10 years later yikes

vampirotoothus

Hi there, I would do some more research on buying your own place and what mortgages etc are available. Most of the lenders now are going up to age 70 or beyond. Not suggesting that you wan to work that long, but you could borrow and overpay. £16K is a 5% deposit on a £320K mortgage, so you may have options open to  you. Good luck V x

1stTimer

Thanks both for the input, I think I just had a moment yesterday!

Before the DMP I was goalless and living without a thought about future me but since the DMP my mentality has completely changed.
I realised last night it could be because I’ve had targets to hit since.
The DMP started with clearing each creditor 1 at time and then once I’d achieved that I aimed to save for a car and as long as there was a goal to get to I had a focus.

i like to think you may be right and I can still have a chance to one own my own home but the goal isn’t as achievable mentally for me as the others were. 

I’ve decided that I’m still not happy with how much money I can’t account for each month so this is going to be my new focus, really try and work out where it goes

Cara_

As vampirotoothus rightly points out, you already have a deposit so you can build on this. I was just plucking a figure out of the air when I said you could save a deposit in 10 years as I was trying to show that being a homeowner is still possible and you have time on your side. 

Perhaps you need to allow the idea that being a homeowner is possible and will become a reality, and once this becomes a firm idea in your mind, you will recognise it is achievable for you.

Your plan to find out where your money is being spent is your first step to your new life and you can move forward from there.

Good luck.

1stTimer

@Cara_ thank you I really appreciate the glimmer of hope you have given me! I won’t completely write it off just yet 😃

so todays job was working out what my annual payments are, this is an easy task to start with and I think if I add it all up and then split the total x12 I will start putting that aside every month so it’s there when needed without any shuffling around.

current annual bills = £1447 so if I allocate £125 a month and throw it into an empty account somewhere then I’m prepared for when it’s needed. Now I’m off to see if I have an account that I can throw it in but bonus if it has any type of interest paid…(being really optimistic here lol)

1stTimer

Just got the £50 thank you payment from nationwide what a nice start to the day!

I have a Monzo account that looks ideal if I want to start creating pots so have transferred the £50 plus £400 into that.
I’ve transferred £450 over because although I only have 2 smallish annual bills coming out next payday I’ve noticed my car insurance in June so the £125 right now won’t cut it.
Thankfully car insurance and my road tax are the only 2 payments that are in the £300 bracket give or take, the rest are all a lot lower. Road tax isn’t due until Sept so from next pay the £125 a month should be fine.

1stTimer

At some point before the week is over I will create an SOA, it won’t be full and accurate but it’ll be a start for when payday comes round and then I can start tallying up what goes where for a more in depth look at everything.

1stTimer

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 3950

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 3950[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 1350

Management charge (leasehold property).. 0

Council tax............................. 154

Electricity............................. 58

Gas..................................... 30

Oil..................................... 0

Water rates............................. 51

Telephone (land line)................... 0

Mobile phone............................ 23

TV Licence.............................. 15

Satellite/Cable TV...................... 72

Internet Services....................... 0

Groceries etc. ......................... 0

Clothing................................ 0

Petrol/diesel........................... 45

Road tax................................ 31

Car Insurance........................... 51

Car maintenance (including MOT)......... 0

Car parking............................. 80 This is an annual bill

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 58

Buildings insurance..................... 0

Contents insurance...................... 10

Life assurance ......................... 0

Other insurance......................... 16

Presents (birthday, christmas etc)...... 0

Haircuts................................ 0

Entertainment........................... 0

Holiday................................. 0

Emergency fund.......................... 525 This is my 3 Regular Savers

Lottery................................. 25

Dog Joint Tablets....................... 38

Netflix................................. 12

Subcriptions............................ 31[b]

Total monthly expenses.................. 2675[/b]

[b]

Assets[/b]

Cash.................................... 16000

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 5000

Other assets............................ 0[b]

Total Assets............................ 21000[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

PRA............................3298.22...15........0 Enforceable

PRA............................1034.19...0.........0 Unenforceable

Intrum.........................5201.16...0.........0 CCA requested

Intrum.........................3495.33...0.........0[b] CCA requested

Total unsecured debts..........13028.9...15........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 3,950

Expenses (including HP & secured debts). 2,675

Available for debt repayments........... 1,275

Monthly UNsecured debt repayments....... 15[b]

Amount left after debt repayments....... 1,260[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 21,000

Total HP & Secured debt................. -0

Total Unsecured debt.................... -13,028.9[b]

Net Assets.............................. 7,971.1[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Those highlighted in bold are my Annual bills mainly so will all be bunched together in 1 outgoing each month going forward.

This SOA is so from next payday i can start looking at all the categories that currently have 0 beside them as this is obviously what i am not tracking and need to knuckle down on

1stTimer

Just having that there and looking at throughout the day I see that I have still missed monthly bills out like my dog walker and Uber (1 trip every Thurs)

think I will go and create a quick spreadsheet so I can add/amend as I spot things

1stTimer

Right so spreadsheet created but it’s very messy at the moment, I’ve possibly tried to capture too much too soon so will either need to tidy it up before payday or slim it down.
on there I have tried to document all my annual bills and there renewal dates then next I have the monthly bills and payment dates, next is other payouts during the month (maybe broken down into too many categories and may rethink for the first couple of months)
I also decided to monitor my regular savings and debts (including dates of f&f settlement offers etc)

I either need to split it into different tabs/sheets or just focus on one thing at a time to start with.
working this weekend both sat and sun and whilst I’m not getting overtime for it I will be getting Wed and Thurs off in lieu which being bank holiday suits me better this week.

i have £500 left in my account until payday (10 days due to BH) with 2 bills left to go out (£92). Dog is at groomers next Wednesday and that was £57 last time but expecting a slight increase, Dog walker gets paid weekly in advance so approx £70 left to pay. Need to get some bread and milk etc today and I think that is it.

Sarahwithlove

Maybe keep a tracker of your spending for a couple months so you can see where it's going