Virgo In Pursuit

anjyeah

Hi everyone, back again to post my SOA as promised. 

My actual total income after tax varies as it depends on the rota (weekend shifts increments) that month. I have only been in my new role a month and I'm still keeping an eye on how consistent my average amount will be. I will put the minimum I can get per month after my deductions. 

Monthly Income After Tax: £2,000

Additional shifts:  £200 

Total: £2,200 

Monthly Expenses: 

Rent - £600 

Transport - £180

Food Shopping - £100 

Shopping (Clothing, Personal Care) - £120  

Eating Out - £100

Mobile Phone -£70 - New Phone + Contract - I know 

Insurance (Tech) - £14

Contact Lenses - £15

Entertainment (Netflix, Disney+, Amazon Student Prime, Apple Cloud Storage)  - £20 total  

***Disney+ is going after the Loki series next month 

Savings (Direct Debit) - £100 

Credit Card: 

CC1: (22.04% APR) -  Total: £600 - £100 a month 

CC2: (0% APR) - Total: £8,800 - £600 a month 

***The balance transfer was recently new so I am just slowly figuring out how to tackle my direct debits on this one - possibly just paying off my remaining balance for CC1.***

Total Outgoings: £ 2,019

Other expenses that I need to consider: 

• Date Night funds needs to be added to Eating Out (especially now that lockdown has eased)
• Hair Appointments - £150 (I have one big appointment per year where I spend the maximum amount for colour and treatment. 
• Eye Appointment - nothing due this year - usually costs me £20-40 for both eye and lenses check unless I need a new pair. 
• Dental Fund - TBD

Savings: 

• Savings 1: £5,000 goal reached - aiming ambitiously for £10,000 this 2021 
• Pots:  I have a few actual and virtual pots that I haven't actually touched on rounded off yet. I'm planning to count them come June time. 
• A Fun Fund: My previous holiday refund went on here, dipped into it last year for a birthday treat. I've been meaning to replace my laptop with additional funds on this pot, I am planning to book a few more shifts on my next allocated leave to subsidise that. 

Legs21

Welcome to the board and good luck with your plan.
Looking through your SOA I can’t see anything allocated for council tax, gas, elec, water, TV licence or contents insurance. You also need a pot for occasions i.e. Xmas, birthdays. If you don’t put money away for these things you may well end up putting them on the CC.

Maybe try going though a good few months of bank statements to see if there are other spends you need to create pots for rather than be caught out when they arise. I would also pay the minimum on CC2 and focus on getting CC1 paid off as it’s interest bearing. 

I’m sure there’ll be other folk on here will pop in point out anything else you’ve missed 😉

anjyeah

@FootyFanDan said:

good luck 😄. I was very similar you in that I never really worried about the paying back the debt and then I buried my head in the sand hoping debt would have disappeared when I came back out of the sand.....it didn’t...shock 🤣 but with a good plan anything is possible. Wishing you the best of luck in your journey 

Thank you! Acknowledging it was the hard part but the more I face the fear, the easier (even motivating) it gets. 

Legs21 said:

Welcome to the board and good luck with your plan.
Looking through your SOA I can’t see anything allocated for council tax, gas, elec, water, TV licence or contents insurance. You also need a pot for occasions i.e. Xmas, birthdays. If you don’t put money away for these things you may well end up putting them on the CC.

Maybe try going though a good few months of bank statements to see if there are other spends you need to create pots for rather than be caught out when they arise. I would also pay the minimum on CC2 and focus on getting CC1 paid off as it’s interest bearing. 

I’m sure there’ll be other folk on here will pop in point out anything else you’ve missed 😉

I should have explained myself. My mom and I rent a flat together. We have agreed that since she's the higher earner between us, she covers the rent and I give her a rounded amount to subsidise most of the bills. She should've really asked me for a higher contribution towards the rent and bills, but she feels like I should get my debt and savings in order before we approach that topic. I have at least two years before she retires (possibly out of the country) hence why I need to get myself together. 

Really valuable advice thank you! I agree with the pots (depending on needs/bank statements) and I will add that to my "agenda" soon. I see it on most of the diaries on here and it makes sense why one should have it - especially Christmas presents! I am on track on clearing CC1 by June/July the latest. I should be able to sort out my direct debits once I set up my CC2 - still waiting for that shiny new card. Once it arrives, both CCs are going into hiding and out of my purse. 

anjyeah

Back for another week of update. It is Monday after all. Still waiting on my new balance transfer card so I can safely manoeuvre around my direct debits and see what my sheets look like next month. 

Keeping an eye on payday but not getting my hopes up as was my transition week at work and would likely just get the basic out of my new banding. My previous role was reliant on night shift and weekend differentials which makes a huge impact on overall income (which this role doesn't require me to do nights anymore). Or it could just be me overthinking - to make myself feel better, I agreed for a bank holiday shift that could cover the unsocial increment that I probably shouldn't be worrying about.  If the worst does happen and I dip below my target, my promised outgoings will remain - I will just have to adjust my spending elsewhere - I'm looking at my transport costs especially. 

Anyone else journals? I can't wait to do my end of month wrap-up, I'm slowly introducing my financial goals on that part of my journal. Got to learn new habits! And trust me, all your advices and good thoughts are being considered. 

anjyeah

Payday is here! The income is within what I thought on average - why did I even worry. Anyhow, I allocated and transferred money to their respective accounts/pots - ie: bills, rent and spending money. 

That said, I also had a look on spending summary. The main culprit - transport. I can explain.  I took cab rides to work in the morning since the pandemic started. I work 3-4 times a week and would cost my an average £8-10 (Peak pandemic - Uber actually gave 25-50% discount which was a big help but that offer ended now). It was mainly to avoid rush hour and crowd (often with a noncompliant bunch)  and the stress that came with it. I work in the healthcare field and actually showing up at work had me in panic attacks  for the past year and a half, it is still something I deal with occasionally. And it was something I never suffered from before. The cab rides were bliss in those moments when I needed 10-15 minutes of chill before I faced work. A luxury, of course. 

Now is the perfect time to review that. My mom and I have had our second jabs, the Tube is back to normal, and I have my panic attacks under control. It should at least half my cost and that would make more room for my expenses and overpayments. 

Still no news on my new balance transfer, Virgin Money said it will be with me in 7-10 days. It’s been a week so cutting it close. 

I only went out for a spend day today for my weekly food shop and to replenish personal care items for this month. It should give me a rough estimate on how much I can spend or save for the rest of June now that all my basics are covered. 

Although, I came home with an itchy face and sniffles. Damn allergies. 

Have a good week everyone. Keep you posted x 

anjyeah

“Whatever you start today will resonate with you for the next six months.” 

Since I have a zodiac related title for my diary, I’m just gonna share tidbits from my May forecast. It says, “A harsh audit in the way you live your life, chance to turn the tides, streamline and simply.” 

In hindsight, I started the month with a property query - I put my first reservation ever but eventually failed the next steps towards my affordability assessment. That struck a nerve as I really liked the property (and I was initially eligible for it) but failed the next stage of the financial assessment. Mortgage lenders don't find me attractive. Anyhow, I thought if I don’t sort out my affordability (and savings), I will never get a head start on the property ladder. It was the push I needed to start my own diary and check myself here even though I have been lurking and commenting on others for months. The heartbreak of losing that future space was the harsh reality I needed. I decided to tackle the next challenge ahead. I went on here, got fantastic advice and support, learning a few bits too while reading stories from others who are undergoing the same troubles as me.

I got the reservation refund back - half of it went to my savings to reach half of my ambitious goal, the rest went into paying off CC 1. Something good came out of that heartbreak at least. The 0% balance transfer card is also finally here. I am just looking forward to being debt free next year and hopefully “prettier” in the eyes of lenders soon. 

How’s that for a May wrap-up? I can't wait to what my June forecast says this time. 

anjyeah

Hooray for June! What do you guys think of treats? I feel like there should be a reward system (for myself) so that I don’t lose the fun of saving my pennies away and overpaying my credit card. That said, I really do need a new laptop but it will cost me, so I’m in the process of squeezing every penny I have from any pot to ensure that I reach that amount first before I reach for my card. My current laptop is starting to show signs of deterioration (and no longer fixable should it die on me) and did survive me for 9 years. I am hoping to sort my fun fund out hopefully just before Apple announces their new rumoured line. 

Anyhow, work has been really crazy these past few days and I have somewhat turned up to work for bank holiday Monday thinking it was my regular shift but turns out it was an overtime. Nothing to worry though as it only means I have extra cash by the end of this week that would incidentally go to my overpayments. Win! 

I am also in the process of sorting out my direct debits for my balance transfer card and super excited to clear CC1 with the high interest. Almost there. 

Time to check this month’s forecast. 

DayDreamerandGeneralWaster

Well done and keep going. 
Think about how much you need a laptop and what type. Will a tablet suffice? 

anjyeah

I don't think I've ever been excited for payday. I used to dread it coz I know how much will go towards repaying. Now that I'm overpaying and saving a little, the vibe has changed completely. So much so that I thought I was getting paid for my overtime shift today - it's not actually not due until next week. It will be possibly go into my overpayments, maybe a few percentage of it towards my "fun" fund. Especially now that lockdown has eased and social engagements have slowly increased. Date nights included! 

DayDreamerandGeneralWaster said:

Well done and keep going. 
Think about how much you need a laptop and what type. Will a tablet suffice? 

Thank you! I've used a couple of brands through the years (college, University and online part-time content work) but I've absorbed into this ecosystem that I prefer to stick to it. I do realise the costs of it. When I had a Windows laptop, my repairs and updates were more expensive through the years. With my current one, I only ever had it serviced it once for the last 9 years, so it's fair to say I've overused its "cost per wear" through the years. I'll see how I am with my overpayments, if I feel like I "deserve" the treat, I will probably sit on the idea until I feel like my current one is no use at all. 

anjyeah

I told myself to keep a posting schedule like only at least 2-3 times a week but it may be the pull of a newbie diary that keeps me coming back. The pull of reading other diaries for their progress is strong too! It's strange but exciting. 

Anyhow, I’m in for a decluttering mood. I have activated my Depop and Ebay account again. It has been inactive since they changed their payment schemes but now I'm back. Also added my unsold items to Vinted to see what the hype is and/or with the hopes that it gets sold there too. The last time I did a clear out last year - I earned about £120 for reselling preloved items. I'm hoping to add a few more as my virtual pots have been dormant since then. Someone mentioned on a different diary about an app/website to scan and sell old books so I'm aiming to do that too.  A declutter session is hoping to be booked on my days off soon so I can restart selling preloved items. All of which are going to my virtual pots. 

Will update my monthly deductions so far once my direct debits have gone through.

Have a good weekend everyone!