Life By The Seaside

Sun_Addict

Found you 😉 Good luck with the new diary.

Catscoffeecake

Wow have I had a busy few days. I've been supporting my best friend through a break up and moving out of their joint home, but its been a long time coming. She stayed with me over the weekend, helped her sort out her finances and put together a budget so she can save, save, save whilst they decide what to do with their property.

It has resulted in some additional spending though, we had a takeaway, brought some chocolate and went for coffee and cake. But sometimes these things happen and she needed my support. I have still been making my PADS so that's something.

I am off work this week, have a few plans, meeting a friend for lunch, going for a massage and dentist/doctors appointments. I am also planning to do some more in the garden.

beanielou

Lovely to support your friend.

Blackcats

happy new diary.

Takeaways, chocolate and cake are a very nice way to support your friend.

Catscoffeecake

Wow its been a busy few weeks, my friend has stayed with me the last 3 weekends, is it bad I am relieved to have this weekend to myself? I actually cant wait to be able to not do much.

Finances are in bit of a muddle, I accidently transferred the money for my bills account to my loan and found myself needing to find the money to cover it with very little left in savings. Its made me realise how important it is to have an emergency fund. So whilst not ideal, I have increased my credit card this month paying for day to day spending on it, thank god its still 0%. I have raided some of my sinking funds and managed to scrape together a 1k emergency fund. But any spending will be going on my credit card this month, but I am using YNAB to monitor my spending so I don't become tap happy with it. I think with dentist costs its probably going to go up another £400-500.

so here is current situation

Budget & Debts

Car Loan - Original amount £11,000, interest rate 5.9% and monthly repayments £211.37. Current balance £9602.68 and still have 1st repayment to come off and any interest saved in this first month.

Credit card - £4146.27 - 0% until 09/09/27 and making payments of £50 per month currently. This balance will increase with this months spending.

Dad Loan - £7000 - 0% and currently no repayments, will restart when debt free at £100 per month

Savings

Home Improvements - £250

Sinking Fund - £332.30

Emergency Fund - £1000.00

I am reviewing my budget so thought I would share it with you all in hopes you may be able to give me some advise. I will do it in next post.

Catscoffeecake

Budget

Direct Debits - Monthly

• Mortgage - £462.72
• Service Charge - £115.84
• Mobile Phone - £5.99
• Broadband - £29
• Gas/electric - £90.00
• Water - £8.85
• Sewage - £41.38 - this makes me cry every month
• Council Tax - £98
• TV License - £15
• Pet Insurance - £8.71
• Healthy Pet Club - £19.49
• NHS Prepayment - £11.45

Spending/Savings Pots

• Personal Spending - £200 per month
• Food Shopping - £300 per month
• Transport - £100 per month
• Health & Beauty - £80 per month - includes 1 x massage a month, haircut every other month and £25 per month towards dentist/adhoc medicines etc.
• Football Fund - £30 per month for away game tickets
• Pet Fund - £20 per month
• Home Repairs/maintenance - £50.00 per month
• Monthly subscriptions - £13.98 per month - Netflix, team RH & garden waste subscription
• Cleaner - £60 per month - this is a new category following health issues and increase in overtime
• Credit card payment - £50 per month
• Sinking Fund - £175 per month

This leaves me with £1.45 per month unallocated in my normal pay before any overtime. I will also get a pay rise in next few months once unions agree on it. Overtime is going to be available for at least next 6 months so need to try use it to pay off some debt.

Catscoffeecake

I am wondering whether I should raid my sinking fund and home fund to refill my spending pots and stop using the credit card. I have until October to refill sinking funds with my overtime and £1k in emergency fund for any expenses that might crop up. Or worse can scenario credit card with 0%.

beanielou

My vote is the sinking fund. You don’t want to become reliant on the CC.

ellenvan

I agree it's too easy to put on credit card, even if % . Eventually it has to be settled.

It's getting a balance between living and saving. You could save a little on food bill. But if you are working overtime it's difficult to find time to batch cook, search for cheapest prices, shop around etc. ?

Overtime should always probably be seen as an extra and go to pay off debts as can't be relied on longer term.

Catscoffeecake

https://forums.moneysavingexpert.com/discussion/comment/82032065#Comment_82032065

https://forums.moneysavingexpert.com/discussion/comment/82032073#Comment_82032073

Thanks both, after posting I realised its the best way forward. I am taking my credit card off my google pay as become too easy to just buy on it otherwise. This way it will make me think twice about purchases.

So have raided my sinking fund and home fund, both now down to £0.00 and topped up my pots on monzo to match my YNAB budget and to cover my dentist cost at end of month as well.

Now just have to hope to make it through June without any issues. Plan was to use my overtime payments to pay towards my debt, mostly my loan, but think I will use it to top sinking funds back up to appropriate levels and then focus on credit card after that. I am then going to use my mileage payments to go back into the travel fund to cover the months I do extra travelling for work.

Its all a learning curve really and adjusting budget as needed.