every time I log on.

Only a £5 spend today on playing sports with pals. Will spend the weekend in the house so shouldn't have any spends. April has felt like such a long month.

Loving these sunny days however hating these warm nights. Can never bloody sleep it's too hot.

MrCF

juicyjackieb

May I ask do you pay off the minimum for your loans each month or more? Or does it vary?

MrCrimeFiction

JJ, I pay just the fixed monthly amounts for each of the loans. I have overpaid loan 2 twice, but only by £25 each time. I plan on overpaying by £100 each month from May, so that should make the balance drop dramatically. I can't overpay the car loan as it has fees for overpaying. It would be nice to get rid of loan 2 asap and only have the other 2 monthly payments to worry about. Then with the money I save from not paying loan 2, I would overpay loan 1, bringing that down quicker!

It's not like straight after the debts are paid off I'm free, I need to pay the OH half of what she paid for the house deposit or either match what she paid and overpay that into the mortgage. Just to make things fair. Once that's done my name can go on the house, as at the moment it's just the OH's.

So on Thursday I withdrew £20 to pay for my day out. It only cost me £5, so I put the rest into my xmas savings tin. I just checked the bank today and I've been paid a bit earlier than expected. I'm just ignoring its there as anything I spend will still come out of Aprils budget. It's a pity I had to buy the new clothes, as it would have been a great month otherwise.

It's a day for sitting watching the sport and catching up on here. I hate going out in the rain. Any suggestion on my signature issue R.e link.

MrCF