Finally taking back control after a decade of debt

londoner2019

I intend to be much more active on here once I have more to update on! 

One thing I've had to organise and plan for is that I'll be paid weekly with this new job. My monthly spreadsheet now factors in holding back a lump sum for bills for the following month - essentially planning as if the weekly payments weren't going to come in until the end of the month. From there, I can begin to build up an emergency fund, as well as enough funds to have as disposable income, rather than spending what comes in each week. I keep having to refer back to my spreadsheet because it gets me confused sometimes!

Spent my last week off work doing some stuff around the house - treated the kitchen worktop as it's a wood finish and is prone to a bit of damage, especially around the sink. And our breakfast bar/table arrived today, so screwed the legs on. It's gorgeous! I'm so happy with it.

MuffinTops

That all sounds so positive and promising.  It's horrible being in a toxic work environment so an amazing gesture from your partner that you could give up that job.  Then you were available for this much better one.  It all sounds like it's coming together - and your partner is an absolute keeper.  When I hear people complaining about their relationships it's mainly due to a lack of support from them so it's always lovely to hear when the opposite is true.

I hope all goes well with your new job and it feels much better than the last one.  I was paid weekly once and I found it a struggle but it sounds like you have it all organised.

londoner2019

I know I'll have a lump sum to repay to my partner eventually, but I'm super grateful that there's no timestamp on this. 

I've been reading up a lot on managing the switch from monthly to weekly payslips and everything comes down to forward planning. 

I've factored in minimal repayment in December as a) it's always more expensive this month than you realise and b) because of the weekly salary switch. I just want to get everything sorted this month, and when I have some left over at the end of the month I can begin to reallocate. 

londoner2019

So there's money coming in and out of my account this week - we have some contractors here doing work on some damp walls, but our insurer is covering it. 

And I get paid for the first time in my new job next Thursday, so I've moved some stuff around to cover the 1 day where the mortgage and bills come out. 

AND we have bought some tickets for next summer for a group of friends, so there's funds flowing everywhere. THIS is why you keep a spreadsheet of comings and goings. I know what I'll be working with after next Thursday, and at the end of December. 

I know it will take a little while before I see the debt really dropping each month, but I can plan for it all.

londoner2019

Exhausted. First full week back working... draining! First weeks are usually full of absorbing information, but still...

Did some calculations today - excluding the holiday, I'm 1/3 of the way to being debt free. Really can't wait until January to start seeing that begin to drop!

londoner2019

Had a bit of a blow out weekend with friends as we had a few things to celebrate. Updated my outgoings spreadsheet this week and it's not THAT bad... I'm factoring in Christmas - I've already bought a few presents - and the inevitable evenings out throughout December, but I'm plugging in NSDs and evenings in to help with the bank balance, as well as catching up on sleep and rest! I'm working on saying no to people a bit more... that's partly why I'm having to write this diary.

Just had my annual student loan statement through and while I never look at those repayments as they come out before I get my salary, it's nice to try and figure out when I'll have finally repaid it - looks like it will be early 2025. I can't quite believe the monthly jump in salary to be honest, it's going to be a nice extra bit of cash to look forward to in a few years' time.

londoner2019

First weekly payslip through - it’s £27 more than I estimated - for the first 3 months anyway, before the pension payments start. That will help me in December with an extra £135, and in January and February I can put the extra £108 aside.

Is it a good idea to try and have what is effectively a month’s pay in the account on the first of each month? And then I can live off that (bills, expenses etc) while putting any subsequent pay checks aside until the first of the next month? Still getting my head around the switch from monthly to weekly.

londoner2019

So I went to an office today. An actual office! With people! You don’t realise how much working remotely stymies your ability to interact with other humans. Found it quite hard meeting new people to be honest. But everyone was so goddamn lovely, that made it easier.

Lunch paid for too, so just a few £ to TfL today. 

And I got paid! Money in my account which I earned. That was a nice feeling.

CL21

Just catching up on your diary. Can imagine that’s quite a challenge going to weekly payments but sounds like you’re on top of it all. I too have an overly complicated spreadsheet but I kind of love it 🤣

londoner2019

Thank you @CL21, my spreadsheet has got rather big too…. I think it’s complicated by a gap in pay coming in, so I need to build up a month of reserves so that I’m not living week to week, I can essentially put each week in a pot until the end of the month and act as if I’m paid monthly. 

It’s a fine line between obsession and meticulously keeping on top of things!