My last diary take two, but this will be it

Choccygirl123

I've had a few diaries and our debt has gone up and down over the years. A lot has changed - jobs, houses, cars and our children have grown into beautiful young women.

My children are one of my main reasons I need to finally get our debt paid off. The eldest is hoping to go to uni in 2023 and won't receive much funding. The repayments on our two loans will have left add upto £396.44 This would be an amazing amount that'd really help her.

Hubby is now in a well paid job and we are very fortunate that I work part time. Both our girls work too and need vert little financial support at the minute. We've had a bumpy ride since he left the military aroubd a year ago, but life is starting to settle.

The debts :
Loan 1 - 3944.88 outstanding £217.19 per month 
Loan 2 - £4301.94 outstanding £179.25 per month
Total debt £396.44

I've found in the past that posting regularly really helps keep the focus on paying the debt off. 

My plan is to split any 'spare' income between our emergency fund and over paying loan 1, which is with the Halifax and I can see the interest being added every month which is around £20. 

I budget every month and use excel to keep track of income and outgoings. I do struggle keeping track as 4 incomes all come in at different times of the month so Im constantly juggling cash to make sure direct debits all paid. It seems very much feast or famine in our account, which is something I want to change.

That's enough waffle for now, I need to update budget for Jan. Hubby's pension isn't paid until 12th so I need to work out what is still to go out and our budget left.

Getridofdebt66

Happy new diary!

Choccygirl123

Thanks Getrid, I've had a few but never made it to the DF page.

Choccygirl123

28th December and we're quickly running of 2022. Trying to finish this year with a minimum spend. Took teenagers shopping yesterday. I swapped some trousers for my dad in M&S and had quick mooch around. Found some beautiful gloves for £13.67 so used some of my Christmas money for dad, but that was my total spend. Have put the balance £21.33 into own savings for when I need done new clothes.

The teenagers used their book tokens up and bought three jumpers between themselves from Xmas money. Mega chuffed as I didn't have to spend anything
on them - which always good.

Need to nip to the post office, so will top my car up with fuel as it's cheapest and im
passing. Couple of returns to go back that hubby ordered and a Pyrex bowl of sold on eBay. Plenty of food still in freezer so apart from fuel, I won't spend anything else.

Getridofdebt66

Just keep going and you will get to that df page, hopefully i will too! 

Some great deals and well done to teaching your teenagers to spend their Christmas money wisely...it so easy for them just spend on rubbish. I think money management is the best thing to be taught and invaluable for the future.

2022 is going scarily quick i am not sure where the time has gone but heres to 2023!

Choccygirl123

Getridofdebt66 said:

Just keep going and you will get to that df page, hopefully i will too! 

Some great deals and well done to teaching your teenagers to spend their Christmas money wisely...it so easy for them just spend on rubbish. I think money management is the best thing to be taught and invaluable for the future.

2022 is going scarily quick i am not sure where the time has gone but heres to 2023!

I completely agree about teaching the next generation about money matters. We're lucky both have jobs in hospitality and measure how much things cost in hours worked. Both saving like mad for uni and have become careful spenders now they appreciate earning their own cash.

CreditCardJunkie

I've found a spreadsheet the best way to manage our finances. I break it into sections of what comes out of each wage cycle. I also tended to assign a set amount of money to overpay on debt so say for example we'd a surplus of £300 after paying everything, I'd have given us £50 each to play with for the month and then paid the remaining £200 immediately of debt. It was very strict but to be honest we are still very very frugal and only buy necessities which has made it much easier to save. Good luck! You can absolutely do it you just need to be consistent!

Choccygirl123

Happy New Year!

Sounds like we've got a very similar system set up CCJ.  I run mine mid month to mid month as hubby this is when hubby gets his main wage. I track spending according to our food, fuel abd misc budgets as well throughout the month to make sure on track.

The allocation of over payments on pay day  is definitely the right way to go. I find if I don't the money disappears before the end of the month. 

I need to spend an hour tomorrow just updating the next months budget and budgeting to start adding to my savings pots again.  I find doing this monthly really helps with the larger expenses throughout the year and saves paying extra fees.

my head spinning at minute mega tired after busy couple of days and a late night. All I can think about tonight sorting the fridge / freezer out to use up stocks to avoid shopping.

Humdinger1

@CreditCardJunkie have subscribed and am cheering you on! You have got this and well done for stabilising the situation; a huge achievement when DH leaves the forces and emerges blinking into a different world.   Onwards and upwards love Humdinger x 

Choccygirl123

Civvie life is definitely different, but it's great to have some stability at last. Making plans and not having to cancel at last minute is something I'll never miss.

Pretty quiet start to new year but I've spent bit of time creating 2 saving challenges for us this year. First is the £1-£52 a week which will be done out our salaries every 2 weeks. The other is the 1p- £5 challenge which I'm doing with any extra income I make. I always save it in a separate account, but will keep track this year, my normal aim £1000 but this challenge us £660ish.

Choccygirl123

Day 3 of 2023 and I've blitzed the kitchen. I've cleaned out the fridge had had couple of soft potatoes and a1/3 of cucumber to bin. I've made some roasted tomato and pepper soup with the rest of the veg. Fridge is pretty empty, so will need to do a food shop tomorrow. Really pleased we've had so little waste this year. I have been using any dried bread to make a treat for the birds with any meat fats.

Hubby needed to nip to town so I popped into supermarket and resisted all temptation to buy anything other than what I'd gone in for - Mints and a bathroom cleaner.  Our youngest is still feeling rubbish after tail end of flu, so treat her to a mcds. Used my points up and just had to buy her a drink. Mega cheap trip, apart from £77 in petrol.

Everyone else back to school and work tomorrow but I've got an extra day's leave. I'm going to have cleaning day and good post Christmas sort out. Going to meal plan tonight and write shopping list ready for the morning. Would be nice to have a chill out, but need to get our house back under control. 

I've had an eBay sale on nye which I need to post using my free stamps, so all profit to go to my Xmas 23 1 to 500p challenge. £13.86 prifit, so I've crossed off the £5, £4.99 & £3.87. Great start but still 497 boxes to colour. Slow and steady wins the race.