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

hign10pines

So I got paid for my 6 hour extra shift and was it really worth it. I don't have my payslip yet (hope it comes with today's post) but I must have paid more tax or student loan than I thought I should. I make £32.91 so under £6 a hour after tax! They have based it on 5.45hrs not 6 though. For some reason if you do an early shift that was once part of a long day then it comes out as 5.45 hrs worked and a 0.45hr break. I shall have to question this as I have a few of these coming up.

With that in mind I am about to start at the care home across the road from me but on less pay (NMW). The hospital is £8.79 plus unsocial for weekends. Is it even worth me starting at the home? I wouldn't be paying a pension and it's monthly pay so would look better than weekly pay.

I am thinking of doing OT rather than bank on my floor/ward as it's the same as unsocial weekend pay. This is paid monthly the following month rather than 2 weeks later like bank.

In other news I opened a regular saver with Lloyd's the other day and transferred in some money then realised that I can't just withdrew without closing the account. That will teach me to think before I do anything lol.

EDIT: Payslip has arrived. £11 to tax, £6.67 to NI A, £5 to student loan. So had £22.67 deductions from a £55.58 wage :eek:

hign10pines

Oh even though I have to pay something towards my OU fees I still get the £280 grant in October so that will go back toward the May 2017 holiday.

hign10pines

So I have opened a regular saver with Nationwide which is instant access at 2% interest. I have also 'renewed' the Lloyds regular saver to an online saver at 0.6% interest.

Currently

Nationwide regular saver (2%) - £1
Natwest saver (0.25%) - £800.98 (soon to go down)
Lloyds online saver (0.6%) - £167

I am thinking of transfering everything into the Nationwide account then using the Natwest account as a OP account and Lloyds as the savings/deposit account. £100 a month from next pay to Holiday fund, £50 to savings/deposit (plus anything not budgeted for at end of month)

Need to find £359.71 above my basic to cover everything, lets see if it is do able.

Oh I've also opened up an RBS current account which will hold my 'misc' money each month as I am fed up of Natwest not showing pending payments. Mind you I can't remember if RBS does it though lol. I like the rewards with Natwest so don't want to move away from them completely.

hign10pines

So I now have £0.98 in my Natwest savings account. Paid off my uni fees and transferred the rest to Nationwide which now stands at £412. If I can put £100 into it each month to the end of the year I should have £1212

We shall both also be paying off the Halifax & Barclaycard to use for the May 2017 holiday, so by Christmas Halifax will be paid off (£1000) and Barclaycard will be close to a £2000 balance.

Currently my plan is to pay £50 to Halifax a month and haven't really thought about what to do with the £50 once paid off. I can either add it to the £100 Barclaycard payment or to my Virgin cc payment. Currently paying £100 to Virgin, by Jan 2017 that payment should be £200 anyways and have a balance of £2487.

I would like to get a card in my name to balance transfer the virgin cc. I am not sure that that is possible as I will still have a few defaults on my record and the balance is too high for sub-prime cards.

Obviously after the holiday the cards will need to be cleared again.

hign10pines

Debt updates:

Aqua - 77.17 (will update 12th May)
Luma - 152.12
Capital One - 152.39 (no updated in May yet)
Cash Plus - 180.43
Virgin cc - 2783.71

What to do what to do...Only 2 payments left on Aqua, do I then lump that onto cashplus or another card?

Currently I will move to cashplus, then luma then capital one then virgin. End dates are:

Cash Plus - Oct '16
Luma - Nov '16
Capital One - Dec '16
Virgin cc - Mar '18

If I was to put the money on Virgin the end date would be Jan '18 so no real difference plus wouldn't it be best to get rid of the sub-prime cards asap?!

So for the next two paydays (24th May + 24th June) payment to cash plus will be £35 bring the balance to £140.43. On 24th July I shall be paying in £70 leaving me with a balance of £85.43 to be paid on 24th August. So I can either say it's paid off in August or September as it's technically Septembers wage

Then onto Luma which will get a payment of £85 from 24th September, leaving around £15 to clear it.

So really the end dates are as follows:

Aqua - 24th June '16
Cash Plus - 24th August '16
Luma - 24th October '16
Capital One - 24th November '16
Virgin cc - aim for December '17

hign10pines

ah just on the off chance I applied for a Barclaycard Initial and was successful. The limit is £400 so not a lot but not sure whether I should just not touch it and hope for a credit increase in January or transfer some/all my other credit cards to it.

Limit = £400
Transfer Cash Plus = £219.57 left
Transfer Luma = £67.45 left
Transfer Capital One = 0 left (£85 left on cap one)

Another option is to just transfer over cashplus as that is £15 interest each month. I would still make the same payment (£35) and it should bring the end date down by at least one month.

I am waiting for card to arrive so I can activate it then I'm paying off cashplus and closing it :T I am still working towards the dates in the previous post so will have no debt in my name by the end of the year :beer:

I am hoping that the Initial will look better for me than the others. The APRs are as follows:

Luma = 31%
Capital One = 31%
Aqua = 39%
Initial = 34.9%

Definitely closing Aqua and also Luma. May close Capital One and try for a better one in the new year. I think I have to wait 6 months. With the Initial I am likely to get limit increases and reductions in APR in the future so I see it as a good one to have until I can get one through my bank.

EDIT: anyone know if Capital One would change the card to a better one at some point? I've heard the Initial does this some times.

Right so I have had capital one since 2012 with only 1 AA in Jan 2013. My limit has remained at £200 throughout, could it be that I have had a balance on it each month?

hign10pines

NSD yesterday, I can't remember the last time I had one of those.

hign10pines

Another thought.

I am tempted to pay off Cashplus, Luma and Capital One with my savings.

Savings = 412
- cashplus = 232
- capital one = 80
- Luma = 0.

Leaving Luma with a balance of £72 and Aqua with £77. I have budgeted £150 to pay back to the holiday pot from next pay giving me £1200 by Decembers pay. I would then have £100 to pay off Luma & Aqua so June 24th £77 to clear Aqua and £23 to Luma, then on July 24th £49 to clear Luma.

This does mean needing £359 in June and £308 in July from unsocial & 2nd job. I'm not sure it is possible. Will have to wait and see once I'm paid.

That means no touching the Initial credit card.

I don't want to leave myself with no money though. So putting Capital One & Cashplus on the Initial is the way forward I think. So a balance of around £332 paying off £50 a month for 2 months then £85 for 3 months.

hign10pines

Playing around with YNAB today when I really should be doing my uni assignment. Working my head around mis-balances on my pre-ynab debt, sorted the Aqua out but not the cashplus. Oh well will just hide it once I do the balance transfer/pay it off.

beanielou

Not sure if I am missing something.
Apologies if I am.
Why do you have savings if you have debt with a high APR?
It would be best to pay this off.