Facing reality

Sarahwithlove

Last day at work for me before the new year and I am all caught up on my paperwork so having a rather chilled afternoon. I have some training at 3.30 for my new role but shouldn't take too long. I'm counting down to 4.45 when I can log off, I took a shorter lunch for this purpose. 

So one of things I have been looking at today as I still need to be at my desk in my budget or forecasted budget for the next 8 months. I have estimated my council tax/water rates/service charge based on predicted increases and the fact that they should all move to single occupancy rates from April. With this in mind I need to make a £100 payment this month (I have £200 in PAD account) to make August be when I become credit card free. This ties in nicely for me as my mortgage and energy bill fixes come to an end then. Ideally I would like to clear it before then but it gives me something to aim for. 

So as things stand these are my debts 

£1100 on MBNA 
£2871 on Virgin 
£3800 Dad Loan 
£353.52 O2  

these are all 0% and o2 is my phone contract but they separate the device from sim plan so actually I could pay this off early and then that's £10.72 less a month paid out. 

POA is 
Jan - £1100 off MBNA, £50 off Virgin, £100 to PB for dad loan, £10.72 off O2 via payment. I then have £50 a month going into a saver, and £50 a month to sinking fund to top this back up. 

Feb - onwards is no MBNA YAY! So focus shifts to Virgin will keep the regular £50 DD going along with £100 to PB for dad loan, £10.72 off O2 via payment.  £50 into saver, £50 to sinking fund. Predicted extra payment for Virgin is £550

Mar  - Virgin £50 DD, £100 to PB for dad loan, £10.72 off O2 via payment. £50 into saver, £50 to sinking fund. Predicted extra payment for Virgin is £400

Apr - Virgin £50 DD, £100 to PB for dad loan, £10.72 off O2 via payment. £50 into saver, £50 to sinking fund. Predicted extra payment for Virgin is £350 - based on predicted increase to bills

May - Virgin £50 DD, £100 to PB for dad loan, £10.72 off O2 via payment. £50 into saver, £50 to sinking fund. Predicted extra payment for Virgin is £350 - based on predicted increase to bills

Jun - Virgin £50 DD, £100 to PB for dad loan, £10.72 off O2 via payment. £50 into saver, £50 to sinking fund. Predicted extra payment for Virgin is £250 - based on predicted increase to bills

Jul - Virgin £50 DD, £100 to PB for dad loan, £10.72 off O2 via payment. £50 into saver, £50 to sinking fund. Predicted extra payment for Virgin is £250 - based on predicted increase to bills

Aug - Virgin £50 DD, £100 to PB for dad loan, £10.72 off O2 via payment. £50 into saver, £50 to sinking fund. Predicted extra payment for Virgin is £350 - based on predicted increase to bills and should be the last CC payment. 

Of course my plan is to bring this forward quicker but I wanted to put the figures out there to try and hold myself accountable and reduce overspending. No purchases for the sake of it or because it sounds nice or good. Need to think things through better. If want something big that cant come out of my spending money then I need to save for it. 

Sorry for the ramblings but feels good to put it down on here. This is of course providing there is no major Emergency that cant be covered by my Emergency funds. 

SusieT

Are the predicted payments from surveys etc. or from salary budgeting? It sounds achievable, and a plus for you is that if you wait until the end of the month and do the extra payment in 1 go, there are only 8 more manual payments to do, and that is very close to being the end of it. Will be great for you to be able to go into the new mortgage and utility rate with no credit cards to think about.

Sarahwithlove

SusieT said:

Are the predicted payments from surveys etc. or from salary budgeting? It sounds achievable, and a plus for you is that if you wait until the end of the month and do the extra payment in 1 go, there are only 8 more manual payments to do, and that is very close to being the end of it. Will be great for you to be able to go into the new mortgage and utility rate with no credit cards to think about.

This is just from wages and payment breaks for council tax and service charge as both are only 10 months. I will use surveys etc to do PADs and hopefully bring it forward a month or two if I can. Just means being strict with myself and planning ahead for activities I have planned each month so don't go crazy and spend too much on eating out. That's my downfall. Hoping it's just where it's been Christmas 

Sarahwithlove

Plan was for today to be a non spend day (would have been 3 in a row) but I decided that @sda would probably be quieter this evening then tomorrow. Filled up up with petrol and that should do me now until end of month when budget starts again so transferred the remaining £17 to PADs pot. I also think I will probably get some petrol money from my cousins as I am driving us to football rather than getting the coach as cheaper for us all. Spent £14 on food shop to top me up and see me through until next week. May have to get some more milk and fizzy drinks mid week but otherwise think I should be ok until next weekend. I topped up earlier this month on household stuff and toiletries so they should be ok until next month as well. My shop today finally pushed me to next milestone on the rewards app so cashed in a £10 voucher that's ready to use next time I do a food shop. I will PAD at that time. I have £75 to last me until end of month, £25 tomorrow on my massage and then remainder will probably go on meals/days out next week. Should be able to make it stretch. 

jwil

Good luck with the plan for next year

mark55man

Yes as Jwil says - you have done a lot of good thinking and your plan is solid.  There will be swings and roundabouts but compared to this time last year it feels like you are a lot more in control of your destiny.  which is a great and well deserved place to be.  Have a great break

Sarahwithlove

mark55man said:

Yes as Jwil says - you have done a lot of good thinking and your plan is solid.  There will be swings and roundabouts but compared to this time last year it feels like you are a lot more in control of your destiny.  which is a great and well deserved place to be.  Have a great break

Thanks I do feel like I have more control in regards to my future. Still a bit nervous about impact of mortgage rise and gas electric rise when my fixes end as right now I'm on a good rate for both so its going to leave me with less spare. But I have 8 months to get myself in best position financially in regards to debts and hopefully spending habits. Though I did end up buying myself breakfast at Costa this morning not my best plan. But it means I still have my free one left for next week when I travel for football as it will no doubt be needed then. 

jwil

Have a lovely Christmas 🎄

Sarahwithlove

jwil said:

Have a lovely Christmas 🎄

Thank you hope you have a good Christmas as well x

Sarahwithlove

So everything went to pot, Ok slight exaggeration but not far off. I got this cold thing that's been doing the rounds along with tension headache and basically been living off takeaways and crappy food. Not good. Need to feel better. I had to also purchase some new trousers and trainers as mine are past it and I don't have enough office wear that fits. Hoping that I can sell some bits I got for xmas that I wont use/don't like and other bits as I declutter to make up the money. I also had to top up my car with petrol this week which didnt help. I put £50 in to get me through until next months budget kicks in (i.e tomorrow) though may wait and do it from Tuesday as I would imagine that's when all my DD's and SO's will actually happen. I had to move some of my saved money for credit card overpayment to my account to see me through. Not ideal but better than getting into more debt.

On that note I am tired and still full of a cold so I am off to bed and hoping I sleep through the new year. See you all in 2023.