Diary time

HotDog2020

Dear All,

I have the same goal as last post, but I am going about it slightly differently, I give you the stats:

Mortgage by 2022 the with no overpayments at present: £50,000
If I can let my room out in my flat I can With savings and room earning by 2022:
Mission 1: pay off credit card £3800
Mission 2: Have £10,000 emergency fund
Mission 3: Pay off £10,000 of mortgage, in a lump sum when it comes to renew the mortgage in 2022.

As it stands
CC Debt 0%: £3622.35
Savings in 1.5% account to pay off CC and save for other goals: £2143.29
Emergency fund: £1200
Mortgage fund/ 0

Mini goal 1: Boost savings by £411.05 at end of month
Mini goal 2: rent room out within next two months
Mini goal 3: I will always pay off 1% of credit card as part of the deal of 0% balance transfer.
Mini goal 4: I try to always put £25 in emergency fund.

I will keep you updated.:beer::beer:

ktinbrum

Hi HotDog, this sounds like a firm plan to me! I'm very much a believer in having a well-stocked emergency fund... just in case... Part of my overall plan this year is to increase mine. I've existed for a few years having about £1k but I'd like to boost this to double.

I like the mini-goals too I'm sure by breaking the MF goal down into more manageable chunks will help keep you motivated.

Have a good week! x

HotDog2020

Thanks Ktinbrum looking forward to reporting new stats, positive stats in the future.:A

HotDog2020

Hi,

I am well on way to achieving most mini goals:

Mini Goal 1: save £411.05 by eom, I had not put the correct figure down here, it was actually suppose to 211.05 plus the money I will get from side job and budgeted money for savings, I am set to put a total of £381.05.
Mini goal 2: rent room out, Done, got someone moving in very soon.
Mini goal 3: 1% credit card pay off - will do
Mini goal 4: £25 emgenecy fund, Will do

This month these goals are already achieved, just the matter of placing the money when it comes in the form of a pay check!

CC debt 0%: £3622.35
Savings to date: £2171.12
emergency fund £1200
Mortgage fund/ 0

For next month my goals are:

mini goal 1: save £900 in savings and rent money and side job
mini goal 2: any excess funds to go in camera fund, new account set up
mini goal 3: put 1% to credit card
mini goal 4: pay £25 into emergency fund

Good luck to all:j

HotDog2020

Hi All,

Mini goals not all going as planned, I have sent back a rejection to the room rental person because I knew I would feel better if I did, I think I suffer from anxiety but have never been diagnosed, everything got a little out of hand, That is £350 per month gone, ah well I guess it will be the slow way and sanity!

Good luck to all

:eek:

A_Frayed_Knot

I have always admire property owners who rent out rooms, and as I have 2 spare rooms always thought I smash my mortgage if I let out the spare rooms. However I like my own
space.

So like yourself I thought I would need to go the slow way and keep my sanity :rotfl: however I love achallenge and was not going to be beaten just because I kept my sanity.

That is where the inventive(ness) - made that word up decended :j I needed to invent ideas that suited me and my lifestyle and keep my foot on the pedal, so to speak. Lots if ideas came from the fab diaries on here, and some invented by myself

If you want a few ideas, let me know - I can list a few that helped/suited me.

Also posting a SOA would let others comment and highlight expensive outgoings.

Good Luck.

HotDog2020

Thanks AFK I have definetely got a challenge ahead of me, I am defienetely spending needlessly also, so I will look into doing an SOA and see what peops have to say. Thank you.

HotDog2020

Hi All,
I have forecasted that I will pay off credit card by End of month which is an awesome achievement, and I am glad to be in that position. I do not receive full salary as I am furloughed and I do not know if I will have work in the future, but I predict that I can save about a minimum of £2000 by end of October, perhaps more if I am taken back part time. All this money will go towards the emergency fund, If I can put more in I will, I am aiming to have about £10,000 in emergency fund before I start paying off the mortgage. Saving to pay off the mortgage will be the next step after emergency fund. So far the emergency fund is about £1100, and with £2000 extra by October (potentially more) I will have about £3100. If we can get back to normal pay It could be more, but they may make me part time permanently, in which case my focus will be on studies before getting another job and the mortgage will have to wait and so will the emergency fund. So Potentially by the end of the year I could be using my emergency fund if I do not get my job back. It is an unlikely event, but possible. I am predicting that I will need to save another £6000 next year, on I do not know what wages, potentially full time wages we'll see? who knows!?

If full time wages it will take £6000/400 = 15 months or less

Part time wages It will take £6000/100 = 60/12 = 5 years ouch!!

or somewhere in between?
Credit card Check
Emergency fund Still to get
Mortgage Paid Still to get

Mortgagefreegonnabe

You sound like you're on a mission, either way. Well done and good luck! Keep us updated with the progresss  

HotDog2020

Hi all,
I am posting my SOA although admittedly it is a bit more like a desired budget almost for when lockdown is over, In reality spending is usually quite high and erratic, I am working on it, I have given myself a small goal to save £150 this month, which I will just about do ( I think!), having spent £320 on car insurance which I had no fund for at the time and cutting down on some other costs for the rest of the month. (I now have a fund for Balancing service charge, ground rent, Tax disc and Car insurance, £72).

Statement of Account
Household Information:
Number of Adults in Household: 1
Number of Children in Household: 0
Number of Cars Owned: 1
Monthly Income Details:
Furlough Wages: 1326.00
Normal Wages: 1559.00
Other Income: 130.00
Total Monthly Income (Furloughed): 1456.00
Total Monthly Income (Normal wages): 1689.00
Monthly Expenses Details:
Mortgage	199.37
Service Charge	141.72
Council tax	115.00
Gd rent/bal serv chg/tax etc	72.00
Heat and light	70.00
Water	32.00
NS&I - emergency fund	25.00
Phone&Internet	23.98
Car service	16.02
TV Licence	13.20
Contents Insurance	12.53
NHS Prepaid	10.40
Mobile Phone	3.33
Food	217.00
Petrol	60.00
spend	100.00
Total Monthly expenses	1111.55
Assets:
Cash	200.00
House Value	110000.00
Premium Bonds	1125.00
Car	5700.00
Other Assets	600.00
Total Assets	117625.00
Debt:
Mortgage	52556.58
Student Loan	15660.92
Credit card	700.00
Total Debt	68917.50
Monthly Budget Summary:
Total Monthly Income (furloughed)		1456.00
Total Monthly Income (normal wages)		1689.00
Total Expenses		1111.55
Total Remains Furlough		344.45
Total remains Normal wage		577.45
Personal Balance Sheet Summary:
Total Assets	117625.00
Total Debt	68917.50
Net Assets	48707.50

So that is it any advice feel free to get back to me.
Ohh yes and from the last post I was going to of pay off the credit card, this did not happen as I had to buy a new computer! but it is still 0%, so no major worries there.

HotDog2020

Hi All,
Things are not as good a budgeted/ planned. I decided that I wanted to pay off the credit card immediately although I did not need to (as it was 0%) using savings. My total cash is below £1000, so feel a little vulnerable. 
This month I have saved some money however by paying for car insurance upfront, savings 30-40, however very little money left to put towards goals this month.
Credit card ZERO
Emergency Fund: £525
Mortgage: NO OP
Goal For the upcoming months put money towards emergency fund.