New Job, New targets!

MrsTinks

Well I started a new job this week! It pays a fair whack more than my old one! (yay!) and it has certain perks like travelling and staying in hotels... So thats a free dinner and breakfast in my book!
Downside is that we have to get a dogsitter/walker Can't leave the dog all day till OH gets homenow as I am away from home a fair bit (boohiss!) during the day. So that'll cost us But she's worth every penny when we're not home ourselves to look after her (which btw pains me as it is!)
So I've gone to having about £2121 a month after tax if my calculations are right, plus anything I get on top from petrol from driving to see my clients. That however I have already decided is going straight into an account for overpaying my car loan as obviously it should be going towards the car (wear & tear etc) so it might as well! And thankfully I can overpay on this loan without penalty! Yay!

Hoping to sit down and do a proper SOA tomorrow (specially as one of my cards is at the end of its 0% :eek: but having been temping I didn't wanna risk applying for another 0% card and be turned down... Will wait till end of March when I get paid before looking at applying for another 0% - otherwise I'll just have to prioritise that card for paying off first... hohum!

So hoping to put up an updated Debt Free date tomorrow too once I have snowballed again YAY!

Snaggles

Oooh, well done on the new job! :T

Good luck with putting your new SOA together - sounds like it will be quite a pleasant experience if you are able to throw more money at the debt.

Madcatgirl

Well done on the new job and good luck!

ciarasdreams

Well done on getting the new job. :beer:

MrsTinks

Right... new SOA... More for my own reference than anything

Dog insurance: £8.39
Cat insurance: £12.48 (2 cats)
BT: £25
Electricity: £26 (I need to check this... think it might be a little low...)
Thames Water: £45.47 (was paying off 2 years of no water charges thanks to their mistake – at least it was interest free!)
Mobile: £33.16
Internet: £17.99
Websites: £10
Dogsitter: £120 (This will occassionally come in at less but £120 is the max so is what I am budgeting for)
Petrol: £180 (I will be getting petrol allowance for a lot of my travels – a weekly trip to Devon it would seem… Cost about £50, I get £140… so infact this is my WORST case scenario in case I do NO business miles…)
Food & Wine: £300 (we spend a lot less but it might take me a while to adjust to long working hours before getting my budget down again… So I have allowed £300 for us and the pets)

Total: £568.67

Egg Loan: £237.15 (£10,418.22 outstanding) (think this is 7.9% APR)
MBNA CC: £77.67 minimum payment (£5,551.00) (Think this one is at 15.9% APR)

Total: £314.82

Annual expenses:
Car insurance: £400 (from current price)
Car tax: £115
Heating Oil: £500
Total: £1015 / 12= £84.58 (call it £85)

So total coming in: £2121
Total outgoing: £743.49
Left over: £1377.51

I’ve thought that I’d throw a minimum of £1000 at the debts so that infact makes:
Outgoing: £1568.67
Leftover: 552.33

We have a wedding in May (and honeymoon!) so won’t have much extra to throw till then… but after that I should be able to really hit the debts!
With luck I should be debt free in July 2009! Crikey!

Oh and before anyone asks then I haven't forgotten:
Mortgage
TV license
Sky
Council Tax

OH pays these and once I have paid of my loan and card then we're both going to be paying of his debts together - my loan is flexible, his car loan is not... we'd need to pay it in one lump sum There is the possibility of him getting a bonus which COULD speed all this up.
THEN I'll be joining the MFW club

MrsTinks

Gosh was it THAT confusing? :rotfl:

kizzykizzywizzy

Hi Tine well done on the job front:T

Glad things are going well for you.

We were slowly drowning until Hubby got a new job ( he has to be at sea unfortunately) but instead of jiggling money about & struggling to pay minimums, I can now pay extra off of my debts & see them all going down, so when his contract ends in July, we will be in a better position, plus he's reapplied for the job he's got at the moment, so hopefully a short time on low wages then back to good wages again ( if he gets it )
I was looking to see were you were re dog walking, as I would have applied!!, I saw your avatar, what a lovely dog, then I noticed Thames water, not near me.
It's a nice feeling getting the debts down

MrsTinks

Yeah we're near Bicester - but could be confused for La La land

I know what you mean tho... Having 2 good salaries have made a HUGE difference to my budget! Whilst temping only brought in max £1000 pcm and we COULD live of OHs salary but not with any extras or posh nosh
The thought of paying over £1000 on debts each month is scary tho... But I have managed to make it mentally rewarding by visualising what part of my car it is paying off

Robflh

Hi tine

Congratulations on the new job, which I hope you are able to keep for a long time. These days you never know what is a round the corner and there are plenty of us here that have had things go horrible wrong when we least expected them to.

Personal, I would put credit card payments, loan payments and annual expenditures with the rest of my monthly outgoings. That way you have just the one total for your expenditures.

tine wrote: »

especially as one of my cards is at the end of its 0%

One of would indicate that you have more then one. What other cards do you have? Whether they have an outstanding balance or not, it is better to list all of them stating who they are, the APR, credit limit (original debt in the case of a loan) and the current outstanding balance.

MrsTinks

Yes I have other cards... however they have 0 balances One has a £1500 limit and is a life of balance card. When I have 5 mins I'll transfer some from the MBNA card to it. My 3rd card is a cash back card - cleared at the end of every month so I don't really count it...

Robflh

Hi tine

I am going to assume that the MBNA card was the one that had 0%.

As well as transferring as much as you can to the LOB card, apply for a new credit card. Tesco, HSBC and Virgin are some that have long 0% offers. Tesco also has 12 months 0% on Tesco purchases.

You can be turned down for credit twice in a six-month period and it should not affect your credit rating. So apply for a new card ASAP and if you are turned down apply again in six months time. You will then have been working for over six months and that alone should increase your chances of getting a new card.

If you get a new 0% card transfer as much as you can to it. If you do not have a big enough credit limit to transfer all of it, apply for another one.

Each month use every penny you can to pay more then the minimum off the credit card with the highest APR.

Whenever you need to spend a largish amount that is not in you budget, use one of the credit cards.

Your priority should be to clear the debt on whichever credit card has the highest APR. Unless they are all lower then 7.9%, which is the loan APR. If you can keep the credit cards APR below that, it is better to pay off as much as you can on the loan.

If you are not allowed to make overpayments, put the money in a high interest account. When you have saved up 80% of the outstanding balance on the loan, contact Egg and ask them how much they would accept to pay off the remainder of the loan in one go. It should take you about seven months to kill the loan.

The loan will be dead before the 0% offers end. However, two months before the 0% offers end, apply for another 0% card/s. If you get 1 or 2, kill 1 or 2 of the other cards.