Countdown from £28k...

ryanm8655 · 13 August 2020 at 2:16PM

Naomim said:

Sorry, after I posted I did think maybe I shouldn't have.... it's tough being in someone else's space.

We moved to the in-laws for 6 months a couple of years ago when our house was being re-configured. Didn't have those issues and I love them with all my heart but, my MiL is a control freak. Couldn't even put an empty cup on the coffee table without being told to take it to the dishwasher. It was enough for all of us, them included.

Just keep your goals in mind and before you know it, you'll be back to your own place, knowing you can budget well and have a social life 😁

Naomim

Not at all, it's good to know I'm not being unreasonable in my thinking

Your MIL sounds similar to one of my householders

Yeah, I need to get back to focussing on the positives, join the gym and start going on drives again for the escape.IrishSean said:

Lol, i'm thinking about asking DW if we can suggest moving in with her parents for a few weeks in 2021 so we can get a lot of work done in our house in one go; now i'm not so sure, lol.
I can see merits of tracker when collecting ppl but if it were me i'd have it turned off. I remember a mischievous (i'm being kind here) sibling encouraging my mother to go through my bank statements (taking out of envelope & reading, then confronting me). I was working and getting a grant; I was so angry & was only 18; no debt no help from others so no1s business. I was surprised I survived 3 years back as a boomerang til I got married!

Boundaries are def as important as having plans of ur own to again enjoy independent.

Haha, I guess knowing the timeframe is short will help.

Shocking re: bank statements...I'd have been livid.

Onebrokelady · 13 August 2020 at 2:35PM

Hi,I lurk on and read your diary and just want to say for your sanity I would look at getting out of there ASAP ......it was the tracker app that did it for me 😀

Onebrokelady · 13 August 2020 at 2:36PM

Forgot to say I think you are doing amazingly well with your finances,I wish I had learned my lesson when I was your age !

ryanm8655 · 13 August 2020 at 9:04PM

Onebrokelady said:

Hi,I lurk on and read your diary and just want to say for your sanity I would look at getting out of there ASAP ......it was the tracker app that did it for me 😀

Haha! Yeah, my mates (and even my uncle) just thought the tracker was weird

Thanks for checking in and for the kind words.

Some positive updates for the diary. I've just renewed my car insurance and saved myself £10/month plus got £72.50 cashback via quidco. I had the cash to pay in full but decided to pay monthly just because I can then cancel without penalty. I also added breakdown cover for £1.90 a month (cheaper than the £35 quote I got previously and for the same features). Going to cancel the nationwide paid account by switching to Halifax for the £100 bonus.

Another £46 off the total as the Virgin DD came out yesterday, every little helps...

Have done a few different payment scenarios to check out my debt free date. Paying £2k/month would leave me with £500 left by the end of this year. By paying £2500 as of September payday (my first in the new job) then I'd clear it all by the end of the year but also have £1500 saved as I'd have £1000 left to pay in December.

January seems like a sensible target to move back to London, depending on what happens with the law side of things.

Have stuck a few more fragrances up for sale, no interest yet so may have to lower my prices a touch but should still make about £100 profit.

Thanks,
Ryan

ryanm8655 · 17 August 2020 at 12:48PM

It's that time of the month again, all of my DDs have now come out... £500 to Barclays, £50 to Natwest and £46 to Virgin. That puts the total at £10501.45 with payday still to come.

May have to pay a bit less off this month just because of the rent situation but will work things out on payday. I also had to pay extra for car insurance this month as I had to pay the £44 deposit plus the monthly payment at the end of the month. I do have the £100 to come from switching bank accounts though, plus still have some fragrances to sell. Any shortfall this month should be made up for next month when 3/4s of the months pay will be at the higher pay grade plus I should have a windfall from being paid for unused holiday. Though I am still waiting for the contract for the new job...it doesn't bode well for me being paid on time when I do start...so it may well be I have to pay more in October in case of pay !!!!!! ups...

Thinking I should probably do another SOA since my expenses have changed, with the rent and changes to insurance plus salary change to come. It would also be good to review my expenditure. I've found my money has gone nowhere near as far this month. It's a combination of things, I've eaten out a number times, started paying rent, had a bit extra on car insurance, had an unusually high phone bill, bought some new shorts for summer and also had the expense of a hotel and meal etc. for the assessments for the law job. Still have another 10 days left and I'm basically out of cash...Have £45 left on my AMEX that I use for expenses. Do have some cash in my other account I could switch over...

ryanm8655 · 18 August 2020 at 12:13PM

So I decided to go through last month's bank statement and expenses and have produced an updated SOA. Last month was a little atypical in that the entertainment was higher than it typically would be in lockdown due to booking a hotel, among other things but figure it's better to overestimate than underestimate, plus with meals out being more frequent it's probably not unreasonable to expect inflated expenses.

Have found out I get a phone in my new job with unlimited data etc. Need to check how long is left on my contract but should stop me going over my data in future and I'm sure my contract ends soon (I'm being emailed deals from O2 to upgrade).

I've put in my minimum payments to the SOA rather than what I actually pay, I typically clear £2k a month at the moment and have regular DD of £500 on the Barclaycard plus £46 and £50 on the Virgin and Natwest (which are long term interest free).

I'll update it again once I know my new pay level.

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 0

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 2991.09

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 2991.09[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 220

Management charge (leasehold property).. 0

Council tax............................. 0

Electricity............................. 0

Gas..................................... 0

Oil..................................... 0

Water rates............................. 0

Telephone (land line)................... 0

Mobile phone............................ 36

TV Licence.............................. 0

Satellite/Cable TV...................... 15

Internet Services....................... 0

Groceries etc. ......................... 320

Clothing................................ 50

Petrol/diesel........................... 70

Road tax................................ 0

Car Insurance........................... 46

Car maintenance (including MOT)......... 50

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 6

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 50

Haircuts................................ 0

Entertainment........................... 200

Holiday................................. 0

Emergency fund.......................... 50[b]

Total monthly expenses.................. 1113[/b]

[b]

Assets[/b]

Cash.................................... 500

House value (Gross)..................... 0

Shares and bonds........................ 120

Car(s).................................. 1500

Other assets............................ 0[b]

Total Assets............................ 2120[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Barclaycard....................2352.52...85.38.....0

Virgin.........................4328.64...43.75.....0

Natwest........................3820.29...38.71.....0[b]

Total unsecured debts..........10501.45..167.84....- [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,991.09

Expenses (including HP & secured debts). 1,113

Available for debt repayments........... 1,878.09

Monthly UNsecured debt repayments....... 167.84[b]

Amount left after debt repayments....... 1,710.25[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 2,120

Total HP & Secured debt................. -0

Total Unsecured debt.................... -10,501.45[b]

Net Assets.............................. -8,381.45[/b]

[i]Created using the SOA calculator at www.stoozing.com.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

ryanm8655 · 19 August 2020 at 12:24PM

Good news, finally got the contract!

New take home will be £3682.32, as much of the raise gets eaten up by increased student loan and pension contributions.

September pay will be 6 days at my current rate but I should also get roughly 10 days of pay extra, so should be able to clear extra from September onwards.

Will do the calculations later.

Sarahwithlove · 19 August 2020 at 3:24PM

Wow that's great you should hopefully be able to clear some more debt with the extra and it means your pension will also benefit from it too.

ryanm8655 · 20 August 2020 at 12:01PM

Sarahwithlove said:

Wow that's great you should hopefully be able to clear some more debt with the extra and it means your pension will also benefit from it too.

Thanks for the reply! Yeah, my pension is an average salary pension at the moment so pretty sweet. As I'm in a higher salary band I now pay 7.35% of salary rather than 5.4% but still well worth it, even if I can't retire until 68 :-/ (The age keeps going up, it was 60 when I started...though I think we can retire earlier and take less...)

So this is how the SOA will look for October: