3rd Time Lucky?!- Attempting to clear £6645.93 of debt in 105days (3months+13days)!!

Shelbi · 10 June 2018 at 9:10PM

:wave:Hi LadyMay

Aww Thank you very much! well both get there together:j...heres to saving :beer:

Shelbi x

PositiveBalance · 11 June 2018 at 7:51PM

Shelbi wrote: »

Very happy on moving onto the house/flat deposit Im thinking id need about £20000-25000 if im honest maybe a little more (10%) I live in London and property is quite expensive, saying that I may look just outside london and will prob opt for a flat rather than a house as they're cheaper. Id like to not do a share to buy as I think they work out more expensive, but ill see what I can get nearer the time

Id be looking for a 2 bed if possible. I think it will take me a year and a half - two years.

I wont be able to get a LISA or a help to buy as I wouldnt be a first time owner (sadly). I did open up a regular 5% saver today £250pm, EF is sitting in a fixed easy access 5% current account with nationwide. TSB which gives 5% upto £1500 so I will fill that up next. after that ill search for another good savings account. Ill get there eventually.

I will do a new SOA a bit later but Im hoping to save between £750 to £1000 a month (More if i get any bonuses at the end of the year), though ill know alot more Ive done the SOA... I hope you guys are having a fab Weekend..Hugs!!

OK, so let's think this through. Let's assume that you are going to aim for the higher amount as you will also have solicitors fees/surveys etc. to pay for even if you only use £20k for the actual deposit. That means that you will need to save £25000/24 = £1041.66 will be your monthly savings goal. You think that you can save £750 - £1000pcm which is healthy. Perhaps I could encourage you to 'pay yourself first' so that you have already saved your allocated amount each month right at the beginning and that way if you need to 'dip' into it for anything, it will feel very different psychologically than saving 'whatever is left'. I imagine you would feel like you were robbing yourself of deposit that way round.

Shelbi wrote: »

:rotfl::rotfl: No positivebalance I didnt name my account, "call that George" is something people say around me, it means job done, have no idea where exactly it comes from or why... Although I quite like the idea of naming my accounts:D

Now you mention it, me too! I think it would feel a bit like robbing Peter to pay Paul, so to speak. Might I suggest George for your EF? (If you do that, I may have to call mine Mildred! :rotfl:) I'm giving serious thought to calling another account Peter as well, given the whole robbing Peter to pay Paul saying...I will sounds mental saying 'I've got to take some money out of Mildred/Peter' but I'm hoping that naming them will make it feel worse if I have to 'rob' them for something! :rotfl:

Good luck Shelbi: get your SOA up ASAP! I love a good pick at an SOA! :lovethoug

Shelbi · 12 June 2018 at 5:57PM

Hi Positive Balance :wave:

Oh gosh I hadn't even thought about the solicitors fees/sdt and other costs...Hmm that's going to take me longer than 2years. Saying that if OH and I ever marry etc im sure wed combine our incomes and reach it quicker. Right now I'm working on it as if its just my goal...I also get a bonus at the end of the year but I don't count on it until it come in. I love the pay yourself first for the goal..I'm going to try that see if I dont dip in... Peter & paul is the way forward love it:rotfl::rotfl: It makes sense, Always here Dave call student Loan Sally May...I think Peter is a fab name for an EF

:j

OK heres my SOA...*Drum roll please*....................

Statement of Affairs /(Budget)- (Mine alone;))

Monthly Income Details
Monthly income after tax................ 2814.74
Total monthly income.................... 2814.74

Monthly Expense Details
Rent.................................... 324.75 (my share)
Council tax............................. 95.91
Electricity............................. 50 (usually around £150 paid quarterly)
Gas..................................... 50 (same as leccy- approx£150 qrtly- £50pm)
Water rates............................. 0 (OH pays this)
Season Ticket............................124
Mobile phone............................ 15.41 (mine)
Mobile phone............................ 12.50 (mums)
TV Licence.............................. 0 (OH pays this)
Internet Services....................... 0 (OH pays this)
Groceries etc. ......................... 200
Pension deduction........................372.50
Food Shopping............................200
Shares & investments savings.............150
NSI Premium Bonds saving.................50
Regular Savings (deposit saving 5% Int)..250
House Deposit Saving……………………………….405.83
Emergency fund.......................... 0 (Done for now)
Car Insurance.......................... 38.33
Car Tax …………………………………………11.81
Car Break Down Cover.................... 3.75
Petro…………………………………………….. 20.00
Cinema Trips ………………………………… 20.00
Netflix …………………………………………………..7.99
Amazon Prime …………………………. 6.58 (£79 pa)- already paid
Work Night out ………………………………………………. 20.00
Drinks for Home …………………………………………………. 40.00
Night Out/ socialising ………………………………………… 60.00
Date night/Take out………………………………………….. 40.00
Hair & Beauty …………………………………………………… 13.61
Dentist …………………………………………………………………. 4.17
Optical Bills………………………………………………………….. 7.50
New Clothes ………………………………………………………… 20
New clothes work……………………………………………….. 20
Christmas …………………………………………………………33.33
Birthdays/Occasions………………………………………… 62.50
Charity/ Giving ………………………………………………..30.00
Oyster top up …………………………………………………….5.00
Stuff I forgot to budget for(Misc/Buffer)........ 50.00

Total monthly expenses.................. £2814.74

Now I haven't put in a holiday as I wont be taking one this year, Please pick away lovelies.... I appreciate your help

:beer:

Shelbi x

dustydigger · 12 June 2018 at 9:03PM

Hi Shelbi,I am having a week of lazing around after a frantically busy month and I settled in to read diaries. I start with the top one on the page,and that was you today!:)

I have really enjoyed following your occasionally rollercoaster ride in the debt slaying arena. Well done. :TReading through from the beginning I saw incredible changes in your spending habits and mindset.Good for you.
Mind you I tend to gulp in shock at the massive amounts you spend on socializing and entertainment.You are fortunate that your income is very comfortable so that you didnt need to cut down much,but for most people all those cinema visits and nights out would have been the very first area to be cut. However I magnanimously let you off with a caution because of how much you have avoided going up(literally) in smoke when you gave up smoking. Major congrats on that,something many people find impossible to do.
I'm sure you must feel much more at ease with life now without the burden of debt weighing you down,you must feel you are floating on air when instead of the red figures you are watching your various savings pots totting up nicely.
Once again,well done,and keep it up.Did you notice how when you cut back on posting for a while things went a bit pearshaped.I think our diaries,though we all have different lives and priorities,are a major tool to keep us on the straight and narrow.
I'll keep an eye out for you,good luck and all the best with saving for your future home!:)

Shelbi · 13 June 2018 at 1:29PM

Hi Dustydigger,:hello:

I hope your enjoying your rest and relaxation week... Thank ys for taking the time to read my diary and writing back:D Yeah its definitely been a rollercoaster although I feel alot more groiunded now, Ill admit that I still have a spend monster living in me so I try to let her free without it putting me back into debt, Ive been trying to learn more on smart money management that works for me...its still a work in progress. The non smoking helped alot on my getting out of debt, after that I spent it. I now have the saving put into stocks and shares (about £150) hopefully it will turn into a nest egg...fingers crossed.

Yes I do budget alot for going out:o I do feel quite fortunate that I can, Though for the most part I do try where I can to get groupon deals/quidco on things to make it strecth or save, which will top up savings fund. I build in some slack so if I go over then Ill still be in budget and dont feel guilty and spend more (its nuts but I genuinely do do that:rotfl:)

You're so right I always fall off the wagon and go missing, this forum really helps me stay on track, even if i'm not updating my diary but reading others it keeps me focused, You're so right we all have different lives/means but all on the same path its great. Its kind of like slimming word or AA but for moneysaving/finance:D.. I hope you enjoy the rest of your week lovely and Thank you again.

Shelbi X

Shelbi · 13 June 2018 at 2:19PM

Hi Diaryland,

So I bit the bullet and transferred the remaining balance into the EF to make £3000, Ill live off the rest for the month There's only 2 weeks until payday so I should be A-ok. I!!!8217;ve only got 3 Occasions until then- visit to parents father!!!8217;s day & friends daughter!!!8217;s Birthday party (gifts purchased already) and work night out. Ill also have to so 2 weekly food shops. I have £107.00 left in my account to cover that.

A spend day for me today

£13.99 on getting my watch fixed, £16.99 in Holland and Barratt and £6.16 in superdrug, I've managed to pick up a little cold grrr!

I want to save some money though from June as July will be a spendy month- I'll have 4 Birthdays (Incl. OH), Car insurance renewal due

, A holiday (another staycation

) Its going to be interesting one.

In truth for the month of July my budget is going to look more like this:

Rent £325.75
Mobiles- £28.41
Car Tax- £11.81
Council Tax £95.91
Oyster £5
Car Insurance £500 (hopefully over shot here)
Gifts £40 (not OH pressy- will do a spa weekend (part of staycation

)
Socialising £20
Work Nights out £20
Staycation £250
Home deposit Saving £500
Netflix £7.99
Gas £50
Electric £50
Food Shopping £160
NSI Saving £50
Stocks & shares £150

Will revert back to saving up for big costs (xmas/next year Insurance) after July.

Okies back to work..
Shelbi x

PositiveBalance · 14 June 2018 at 12:12AM

Shelbi wrote: »

Hi Positive Balance :wave:

Oh gosh I hadn't even thought about the solicitors fees/sdt and other costs...Hmm that's going to take me longer than 2years. Saying that if OH and I ever marry etc im sure wed combine our incomes and reach it quicker. Right now I'm working on it as if its just my goal...I also get a bonus at the end of the year but I don't count on it until it come in. I love the pay yourself first for the goal..I'm going to try that see if I dont dip in... Peter & paul is the way forward love it:rotfl::rotfl: It makes sense, Always here Dave call student Loan Sally May...I think Peter is a fab name for an EF :j

OK heres my SOA...*Drum roll please*....................

Statement of Affairs /(Budget)- (Mine alone;))

Monthly Income Details
Monthly income after tax................ 2814.74
Total monthly income.................... 2814.74

Monthly Expense Details
Pension deduction........................372.50
Food Shopping............................200
Shares & investments savings.............150
NSI Premium Bonds saving.................50
Regular Savings (deposit saving 5% Int)..250
House Deposit Saving!!!8230;!!!8230;!!!8230;!!!8230;!!!8230;!!!8230;!!!8230;!!!8230;!!!8230;!!!8230;!!!8230;!!!8230;.405.83
Netflix;..£7.99
Amazon Prime.. £6.58 (£79 pa)- already paid
Stuff I forgot to budget for(Misc/Buffer)........ 50.00
Please pick away lovelies.... I appreciate your help :beer:

Shelbi x

You may regret that last comment, Shelbi! :rotfl:

Ok, here is my tuppence worth:

1) Do you need BOTH Netflix and Prime? I know it's not a massive amount each month but it all adds up. £7.99 over 12 months is £95.88 for the year and you've already paid £79 for Prime (remember not to allow them to auto renew if you don't want to for next year).

2) Is the food shop for both of you for the month or does OH contribute as well?

3) While the amount of saving you are doing is admirable, are you not perhaps spreading yourself a bit thin trying to save for so many different things at once? I understand the desire to have a 'nest egg' but would it not financially be cleverer to throw everything at the deposit until you have it saved so that you can start paying your mortgage instead of someone else's rent? (Although, in true Dave fashion you might want to up your pension contribution to 15% or invest the difference in a SIPP etc. if putting it into your work pension isn't all that beneficial for you while you do that.) Once you get your house/flat you could then invest and if money permits, pay down some extra on your mortgage as well.

Is the £405.83 how much you can afford to save on top for your deposit this month or is a regular amount you will be putting toward the house savings?

You're saving another £200 in investments. If you threw that at the deposit each month you would have £450 between the regular saver and this, then whatever you can add like the £405.83. This month, that's a whopping £855.83. There not that much difference between that and the max. £1000 you said you were hoping to save, or the £1041.66 I figure you would need to save (especially if you nail that miscellaneous £50 as you get even better at the budgeting! :rotfl:).

The really good this about this is that you wouldn't have to deprive yourself of anything too much and that's not counting any bonuses/lottery wins/ebay sales/marrying a millionaire which is very pleasing.

In short...you could totally nail this in two years. If you get a wiggle on, you could probably knock that down a fair bit, especially if you get a payrise etc. as you go along.

What have you got to lose except the rent?! :T

Shelbi · 15 June 2018 at 2:26PM

Hi Positive Balance!! :wave:

“You may regret that last comment, Shelbi! ”- Aww never, Thank you for your tuppence, I really appreciate it hun…really do!!!

“Ok, here is my tuppence worth:

1) Do you need BOTH Netflix and Prime? I know it's not a massive amount each month but it all adds up. £7.99 over 12 months is £95.88 for the year and you've already paid £79 for Prime (remember not to allow them to auto renew if you don't want to for next year).- You’re right on this, it is probably movie overload, plus ive exhausted all the shows now so I could make the saving here- Thank you x

2) Is the food shop for both of you for the month or does OH contribute as well?- This is to cover both of us, OH does shop too- although he doesn’t do weekly. He does a top up or he when he fancies something different- usually premium things that I no longer buy. I always like to try have all necessities covered- So toiletries, cleaning and meals from this.

3) While the amount of saving you are doing is admirable, are you not perhaps spreading yourself a bit thin trying to save for so many different things at once? I understand the desire to have a 'nest egg' but would it not financially be cleverer to throw everything at the deposit until you have it saved so that you can start paying your mortgage instead of someone else's rent? (Although, in true Dave fashion you might want to up your pension contribution to 15% or invest the difference in a SIPP etc. if putting it into your work pension isn't all that beneficial for you while you do that.) Once you get your house/flat you could then invest and if money permits, pay down some extra on your mortgage as well.- yeah I think your probably right here, I always like to run before I can walk:rotfl:, I do 10% pension and company match with 5%. Once I reach my deposit will move to 15 from me and 5 from them. Totally right though I will use that money for savings, it will cut down my saving time (hopefully) !!!61514;

Is the £405.83 how much you can afford to save on top for your deposit this month or is a regular amount you will be putting toward the house savings?-

You're saving another £200 in investments. If you threw that at the deposit each month you would have £450 between the regular saver and this, then whatever you can add like the £405.83. This month, that's a whopping £855.83. There not that much difference between that and the max. £1000 you said you were hoping to save, or the £1041.66 I figure you would need to save (especially if you nail that miscellaneous £50 as you get even better at the budgeting! ).- Youre totally Right here, thats the best way to hit my target

.

The really good this about this is that you wouldn't have to deprive yourself of anything too much and that's not counting any bonuses/lottery wins/ebay sales/marrying a millionaire which is very pleasing. – Hehe If only!! Saying that I have been doing cash back betting- I actually won which covered my initial outlay (£40), with £19.42 profit and £118 cashback to come (if all goes well). P.s if any one tries this make sure you only spend your initial deposit and get out, if you go over it makes it worthless, and oh so tempting- please be careful:) !!!61514;

In short...you could totally nail this in two years. If you get a wiggle on, you could probably knock that down a fair bit, especially if you get a payrise etc. as you go along.- Aww thank you I really hope so, It cant hurt to give it a go !!!61514;

What have you got to lose except the rent?! < so very true Thank you hun…your tuppence was worth its weight in gold I appreciate your help :beer:

Shelbi x

Shelbi · 19 June 2018 at 9:27PM

Evening diaryland,

Sorry its been a few days, quick recap- NSD today :j but Friday night was a spendy one, went out had way too much to drink, had a budget of £20 and woke up to see my bank account showing £60 on the card:( note to self take out cash and keep my card safely tucked away in my purse..also more I'm don't drink too much when out with work..very irresponsible and foolish:o never again

im cringing!!

OH is down with the flu bless him, not a cold a very manly killer flu, which means it will either kill him by the end of this week or I will out of sheer frustration:rotfl:

Change of plan on the holiday its no longer going to be a staycation and spa day, I've booked us a cheap Sun caravan holiday instead, 4 nights. Itll give me a nice break away...as leading upto OH birthday, weve invited his friend and partner to join us, which im sure will be lovely! Although if they do OH will be paying for an upgrade as we'll need more space

. Spent lunch time making a list of things we may need (using mse site for guidance) Will be checking to see what I've got and what can borrow to keep costs down.:) I cant wait

Really looking forward to payday:rotfl:, other than this not much news to report- works been good, lifes plodding on ok.:):)

Shelbi x

PositiveBalance · 20 June 2018 at 8:21AM

Shelbi wrote: »

Sorry its been a few days, quick recap- NSD today :j but Friday night was a spendy one, went out had way too much to drink, had a budget of £20 and woke up to see my bank account showing £60 on the card:( note to self take out cash and keep my card safely tucked away in my purse..also more I'm don't drink too much when out with work..very irresponsible and foolish:o never again im cringing!!

I had a night like that not long before Christmas. It was horrendous. DCs/CCs being left and an emergency taxi fare home being taken and tucked away is highly recommended.

Shelbi wrote: »

OH is down with the flu bless him, not a cold a very manly killer flu, which means it will either kill him by the end of this week or I will out of sheer frustration:rotfl:

:rotfl:

Shelbi wrote: »

Really looking forward to payday:rotfl:, other than this not much news to report- works been good, lifes plodding on ok.:):)

Your holiday sounds fun and I am also looking forward to payday. I have just found out I will have an unexpected visitor next month, so I'm not sure what will happen to the budget :eek: but it will be nice all the same!

3rd Time Lucky?!- Attempting to clear £6645.93 of debt in 105days (3months+13days)!!

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