A new budget, a new determination, a new diary.

hign10pines

Debts:

Luma - 163.09
Capital One - 168.28
Aqua - 108.00
Cash Plus - 185.43
Virgin Money - 2794.00

Savings:

May 2017 holiday - 1240
May 2016 holiday - 40

Budget:

Basic wage - 1070
OH share of bills - 550
Extra shifts - ???
TOTAL - 1620

Debt payments - 200
Monthly bills - 1035.12
Everyday expenses - 495.89
Savings - 100
Other debt - 105
Total - 1939.01

So I have - 319.01 over spends each month. The budget does include 150 for food and 150 spends. I have set the budget at the minimum at the bottom of the pay scale without unsocial even though I am at the top. Each payday I shall enter the true amount I get and adjust the budget accordingly. I have also not included pay form extra shifts where I can make 150-200 each month.

Don't you just love YNAB, I have money sitting in various current account and I have no desire to spend it!

2016s aim is to pay as much of my debt off while saving for my May 2017 holiday.

Budget could be changed once again if I start my nurse training!

hign10pines

So played with the budget today. As I'm using my extra hospital/nursing home shifts to pay for the gym membership and 'spends' I've removed them from the budget and now it stands at 1608.51.

So far I have £40 of my £250 money for my May 2016 holiday. I should get £80 ish this Friday leaving £130 to come out of Mays budget so not too much to find.

Spends today have been:

Bus fare £3.50 + £2.50 (I'll get a day or return ticket next time)
Tesco £11

Also been applying for finance from the OU and it looks like I may need to pay something towards it So I'll have to rework my budget to take that into account. If I get my nurse training and therefore don't continue with this degree then I won't have to pay anything but my income could well be cut slightly.

Anyways off to my second night shift in an hour, I have the engineer coming out sometime tomorrow morning then I'll be off to the gym then sleep . I went to the gym straight from work this morning and I didn't feel tired until I was on the way home. Unfortunately 9am is quiet busy at David Lloyd so I'll be looking at going later in the day, I know afternoons are less busy but after a night shift (I don't do many) if I go home first I won't leave the house again. Thinking I may do a class first then hit the gym.

hign10pines

Options to buy a property:

HTB - only new builds and way out of price range
Save till retirement then buy a studio out right.
Shared ownership - possibility but not many around, do you qualify if you don't need a mortgage or over 40?

I hate that we are paying £750 a month to rent but just can't afford the mortgage on my salary or have enough to save for a deposit plus I'm 35 this year so only 56 months to get anything or I'll be living in rented when I've retired.

I'm working on a figure £71k so really not much can be gotten for that.

hign10pines

Student loan debt - 591.66 (updated to 31/03/2015), think I've only made £200 this past financial year.
Credit Union loan - 563.43 (£32 a month)

tiger_eyes

Happy new diary!

hign10pines wrote: »

I hate that we are paying £750 a month to rent but just can't afford the mortgage on my salary or have enough to save for a deposit plus I'm 35 this year so only 56 months to get anything or I'll be living in rented when I've retired.

Can you clarify why you have only 56 months left to get a mortgage? The mortgage length can be whatever you agree with a lender. Even if the mortgage will run a full 25 or even 30 years, some lenders will still lend into retirement age if the income (eg pension) will fund it. Presumably you can't know for certain when you'll retire anyway - you may know your state pension age, but you could keep working after that if it takes a little bit longer to wrap up your mortgage. Or you might be able to pay off the last of the mortgage with the lump sum from your pension. Or from savings. Or sell the property, settle the mortgage, and downsize with what's left. Just trying to figure out where this fixed 56-month deadline comes from. It seems like a lot of pressure to put on yourself when there are so many options.

As cash savings are getting little interest, mortgage interest rates are low and property is still appreciating in value, saving until you can buy a property outright is most likely not an efficient use of your money compared to buying with a mortgage, if the latter is possible for you. I'd certainly consider shared ownership if need be. I have a shared ownership flat and it's more complicated than buying outright, but a whole lot better than renting.

Just a few quick thoughts.

hign10pines

tiger_eyes wrote: »

Happy new diary!



Can you clarify why you have only 56 months left to get a mortgage? The mortgage length can be whatever you agree with a lender. Even if the mortgage will run a full 25 or even 30 years, some lenders will still lend into retirement age if the income (eg pension) will fund it. Presumably you can't know for certain when you'll retire anyway - you may know your state pension age, but you could keep working after that if it takes a little bit longer to wrap up your mortgage. Or you might be able to pay off the last of the mortgage with the lump sum from your pension. Or from savings. Or sell the property, settle the mortgage, and downsize with what's left. Just trying to figure out where this fixed 56-month deadline comes from. It seems like a lot of pressure to put on yourself when there are so many options.

As cash savings are getting little interest, mortgage interest rates are low and property is still appreciating in value, saving until you can buy a property outright is most likely not an efficient use of your money compared to buying with a mortgage, if the latter is possible for you. I'd certainly consider shared ownership if need be. I have a shared ownership flat and it's more complicated than buying outright, but a whole lot better than renting.

Just a few quick thoughts.

The 56 months deadlines is when I'm 40 and it's getting harder to get a mortgage after this age. Even if I worked after my state retirement age surely mortgage lenders only work to that date.

25 years would take me to 65
30 years would take me to 70

Share-ownership is a possibility but very few come up and most are £57k +, when I'd likely get a mortgage of £33k (last time I looked).

I'm not looking to downsize in the future as I'm most likely only going to be able to afford a studio anyways and I have no plans on moving up the ladder. I'd just like to get a property of my own someday.

hign10pines

By the end of the year I'll have around £400 surplus cash and once my student loan has been paid as well as my credit union loan I should have close to £500. It would be nice to be able to save £200-250 a month.

hign10pines

HTB - show me somewhere where properties are below £200k?!
Starter homes - have to be under 40, so I'd need deposit by Nov 2021.
Shared ownership - not many around at present

Realistically I am looking at a mortgage of £80k for a property or £50,000 for shared ownership, going by Nationwide calculations. Next year once I'm debt free I shall open up a HTB ISA.

Today I headed to the gym and spent 2 hrs there :eek: Did a bit of running and free weights then it was onto my first ever bodypump class. I found it hard to enjoyable, need to work on selecting the correct weights for each section next time.

Not a NSD today, went to Tesco after the gym as we needed bread & I needed food for work tomorrow. I ended up getting some new trainers and leggings for the gym also.

Only 7 days till payday :T

hign10pines

Got paid extra shift today so £87 now going towards Mays holiday.

Wasn't a NSD today, needed to get food for work tomorrow. Need one more lunch for work and a weeks food for dinners, Should have just enough to cover it.

Wanted to get get tennis trainers but don't need them til after payday so got gym trainers instead from Tesco as well as new leggings.

Will really try to spend very little next month, we have a few things going on throughout May so need to be very careful with the budget.

hign10pines

Trying to workout what my basic pay would be but I've been paying both NI A & D and I can't find any calculators online when use both plus they don't tend to show me paying any student loan but I do.

Before Tax: 1431.58
Pension: 5.6%
Student loan: pre 2012
NI: A + D

I should be around 1173 after tax etc excluding student loan which is probably only around a few £ and I always get extra due to unsocial and WTD.

May sends

Holiday - 123 (250 total)
Anniversary meal - 20
St Georges day - 30
Selden beer festival - 20
Neice 1 birthday - 25
Dentist - 173

hign10pines

So I need a good instant access savings account. I currently have one with Halifax and Lloyds. I am looking at putting £100 a month in two, one for May 2017 holiday and one for savings/mortgage deposit etc

My budget from June onwards looks like I'm going to need £2026.71 so I'll need to find £303.71 from unsocial and extra shifts, that should be do able.

By the time I'm 40 I'll have just short of £5600 towards a deposit.