My 5 year goal!

Sardine82

So, I haven't been great with money lately and my spending has got the better of me, coupled with the fact I took my eye off the ball and didn't budget for my tax payment this month 😬.

I have managed to get it covered, but I need to pay attention to sort out my debt. In about 5 and a half years, my mortgages will be paid off. I am going to try and get that down to 5. But I need to sort CC and loan first 😬.

So this is going to keep me focused and accountable.

CC debt: £9050 (0% until ? - I need to check)

Loan: £7154.73 (30 payments left)

Total debt (excluding mortgage): £16204.73 😬😬

I have about £1400 in emergency fund savings which I will keep until CC rate goes up and I will keep contributing so I don't get caught short again. My aim is to extinguish the CC debt in 12 months...approx £750 a month. I am going to have to be strict, but I think I can do it.

Wish me luck!

vampirotoothus

Welcome and good luck. You have a plan which is a great start. V x

StardewValley

Following and cheering you along.

Chocolatefund

Welcome! That's sounds like a great plan.

Will be cheering you along 😊

Sardine82

Thank you.

I have had a couple of days contemplating while spending a few days away in Oxfordshire.

I did a survey that has sent me a £5 amazon voucher. I will save that for presents. Its hard part way through a month to start, but I am thinking of either a cash budget or opening a separate current account to help me budget. What do you all do?

Today I drive home. Tomorrow I will find 2 items to list on vinted to declutter my wardrobe/life 😂 small gains leads to consistency right?

Sardine82

Today I started the day hot and bothered and throwing a strop about everything 😂.

But ok now.. I sat down and planned meals for a week, went to lidl and now I have eaten, brain is back in the game. Currently sat with a cup of tea before sorting bottom of my wardrobe - I need to spend the summer decluttering life and work issues. I am tackling small parts every day, listing on vinted, donating to charity and regaining my sense of calm. Already got 2 bags for charity 😀

On the money front, paid my tax bill and taken out £30 cash for fun stuff this week. Anything left on Friday will be added to CC payment.

Keep enjoying the sun 😁

ArtyJ931

I started with a weekly cash budget but found it tricky as sometimes I needed to buy an online item or shops didn’t take cash (?!). So I now have a separate bills and “everything else” account. In my everything else account I have all my pots.

One of my pots is my monthly day-to-day spending pots which I use to transfer my weekly amount to on a Friday. I can’t budget using a monthly amount, it’s abstract and then it’s gone. Having a weekly amount for all day to day expenses works better for me.

Sardine82

https://forums.moneysavingexpert.com/discussion/comment/82074634#Comment_82074634

Thanks. I am starting to see cash makes me think but still reaching for card. Which bank do you use that allows pockets?

Sardine82

Today is a tidying day and maybe some sewing. I have the house to myself for the first time in I don't know how long 🙂.

So aims today: 1) run

2) Finish my video course

3) Clear mugs and glasses cupboard - we have so many, they barely fit!

4) List 2x items on vinted

5) Make a patchwork patch for the quilt I started months ago!

Sardine82

Well, I have just been sorting numbers… and finally paid tax bill. My official starting point is today - now everything is in order.

CC1 £8959.58

CC2 - £695.34 (this will be paid on payday - holiday costs, partner owes part)

Car loan £7514.73

Total owed excluding mortgage: £17169.65. This is my aim to get at least the credit cards paid off within 12 months and obviously loan payments will still happen. I will update figures at start of each month when payments go out.

I am also looking at where I can make savings - if I am conscious with my money, I should have enough coming in to make this successful. I have spent the last few months flittering it away and I am cursing myself for getting into this situation. So I am in the process of creating a budgetting spreadsheet. Has anyone got one they would like to share that works for them? Or one they can recommend I look at? Thanks :)

Dakota_Rose

It sounds like you’re getting on top of everything really well and the budget spreadsheet is a really good idea. I visit mine several times a day 🙈 😂

There’s nothing fancy to share on mine, I use google sheets and just have a column for income then another for outgoings - each bill is itemised with the amount next to it, I then clear each amount as it leaves my bank so I can check the amount in my account matches what is left to pay. Anything that I have over and above my bills is shared between different sinking funds/savings/overpayments. You can then just duplicate this to have your monthly template and adjust your sinking funds/savings/overpayments to match that month’s priorities. It’s very addictive but in a good way! It’s transformed our finances.

I also have a tab for my funds, which tells me how much I have in each ‘pot’, and another for debts which shows me how much I owe broken down into blocks that I colour in when paid.