Rennovations and the price to pay..

Pengwern

It’s payday on Friday and my budget says I should have £30 left till then.  My bank balance however is showing as £140.  I have tried to reconcile the two bits of information more times than I care to admit but I cannot see where it is going wrong.  I’ve decided that I will put the spare money on the cc and that should reduce the balance that will be left at the end of the 0% term to £120. That leaves me 10 months to cover that amount which at this rate is going to be ok.  Once I have done that I will just let it tick along and focus on the next cc which is £2300 to clear in just over 12 months! 

Pengwern

Hi 
we have started another room. It’s had to be stripped right back to the brick walls and beams. We discovered woodworm and a beam that was not supported properly and a chimney that needed serious repair.  We have fixed those problems and the plasters should finish on Monday. I also collected a reclaimed fireplace for the unblocked chimney. It’s been another rollercoaster but we have turned the corner.  Money wise it’s cost more that we had thought due to the problems but we are taking it in stages and it won’t be truly finished till we have the cash.  I was also gifted£500 by a family member which was so lovely and will really help cover the extra costs.  What I have done though is take my eye of the food shopping.  Started to go back to just buying nice things,  need to get that under control again.  My cc balance will tip below £25k this month which I am pleased about. 

foxgloves

Pengwern - We are also at the start of a big home improvements plan. Asbestos removal, new soffits, fascias, gutters, shed roof etc, so far. Tree work this week plus surveyor to look at chimney chop out. And other stuff we hope to do before builders arrive to do the main work late summer. I've ring-fenced a sum of money & so far quotes are coming in roughly as expected or a good bit lower, but you never quite know what problems workmen will find once they get going & start stripping back the layers. As I've moaned about in my own DFW diary, at some point there has been a previous owner of our house who was completely atrocious at DIY but has obviously had a go at everything himself. We just think we've put right all his terribly executed projects, then we uncover another one........so I have my fingers well & truly crossed for the year ahead!
F

Pengwern

Covid19 fallout has hit us.  Husband has had pay reduced by 25% overnight.  Need to regroup but all current renovations are on hold and I’m frantically redoing budget to see what we can now afford. I know that’s not as bad as some but it will hit hard. Stay safe and I hope everyone is being sensible and staying away from others and being responsible food buyers.  Less is more as they say.

Pengwern

Hi 

ive been trying to reduce our outgoings so I have cancelled all mortgage overpayments should be about £150/month. Cancelled swimming subscription and reduced one cc payment by half, still above the minimum but it will help.  I have also applied for another balance transfer card and that should be heading here soon,  it’s for 27 months and I will move the shortest 0% card balance to that.  The 27 months in effect gives me an extra 18 months as the current one expires at the end of the yr.  obviously fuel costs have gone down and I have removed any budget allocation for drinks out.  DIY has stopped, well we can only do it with the supplies in the house.  We have spent the weekend in the garden preparing the veg patch and planting seeds.  Fingers crossed for a bumper crop.  

Pengwern

Hi 

nEw balance transfer has been completed for 27 months. Surprisingly the credit limit is higher than I thought.  This means I’m going to move 2 CC balances on to it and I don’t have to worry about them until the middle of 2022.  The one CC that expires in dec this yr I will now focus on and make sure is paid off.  The other CC expire in 2021 so I can think about them in 6 months time when I will know more about my husbands income.  How we can manage on a 25% reduction to his salary I am not sure, but at the current rate our expenses are very low. My car service and hair cut were cancelled so those expenses can be put towards something else, my current food bill is being maintained I’m refusing to over shop, but planning each week out and making sure that is all we buy for each week.  

My work in government continues I’m just waiting to be redeployed to some of the emerging emergency covid19 work.  I have 1 week left then 2 weeks al. I know I can’t go anywhere but. Am really looking forward to having some down time.  I will try and stay away from the news and concentrate on doing the jobs needed around the house,  well those that we have supplies for.  No DIY shopping trips for me, I’m taking this social distancing very seriously 

remote_control

How's it going now? Sorry to hear about Husband's wages. I haven't been on here for months as I don't feel I can over pay on debt when future is uncertain. 

Pengwern

Hi 

thanks for checking in remote_control my husband is still furloughed and remains on his 25% pay reduction.  We are Paying the bills and I’ve asked for a interest free od just in case. We stopped all mortgage overpayments and have tried to continue to overpay on the cc.  What has improved is the fact that he no longer has meal allowance taken from his pay and as we are meal planning every meal and doing 1 weekly shop we are actually better off in the food budget.  That is helping us to make the small over payments on the cc. All renovations have stopped apart from buying a tin of paint. I could not stare at semi painted walls any longer. It has made a massive difference.  We currently owe £23000 on cc so compared to last September we were doing ok.  I am managing to save a little each month as my extras like coffee out and little bits have completed stopped. It’s been a revelation really to how it all adds up.  That is going to an emergency fund to either use if the worst happens with my husband’s job or to pay off the cc at the end of the 0% deal.  Like I said we have £23000 on cc and have £5000 in savings so fingers crossed we can use that for debt payments.  The sooner they are gone the better as We are spending £500/month on cc payments.  

remote_control

We are similar, we are saving loads each month but putting it all into a savings account. If we come out of this fine job-wise it will go to the cards, but if not we've got about a month's wages saved. Our food bills seem to be more! But we are saving money elsewhere e.g. no meals out or takeaways and little bits here and there. Also travel, clothes, holidays, children's activities. It's funny - if I had suggested cancelling everything and not going out for a few months in order to save money we wouldn't have done it. Goes to show what you can save if you put your mind to it. Although not being invited out to things e.g. lunch with friends etc makes it easier, in normal times I don't like to not go to nights out etc.  

Pengwern

Hi 

we have decided we really need to get the patio sorted. It is causing a lot of stress in the house and I know it’s not essential but it needs doing.  We were hoping to get the house valued this spring with a view to remortgaging as the extension will have added value and therefore the LTV has improved.  This should have got us a cheaper rate.  What with the housing market and my husband’s reduced salary I think that plan is on hold. 

I managed to bring the weekly shop in at £60 this week which is a vast improvement. I took my eye off it and it crept up and up.  So many birthdays this month too.  Next month I’m back on the austerity plan. What it does demonstrate is that I can save money if I stay home and don’t keep buying the small items