New Life Pending.....

enthusiasticsaver

Iwantanewlife wrote: »

The good thing about working my notice is I now have plenty of time to think things through. The main thing being money, and bridging the gap between pay days without all the hard work falling down around me. The motivated me wants to chuck all the money ive scrapped together for next pay days over payment at the debt, but after a couple of well placed comments on here im thinking im going to need to put it aside in savings just in case something goes wrong on the transition. Part of me is thinking that actually, when i was paying off the ridiculous APR loan i lived on nothing, and although it was hard, it was doable and i proved that. I know myself too well, and i know that if i have money sitting in an account it will get spent. But maybe that was the old me? I want this debt gone so badly, and being able to see the light is making me want it gone even quicker.

My other thoughts have been back around this company car vs car allowance debate we had a few weeks back. Ive been exploring my options again. After using the tax calculator, I will be losing nearly £500 pounds every month in tax on a company car. If i take the allowance, ill be not gaining money because it will be spent on a car, but i will be gaining an asset. I understand that its a risk in terms of if i lost my job i would still be left with the car, but actually the likelihood of me not finding employment along the same levels is pretty slim in my experience ( i hope i haven't jinxed myself ). The thought of actually owning an asset is really pulling me, rather than just always being reliant on company owned vehicles and paying a fortune for it in the process. I have had a soft credit check on a HP loan, and been approved with an APR of 8% which considering my credit rating, is much better than i thought i would get. I would also be able to overpay the loan with no penalties. I have applied different scenarios into my budget calculator, and i can make it all work still saving a base line £250 for the house deposit and live a nice quality of life. If i went full MSE i think i could shave another £100/£200 for savings. I have also included a budget for all yearly costs, even down to saving for my sons summer holiday child care fees which usually catch me out!

Arrggghhhhh my mind is swirling! All this uncertainty, although exciting for new beginnings its also making me feel nervous!!

£500 in company car tax is a lot and 8% is not bad considering you have only started sorting your finances out relatively recently. As you say you will also gain an asset. Are there stipulations on what car or age of car you have to go for? The reason the tax is high is because the company car must be a high value one. If you buy one yourself can you go cheaper?

PurpleFairy26

Also remember that £500 will go up each year as it escalates by 1 or 2% each year of the taxable % so if it’s 16% now it could be 20% by the end of the lease. This often catches people out. Having your own definitely gives you more flexibility, particularly as you don’t seem to do high miles actually at work.

Don’t forget you can claim tax relief on mileage too if your employer pays less than 45p/mile on fuel in your own car for business. You can only do this after April each year, but will be a few pennies and really easy to do via HMRC. You just need to know how many business miles you have done and how much you have been reimbursed

Iwantanewlife

oh you guys are so knowledgeable i honestly dont know what i would do without all of you!! #cheesyiknow

wishingthemortgaheaway

My company only pays 40p per mile, I'm up to £250 of those 5ps now.

It soon adds up.

Iwantanewlife

Drawingaline wrote: »

Glad you feel that the school is being supportive, I hope it all works out.

My 10yr old is on the spectrum, is yr6 and coped pretty well until yr5. I am dreading him going to secondary, it's a whole new ball game!

My 7yr old is the disruptive child. Basically he is a child not suited to shool he has never settled from the beginning of yrR, he has been excluded for violence towards teachers and other students on numerous occasions (proper violence, chair throwing, headbutting, he threw a whole tray of weights at his teacher last month). He spent two terms in a special behaviour unit when he was yr1. He has made huge strides, but needs full time one to one care. I think he possibly has adhd with how he is, but he is, without doubt, on the autistic spectrum, but totally different to my 10yr old.

He is the most loving, gorgeous, imaginative, wonderful boy, who is funny and articulate when he is calm and secure. If he feels any kind of emotion though, he turns into a different child. He cannot speak, he screams, he lashes out, and he throws anything and everything. He is incredibly clever and way above his peers in most school work, but lacks confidence in his own abilities. It breaks my heart sending him to school every day into this environment that he hates. (he adores his one to ones though!) but I cannot afford to home school which is possibly the environment he would be suited best.

Other parents who claim their child is awful at home and a dream at school are lucky in my eyes. Every time my phone goes I am just waiting to find out what he has done this time. Luckily the school have had my older three children, so at least I know they are not judging our parenting!!

Sorry to hijack, I go a bit overboard about it sometimes, it's so difficult finding places I can offload safely. Very few people understand the stress and strain this kind of experience put on you.

you are not hijacking at all, its really nice to hear from somebody who understands what ive been feeling the last week! reading your post gave me lots of comfort of not being alone, if you get what i mean?? I completely get you with the dreading feeling of 'what has he done today' with my son, its more being silly rather than anything else, but thats equally annoying for the teacher im sure! Its good your son is getting the one to one that he needs, and seems to enjoy it. Have you taken him to the doctor or anything? I have an appointment on the 11th to basically check out what they think, although i feel really nervous about labeling a 7 year old. However, i think it would be best that someone who is actually qualified can have an opinion as opposed to me just speculating.

Drawingaline

We were referred for asd testing about a year ago, at least a two year wait. As he is getting the support at the moment I am not pushing too hard.

My older son was six months from me contacting the health visitor to diagnosis as he was so young. He is odd and struggling with some aspects of school work but is generally quite easy going. At least up to now!

Iwantanewlife

The waiting lists are ridiculous. I have private medical insurance through work, so i may well use that i think. I havnt heard of ASD before, i definitely need to start researching the subject a bit more. Thank you for your reply x

Iwantanewlife

Good Morning All

So the weekend, as usual, has flown by. I had a nice one, pretty chilled and relaxed. Im always so tired from the week, i feel like i never have the energy to do much by the time the weekend has come!

Money wise, all is within budget, im on the 10 day countdown to pay day to refresh the pots. Ive been thinking loads about the comments above and the debt payment vs saving for the cross over of jobs. I think im going to go with the majority. I will pay just over the minimum payment this month, and save the rest, just in case. Really pains me to be honest, but i need to be sensible.

Another boring week ahead for me as not a lot going on whilst working my notice, on the plus side does give me lots of time to research cars etc. Silver lining and all that!

enthusiasticsaver

I think going cautiously for now is the best move given you are changing jobs. Good luck with the car research. When do you need to decide by?

Iwantanewlife

enthusiasticsaver wrote: »

I think going cautiously for now is the best move given you are changing jobs. Good luck with the car research. When do you need to decide by?

Well i officially finish this role on the 30th, so the car will have to go back then. However, as they keep flirting with the idea that they may let me go at the start of January as ive requested, i need to make sure that im organised so i dont get caught short. Its difficult as i do not want it too early as ill obviously have to start paying for it, before i get the payment from the new company. I was thinking over the weekend, wondering why this was stressing me out so much, and i realised i hadnt actually owned a car since i was 18! with my new outlook on debt, it seems really against the grain to even be considering taking on more, even if its not actually me paying for it! silly i know :rotfl: