Attempting to get MF again...

Its been about 4 years since I've been on this site, a lot has happened. I am going to use this page as a motivation to get myself back in financial order, get rid of all debt/mortgages.

Our current debts are as follows:
0% Credit card  - £1,213.30 (0% rate until Mar 2022)
Mortgage (our house) - £92,600 (fixed until 28/02/2023)
BTL1 mortgage - £101,000 (fixed until 31/07/2021)
BTL 2 mortgage - £114,490 (fixed until 31/08/2021)


Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
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Comments

  • frugalfrog
    frugalfrog Posts: 275 Forumite
    First Anniversary First Post Combo Breaker
    edited 2 January 2021 at 5:28PM
    My aims for 2021:
    1 - Have a complete clear out - fb sell / ebay / charity - my house is inundated with clothes that are too small and toys that are unsed
    2 - Have a fully sunk Christmas budget by November
    3 - Sinking fund for all other annual costs
    4 - Have £1,000 savings for emergency
    5 - Pay of 0% CC 
    6 - Get the garage roof replaced - this is a priority as this is where Hubby works - current estimate is £2800
    7 - Kitchen replacement - we moved into a doer upper house 10 years ago and the last room left is the kitchen. It hasn't had any work on it for about 40 years so really needs doing. We inherited some money a few years ago which will hopefully cover the costs, however the garage roof is going to eat into that money. Our aim is to do as much work ourselves as possible. We are both quite handy when it comes to DIY.
    8 - Finish my qualifications. I have been soo busy this year I haven't had chance to get any exams done. This has to change...

    Longer term aims:
    1 - Have £10,000 savings (Dave Ramsey's 3 month savings)
    2 - Pay off our mortgage - aim 2032 but hopefully sooner
    3 - Increase pension contributions
    4 - Pay of BTL mortgages before retirement age (aim 60 years) - 2041/2045 

    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • frugalfrog
    frugalfrog Posts: 275 Forumite
    First Anniversary First Post Combo Breaker
    First thing I did today, cancel TV licence. I have been meaning to do this for years as we dont watch any live tv at all, or anything from BBC and that is £13 a month that could go elsewhere. Does anyone know if when you cancel they pay back the 6 months advance payment you made in the beginning? I recall I had to overpay for 6 months, however this is going back about 16 years since we first moved out.
    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • frugalfrog
    frugalfrog Posts: 275 Forumite
    First Anniversary First Post Combo Breaker
    Monthly Budget:

    Income (really variable as both self employed): 2400

    Mortgage: 568.14
    Groceries: 625
    Diesel: 100
    Council Tax: 136
    Elec & Gas: 115
    Water: 50
    Broadband & Landline: 27
    Mobiles: 20
    TV & Music: 27
    House Ins: 22
    Life Ins: 50.57
    Christmas & Birthday (Sinking fund): 120
    Car Maintenance (sinking fund): 31.25
    Car Tax: 28.43
    Home Ed Expenses (sinking fund): 50
    Misc: 100
    Children's ISA: 10
    DH Lisa: 20
    CC min: 30
    Standing order savings: 100

    Outgoings: 2230.39
    Difference: 169.61

    In order to meet my objectives of paying off cc by end of year, I need to pay an additional £70 pm off CC.
    I have nearly got £1000 in my savings for emergency fund - 600/1000, which £50 per month is going in, so should have £1000 by summer. The remaining £50 of the auto savings is going into an account I cannot access until March 2022, at the end there will be £3000 on maturity (toward the £10,000 target).

    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • frugalfrog
    frugalfrog Posts: 275 Forumite
    First Anniversary First Post Combo Breaker
    Been juggling funds today, DH business has nearly £1000 in outstanding invoices, getting him to chase/collect. Its difficult now we are in total lockdown again. Gah! As we both work from home, hopefully we can keep working, however, his work does get very low during the lockdowns as he does mainly B2B which many of his customers are closed atm.

    I'm an accountant so January is normally a very busy month. This year I did manage to get the majority of the tax returns completed before December, so if all goes well I wont have a panicked last few days of Jan. I am rather happy that I don't do Payroll at the minute as many of my accountant friends are going crazy with the new round of furlough, kids home schooling and end of tax year returns. I'm used to kids being at home as we have home educated from the start.  

    Received confirmation that I have cancelled the TV licence and they have sent a form to claim a refund. I'm not totally sure how it is calculated. I do recall having to prepay 6 months worth, so fingers crossed it will be around £80.

    Tenant in BTL1 hasn't paid their rent in December. She has been there for about 8 years and it she often is late with December. Not sure why, but I have chased up out letting agent, really need that money in as the rental account is getting very low (I attempt to keep a floating balance of £1000 in each properties account to cover costs, BTL is now under £300).

    Paid out £6.30 from Prolific today, and did another few surveys for around £3. I waiting to pay of CC to make sure I have enough money to cover bills, January is always a pain. Hopefully next Christmas is fully funded by the sinking fund and we wont have the issue next year. 


    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • frugalfrog
    frugalfrog Posts: 275 Forumite
    First Anniversary First Post Combo Breaker
    Also, we had our day to day credit card cancelled last week as there were some dodgy entries on the account. The CC noticed before they went through and call me up. So we have had to pay out of bank account for any costs this week, which make my cash flow very low. Attempting to cover without going into savings/overdraft, but not sure if I will manage unless DH customers pay up quickly.
    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • frugalfrog
    frugalfrog Posts: 275 Forumite
    First Anniversary First Post Combo Breaker
    Week 1 in review

    Spending - from 01/01/2021 so a little over 1 week

    Council tax: 136/136
    TV: 13.37 tv licence which has now been cancelled
    Water: 50/50
    Road Tax: 28.43/28.43


    Groceries: 248.32/500 includes 2 week shops as the 30/12 didn't go onto cc until 01/01, plus online order for stuff we cant get from supermarket
    Misc: 24.92/100 - I bought a load of stamps before the price went up end of Dec but didn't appear on CC until 1/1
    Take Away: 28.40 - unbudgeted New Years Day treat
    Birthdays/Christmas: 5/120 - bought some blank cards on amazon, kids always make handmade cards
    Household Exp: 54.89/25 - oops, this is my problem area, bought storage basked when on half price, lightbulbs and battery charger & batteries for xbox controller
    Home Ed: 3.00/50 annual online sub

    CC min payment: 30.33 / 100 targeted
     
    Extras:

    Cashed out: 13.23 from surveys/Quidco- currently sitting in Paypal
    Refund from Tv licence: 77.77

    I have been doing a number of surveys this week, account balances:
    I-say: 389/480 (£5 Amazon)
    Prolific: £1.29 (£5 paypal)
    Swagbucks: 341/1300 (£10 Amazon: paypal = 1400)
    Populuslive: £26/50 (min payout £50 and surveys are few and far between)

    I have reduced my subscription to HP Instant ink from £9.99pm to £3.49pm, only a small saving but it will all add up.

    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • frugalfrog
    frugalfrog Posts: 275 Forumite
    First Anniversary First Post Combo Breaker
    I also had 2 surveys requesting product testing so I received a bottle of fabric softener today and hopefully will get some dishwasher tablets too.
    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • So, monthly review of January... It was #### :(

    Income (really variable as both self employed): 2123/2400 (DH has a bad month and very little work. Fingers crossed for SEISS 4 to happen soon. Only managed this amount as its my busy time of the year)

    Mortgage: 568.14/568.14

    Groceries: 745/625 (oops! comfort eating again. Also had a friend who was struggling and had to go food bank, so we sent a food parcel to tide them over)

    Diesel: 0/100 - have hardly used the car, bonus of the lockdown

    Council Tax: 136/136

    Elec & Gas: 115/115

    Water: 50/50

    Broadband & Landline: 27/27

    Mobiles: 20/20

    TV & Music: -25/27 (refund of tv licence)

    House Ins: 24/24
    Life Ins: 50.57/50.57

    Christmas & Birthday (Sinking fund): 120/120
    Car Maintenance (sinking fund): 38.25/38.25
    Car Tax: 55.93/28.43 (currently paying monthly and sinking fund to pay 6 monthly)

    Home Ed Expenses (sinking fund): -32.61/50 (cashback on tablet bought for HE)
    Misc: 125.80/100

    Children's ISA: 10/10
    DH Lisa: 20/20
    CC min: 30/30
    Standing order savings: 100/100

    Unbudgeted Expense:

    Homewares/DIY: 277.39/0 - we are budget doing up Kitchen, we have decided to delay major works for this year. So doing a temporary spruce up.


    Outgoings: 2383.90/2230.39
    Difference: -260.90 - dipping into savings to cover the kitchen revamp


    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • Its been a while since I looked at this...  :s Thought I would review my aims (spoiler alert I didn't do well...)

    My aims for 2021: 

    1 - Have a complete clear out - fb sell / ebay / charity - my house is inundated with clothes that are too small and toys that are unsed   -   nearly... still a lot to go, but I did get rid of a lot of stuff
    2 - Have a fully sunk Christmas budget by November    - well I managed to save up about 70%, better than nothing, and extra work I've done this month has helped cover the other bit, so hopefully I will be able to pay without resoriting to sticking it on a 0%cc like previous years
    3 - Sinking fund for all other annual costs   -  did this quite well, all annual bills were in the sinking fund, next year I am adding other irregular costs ie DIY, car maintenance, replacement of electronics/white goods, clothes and holiday
    4 - Have £1,000 savings for emergency  - I did have it... then OH had a crappy month of work and we had to go away for a family funeral, plus we needed new tyres and brakes, so it went, however, that is what it is for. Hoping to fully sink these costs next year.
    5 - Pay of 0% CC  - about £550 left, we do get our bonus from help to save 1 Mar which will cover this. 
    6 - Get the garage roof replaced - this is a priority as this is where Hubby works - current estimate is £2800 - didnt get this done... it has stopped leaking, he did a bit of a fix and it has been fine since, fingers crossed
    7 - Kitchen replacement - we moved into a doer upper house 10 years ago and the last room left is the kitchen. It hasn't had any work on it for about 40 years so really needs doing. We inherited some money a few years ago which will hopefully cover the costs, however the garage roof is going to eat into that money. Our aim is to do as much work ourselves as possible. We are both quite handy when it comes to DIY.  - nope,  :'( still of the to do list, Hubby did a cheap fix to make it look less miserable, but the proper building work needs to be done. I have designed it myself, we will do most of the work ourself, just need a builder to do the wall knocking, and elec/plumbing and probably plaster. 
    8 - Finish my qualifications. I have been soo busy this year I haven't had chance to get any exams done. This has to change... - no... it needs to be done
    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
  • So on the whole last year was a bit duff. One a good note, I have taken on more regular work, which hopefully will make life easier money wise, time wise may be another issue. This will also take a lot of pressure of hubby when his work is quiet, as its been really up and down this year due to covid/brexit. 

    Shall I write aims for 2022...?  :D
    Mtg May 2011 - £127,500/825610% CC - £2211/2211Argos Card 0% - £253.95/208.95
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