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  • FIRST POST
    • boxofpaws
    • By boxofpaws 15th Jan 17, 1:26 PM
    • 493Posts
    • 2,128Thanks
    boxofpaws
    Boxofpaws is keeping it simple
    • #1
    • 15th Jan 17, 1:26 PM
    Boxofpaws is keeping it simple 15th Jan 17 at 1:26 PM
    Hello lovely MSE-ers!,


    I have been a user of this site for many years but created a new username on 3rd Jan because I had doubled the debt and I was so embarrassed!


    So here I am, 40k+ in debt. The reasons (excuses) are many and varied, so I won't dwell on the past. However, our current situation is good, good income, happy marriage, nice home and we can really make good in-roads to this accumulated debt.


    In the past, we have failed at debt busting, and I think it was down to the plan being too punishing and too complicated. This time, I will set us achievable targets and make it easy to hit them.


    Thanks to anyone who has read so far, I will report back later with my plan.


    Boxofpaws x
Page 24
    • Suffolk lass
    • By Suffolk lass 13th Mar 18, 6:05 AM
    • 1,968 Posts
    • 20,579 Thanks
    Suffolk lass
    If you can afford that 200 each month - yes! If you need it to build your emergency fund - no. Once your emergency fund reaches 6 months bills, you could start overpaying by 200 per month (or more, if your consumer debt has gone by then).
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after March 19.96% 1,996.19/10,000 5.04% behind
    OS Grocery Challenge 2018 spent 721.33/3,000 including stores so far 24.04% of my annual budget at the end of April
    My DFD is here
    • boxofpaws
    • By boxofpaws 13th Mar 18, 11:04 PM
    • 493 Posts
    • 2,128 Thanks
    boxofpaws
    Just quickly logging spends - 35.98 petrol.

    There are some more that I owe a friend for some washing powder and tomoatoes but not sure what yet
    Debt 03/01/17 = 42000
    Debt today = 27,819.22
    • 117pauline
    • By 117pauline 13th Mar 18, 11:39 PM
    • 649 Posts
    • 7,230 Thanks
    117pauline
    It's strange, isn't it, once we start paying attention to our money situation, we seem to come up with different ideas to solve our problems.

    Personally, I would build an emergency fund then hit the credit cards as they would concern me too. That extra money will give you a bit of leeway so that will make your budget more sustainable over the long term.

    And perhaps, add in a little treat budget to help you along the debt-free journey

    Take care honey
    Pauline
    Don't get it perfect - Get it going
    Better Than Before
    • boxofpaws
    • By boxofpaws 16th Mar 18, 6:28 PM
    • 493 Posts
    • 2,128 Thanks
    boxofpaws
    If you can afford that 200 each month - yes! If you need it to build your emergency fund - no. Once your emergency fund reaches 6 months bills, you could start overpaying by 200 per month (or more, if your consumer debt has gone by then).
    Originally posted by Suffolk lass
    6 months bills!. I neeeeed to see the big number go down

    It's strange, isn't it, once we start paying attention to our money situation, we seem to come up with different ideas to solve our problems.

    Personally, I would build an emergency fund then hit the credit cards as they would concern me too. That extra money will give you a bit of leeway so that will make your budget more sustainable over the long term.

    And perhaps, add in a little treat budget to help you along the debt-free journey

    Take care honey
    Pauline
    Originally posted by 117pauline
    Thanks Pauline.

    I like the idea of a treat budget but I do have a feeling that my life is one long treat
    Debt 03/01/17 = 42000
    Debt today = 27,819.22
    • boxofpaws
    • By boxofpaws 16th Mar 18, 6:38 PM
    • 493 Posts
    • 2,128 Thanks
    boxofpaws
    Quick catch up

    Good things
    • I am getting a bonus of 2.5k (before tax)
    • Got a payrise of 3%. Shoud be about 55 extra per month
    • Expenses for trip to other office - 20
    • Husband overtime of 5 hours this week - 55
    • Still logging spends
    • work is going well
    • well stocked up on just about everything (ie freezer is full, lots of cat food, dw tablets, washing powder, wine)


    Bad things
    • Irritated to find the the stepchild spent the 50 we gave him because he had run out of money on an Indian takeaway for him and his friends (we havent had a takeaway in ages because I cant justify the cost)
    • Council tax has gone up (8), as has sky (3.50), and water (1) and bt (3) and even tv licence has gone up a few pence. My payrise is ebbing away.
    All things aside, we are pleased with the way things are going, and we are going to have a Chinese takeaway tonight to celebrate my payrise


    Saintliness 5/10
    Debt 03/01/17 = 42000
    Debt today = 27,819.22
    • Drawingaline
    • By Drawingaline 16th Mar 18, 7:36 PM
    • 421 Posts
    • 1,421 Thanks
    Drawingaline
    I received my water bill today, 5 increase, council tax 15 a month increase, sky, going up etc etc. It's depressing, especially as I have all April's bills logged in ynab and going to have to rejig them

    And I, to would be fuming at the stepchilds thoughtlessness. Although being nice to friends is a good quality I suppose
    • redofromstart
    • By redofromstart 16th Mar 18, 8:09 PM
    • 1,674 Posts
    • 9,989 Thanks
    redofromstart
    You must be pleased with that bonus. Well done you
    • boxofpaws
    • By boxofpaws 17th Mar 18, 2:28 PM
    • 493 Posts
    • 2,128 Thanks
    boxofpaws
    I received my water bill today, 5 increase, council tax 15 a month increase, sky, going up etc etc. It's depressing, especially as I have all April's bills logged in ynab and going to have to rejig them

    And I, to would be fuming at the stepchilds thoughtlessness. Although being nice to friends is a good quality I suppose
    Originally posted by Drawingaline

    He wasn't being nice to his friends. I was

    You must be pleased with that bonus. Well done you
    Originally posted by redofromstart

    I am pleased, btu I had secretly thought it might be 2k after tax, and was kind of banking on it. Serves me right for assuming.
    Debt 03/01/17 = 42000
    Debt today = 27,819.22
    • boxofpaws
    • By boxofpaws 17th Mar 18, 2:38 PM
    • 493 Posts
    • 2,128 Thanks
    boxofpaws
    I've just totted up my spends so I am adding them into the diary. This is 16/02 - 17/03 - 1 - 2 days shorter than typical month.

    house 10
    toiletries 31.53
    groceries 297.4
    petrol 108.32
    pet food 20
    entertainment 192
    birthdays and gifts 107.5
    stepchildren 100
    cash 20

    This month 886 on all cash and card spends. This is about 150 than I put in my previous projection/spreadsheet. Its not a budget, it's just what we spend. I don't think I know how to budget. I don't know if I need to right now. I a not sure how typical the last 4 weeks have been, I certainly feel like we have spent more than usual on birthday, presents, giving money away and entertainment than normal but I suspect I will probably think this every month.


    I will do a proper SOA once the wage rise has come through and we have the new mortgage but here is is in its very roughest form, all rounded up

    Income - 4000

    Mortgage and bills - 1500
    Annual bills -500 (this includes cars and bike, holiday, birthdays and Christmas)
    Cash spends - 1000 (rounded up)
    Debt payments - 1000
    Debt 03/01/17 = 42000
    Debt today = 27,819.22
    • KxMx
    • By KxMx 17th Mar 18, 3:18 PM
    • 7,367 Posts
    • 10,613 Thanks
    KxMx
    I usually say give a spending diary a couple of months, then you can see what is typical and what isn't, and budget accordingly.

    As for stepchild, perhaps remember that the next time they ask for/you're tempted to offer money.

    You have significant debt and i think you are generous to be giving out cash gifts in the first place. If that money was being spent on essentials then maybe it'd be different.
    • Suffolk lass
    • By Suffolk lass 17th Mar 18, 3:48 PM
    • 1,968 Posts
    • 20,579 Thanks
    Suffolk lass
    If you want to learn to budget, I agree you need to track. I think there is a bit of a spreadsheet tracking process to go through. Set up your categories and then track every spend in a month in each category. You will see where your savings can be made after a couple of months of just tracking. Then if you want to, you can drive costs down a bit (I only do this to try and mitigate inflation now). The reason I say do it in a spreadsheet rather than finding an app is so you actually monitor and measure it - then it starts to matter, iyswim

    Re your emergency pot, if the 200 mortgage saving is too much, you could use the Tilly Tidy amounts to build it. It just means your disposable income reduces by those rounding down amounts.
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after March 19.96% 1,996.19/10,000 5.04% behind
    OS Grocery Challenge 2018 spent 721.33/3,000 including stores so far 24.04% of my annual budget at the end of April
    My DFD is here
    • doingitanyway
    • By doingitanyway 17th Mar 18, 9:03 PM
    • 3,007 Posts
    • 14,708 Thanks
    doingitanyway
    Just catching up with your diary. You are doing great on the debt. And all whilst enjoying nice things. Result

    Shortening the term on the mortgage sounds like a great idea too.
    JANUARY 2016/SECURED DEBT=24,822/March 2018=0 DEBT FREE 23/03/18
    MORTGAGE FREE 25/07/16
    • Cumbria lass
    • By Cumbria lass 18th Mar 18, 6:26 PM
    • 1,786 Posts
    • 10,683 Thanks
    Cumbria lass
    As long as the debt goes down and not up , you use cash and not credit then things are ok. It is a good idea to track spends as you don't want to end up back in old habits.
    CC1 3655 April 2018.
    • Golightly72
    • By Golightly72 19th Mar 18, 2:34 PM
    • 83 Posts
    • 286 Thanks
    Golightly72
    Well done paws, you are doing really well!

    I would argue though, that you are actually doing the stepkids a disservice by always having a cash hand out available. They will never learn to budget while the bank of dad and stepmum is always available to bail them out, and may be storing up future debt problems.

    So by holding onto your money you are actually doing them a favour.
    • boxofpaws
    • By boxofpaws 2nd Apr 18, 7:28 PM
    • 493 Posts
    • 2,128 Thanks
    boxofpaws
    Ive gone a bit quiet havent I? Its because I am in the process of doing something you might disapprove of. Whilst we are not consolidating, we are going through the application for the remortgage and adding 7k on to it to have our driveway done (which will be about 9k).

    So there you have it. Please dont be cross.
    Debt 03/01/17 = 42000
    Debt today = 27,819.22
    • redofromstart
    • By redofromstart 2nd Apr 18, 7:32 PM
    • 1,674 Posts
    • 9,989 Thanks
    redofromstart
    I'm going to focus on the positive of how your user name always makes me smile. Lots of lovely paws

    I am sure you have out a lot of thought into the decision, and its an investment into something solid.
    • Suffolk lass
    • By Suffolk lass 4th Apr 18, 12:20 PM
    • 1,968 Posts
    • 20,579 Thanks
    Suffolk lass
    Nothing wrong with planning some house improvements as long as you have a plan Paws!
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after March 19.96% 1,996.19/10,000 5.04% behind
    OS Grocery Challenge 2018 spent 721.33/3,000 including stores so far 24.04% of my annual budget at the end of April
    My DFD is here
    • JoJoC
    • By JoJoC 6th Apr 18, 11:54 AM
    • 1,769 Posts
    • 6,452 Thanks
    JoJoC
    If I was cross then I'd be a big fat hypocrite Paws!

    We got our driveway done in September Paws, adding more onto an existing loan (although getting the whole loan at half the interest rate while we did it). It's more than worth it for us - solved our drainage problems through the winter, which was affecting our house, meant that we didn't have the kids climbing out the car into big muddy puddles and wet feet all winter, and also has likely/ will likely save us money on lessening the damage to our cars due to loose slabs that acted like a see saw every time we drove over them.

    Ultimately, it's your decision and as long as you have a plan in place and you're happy with it, no one here will give you the guilt trip! haha
    CC1: 4601.14/ 5031.14 (10% paid off, 480) | CC2:3407/ 3807 (12% paid off, 450) | Loan: 10,788.72/ 15,000((28% paid off, 4211.28))

    July debt total: 23,838.14 | New debt total: 18,796.86 | Total debt paid: 5,141.28 (22%)
    *My debt busting and savings diary*
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