PoorGuyNextDoor to RichGuyNextDoor!!

PoorGuyNextDoor

It is a 10% increase! Im delighted with it so im going to stick in and make sure they dont regret it. Just have plenty of answers ready as to why you deserve it. Dont put your job on the line though as what you are on now is worth alot more than nothing at all.

I upped my game for about 4-6 weeks before asking aswel and made work a priority so no late nights/days off etc! Its all paid off now....or it will when iv got money in the bank.

I paid all of Marchs bills(and on time aswel!!) while ending the month with 4 figure in the bank. Now i just have to build on that. Stop spending on unnessesary stuff/going on random nights out spending £150+ and having nothing to show for it. Its time to pay myself first when i get any money in the bank.

Aim for April is income over £4,500 while on a budget of £2,500. This is made up of the following

£1,440 debt
£600 joint account for my half the mortgage+bills
£200 running cost of my van
£160 credit card payment
£100 entertainment budget/misc

A gain of +£2,000 cash in April plus every month money owed on loans comes down £1,000. Small steps, iv got some goals worked out, il post them on here later. Theres small steps, week by week, all part of and building upto a 5 year plan. Thanks for reading, hope everyone has a nice weekend. Lets smash it

PoorGuyNextDoor

Hey, how are we all? Very wet and windy day here so not alot of work got done! Hopefully tomorrow is nicer as iv got a goal of how much to earn this week to keep my bank balance building. After my April joint account direct debit plus 2 others went out today im down to £400 in my bank until i get 2 weeks pay on Friday. That will send me back into 4 figures. This debt busting can be hard work, i can go from the most motivated to feeling depressed in a matter of hours. Im trying not to let it get me down its just annoying how much i pay the bank every month but iv only myself to blame really and it wont always be like this.

I need to get a few £££ put away for my van insurance in August. Also got a wedding coming up that i will have to get a suit for as iv bulked up a stone and a half since i last wore my current one, its now too small for me. The budget seems to be doing the trick to keep me on track, i know whats going out, coming in etc all the time.

PoorGuyNextDoor

Ok so i got paid yesterday. I transferred money into the joint account to catch up for March and put in Aprils outgoings for mortgage+bills etc. So all i have to worry about paying is my debts and fuel to get to and from work.

Iv paid £450 already so the remainder is around £1,000. My bank balance is now down to less than £1,000 with my next pay not due until the 22nd of April, im going to have to get my thinking cap on about how to bring in some cash before then. I have sent out a request for money i am due(around £400) so i will chase that up this week and get them to pay up. The brakes on my van need replaced so il have to find some cash to pay that.

What happens if the bank go to take a direct debit out and theres no money in the account?

Pingu2

PoorGuyNextDoor wrote: »

What happens if the bank go to take a direct debit out and theres no money in the account?

Look at your account's T&C's.

I wish I could leave it there but,forgive me, for someone who is earning a very large wage and with what must be a household income which most can only dream about, you have very little common sense when it comes to finances.

I wish you well.Good luck. You will need it.

PoorGuyNextDoor

I know im crap when it comes to dealing with money. Just goes out quicker than it comes in as i know im never more than 13 days away from a payday. I have got everything covered and paid for this month apart from a £650 plasterers bill. That will come out when im paid on Friday. My house is now complete so i should only have usual bills to pay for the next few months which at £600 for my half will allow me to save a bit of an emergency fund and get the credit card paid off. Its a long road ahead i feel like im trying to do too much at once. Overtime, frugal living, ebay anything that hasnt been used/worn in the last few months, trying to keep fit etc. I find keeping busy keeps my mind off my lack of money though.

Anyway moving on, another letter from sky saying £3.50 a month increase....having a hard time cancelling it!! We sent off the letter to them but not heard anything back yet, same goes with the PPI claim and tax rebate claim. Fingers crossed one of them at least gets in touch next week to make some update.

My account is very close to overdrawn now and i need fuel in my van.....im sure if i have at least a £1 on credit card i can fill to the brim? So i can fill up on maybe Tuesday, pay card down on Friday when im paid before it shows up? Any ideas if this is correct?

Horrible weather here today, not even half way down my to do list and iv sat down so i think that will be me until tomorrow. Thanks for reading, have a nice weekend everyone.

PoorGuyNextDoor

Just knocked this up. Any ideas/advice?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 4000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4000

Monthly Expense Details
Mortgage................................ 311
Secured/HP loan repayments.............. 1400
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 61
Electricity............................. 22.5
Gas..................................... 22.5
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 10
Satellite/Cable TV...................... 40
Internet Services....................... 10
Groceries etc. ......................... 80
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2287


Assets
Cash.................................... 1000
House value (Gross)..................... 65000
Shares and bonds........................ 0
Car(s).................................. 7500
Other assets............................ 1000
Total Assets............................ 74500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 42000....(311)......4
Secured Debt.................. 45000....(1400).....10
Total secured & HP debts...... 87000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Card 1.........................2500......50........0
Card 2.........................3500......100.......0
Total unsecured debts..........6000......150.......-


Monthly Budget Summary
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 2,287
Available for debt repayments........... 1,713
Monthly UNsecured debt repayments....... 150
Amount left after debt repayments....... 1,563

Personal Balance Sheet Summary
Total assets (things you own)........... 74,500
Total HP & Secured debt................. -87,000
Total Unsecured debt.................... -6,000
Net Assets.............................. -18,500

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

PoorGuyNextDoor

Aiming to save that £1,500 surplus for August and september to build up a bit of funds as current account is so low. Was almost considering a dpp but stepchange suggest i have enough surplus to dig myself out of a whole withn a few months i just need to stick to my budget and stop with the nights out/take aways/wasting money on random ****. Im around for the long term here, as you can see i got the loans down to £45,000 but one of the credit cards has taken a hit. Need to stop using them completely. Just use the one for fuel only and clear it monthly.

PoorGuyNextDoor

As far as goals go im just going to set a few small ones out now

For the immediate future stick in at work, no days of waking up thinking i can't be bothered and taking the day off.
Take a packed lunch everyday to work
I dont need to go on every night out i get invited on, and definitely dont need to spend £100+ at everyone i do go on

3 month goal = end of October - have current account balance up so it covers two months minimum expenses (currently £900 to joint account, £1400 loans, £150 to cards and £200 misc like fuel etc for work) total of £2,650 PCM x 2 = target of £5,300.

7-8 month goal = have the £5,300 in current as above. Both cards paid off (£6K) and have paypal paid back - not listed above but sat at £1200. Total of £7,200 paid off by end of Febuary/March.

12 month goal = end of July 2017 = £1k PCM comes off loan balances every month when i make the £1400 payment so £12k off the £45k thats due now will mean its down to £33k. Save an additional £7k so upto £12k in savings.

I know this isnt the best way to do it but its my way. The SOA equity/mortgage due/bills for house is my half only. So really we have a £84k mortgage on a property worth £130,000. Just need to knuckle down and track my progress il soon get my head out the sand and tackle these debts.

PoorGuyNextDoor

Thanks for the messages recieved since i posted last night, iv now replied to them both. Today is a day off(im techinically on holiday for 3 weeks and not back until Monday although iv worked yesterday and will be working Wednesday, Thursday and Friday. Wont see financial benefit for this until the end of August but im sure itl all be worthwhile in the end. Iv been in touch with Sky today looks like we will be able to cancel two months early with no cost. £5.99 for netflix a month will be staying. Also going to see about getting rid of BT early although they seem strict as it was a 12 month deal to begin with, £19.99 a month isnt a lot in this day and age but between my bt(i pay it all)and my half of the sky(£80/2=£40) im spending £720 a year that i dont need to be.

Must sound miserable but il be working that much the rest of this year i wont be atching them enough to make it worthwhile. Im looking into matched betting as im very clued up on gambling - i love a coupon. One setback may be that iv already got some accounts with these sites, is there a way around this? My details will be on my old email address from last house i stayed in 3 and a half years ago? Will give it a go anyway as seen someone has made over £2k from it!! A few items listed on ebay this morning will hopefully bring another £100 in. Got a days overtime this Saturday lined up. Not sure what else i can do to save money/cut back/earn extra, any suggestions??

Thanks all for reading.

tara747

You have a lot of surplus income to throw at debt, that's great.


Have you done a debt calculator yet, to see how quickly you can pay it off? That will give you motivation


Can you do without cable TV?


You have no budget for haircuts or medical expenses. Even a small amount for each?


Consider starting an emergency fund and putting aside at least 3 months' living expenses in it.