Last diary I promise!!

So my third diary!! Well well maybe I will stick at this one!
So where have things changed... we got the keys to our first home in April 2020 after a worrying time with mortgage/furlough etc etc but we did it. We have loved the last 10 months in our home, there was and is still a lot to do but its been a great learning experience.  So my new diary is a little different, I have debt a lot more than I like but I am viewing it in a different light as its mainly home improvement debt. ( I will post specifics tomorrow). My diary is to help me I suppose understand money and get the most out of it. I love reading everyone's diaries with batch cooked meals, selling sites, challenges and how they live as frugally as possible and reap the benefits and I have set it as my 2021 challenge to assist in clearing debt but also get us as financially stable as possible! Our fences fell down from the weekend storms so we have been in a big panic about how we were going to afford them, as well as needing carpet as our house is so cold, so what did I do ? I took out a personal loan - yes I know I know I shouldn't have but the neighbours dog has been in my garden since they came down and they have two young children who don't understand social distancing and keep wanting to come and play so yes I have done it now. We have put what we need away to find tradesmen to do the work and then the rest we have used to tidy up the debts; all the small £30 ish that come out and leave us with no money and a couple of big ones. The rate was awful so its not staying long and we will get it gone before I am charged even half the ridiculous interest I reluctantly accepted. So I don't think I am that exciting but if you fancy sharing any wise tips or just bedtime reading to bore you to sleep then please join me :) 


  • So the Debts are as follows:
    HSBC Loan  -  £304.86 £10,974.96
    HSBC Home - £131.00 £6,700.00
    Kitchen Barclaycard - £131.00               0% £4,211.90
    MBNA  - £70.00                  0% Sept 22  £2,400.00
    Next - £20.00 £168.82
    MBNA   £70.00                   0% Sept 21 £2,228.86
    Very      £20.00                   0% Dec 21  £129.00
    Total £26,813.54

    So it is certainly a lot however unlike my other debt free journeys I do not feel this is pointless debt, it has given us the new kitchen, car, fence panels, carpets, making our garden safe for our DD, boiler upgrades and furniture for our home. We manage well each month so I don't need to pull apart my budget anymore, I check where every penny goes and am very strict with spending otherwise.
    Now my goal is to pay of as much of this as I can as quick as possible and also build up a lot more savings. 
    So the savings currently are
    Emergency Fund (Household) - £709
    Home Improvement (Loan) - £3250  carpets & fences. 
    Then I have pots for everything - food shop, petrol, clothes, entertainment, birthday/xmas, car maintenance, holiday, wedding fund and lastly debt over payments. Some have none and some have some, this is were I would like to build up. I am going to make a separate post for these.

  • Savings Pots - 11/02/2021
    Emergency Fund - £709/£1500
    Home Improvements  - £3250/£5000 - this will drop and go up all the time as we are doing bits but I have calculated all the big bits and by the time this has dropped with fencing and carpets we will need about £5000 for the rest of the bits needed.
    Birthday/Xmas - £0.00
    Car Maintenance - £0.00
    Holidays (After covid) - £0.00
    Debt Overpayments - £0.00
    Food Budget - £40 (I add £280 each payday and challenge myself to get as low as possible)
    Petrol - £40 (I add £100 each month and am currently trying to not use my car so much )
    Clothing - £0.00
    Entertainment - £0.00

  • So that feels good to get it all laid out! Now some things to think about.
    We both have a CC with Barclaycard that is clear - should we close these or does it look better on credit report to have £0 balance?
    Carpets - We have been quoted around £2000 for 4 rooms and stairs - I did some rough maths and figured we could order from an online store and get them and all accessories for around £600 + fitting cost... Any experience with this? I have some samples coming and have contacted a local tradesman who thinks he maybe able to match and offer a better deal.
    I am going to set my self a little challenge similar to the make £10 a day - Mine is make £100 extra by the end of Feb - So far today I have made £9 on surveys so £91 to go.
    I have got my old diary out and I am going to be getting myself organised, I think that is key to succeeding here. I need to plan my days, meal preps, food shops!

    Lets get to then.
  • beanielou
    beanielou Posts: 89,341
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Happy shiny new diary.
    Keep posting  :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
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