Time to sort my finances out

Flowers123

Been talking to my parents. They don't think I can afford to move house for a while without getting into more debt. It may be more beneficial if I waited, as in a few years as I could buy a 3 bed instead of moving to another 2 bedroom house. I don't really need a 3 bedroom house at the moment but maybe I will in the future. This has made me more determined to clear these silly debts I have run up. If I get the job then I will have to figure out a plan. I'm thinking I may live at home for as long as my parents will put up with me which would mean I can clear my debt more quickly and eventually sell my house and save up for stamp duty and moving fees. If I lived at home I would still need to pay my parents back at least £300 a month and a small amount towards housekeeping etc as I don't expect them to pay for my food and things. I would have to pay an agent to manage my house and finding tenants etc so any extra money I make from renting would go to my parents and then the majority of my disposable income would go on my debts. This would mean I would have around £700 a month after paying my parents which I could pay towards my loan and credit cards and I've just used a snowball calculator and would be debt free by February 2019. If I don't move home and keep paying at the rate I am then it will take me until December 2020 to be debt free. Even if this job doesn't work out then I am determined to find another one near home, it makes so much sense. My social life will take a nose dive for a bit but I'm not too concerned about that. Just off for a walk in the countryside

Smodlet

Hi Flowers,

Glad you are feeling better and enjoying the countryside, you lucky thing.

Sounds as if you are very on the ball with mapping out your future, it is truly impressive for someone your age, so not intending to come across as patronising! Many leave it until their forties or later, if ever to reach the place in their lives you are already at, iyswim.

I guess there are pros and cons to both options. Renting out your house is a great idea, providing you get well-behaved tenants and a letting agent who actually does something to earn their money. By February 2019 any fall-out from Brexit, should it come to pass in real life, should have died down, I suppose. From reading other boards on here, it seems this is not a great time to sell in some areas, but others seem unaffected or even buoyant.

You have tried both country and city life and found the latter is not for you; you have the option to go back, you are truly blessed. I look forward to hearing your progress and wish you luck.

MissShoes

Have you thought about getting a lodger if you were to stay in your home? Not sure if your property lends itself to that but if so, could bring in a few hundred pounds a month depending on location? If not, what about short term via a1rbnb etc?

Shoes x

Flowers123

Hi Smodlet, nice to hear from you yes I've been thinking a lot the last 6months about my future and I know I need to change now. My house should sell pretty quickly but I have noticed a slowdown in the last 2 months and houses aren't selling as quickly as they did as I suspect people are nervous about jobs etc. I have enjoyed my time in the city and there are more job prospects but since my last bad move with my job I've realised it's more important to be happy. Hope you're having a lovely weekend

Hi shoes. Thanks for dropping in. I used to rent my spare room out but it really didn't work, I had a girl living with me and caught her smoking in the lounge with friends one night and there were cigarette burns on the carpet. My house isn't very big and when she had friends over I would usually hide in my room. I have considered doing it again but it stressed me out a lot before and it does mean I can't really have guests over to stay if I rent out the room. It's only a small single room so the extra money I would make isn't worth the hassle. I know I could pay my debts off in a shorter space of time but I really can't bring myself to do it again. I may try a1rbnb as this means I can have more control over when people can stay. Thank you for the advice

Had a lovely day today and I'm absolutely shattered. Walked miles with the family and now I'm snuggled up in bed. Mum has done my old room up and it's gorgeous, feel like I'm staying in a hotel. I do feel I thinking about money all the time, even when I'm busy doing things I am thinking about my debt :mad: it's going to be a long few years ahead of me. I've decided no holidays even if I want one and when I get home Monday evening I'm going to put more items on to sell and enquire about some overtime next weekend. This can all go towards paying off my CC1 :j

Flowers123

I've just opened my post I forgot to open when I got home on Friday evening and stuffed it in my bag. I've been accepted for a new current account and you get £150 for switching. :j Going to put £100 in my Christmas present fund and £50 in my EF. If I start Christmas shopping now I'm hoping to get a few bargains as I go along. :T not sure how long it will take to come through.

Just off to have coffee and croissants in the garden and listen to the birds tweeting away. I can't do it at my house, there are usually sirens and all sorts ongoing on.

My parents bought me a takeaway yesterday and I feel bad like I should repay them. May cook some lunch for them today so may have to spend a bit on a few things from the local co0p. I still have my 10% student discount which I can use. I was doing exams at work which have kind of stopped at the moment until I decide what my next move is. I can always pay for the exams myself but they cost so much, I hope to finish them before I'm 30 (just over 4 years) and this will mean I have a degree and will get a higher rate of pay for the industry I'm in :j

Flowers123

I've been having a think of what else I could sell. I have an old laptop which I don't have a charger for and it was pretty much knackered anyway. I wonder if I can get one of my friends with some IT knowledge to clear off all my personal data which means I could sell it. Not sure if I would get much for it as its a good 6 years old.

I do have a lovely nespreSso coffee machine and a Kitchen A1d mixer but I do tend to use these items regularly so I may keep these. Also, they were gifts from the family so it would be very rude if I sold them. Going to have a dig around when I get home and find others things to sell. I have tonnes of clothes and shoes that can go which are too big or I just don't wear. Grr all I seem to be thinking about is money!

Flowers123

Just realised I didn't do my snowball correctly for if I stayed in the city. If I continue paying my loan and at least £150 towards credit cards then I will my DFD will be June 2020. It's less than 4 years away and having read some other diaries on here I know it can be a long hard slog to reach the end but it's achievable. Even if I did move home I don't think I could stay with my parents for 2.5years as I would probably drive them crazy but even if I did it for 6 months I could build up my emergency fund. My friend has a large house so I could move in with him and pay him some rent to stay there. Going to see what happens at my interview today and keep and eye out for other roles

Smodlet

Hi Flowers, I missed only a couple of days, you know!

You have an interview today, on a Sunday? Coo.

It does sound a little bit as if you might be overthinking the whole money situation; there is little point selling things you use regularly, you will just end up feeling resentful, and possibly slightly guilty if they were presents. You might even replace them which would not make financial sense. Whatever Kon Mari, or whatever her name is says, you cannot replace things of sentimental value. Once they are gone, they are gone.

Do you know anyone who is good with a sewing machine? Is altering your clothes which are now too big a complete and utter no-no, from a fashion perspective? Is this the wrong month for them to qualify as "vintage"? :rotfl: You can probably make more than you would save by selling, I guess. You don't have to replace every single item, you know.

Please stop beating yourself up. You are only 26. It does not matter if it takes until you are 30 or 33 to become debt-free. The point is, you will not be 73 or six feet under as will be the case for far too many people. As your debt reduces, your credit-worthiness will increase and you should be able to transfer more and more of your debt to low or 0% options.

I wish you the very best of luck with your interview and look forward to hearing how you got on. Please enjoy the rest of your week end. S x

enthusiasticsaver

Great that you got a switching bonus. First Direct? Good luck with job interview. I would not rush to try and do too much until you know which direction your life is going to take. If you get the new job then presumably the first thing you need to decide is what you do with your house - either rent it out or sell it. Then you can decide from a personal and financial point of view whether you move in to your parents or your friends house. I would make clearing the debt a priority so just choose the cheapest option for now.

Flowers123

Oops I meant my interview is tomorrow, must have been half asleep this morning.

Yes I think I'll keep all my kitchen items. My clothes can't really be altered without ruining them but it's a good idea.

I've been doing a bit of interview preparation for tomorrow, I don't feel like I am ready but I'll give it my best and see what happens.

Just sat down for a cup of tea. Done all my washing and ironing
Meal plan for the week

M-sandwich for lunch then cheese omelette for tea (I have loads of fresh eggs from home)
T- chicken salad and then lasagne
W- sandwich or pasta salad / homemade curry and naan bread (will make extra for the freezer)
T- sandwich / chicken pie
F- salad / fish cakes