Diary of accountability... in all aspects of life!

FTbuyer18

After a break, I am back! Decided to continue this diary rather than start a new one... in the name of accountability! 

So to update on the personal situation, me and OH have decided to give things another go so will see how that goes, while also keeping a mindful note that i need to be able to stand on my own two feet too. I mean thankfully we have UC to fall back on in this country if needed however i have become very aware that my earnings in my current job are limited, as opposed to my previous job which i left due to child care. Obviously weighed up against childcare and being around more to look after our children this was a joint decision, but i am going to keep an half eye out for other jobs opportunities opening up just incase things do go wrong again. One of my children has autism and adhd and really wouldn't cope with childcare outside school hours, which makes jobs difficult to find, though i am on a bank contract in a school currently so thankfully the hours suit him. 

SO... money wise, i did have to get a bit more into debt due to no money when he left. Credit card now stands at about 6.5k, interest free for 15 months. I did combine a couple of cards on balance transfer here i havent spent all that. Not sure if priority should be budget, and building an emergency fund, or paying to get this paid off. Would be interested in any thoughts there.

Really need to get through Christmas without getting into more debt, somewhere i usually struggle. I am going to try and add my debt into my signature to keep track. Also owe my mum £1000 and my dad £30,000 (for a extension as son needed own room), and although they don't necessarily 'need' this money back i would like to start paying them bits. 

I'm going to try to update daily so it may be a bit boring but i think this will be my best bet at  keeping myself accountable.

Take care
Leanne

FTbuyer18

Can i get some advice? I have about 6.5k on an interest free credit card, interest free for about 16 months now. What would be my priority, paying this off, paying extra off mortgage, or building emergency fund?

I wont be able to pay the full card off in the interest free period i doubt, but i would pay it down then transfer to another interest free card. 

Another note is i could really do with some work doing on the house, estimated cost about 6--8k. I have got a loan quote for this currently, but the interest is high, if we go ahead with this, paying this off would be the focus, but we may not yet. It would be having a 2nd hand conservatory put on the back of the house for the youngest children to play in. One of my children has autism and really struggles with 'mess' and toys etc being out, or with the children making noise.

Take care x

MFWannabe

Personally I wouldn’t rush into house renovation as you and your partner have only just got back together; what if he ups and leaves again where would that leave you with your finances? 

Reference the credit card what other debt do you still have and what’s the interest rates? 

What’s the new interest rate on your mortgage? 

FTbuyer18

MFWannabe said:

Personally I wouldn’t rush into house renovation as you and your partner have only just got back together; what if he ups and leaves again where would that leave you with your finances? 

Reference the credit card what other debt do you still have and what’s the interest rates? 

What’s the new interest rate on your mortgage? 

Hello, thank you for replying.

If we split, income would be relatively the same, or even slightly better for me, as UC would top my earnings up to about the level we're at now yet id have 1 less adult in the house. I should be able to get more hours at work also soon as my youngest goes to nursery after Christmas we hope a couple of days. I do care for my son but can earn 150 on top of this a week.

The other debt is Victoria plumbing on interest free £30 a month until December 2025. a Halifax loan of 178 a month which has the final payment next month, that is it,  as  put the other cards onto that one as they were approaching the end of the interest free periods. The other loan I had is now paid off. I owe family which id like to start paying but luckily in a position where they don't 'need' the money so they'd rather not be paid back than see me struggle, as they are of the mindset they would rather see me use the money while they are alive than us get it when they pass, though I would like to pay it back or at least start to. 

My mortgage interest rate is 2.6 currently, though this will rise in October 2025 when it is due for renewal. 

x

Moneywhizz

As far as your interest free credit card versus mortgage overpayments I would suggest that you prioritise the credit card. It  would be a good idea to build up a small emergency fund alongside paying the credit card so that you don't have to add to your debt if something comes up that you have not budgeted for. It might be a good idea to put up an up to date SOA so that you can get more advice about taking on further debt for a conservatory. It doesn't seem like the best idea at the moment but if it would make a big difference to your family situation then it would be good to work out what impact it would have on your monthly budget. A proper SOA with everything listed would let you see if you can actually afford more debt. 

Pinknails101

Thought I'd pop on and say hi, just started following your diary

I don't think I am personally in a position to give advice, as I've only just started trying to sort my own finances out and yet to figure out what is working properly.

But one thing I will say is I am rooting for you, and looking forward to seeing your updates

FTbuyer18

Thank you Moneywhizz, I will work on the credit card then and building an emergency fund, i want to be in a position to overpay my mortgage when the rates no doubt rise at my re-mortgage date, I'm only 5 years in so a way to go there!

I have realised from reading other peoples diaries just how much money we 'waste' on non essentials, such as nipping into as*a for milk and spending £25 on.... well I don't even know! We are a family of 6, and some of the things i have picked up so far are to try and do a meal plan to reduce nipping in to shops, baking snacks for us rather than buying them. I'm sure I will gather more tips. Car MOT plus work and my dogs yearly boosters have just had to be paid for, will need to make a note of this for next October as they always catch me off guard. 

Pinknails, hello! I will follow yours too although i am also not the best at the advice! I do however feel I am better at giving out the advice than taking it...

Take care

FTbuyer18

Good morning, hope everyone is okay (assuming anybody reads lol)

So I have gone ahead with a loan for a couple of home improvement jobs which need doing, and will allow the family a lot better quality of life, one being the utility room sorting hopefully, and one being a small extension. I know this is the opposite of debt free, however I feel it was necessary for us, one of my children are neuro divergent and this is presenting in a more challenging manner as they get older, so the additional space this will give us, is the cheapest way to go about it, cheaper than a move or 'proper' extension. The money we usually spend on a holiday a year should in theory be able to go to this, we aren't going this year due to one son having GCSE'S and therefore having to go in holidays, we usually go half in holidays and half out to be cost effective, but cant be missing time in year 11! Anyway I shall update borrowing to reflect this shortly.

My question was, how is best to budget when I don't get 1 main monthly salary? So my partner gets paid weekly, i get carers allowance and child benefit weekly, my wage monthly, so the money is in dribs and drabs rather than one day where i can set all my DD's from. Hope this makes sense, hopefully my way of writing will improve as i get through this diary lol.

Thank you to anybody who reads, 
take care x

Sarahwithlove

My suggestion would be have one account that all income and direct debits go into. Then another for other expenses. Then set up a standing order from your bills account into your spending account. 

Do all your direct debits come out at same time or throughout the month? Most of mine I have moved to 1st of month as I get paid last working day. The ones which are on other dates I just make sure enough is in the account for that months bills. Maybe work out your monthly direct debits. Then see what difference is between your wages and the direct debits. X that by 12 and divide by 52 to give a weekly amount that needs deducting from weekly income for bills. If you find that your direct debits vary throughout the month the best thing to do might be to try be a month ahead for direct debits only.

I'd suggest doing a SOA so we can see what comes in when and what goes out when to give better advice. 

twiggy86

I think it's Budget Mom on Youtube that sets out how to budget when money is coming in throughout the month? Might be worth a watch to help you get some ideas.