Spreading our wings - a new start

Chrysalis1976

It's the first day of April and spring is in the air (somewhere under those gusts of wind), there is an air of relief and excitement in the Chrysalis household. I haven't posted for a while as it has been a period of waiting, but I have continued to read everyone's news.

A few weeks ago my dh received a letter from his very old pension provider, we have tried to move this several times but there has always been a problem with the transfer and timings, anyway they wrote to say that they were changing providers and do you want to transfer the money or take a lump sum and close the pot. :eek:

Jaw drop no choice really we took the lump sum, I know in the grand scheme of things it would have been beneficial to add to his existing pot but hey we need to sort out for now. So after sending back forms and I.D. and waiting for several weeks the money finally hit the bank yesterday. :j

It was just under 10k, an unbelievable amount to us and enough to pay off the majority of our debt, we understand exactly how lucky we are and tonight we will sit down and plan where every penny is going.

I have been away for a few days emptying my grandads house as he is staying in a nursing home now, so last night when we got home from the long drive dh and I had a long chat about it all and the need to ensure that we have a sound plan and budget.

I will not ruin this opportunity, it's our time to get sorted.

C x

Chrysalis1976

So today we have paid off £7500 of debt! How nice would that have been to have for ourselves but we can't dwell on it just move on.

I'm worn out already, everyone I spoke to when settling accounts and closing were great apart from one who was a bit pushy but I was polite and said no to the card being left open.

Next step is to set the budget and look at things that need saving for including my dd school trip, we also need to pay back my Mum for the porch door.

I'm so pleased with what we've been able to do, we feel like the remaining debt is more manageable now so we will work out a payment schedule for my Mum and the car payments as well as better planning for all other household expenses.

C x

in_need_of_direction

I totally believe you did the right thing. The peace of mind and stress reduction is worth so much more than an enhanced pension pot. Sometimes you just need to do what's right for you at the time. Can't wait to see that new sig.

Chrysalis1976

Good morning, how lovely to log in and see an array of £0 balances although dh credit card still sent him a text alert to say he was over his balance!

No more payments made today as we need to work out what we need for the rest of the month, that's 3 weeks for us as I get paid on 22nd. I have saved a mortgage payment aside as I mentioned in my other diary the dh payment date is changing so we would have a month that would have missed a payment. I will then set up a direct debit for future payments.

Dh is away next week camping and canoeing with his mates so need to give him some spending money, he has all his kit and I can have a frugal week of shopping with the kids.

I'm currently having a good clean and tidy of the house then must sit down and crack on with a mound of files to mark for work.

C x

Chrysalis1976

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 2,966.8
Monthly expenses (incl. HP & secured loans) 1,959.91
Available for debt repayments 1,006.89
UNsecured debt repayments 208
Amount left after debt repayments 798.89

Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 118,000
Total Secured & HP Debt -104,400
Total Unsecured Debt -8,494.94
Net Assets 5,105.06

Household Information

Number of adults in household 2
Number of children in household 2
Number of cars owned 1

Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 1400
Partners monthly income 1430
Benefits 136.8
Other income 0
Total monthly income 2966.8

Expenses Amount(£)
Mortgage 620
Secured/HP loan payments 0
Rent 0
Management charge (leasehold property) 0
Council tax 128
Electricity 42 (Elec and Gas paid together, need to reduce)
Gas 42
Oil 0
Water Rates 56.79
Telephone (land line) 0
Mobile phone 80 (Two mobiles and last couple of months payments for tablet)
TV Licence 12.12
Satellite/Cable TV 0
Internet services 27.66
Groceries etc. 320
Clothing 0
Petrol/diesel 160
Road tax 2
Car Insurance 24.89
Car maintenance (including MOT) 0
Car Parking 0
Other travel 0
Childcare/nursery 266
Other child related expenses 100 (swimming, climbing, guitar lessons)
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 11.48
Contents Insurance 0 (included above)
Life Assurance 10.81
Other Insurance 26.16
Presents (birthday, christmas etc.) 30
Haircuts 0 (I hardly ever have cut and ds/dh do at home, dd done by Mum)
Entertainment 0 (Never know what to budget as don't go out regularly)
Holiday 0 (Need to sort)
Emergency Fund 0 Need to sort
Total monthly expenses 1959.91

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 104400 (620) 3.94%
Secured & HP Debt totals 104400 - -

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Mum 750 50 0%
Car Finance 7744.94 158 6%
Unsecured Debt totals 8494.94 208

Asset Description Value (£)
Cash 0
House Value (Gross) 110000
Shares and bonds 0
Car(s) 8000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 118000
Comments on the results

You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £798.89 left over. Thankyou for using the SOA Calculator at https://www.stoozing.com.

A few things hard to budget for so need to look at these closely as this is where spending could get out of hand, also not included income from second job as very variable. A very encouraging sight though to have the two unsecured debts, I have done a early repayment request online for the car and this would save us a fortune in interest so this will be a lump sum to save up for.

We also need to factor in costs for home and garden, maybe have a savings plan for these per room or per area of the garden.

We also have 2 school trips to pay for dd, Outdoor Centre £140 and France £264 not a problem but still an expense.

All the large debts have gone from the account, a lovely feeling!

C x

Chrysalis1976

Happy Easter, kids went to swimming lessons all whilst we were out dh hid the easter egg around the garden and living room it was amazing how many they simply walked by. Lots of fun! :icotbaske

Last night I paid some money over to my mum and put some in the savings account for the car, today I have brought some clothes online for dd she has grown out of so much poor thing yesterday I transferred some of her tshirts over to ds as they were size 5-6 and she is 10! Lasted well. I used some voucher codes for the shop so managed to only spend £56 instead of £76.

DH has put a pork joint in the slow cooker for tea, relaxing for the rest of the day as yesterday we were in the garden moving rocks and 1/2 a tonne of soil to the back to take out a rockery bed and make the driveway bigger. Arm muscles are aching today, need more weights in my exercise.

Hubby is packing for his trip tomorrow, is it mean to be looking forward to some peace and quiet :rotfl: bless him I love him really x

Have a lovely day everyone.

C x

Chrysalis1976

Evening all, well I didn't relax too much yesterday as I got bored so I mowed the back lawn and today the sun was shining so I've started painting the fence panels only done 2 so far and 12 to go! I don't need anymore paint just yet but as I need lawn food I might see if there's any offers around.

DH has gone off to Scotland, he should be back on Sunday, it's peaceful apart from dd and her friend here chatting with other friends via the box of x. I might need to stop that soon as getting annoying.

I have written out a meal plan and shopping list for the week so food shop tomorrow and also need fuel, any spare money at the end of the week will be moved into a savings pot.

Tomorrow will hopefully see the bank account showing the outgoings properly after the bank holiday so I can have a straight and accurate balance.

Just thinking about the car savings is it better to save for the settlement balance or pay a bit off at a time? Need to research some more.

C x

Chrysalis1976

Good morning, sun is shining again so another load of washing in and able to hang outside, my washing basket is actually empty now!

This morning I have been to fill up the car with the £40 allocated for the week, I don't have many journeys to do so should last a while. I also withdrew the money for shopping, spent £61 but some of that was on lawn feed and kitchen scales therefore I've moved £10 into the car savings pot.

My account book is almost straight there's just an annoying payment that won't go out until the item is dispatched and a couple of small direct debits left until my pay day. Must be careful until then and we can have a true picture of our wages going in, I also need to chase second job as mileage hasn't been paid for the 3rd month unless I phone up!

C x

Chrysalis1976

Phew what a day, I've been coaching all day and I'm just sitting down now whilst my dinner is cooking. A fabulous day, it was great to see so many kids out enjoying the park and groups of lads on their bikes.

A no spend day today as I took a packed lunch and the kids took packed lunches to holiday club, a couple of direct debits have gone out so that should be it for the month apart from food and fuel.

First letter received in the post about the overdraft paid off, there should be more to come over the next few days.

I was going to do some paperwork tonight but I didn't sleep well so might just have a early night with the kids. DH left me a message to say he is still alive and well in Scotland and the weather is lovely there too.

Hope the good weather lasts!

C x

Chrysalis1976

What a lovely couple of days, we have been busy bees yesterday and today, the kids came with me to athletics we were doing long jump and had a few goes then we went swimming. Ds was shattered and slept well which was great. Today the kids went to fun club for the morning as I had to go into the office, then we went to the aquarium as dd had a child free entrance voucher.

Finances wise we're ok, I need to update the balance book as quite a few paypal payments have gone out that dh didn't tell me about I think he just forgot to be honest. He is back tomorrow night, a day earlier than planned bless him.

More letters received r.e. account closures and I have let the boss of my second job know that I didn't receive my mileage payment so hopefully he will sort early next week. Also got an email to say my expenses for my main job have been authorised, only £30 but it all builds up.

Naughty Mum I am I didn't realise that the kids aren't back to school until Tuesday, so another day at home with them.

Hope everyone has a good weekend.

C x

Chrysalis1976

Wow where did all the wind come from, no running outside for me today I'll have to stick to the treadmill!

So kids have one more day before going back to school, we have had a busy time but not stressful at all. Dd had swimming lessons this morning, ds didn't go as had a headache. They both have an assessment next week to get their certificate so must go.

We are getting into the last week before payday, need to do a menu tomorrow and do a frugal shop and then we can sort money for the following month. When child benefit comes in this will pay for dd trip to the outdoor centre but will still need £80 for the France trip by May.

All is well, but have a present dilemma, I have a nightmare sister who is not talking to me because I don't speak to my biological father and many other truely pathetic reasons that were made worse with her behaviour whilst sorting my Grandad's things (we found out she'd accepted £1000 at Xmas, he had paid for an expensive camera for my neice and some other things too. They had not visited him in the residential home for many weeks and yet found the time to go round his house sticking labels on all the furniture they wanted :mad: he was literally down the road).

She has not sent presents or cards for xmas or birthdays for over a year for me, dd, ds or dh but it's my nephew's birthday in a couple of weeks and I don't want to stoop to her level and ignore him as it's not his fault. I don't want to send money as I'm not sure he will get it and they don't do anything apart from play on the computer.

So any ideas for a present that he would use or should I send him a card with a cheque made out to him?

Arrrgh families!

Anyway all's well here, I'm glad I live so far away from them.

C x