PoorGuyNextDoor to RichGuyNextDoor!!

PoorGuyNextDoor

Well Iv just not long signed up to these forums and have been somewhat overwhelmed by the support and encouragement so I thought I would start my own diary!!

Current situation

Money in bank : £0 (literally 0 until I get paid tomorrow!!
Loans : £48k
Credit card : £2,800

Equity in house : £45k(half this belongs to my Mrs) so £22,500 each.

Reason I'm including that is so I can see my wealth building. My wealth is a simple equity in house+money in bank minus loans and credit cards. So right now I'm at £22,500 - (48,000+2,800)

Which gives me a net worth of MINUS £28,300 :eek:

I suppose it is not going to get any worse though and won't be forever now Iv found this place!! I made a few mistakes on my SOA i posted a few days ago so will post an updated one later!!

Thanks for reading, lets do this :beer:

Kitten868

Welcome and well done

Have you cancelled sky yet?
And are there penalties for over paying your loan?

Xxx

PoorGuyNextDoor

Kitten868 wrote: »

Welcome and well done

Have you cancelled sky yet?
And are there penalties for over paying your loan?

Xxx

Thanks Kitten!!

April is the last month of Sky tv, after that it is gone! SO that will save us nearly £60 PCM/£720 a year!!
No penalties aslong as paid off in whole. There is about 8 different loans/payments, one is down to £800 balance or there about and will be paid off in August so total monthly payments will drop £124 to £1,216 a month! The second smallest is about £3,100 and is £121 a month....

im thinking now of setting myself a little goal!

1) Get a months expenses in current account the day before a payday...
2) Pay off credit card (£2,800)
3) Save up and pay off second smallest loan (£3,100)

So come August if i can keep my head down working hard i could have the above £5,900 paid off aswel as the expenses saved. The £800 remaining loan will go by then with the monthly payments
so il be down to paying £1,095 PCM...that would be great progress !!:)

Kitten868

Well done on the sky - you do wonder how you'll live without it then wonder why you ever had it.
Ok I thought it was one secured debt of £48k. So it's quite a few loans? Check if all creditors look at it the same way. Some charge you more for ending it earlier others for overpayments.
It's fantastic to hear you sound so positive! So you need a big savings pot to hit the loans in one hit you can do this! With every creditor you pay off the more goes in the pot!
Has anyone talked you into eBay yet? X

PoorGuyNextDoor

Kitten868 wrote: »

Well done on the sky - you do wonder how you'll live without it then wonder why you ever had it.
Ok I thought it was one secured debt of £48k. So it's quite a few loans? Check if all creditors look at it the same way. Some charge you more for ending it earlier others for overpayments.
It's fantastic to hear you sound so positive! So you need a big savings pot to hit the loans in one hit you can do this! With every creditor you pay off the more goes in the pot!
Has anyone talked you into eBay yet? X

We really havnt missed it since we took on Netflix. I would miss Sky Sports but if i can find that for free then i will be happy to save the £720 a year from Sky. Yeh theres a few different ones. A couple of £5,000 the finance is £7,500 and a big £13,000 one. Thats the idea so iv signed up for the save £12k in 16 thread on the savings board aswel since i need to save it to then use it to overpay. Exactly so the sooner i get going the better!! Im only so positive as i cant see things getting worse than this level of debt with not a single penny to my name. No not yet but i literally dont have anything for ebay as i have got rid of any clutter in my house as to help de stress me, thanks for the ideas though!! X

PoorGuyNextDoor

I went into work today and more or less told them i need more money or i will have to leave and go self employed to do so. They came back to me with a wage increase offer which iv gladly(but didnt act too excited infront of them!) accepted the offer to put my wages for April - April up just shy of £70k. Online calculators work this out to be £48k take home so £4k a month. Im really happy with this and need to use it wisely to get me out of this hole iv found myself in. Cant believe how wasteful iv been!!! Small steps il get there one day.

PoorGuyNextDoor

Well another day another dollar. Started at half 6 this morning and made £140 so far so it was worth getting up at 5.30 for! It's also payday as bank holiday tomorrow! So 2 weeks wages have hit the bank I'm now upto 4 figure instead of 0! Iv downloaded a budget app on my phone and I'm following a couple of frugal living threads on here so he's hoping for a very low spend April to build up my funds.

Kitten868

That's fantastic news on the pay rise! Well done you! Getting things in perspective has certainly made you more bold you can do this! Ballsy moves like that show you can do it xxxxx

PoorGuyNextDoor

At work and raring to go. Need to keep pushing on to get money in so I get a bit of an emergency fund as hate this payday to payday living. Have a good weekend folks x

PoorGuyNextDoor

Work finished for today. Looking forward to the next couple of paydays just ashame The next one isn't until the 8th of April. Lots of work to be done and more money earnt by then. Iv got 2 days off next weekend looking forward to it. Will most likely have a lie in to catch up on some sleep as only been getting upto 6 hours recently.

I managed a 5k run before work today so I know il sleep easy tonight. I want to get into mountain biking as enjoy it a lot more than running just the cost of the bikes is eye watering! Many free days out once it is paid for though and I like the idea of seeing away 10 miles every Sunday on it.

That's enough rambling from me, away to get my feet up for a couple of hours before bedtime and going again tomorrow, can't wait to make some money this week!!

maximise

PoorGuyNextDoor wrote: »

I went into work today and more or less told them i need more money or i will have to leave and go self employed to do so. They came back to me with a wage increase offer which iv gladly(but didnt act too excited infront of them!) accepted the offer to put my wages for April - April up just shy of £70k. Online calculators work this out to be £48k take home so £4k a month. Im really happy with this and need to use it wisely to get me out of this hole iv found myself in. Cant believe how wasteful iv been!!! Small steps il get there one day.

Wow that's fantastic, you must have negotiated and worded it carefully. Was it much of a % increase? I need to do the same - advice welcome