YNAB...ing my way to freedom!

ceb1995

the only thing I would say is that's £480 a year on presents which could definitely be decreased. it sounds like you live with your partner? if that's the case I would tell them, if only so they know why you won't be spending as much on entertainment and such.

SuperFrank88

mark88man wrote: »

Hey there! Good luck with your challenge. I am another in the 3-4 year time frame, although for me that is Mortgage Free as well, but the budget and discipline needed feel the same.

I wanted to say that I wish I had gone as hard at it as you are, so although it will be very bumpy you will be sorted much quicker because you are not shilly shallying. The most important things I would say I have learned from my too many years of on off debt-busting are to reduce the amount you spend on your kids while they are young - you will need it more when older. secondly it is the small things you do a lot that make the most difference to your budget so be really strict with yourself and thirdly when you know the full shape of it open up to your partner as you will have two pressures that you could do without - one the secret, and two why you never want to do the things you used to.

Hi mark88man, thanks for the suggestions. That is a great point about not spending too much will the nippers are young. I always say how quick they grow but don’t actually think about the financial impact that comes with it. Well and truly noted thanks.

I have bought a pack of money envelopes and every week I will have £30 CASH (not using plastic anymore because I was too tap happy). Whatever is left at the end of the week will go in a savings tin to be opened at the end of the year

SuperFrank88

ceb1995 wrote: »

the only thing I would say is that's £480 a year on presents which could definitely be decreased. it sounds like you live with your partner? if that's the case I would tell them, if only so they know why you won't be spending as much on entertainment and such.

Hi Ceb1995,

I agree this is probably too high. This year I will reduce this by buying early and storing instead of waiting until Xmas week and paying full whack!

Yes live with my partner who’s house it is. The reason why I didn’t want to tell her was because she has just given up full time work to go back to uni to do a full time degree, so the way we live has had to change now anyway and we have started to live more frugal as a result of my partners situation, which in turn has played out perfectly for me in my situation because I can mould to live like she will have to now. Hope that makes sense

SuperFrank88

Hi All,

So yesterday was another NSD, took DD out for a walk and took a picnic with us and some coffee in a flask (normally I’d buy a coffee while we were out).

So as you know I’ve cancelled my lotto DD. Last night was my last draw that I’d paid up in advance for and low and behold, this morning I wake up to a ‘News about your ticket’ email!

Log in while thinking I’m a millionaire...£30. Such a coincidence hey that the last draw I’m entered into and it wins so that money is being paid into my account and will go straight into my EF when I get it.

Today’s plans are to have a quiet day before the working week begins. Contemplating going out for a run but the weather is miserable at the moment. Now that I’ve actually written that it sounds so ridiculous! I AM GOING TO GO FOR A RUN!!

Will make a soup later for a few days work lunches and boil up some eggs as my morning snacks.

I’ve got £15 left out of my weekly ‘pocket money’ envelope. I don’t NEED anything today so that will go into savings too. So today is looking quite valuable actually with the lotto win.

Have a great day

SuperFrank88

Well I did go for that run and bloody enjoyed it too! Only a 5k and at a decent pace too which I was surprised at seeing as I’m carrying a few extra Kg’s from Xmas which made it more difficult.

Forgot to note, took 2 bags to cash for clothes on Saturday which bagged me an extra £5 which went into EF.

Made a sweet potato & red pepper soup for work lunch this week, very nice too.

Already had a text from one of my creditors (Vanquis) this morning chasing payment. Then I remembered that they hadn’t frozen the account when I originally rang to say that I was entering DMP with Stepchange because my account was up to date. So I need to ring them back and ask them to freeze account.

Already starting to find it a challenge now that I’ve got people chasing me. Thinking am I doing the right thing by not going ahead with DMP with Stepchange in order to build up EF.

I know I am doing the right thing but it doesn’t make the anxious feeling any easier hoping that the accounts don’t take too long to default so that I can at least start paying something which will make my conscience feel a little less guilty and get them off my back with all the letters & calls (they haven’t even started yet!)

SuperFrank88

Hi All,

So today is pretty much the same as yesterday. I’m a proper creature for habit. Eat the same things at the same time everyday during the week. Suits me.

I did ring sky this morning to put my cancellation notice in for 25th Feb. They tried their best to keep me, reduced it down to £17.50 but I held strong and said no! That will save me £38pm.

Also phoned Stepchange, they emailed me this morning saying that they needed some further info in order to set my DMP. They obviously didn’t get the memo of me not wanting to set it up just yet, maybe lost between different departments.

Anyway, while I was on the phone I asked about how long in advance I could set the DMP up for because I wanted to build up a EF first. They said they would be able to do March/April but June would be too much of a push. They said maybe to set up a smaller payment until June and then review it.

What I am thinking is if I should play about with my SOA so that it shows that I have less left at the end of the month to pay towards the DMP, then just put the surplus into my EF until I am happy that I have enough in the pot. Once I do then I can adjust my DMP to pay more and clear it ASAP. Make sense? Does in my little head

But the whole reason for me not starting the DMP just yet is because I want my accounts to default so that I am not punished further in 5/6 years time when one of my creditors could apply a default then, rather than now.

Any feedback would be most welcome

Have a great day.

Starmummy

Hi Frank

welcome to the forum.
You seemed very determined...well done on the 5k too, running is a free activity you can get a buzz from.

Looking at your SOA:
Does that include maintenance for your daughter?
Also your car maintenance looks low. £10 a month barely covers MOT never mind servicing and bulbs/tyres. You might want to double this or more depending on the age of the car

SuperFrank88

Starmummy wrote: »

Hi Frank

welcome to the forum.
You seemed very determined...well done on the 5k too, running is a free activity you can get a buzz from.

Looking at your SOA:
Does that include maintenance for your daughter?
Also your car maintenance looks low. £10 a month barely covers MOT never mind servicing and bulbs/tyres. You might want to double this or more depending on the age of the car

Hi Starmummy,

Yes you are right! Just been on the Halfords Autocenter site and it is £210 to MOT & Service my car so that's £17.50pm :doh: It is due in March along with the car insurance and timing belt water pump, so March is going to be an expensive month!

This forcast budgeting is harder than I first thought. I keep thinking about the now instead of the future! I am going to spend tonight going through it with a fine tooth comb so that I can get a more accurate look on my figures :money:

SuperFrank88

Evening All,

So today is the day. Woke up to an email saying my credit report had an alert, logged in and capital one has logged a missed payment. It’s all starting to feel real now. That’s the first missed payment I’ve had.

Vanquis keep sending me texts saying they will charge me £12 for a later payment and want to know why I am experiencing financial difficulties before they freeze my account. A £12 charge is the least of my worries at the moment to be honest.

Need to get back in touch with all my creditors to let them know that I plan to enter a DMP but it is going to be delayed for a few months.

SuperFrank88

I got myself in such a pickle last week with the whole issue around telling (or not for that matter) my partner about my debt situation that I actually went onto the Royal Mail site and paid £156 for a PO Box for my mail to get sent to the sorting office instead of my home address! Turns out that I selected the wrong option and it should’ve been £220!

I know how ridiculous this sounds and I have decided to cancel it (if I can get through to RM customer services!!!! and just deal with the letters when they come.

I am still plowing away everything I can into my EF. Sold a item this weekend which I can’t justify keeping for £1k. This has gone straight into my credit union account (EF) because I’ve got no card for that account so it’s forgotten about. So my EF is up to £1481 . Its great to start having the pot grow so that I can get to a good amount before starting my DMP.

Next week I also need to get holding letters printed out to send to all my creditors because my accounts are only on hold until the end of Jan. Vanquis still sending my daily texts to ask me to bring my account up to date or to set up a payment plan, replied saying I am in touch with Stepchange to set up a DMP, so will wait and see what reply I get tomorrow.