A cup of tea & a budget please...

SeasideGirl · 20 September 2018 at 5:44PM

Having lurked on this area of the forum for quite a long time, reading along, and being inspired by many people here, I decided it was time to take the plunge and start my own DFD to help me be focused.

It's just me - due to have a significant birthday in the next couple of months (beginning with a 5...) :eek:, 3 adult children (one was still at home but is away travelling until at least next summer) and I just feel that having lost focus on my budgeting etc the last couple of years (study / career change / paydrop / new different but linked job to increased pay again) it's time to get back in control and be focused! Combining this with having rejoined slimming world 4 weeks ago and being pleased with how I'm doing there so far too (grocery shopping & cooking is so much easier when there's nobody else in the house).

I moved house a few months ago, took on a probate 'project' although the need for extra unexpected & significant work wiped out some of the chunk of money that was to be used to pay off the credit card and buy the new kitchen units

There's still a way to go, mostly cosmetic work now, but the bathroom still really needs to be done. I had a new loo put in (as the other was gross!) but the rest is very 1970's and pink, with brown floral tiles and pink/grey wallpaper :rotfl:. Luckily DD3's b/f is a plumber and will do the job for reasonable rates (he has already done other work here really well), and I don't have expensive taste but it's still likely to cost a couple of thousand.

So, as well as building up savings to do the bathroom, I want to focus on paying off the debts/finance plans I have and gradually getting rid of these. I'm lucky enough to earn a decent amount and have 'spare' money each month I can put towards these now (not been the case the last 2-3 years) hence feeling I can move forward rather than just treading water.

I've been redoing my budget, got it forecast through to June next year (I use a free program similar to MSmoney) and from the beginning of Oct I am going to withdraw my grocery money & 'spending money' in cash and keep in separate purses - it's just too easy to keep wafting a contactless card about!! I can't go beyond June as I'm on a fixed-term contract where I work (technically only till early next year but I've been told I will be staying until summer).

So, anyhow, a rambling introduction - I may end up talking to myself, but hopefully my diary will help me keep on track. :money:

enthusiasticsaver · 20 September 2018 at 5:59PM

Good luck with the budgeting.

Moving house and taking on a project is often a catalyst for taking on debt. How much do you have to clear? Have you looked at all your expenses to see if you can cut down? Taking out spends in cash is one way of disciplining yourself if you know you are prone to overspending. Do you keep a spending diary?

If you are almost 50 have you checked whether you are on course to pay off your mortgage and addressed your pension? That gets more critical as we approach retirement along with clearing debts and saving.

UncannyScot · 20 September 2018 at 8:04PM

Hi and welcome :hello:

I have home-brewed Ale and a budget planner spreadsheet if that's any help

jwil · 21 September 2018 at 1:56PM

Good luck

SeasideGirl · 21 September 2018 at 2:57PM

Hmm, not sure where the last (nearly) 24 hours went! Lost 2 pounds - weight not money

so came away happy from SW last night. That's part of my monthly spending cash - I don't smoke/drink or go out very much (other than seeing friends for a coffee & walk by the sea, and occasionally a lunch out) so as well as getting me healthier, it's a social thing to do once a week as well. Just in the process of pulling together my SOA - although I know in my head what I've got, I think it's going to be really helpful to have it here in black & white too.

EnthusasticSaver Yes, thank you, got those bits covered so time to tackle the rest. The plan is that this is quite a long-term house but also one that reduced my mortgage & running costs too. Once debts are cleared I will be planning on significantly overpaying the mortgage to clear that much earlier too. I don't have a spending diary at the moment but have allocated myself monthly amounts for my 'spending' and groceries and I input everything else (additional spending outside the planned budget) onto the moneymanager program. It's more been that I took my eye off the ball the last couple of years while life has been chopping & changing significantly and that makes me feel quite out of control. I worry more..

UncannyScot I'll stick with the tea

but I do like a spreadsheet!! Especially if it's colour-coded... Thank you!

Jwil Thank you!

beanielou · 21 September 2018 at 3:23PM

Happy shiny new diary

Broke_Bear · 21 September 2018 at 9:13PM

Hi , hope you don't mind me following your story.

I am also clearing off debts whilst trying to do up the house. Just about to get a new bathroom as current one is barely functioning now, our house is a little like the one that Jack built insofar as the previous owner seemed to work on the principle of 'why do it properly when it can be done with 14 x 6"nails instead!!' It has been a 7 year journey to get this far (roof, electrics, boiler, damp proof course all done now starting on the inside!!)

Happy new diary and I will keep popping in if that is ok x

Seasidegal58 · 21 September 2018 at 9:53PM

Hello Seasidegirl:hello:

I thought you were me at first!:rotfl:

Just thought I would wish you all the best for your new diary. It's easy to take your eye off the money ball. I certainly did for quite a few years! But you sound very organised and have sensible goals so don't mind if I pop in now and again and see how things are going.

Good luck!

SeasideGirl · 22 September 2018 at 12:23PM

Morning

Thanks for the good wishes BeanieLou, BrokeBear and SeasideGal58 (I had to look twice too, thought I'd posted without realising!).

BrokeBear - I've been here since the end of January, put everything into storage for a couple of weeks whilst the essentials were done as it involved floors being up, things being ripped out, toilets changed, and made sure mine & DD2's bedrooms were freshly painted (over the woodchip paper unfortunately) and sorted carpet/underlay from the internet, and a friend's DH to fit them. It meant at least I could move in knowing it was safe (:eek:) and livable. The kitchen units came a month later. Still needs tiling & decorating. It's likely to take at least another couple of years to get it looking decent but far from finished!

SeasideGal58 - I spent years being quite obsessive over my finances (after past major issues over 20 years ago when with /due to ex) and I worked incredibly hard once on my own to turn things around, to the point of then being able to get a mortgage/buy in my late 30's. Having had a year not working while at Uni more recently and then a career which meant a £10k per year paydrop, really impacted though and I just decided the job (teaching) wasn't worth the combination of no money & no life! So I've combined that with my past career, working in a different setting, but also earning more money again and feeling much happier now

SeasideGirl · 22 September 2018 at 2:37PM

Ok, so SOA complete....

Number of adults in household....... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2116.6
Benefits................................ 0
Other income............................ 70
Total monthly income.................... 2186.60

Monthly Expense Details
Mortgage................................ 533.50 (5 yr fix)
Secured/HP loan repayments.......... 193.30 (Car)
Council tax............................. 123.00 (This does inc single person discount)
Electricity............................. 40.00 (dual fuel, estimated the split)
Gas..................................... 33.50 (expect this to reduce now it's just me)
Water rates............................. 14.00 (supply & waste)
Telephone (land line)................... 15.00 (discounted, contract till Aug 2019)
Mobile phone............................ 43.00 (average amount, contract to July 2020)
TV Licence.............................. 12.43
Satellite/Cable TV...................... 27.74 (discounted package, SkyQ contract to Feb 2020)
Internet Services....................... 0 (discounted for 12 months to Aug 2019)
Groceries etc. ......................... 120.00
Clothing................................ 20.00
Petrol/diesel........................... 45.00
Road tax................................ 21.00 (van; car is free)
Car Insurance........................... 69.54 (car & van, about £35 each)
Car maintenance (including MOT)....... 15.00
Car parking............................. 0
Other travel............................ 167.00 (monthly season ticket to work with 15% discount)
Medical (prescriptions, dentist etc).... 0
Buildings& contents insurance............ 13.22
Home emergency cover............. 4.39
Life assurance ......................... 84.54
Presents (birthday, christmas etc)...... 15.00
Haircuts................................ 5.00
Entertainment........................... 40.00
Holiday................................. 10.00
Emergency fund.......................... 20.00
Total monthly expenses.................. 1685.16

Secured & HP Debts
Description.................... Debt......Monthly...APR
Mortgage...................... 109000...(533.5)....1.45
Hire Purchase (HP) debt ...... 6500…...(193.3)…..(check APR)
Total secured & HP debts......115500....-.........-

Unsecured Debts
Description.................... Debt...........Monthly...APR
Virgin CC1..................... 3334...........33.34.....19.17
Virgin CC2..................... 5775...........57.75..... 0
DFS Sofa....................... 251.84........41.98.....0
Wickes Kitchen................. 3305.42…...80.62....0
Total unsecured debts.......... 12666.26….213.69....

Monthly Budget Summary
Total monthly income.................... 2,186.60
Expenses (including HP & secured debts). 1,685.16
Available for debt repayments........... 501.44
Monthly UNsecured debt repayments....... 213.69
Amount left after debt repayments....... 287.75

SeasideGirl · 22 September 2018 at 2:47PM

It's bugging me that the columns aren't all in line!!! Oh well, I must tell my inner perfectionist that it's good enough...

Car insurance is up for renewal next month, so must start looking for quotes and check the cashback websites. It has recently had new brakes and tyres, plus a new MOT as has van, so have put quite a minimal amount in the car maintenance category for now.

I've not used the van much in the 3 years I've owned it for various reasons but the plan is to change that and disappear some Friday evenings after work to local-ish campsites (within about 1 to 1 1/2 hours travel). That is essentially my "holiday" - I don't go abroad as I'm terrified of flying so the budget for that is also pretty low.

About £3k (just under, need to check) of the credit card balance is my daughter's but I can have it on 0% so she pays me £70 p/m to cover it. Hoping she will be able to take it back onto hers at some point.

I would say I'm quite low maintenance in terms of my needs - I have been prone to buying "stuff" in the past but have got much better in recent months at deciding whether I really need something or not, and can also walk away and think about it for a few days.

I'm thinking I may pay the sofa balance off in early November and the plan is to divert that £42 to the credit cards instead. Although the Virgin minimum payment is around £90 (just done a 0% BT of the 5775) I have budget £130 for now, and that will up to £180 from December once sofa paid off. I need to BT the £3334 to another (existing) card next month as that interest rate will kick in then otherwise.

A cup of tea & a budget please...

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