Aligning the Stars

Starmummy · 4 July 2018 at 12:15PM

In the spirit on being a little bit more long term with financial plans and knowing I have the support both emotionally and financially from Mr Star I have made some changes.

1) Apply for another balance transfer CC, S4nt4nd3r looks the best option for me and the eligibility checker says I have a 90% chance. I shall transfer all of CC2 onto this to relieve the pressure of my 0% rate ending in September. Then both CC are interest free until well into 2020.
The loans alone reduce my debt by £491 a month. I plan on paying the minimum needed to pay off the CC by the end of the 0% dates...I won't know what that is until I find out if I am approved though. This sets my DFD back a bit but as it's 0% I plan on putting into savings and earning money on my money.

2) I've opened a LISA. I already maximise on my employer contributions to my pension and there isn't an option of increasing my contribution further. After a little research into the tax benefits I decided a LISA would be a good pension top up. At the moment I have set up a £25 DD to this but I can increase this anytime, with an aim to be paying the maximum each tax year within the next 18 months.

3) Star Child savings. She has a child trust fund that I've not added to. I want to look into moving this to an ISA. She also has a young saver account with Halifax that I have failed to add to. I want her to have something when she turns 18 to start her financial future in an educated and supported way. My plan is to put a token £10 a month in her savings account, increasing this when I can to at least £100 pcm.

In other news I had a call from child maintenance saying they had record that I was owed a sizeable sum (in the thousands) for between 2011 and 2014, would I like them to chase it up or would I like to write it off...I laughed and wished them the best of luck trying to get it...I shan't count on ever seeing that money though...if I do I shall pay it to Star Childs savings.

Happy hump day folks, enjoy the sunshine and stay on the high from last nights world cup match

take care

SM

Starmummy · 5 July 2018 at 9:46AM

Another sunny morning folks!

I completed the application for the S4nt4nd3r balance transfer credit card at 9.15 this morning. Received an email at 9.22 to say my application had been approved. That must be some record. :eek:

I already hold an account with them so the card is visible on my online banking app.
Isn't technology amazing. What's also amazing is how much my credit score must have improved for it to have been approved so quickly. Well done me. It means I'm interest free for another 2 years.
They will do the BT as soon as I've activated the card when it arrives., then I can close my MBNA account for good. I feel so in control of my finances. It is amazing the difference 6 months can make. I mustn't let myself lose too much focus. I've set up the DD to the new account to a level that pays off the balance in the interest free period. I can throw anything extra at it at will, but I'm going to turn my focus to saving extras and earning some interest on my money.

In other money news I need to look at cleaning my car and getting it advertised to sell. It should sell better while the weather is nice so better sooner rather than later. Plus I can stop paying tax and insurance then...Also if i don't own a car I don't have to worry about repairs (that will be Mr Stars problem when he buys himself a more practical car)
. My EF will just be 3-6 months of Debt/DD payments now as I have no need to have to replace white goods or pay car repairs as these are/will be Mr Stars responsibility. I feel like a kept woman :rotfl:

[Deleted User] · 5 July 2018 at 12:23PM

Well done, that's great news! And I can attest to the fact that not having a car takes a whole layer out of what I like to call the "stress onion" that is life. :rotfl:

No worrying about repairs, parking spots, MOTs, tax etc etc

Starmummy · 5 July 2018 at 2:43PM

I like the stress onion analogy. That was my thought on the walk to work. The less stuff I have the less I have to worry about going wrong/replacing.

NelliePie · 5 July 2018 at 4:27PM

Hi StarMummy,

I've just come across your diary and read the lot. I have to congratulate you on your LBM and taking the bull by the horns, you've made great progress both will the debt, your attitude towards money and (I hope you don't mind me saying) but it seems as if you've made great personal progress as well.

I'm not currently in debt (other than mortgage) but finding the between spending to enjoy life and saving for the bigger things (we have a little one on the way) can be really difficult. It needs frequent reassessment and refreshing. Don't be put off by this though - you have the tools and knowledge (and support from your OH in a round about way) to be able to do this, live a little and still debt bust without going back to where you were. Recognising triggers such as feeling down and wanting to eat, are just as important as setting goals for the future and prioritizing what you want to get out of your mission - you seem to have a handle on both and a good plan for getting you there.

Well done and keep going - I (and i can probably speak for many of your subscribers) look forwards to reading the rest of your diary, keeping you in check when you need it, listening to you when you need an ear, encouraging you through the hard times and celebrating you victories. You're not alone and we'll all be here to cheer with you when you make your last payment!

NP

Starmummy · 5 July 2018 at 4:57PM

Hi NelliePie

what a lovely post.

Thank you so much for your kind words. It has definitely been a personal journey for me. I've let down an awful lot of barriers that I'd spent all my life building up. Failure is not final. It's been such an interesting journey so far.

SM

Starmummy · 9 July 2018 at 10:20AM

Happy Monday lovelies.

Wasn't the football fantastic this weekend?

We had a lovely weekend in the Star household. Saturday was swimming and trips to the park (£5 spent on lunch and bought some new sunglasses for star child). Sunday was a family day at the seaside with a six mile walk along the sea front. We spent no money! It's a miracle. I packed a picnic, lots of water and a flask of coffee and a great time was had by all (even if Star child tripped over and skinned her knee- a few tears but no drama, brave girl)
We spent about £30 on this weeks shop, it wasn't a proper shop, just topping up on fresh bits so we can use up stuff in the freezer. We will probably need to get milk, bread and fruit at some point.

Spent some time talking with Mr Star about plans for next year and there are some very exciting adventures in the pipeline. Mustn't get carried away too much though we still need to finalise plans for Italy and Paris this year. I feel I'm really living the life I dreamed of. I feel so lucky that I'm fortunate enough to do that and still pay down the debts. It really feels like another world compared to how desperately poor I was when Star Child was a baby and I was faced with the choice of food or heat.

I feel so grateful of how my life has changed. Dreams really do come true.

Take care

SM

Starmummy · 11 July 2018 at 5:46PM

Hi folks. :j

I hope you've had a wee, made a cup of tea and are sitting comfortably today's instalment could be a long one. :rotfl:
The new BT credit card has arrived today so as soon as i activate that then they will action the balance transfer. No fee too so that's a tiny bit amazing.

Money-wise I can feel the strains of summer starting to rear their ugly head. I really must knuckle down and work out the cost of childcare in the summer holidays. I am hoping I can beg some family members to help out and that I can also wangle some working from home days. Mr Star works away a lot in the summer so I can't count on him to share the load...her father barely turns up on the weekends when he is supposed to see her so the school holidays is a pointless consideration. On top of the childcare cost is the fact that she always seems to grow like a weed in the summer. So school uniform, swimwear and hiking shoes are needed as a bare minimum.
Any family days out need budgeting.
Spending money for our holidays/day trips/ family events will be needed. A quick tot up and we are into the thousands :eek:
We also need to book the second hotel for Italy and the car hire...we have a couple of paydays though.

On a more positive note I am so very proud of star child at the moment. I had to bring her to my swim coaching session yesterday as Mr Star had a work thing. My coach let her join the class and she kept up with us well (my class all swim long distance and open water swims, all strong swimmers, she is only 8 so I'm amazed) on the way home she saw a load of litter and she decided to pick it up and put it in the bin to help 'save the turtles'. She's become such a sweet, kind, compassionate young lady.

Today was sports day and she came 1st in 4 of the 8 events and second in another. So an unbudgeted treat of tea and cake was had on the way home. I also spent out on new hiking shoes for her that were 70% off and some help with homework books from the works, she struggles with spelling quite a bit despite reading well and having a good grasp of language and a healthy imagination. These were joint account spends though of about £30.

Inspired by MumblingTaffs diary I also got my running shoes on this morning for the first time in months, I managed 4k and by some miracle I didn't need an ambulance at the end of it. So I was all primed and ready for the Mum's race at sports day...alas I did not win. Our school is so competitive...one of the dad's took a tumble trying to overtake another :rotfl:

Mr Star has been "bullied" into going out to watch the football with the other managers at work tonight (I think he thinks I'm daft I doubt he took much convincing) he seemed surprised when I encouraged him to go. I of course have an ulterior motive...he is even more lovely and generous after he has been sociable with his friends so I can probably look forward to some kind of nice lunch out this weekend.

Starmummy · 12 July 2018 at 10:34AM

It's so very nearly the weekend!!!

The DD for my bigger loan came out this morning and I've shifted £45 from savings to pay off the rest of CC2 that I couldn't transfer to the new BT credit card. All CC debt is now 0% for at least 2 years which takes a lot of pressure off. As soon as the BT clears on the old card I can phone them up and close down the account completely I have never spent on this credit card and only ever used it for balance transfers but it's best to remove temptation. I have updated my signature.
A new milestone has been achieved I've paid off over 30% of my debts in 6 1/2 months paying off over £5630.
next month will see me enter the 11's and I should be under 10k in November.

I've just got to keep chipping away and try to maintain a bit of focus.

DrSpendLittle · 12 July 2018 at 11:13AM

Excellent progress, Star! You're doing really well! :T:T

I had a '50% wobble' and took a couple months of intense debt slaying in Feb / March. I didn't add to the debt but I only made minimum payments those months. I felt I needed to get a good old spending session out of my system (...the result of a huooooooge wardrobe clear out and wanting to build a new capsule wardrobe comprised of good quality pieces). It definitely worked for me, since I'm now even more determined than ever to get to the finish line (... and I'm much more precious about what / when I spend on clothes which is a big and welcome step change in my clothes spending mentality). But, my point: don't be too disheartened if you lose focus and take a month or two off the intense repayments. It will all work out well in the grand scheme of things and you've already shown you can change your spending / saving behaviour. You also have some pretty cool short, medium and long term goals which are super important for successful debt slaying!

Prosecco to celebrate 31.4%...?

Aligning the Stars

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free