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    • Flowers123
    • By Flowers123 24th Jul 16, 5:42 PM
    • 134Posts
    • 285Thanks
    Time to sort my finances out
    • #1
    • 24th Jul 16, 5:42 PM
    Time to sort my finances out 24th Jul 16 at 5:42 PM
    I am in my mid 20's and I've decided to sort my finances out finally. I am lucky enough to own my house but I have a loan and 2 credit cards which have built up from frivolous spending on holidays and clothes and going out. My total debt excluding my small mortgage is 18,900 and I have nothing to show for it.
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    • jvr
    • By jvr 10th Feb 17, 8:18 AM
    • 420 Posts
    • 1,304 Thanks
    Hi flowers

    Even though I am scrimping by I do have a 40 yoga membership that I use at lunchtimes, it makes such a difference to how I feel and I think that's important as well. Not sure where you are but are there any of those discount gyms that are pretty basic but do the job?
    Debt: 10,006 now 8698.38
    Emergency Fund: 456.17/ 1000

    • Flowers123
    • By Flowers123 13th Apr 17, 6:28 PM
    • 134 Posts
    • 285 Thanks
    Oops, I've been a bit lazy and I've not updated my diary for a long while.

    Debt busting hasn't really happened. I'm still where I was 2 months ago. 20,100

    However, I have painted my house in every room and I've managed to get some second hand furniture. I've started advertising on @irbnb too and I've got my first guest next week. I did think about getting a permanent lodger but I really want my own space plus I could earn as much on @irbnb anyway but it does require more effort. I've had a key box fitted so guests can enter themselves and then I'm offering a continental breakfast as I don't have the time to do a full English with working full time.

    Work has been very up and down. I always doubt myself and feel like I'm not good enough, there has been so much to learn I have only just started earning commission which is why I haven't really made any overpayments to my debt. At least it's not increased

    I'm still plodding along with the surveys but I do find they take a long time to build up any funds.

    I'm looking forward to the summer as I can have bbq in my gorgeous garden and I've got a cheap holiday this summer in the UK. Slightly different to my usual trip but needs must.

    I'm off to work out a budget which I'm completely useless at
    • Flowers123
    • By Flowers123 14th Apr 17, 4:27 PM
    • 134 Posts
    • 285 Thanks
    So I had a NSD yesterday and a NSD so far today

    I've got 50 to last until payday on the 24th and I've got enough food to last but I will need some fuel. This weekend I'll visit some family for Easter but I suspect it's going to be a boring weekend as all my friends are with their partners.

    I haven't sorted my budget out yet. My wage varies every month so I may have to work a budget out each month when I get my payslip, that will enable me to budget for all my bills and then I will work out fuel money and food money. Any extra money I make is either going to go towards debt or in my savings. I have done one thing and worked out I need to save around 100 pm for car insurance, MOT etc, home insurance, tv licence as I want to be able to pay everything in full next year.

    Oh I forgot to mention I have been doing Pilates and i feel loads better. Going to start doing it once a week instead of getting a gym membership. I will need to budget for this.

    I'm off to sort the garden out as it is so overgrown!
    • Flowers123
    • By Flowers123 15th Apr 17, 9:51 AM
    • 134 Posts
    • 285 Thanks
    Good news is that I managed a NSD yesterday.

    Slight panic this morning. I ordered something off Amazon and must of some how ended up signing up to their Prime service and they have debited 79 from my current account this has put me into my overdraft which I'm slightly annoyed about but Amazon are refunding me so I'm hoping I won't get charged any overdraft fees as the money hasn't actually debited my account yet. Fingers crossed.

    I may have to spend a bit of money today as I'm out with the family enjoying the lovely long Easter weekend so I will contribute as we are going out for lunch. Looking to budget around 10-15 max for this. I will get some tap water or a tea so that will save some pennies.

    I am thinking of doing a car boot or garage sale this summer. I have loads of items that aren't worth selling on eBay and i would usually give them to charity but as i am i have this hideous amount of debt I need to try and do anything to dig myself out of the hole
    • Flowers123
    • By Flowers123 15th Apr 17, 4:26 PM
    • 134 Posts
    • 285 Thanks
    Yay, I have managed a NSD thanks to my family. They offered to pay for me so I have not spent a penny today. Hopefully tomorrow will be the same as we are going to a family members for lunch. I said I would return the favour this summer and have everyone over for a bbq.

    Just going to have a nice cup of tea then I'll start working out a budget on my minimum pay. I should really do a SOA but I find it so difficult when my incomings and outgoings are all over the place! Probably why I'm in debt
    • Flowers123
    • By Flowers123 17th Apr 17, 10:20 PM
    • 134 Posts
    • 285 Thanks
    So yesterday I spent 89p on some milk but no other spends.

    Today I have spent 25.19, this was for a cheap lunch, 6.50 car parking as I met some friends in Birmingham and I didn't realise how expensive it was to park there (I'll be parking up and walking in next time) I then bought a simple strappy top for 2 and the rest of my spends was on some fresh food. I am quite pleased with my spends over the Easter weekend, I resisted going out with friends for expensive drinks but my family seem to be getting a bit worried that I'm becoming a hermit but I did explain I want to save money. They don't know the extent of my debt and I don't want to tell them. I'm determined over the next few years to gradually pay of as much as I can.
    Payday is next week and it can't come soon enough, I need my payslip so I can work out how I am going to do my budget and then I'll post it on here. I've worked out my previous budgeting wasn't really working so I'm going to have to set myself a realistic budget every month. Some months I will give myself extra funds if I have social plans or need to buy something.

    Can't believe how fast the weekend went. I have no motivation for work at the moment. I'm hoping it comes back to me soon! Flowersx
    • blue_eyed_girl123
    • By blue_eyed_girl123 19th Apr 17, 12:55 PM
    • 66 Posts
    • 117 Thanks
    Hi Flowers123,

    I've just been reading your diary and I wonder if you've considered piggy-banking? I've got a bills account for all my direct debits, a groceries/toiletries/petrol account, a spending money account and a savings account.

    I allocate amounts for each on payday and then you might find it easier. I have apps for all mine so I can keep an eye on it. Takes a bit of setting up but can be easier in the long run .
    • Flowers123
    • By Flowers123 20th Apr 17, 6:49 PM
    • 134 Posts
    • 285 Thanks
    Hi blue eyed girl. That is a really good idea. I am so useless at budgeting and just seem to go round in circles. I have a number of current accounts (some I have never used) and I have random direct debits in each of the accounts so it is hard to keep track of. I will look at sorting out my current accounts and have one of my account purely for spending money.

    I'm definitely going to be staying in this weekend. It's been a 5 weekend month so my finances are stretched and I have filled up with fuel which cost 45 but this should last until the end of next week. Payday next week can't come soon enough!!
    • Flowers123
    • By Flowers123 23rd May 17, 11:01 PM
    • 134 Posts
    • 285 Thanks
    Can't believe the news today. My heart goes out to all the people affected. It's so so sad, I still can't understand why these people are so evil.

    So good new and bad news with debt busting..

    New patio doors cost me just over 1000 including the fitting. Old ones were damaged beyond repair.

    Good news is that I have a lodger moving in next month. 395 per month. 75 to go towards extra bills and council tax and the rest will go towards debt busting.

    I have also opened a new current account. One account will be for bills and direct debits etc and the other will be for spending which will include food, fuel, clothes, toiletries, socialising etc. budgeting 450 per month for all of this so 112.50 per week roughly. There will be a few days before payday where I wil have to have a few NSD.

    Not earning as much commission as I had hoped in the new job which is why I decided to get a full time lodger. Hopefully when I become more experienced I'll earn more but not counting my chickens before they have hatched as the saying goes.

    Current DFD is December 2020 which isn't bad considering the amount of debt I have. Will try and knock a few months of this if possible by selling on eBay and trying to be frugal.

    I am taking lunches to work these days and trying to cut down the food budget. My big expense is diesel as I drive a lot and also socialising is my big downfall still. Must work on this and stay at home more often. Should be easier when I have a housemate as I'll have someone about to have food with or watch films. She seems lovely and looking forward to having someone living with me.

    Must update this diary as I have lost motivation recently.

    Oh I have a confession. I am going on holiday with the girls in December. I know I should have said no but I want to go and I'm putting money aside each month as it's definitely not going on my credit card like I would have done previously.

    Payday tomorrow so I will do a monthly budget.
    • Flowers123
    • By Flowers123 25th May 17, 8:07 AM
    • 134 Posts
    • 285 Thanks
    Its payday finally.

    I have paid all debts. Just waiting for direct debits to leave my account. Any extra money can go towards credit cards!

    Pay was pretty bad this month as not much commission has gone through so I can't claim for it. Thank goodness I'm getting a lodger.

    Another item of clothing listed on eBay which should raise another 10 which can go towards credit card as well.

    I will do a revised SOA at some point.
    • Flowers123
    • By Flowers123 27th May 17, 8:43 AM
    • 134 Posts
    • 285 Thanks
    I sat down last night and went through my budget.

    It's not great this month but I should be able to manage it if I'm sensible.

    Next weekend I'm going out for the day with a friend so I've budgeted 30 for our lunch and drinks. I haven't seen her in ages and we had planned it ages ago so I can't really not go. The weekend after I'm going away to a family members so no accommodation costs but will need money for fuel and food when I'm there so 50 budgeted. Also it's Father's Day so I've budgeted for this too.

    It's going to be a long month but once my lodger moves in it should free up some extra money for debt bustin.
    • Flowers123
    • By Flowers123 1st Jun 17, 7:59 AM
    • 134 Posts
    • 285 Thanks
    So everything is on track budget wise. Most direct debits have left my account, just 2 more to go.

    It's going to be a busy month. This weekend I'm meeting friends for lunch, the weekend after I'm heading up north to see family and friends. Staying with a family member for 2 nights then hotel with a friend on 1 night, we have managed to find a deal that includes dinner and breakfast for 50 each and I have some ties of clubcard vouchers for a restaurant for the next day which means I won't need to spend any money apart from a drink but I could have tap water. The weekend after its another friends birthday so I'm budgeting 40 for the evening and after that weekend it will be payday! Thank goodness!

    Can't wait for my lodger to move in! It's really going to help with the budget.

    I've also had to spend 85 on train tickets this month for when I visit a friend in Scotland in August, it is usually 135 so by booking early I have saved but it will leave me short for the month.

    Only got 2.50 for the expensive skirt I sold on the bay of E. Bit annoyed but I didn't wear it anyway.

    So my basic take one oay after my pension is 1300 (100 goes to my pension) I then get a minimum of 100 per month after tax for my commission. This is increasing each month but I'm going to budget 100 to start with. (I'm on target to increase my commission to 200-300 per month after tax as I get busier at work) I will then get 395 from my lodger.

    New budget

    Incoming 1795.00

    Mortgage 328 (parents helping out with this at the moment until lodger moves in)
    Council Tax 120 ( currently only pay 90 as I get 25% single person discount)
    Groceries, diesel, clothes, socialising etc 400 (100 per week)
    Commuting costs 60 ish. (12miles each way to work for 5 days a week)
    Gas 40
    Electric 40
    Water 40
    Phone 38 (upgraded as old phone died and I was previously on a sim only contract for 3 years)
    Internet 25
    Tv licence 12.12
    National Trust 5.50 (cheap days out and I use it loads over the summer)
    Pilates 25 (I've done is for 9 weeks so far and I love it and my back feels better for it)
    Home insurance 15 (I didn't renew with old company and found a cheaper deal and cash back)
    Loan 274
    Credit card payments 150 (minimum payments)
    Regular savings 50 (not saving at the moment but I will when lodger moves in)

    Total 1622.62

    So 172.38 left over once everything has been budgeted for, this amount can go towards my credit card bills.

    I may have over calculated the utilities bills as I currently don't pay that much but thought I would budget extra as not sure what having an extra person in the house wil do to the bills.

    Any suggestions would be appreciated I am not good on restricting myself completing as I just end up having a blow out which is why I'm allowing myself a 100 a week which will also including socialising fund, I'm beginning to think finding a boyfriend may be cheaper!
    • Flowers123
    • By Flowers123 2nd Jul 17, 11:09 PM
    • 134 Posts
    • 285 Thanks
    All is going well. Extra money earnt from having a lodger is amazing and I've stopped worrying so much about if I have enough money for fuel.

    I haven't cracked the no spending on the credit card yet. I cut it up then asked for another to be delivered. I really need to get rid of it and not rely on it. I may put it in some water and freeze it like they do on the money saving programmes and films.

    I have started to earn more commission so usually take home 200 a month after tax now, this is on top of my basic of just over 1300. I have made the decision to put an extra 30 per month towards my pension as I think this will benefit me long term. I know this could have gone towards debt payments but felt it was worth it as it just means I don't have a takeaway or go out for a meal as much.

    I do really want some garden furniture as I don't have any and the weather has been so nice but it's all so expensive so I may need to look at budgeting for this from the little spare money I have.

    Counting down the days to payday again. 3 weeks to go. X
    • enthusiasticsaver
    • By enthusiasticsaver 3rd Jul 17, 8:19 AM
    • 6,394 Posts
    • 13,132 Thanks
    Do you have an emergency savings account? I would save your commission into that initially until you have a buffer sufficiently high you don't need to keep a credit card.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to
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