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  • FIRST POST
    • JoJoC
    • By JoJoC 26th Jan 17, 12:20 PM
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    JoJoC
    Getting my shhh together
    • #1
    • 26th Jan 17, 12:20 PM
    Getting my shhh together 26th Jan 17 at 12:20 PM
    It's January 2017 and I want to make a stand against myself.

    I will let me sabotage myself no more and I will take control and make my finances better!

    Where to begin? Good question! Since my husband and I bought our first house together in 2009, we have bad financial decision after bad financial decision. Not through stupidity, but a combination of naivety, laziness and lack of foresight. We are very impulsive people and it's quite tricky to rein that in when it comes to finances but we've had endless talks over the last few months and 2017 is the year that we sort our sh!t out!

    A combination of astronomical childcare costs, unpaid maternity leave, paying the mortgage for our flat when it isn't let (second property) and a few other things has meant that the last 2.5 years have been really tight and we have built up some debt that I really want to reduce. I'll declare it below!

    Credit card 1: 6,000 (on 0% interest)
    Credit card 2: 3,800 (not yet on 0% interest)
    Overdraft: 600
    Owe to MIL: 120
    Owe to uncle: 700

    I CAN tackle this in 2017 because:

    - My eldest son is starting school in August, meaning i'll be saving on nursery fees
    - I have just started a new job and my earnings will increase by around 200 per month
    - My husband is busy with additional work in the form of 'homers' over the next couple of months

    Hurdles/ challenges/ costly things happening:
    - My sister's wedding in September
    - My sister's hen weekend in September
    - It's my mother in law's 60th and we are going away for a few nights to a cottage to celebrate
    - Husband is going on my brother-in-law's stag weekend to Prague
    - We need to save for spending money as my company is paying for myself and husband to go to Thailand for a week for work.

    As you can see, the opportunities to save, to rein in what we are spending and to pay off debts are there, but it's such a busy year of commitments so I know it's going to be hard going.

    How am I going to achieve this?

    Change the setup of our banking
    It's currently one big bank account for all income, bills and spending but that's not working for us at all, particularly because we have massive outgoings so I want to switch to having a bills account, a spending account and a savings account.

    Spend time weekly on budgeting
    I have set up a comprehensive spreadsheet detailing when money comes in, when it goes out, when money is transferred to savings and when money is transferred to spending accounts. I want to ensure that this is kept on target and we aren't left short so I want to spend time every Sunday night when my husband is at football going through our finances and the spreadsheet to make sure everything is running smoothly and tackle any adjustments that need to be made. I'm paid monthly and my husband is paid weekly so it's a tricky balance.

    Striking the balance
    I need to strike the balance between paying off debt that we have and saving up for the things that we've committed to this year - I know if I focus on debt alone, we'll end up further in debt to cover things. Vigilance is the key and I will need to keep on top of what we can and can't afford to do. Considered choices will work best and looking ahead to see what's coming up will help too. I want to tackle the family debt first, particularly as they are the smallest debts and the ones that I feel bad about the most.

    I appreciate that there's a lot of debt-free diaries on here and this one isn't solely about hammering debt, but I think it's important for me to be accountable and I want to make changes rather than plan then just bury my head in the sand.

    Any encouragement along the way would be appreciated!
    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*
Page 61
    • JoJoC
    • By JoJoC 15th May 18, 11:37 AM
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    JoJoC
    It's easily done, I made a similar boo-boo when calculating how much I owed on my car finance. I'm about 800 worse off than I thought I was but you just need to brush it off and put it down to experience!
    Hope all is well
    Originally posted by fatrab
    Yup, you're right - I'm about 700 or so 'worse off', although I'm not technically worse off - i knew it was 30 x 526.41 payments, it was just the total that was off because the total that i started with on my spreadsheet was a round 15,000 instead of 15,7XX...

    I'll survive! haha

    Things are all good here - nothing exciting to report. Hope the same for you.
    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*
    • JoJoC
    • By JoJoC 15th May 18, 11:39 AM
    • 1,769 Posts
    • 6,452 Thanks
    JoJoC
    Prolific has picked up, or rather i've picked up on the attention that I'm paying to the surveys! ha

    17.45 cleared and 6.14 pending so as soon as I've cleared 20 then i'll cash out and that can go into my holiday pot.

    Really must get my finger out on Onepoll and VO as i've been really lax on those lately.

    New savings account is approved and renamed already! Now to figure out how much i need/ how much i can afford to contribute.
    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*
    • JoJoC
    • By JoJoC 15th May 18, 4:52 PM
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    • 6,452 Thanks
    JoJoC
    I've gone through my spreadsheet for the rest of the year and I've decided to reduce our spends by 100 and transfer that case into our gifts/ clothes account. I'll start it from the pay day at the end of the month so that should be 700 available for the remainder of the year to cover all birthday gifts (including for school parties) as well as clothes required for the kids. I'm not sure what to do about clothes/ shoes for my husband and I because 90% of the time it's wants rather than needs so i think that should come out of our spending account if we can afford to spend.

    Food for thought, but good progress for today
    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*
    • Storm89
    • By Storm89 16th May 18, 12:47 PM
    • 480 Posts
    • 842 Thanks
    Storm89
    Good idea about the birthdays gifts and clothes money, that stuff creeps up all the time. I've done similar to you with calculations. When I went over my plan the other day, i had initially worked out i would be ending the year with 7300 debt when it was a few hundred over that once I had typed it into here and calculated it again. Like you say, no biggie . And when you've got thousands of debt , realising you have a few more hundred is just taken on the chin lol.
    • JoJoC
    • By JoJoC 16th May 18, 4:52 PM
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    • 6,452 Thanks
    JoJoC
    Haha you're right Storm! As long as it's not pushing back my DFD I'm ok with that! Glad I'm not the only one who's having rings run round my by electronic numbers...

    Low spend by me today - I've only spent on my train fare to get to work, so 7.

    My company had a welcome breakfast for a new member of staff this morning and enough was bought in to feed us all for lunch too! So my lunch will stay in the fridge for one more day.

    Nothing much on the money front today - husband will be paid tomorrow for two weeks wages as his boss is away so No doubt we will feel well off for a little while considering the time of the month.

    The weather here is just beautiful- I never want the sunshine to end. 18 degrees today! In Scotland!

    Days until payday: 14...
    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*
    • Storm89
    • By Storm89 16th May 18, 8:42 PM
    • 480 Posts
    • 842 Thanks
    Storm89
    Oooh enjoy the lunch again, what a bonus! You've been lucky having such lovely weather up there today, it's been a bit chillier here but no rain as was forecast.
    • JoJoC
    • By JoJoC 17th May 18, 8:59 AM
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    • 6,452 Thanks
    JoJoC
    Thanks Storm, my company are really good like that. They treat us to welcome brunches for staff and meals out now and again for team bonding etc. And they fly is somewhere once per year for a whole company gathering, so they're a generous bunch. Need to remember that when I'm up to my eyeballs in work...which is always!
    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*
    • JoJoC
    • By JoJoC 17th May 18, 9:05 AM
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    • 6,452 Thanks
    JoJoC
    Another day of spending very little today (I Hope!).

    I spent 7 on my train fare to work again and am hoping to spend nothing else. I have food in with me and no plans tonight so fingers crossed for no spending.

    My husband has been paid today for the next two weeks so at least we know it's there for the next two weeks of direct debits etc.

    Yesterday I spent some time sorting out the summer holidays and have split time between sharing childcare with other mums, some after school club which runs a holiday club, a summer camp and my mother in law who's off for a week, I've managed to cover it. We will also be off on holiday for a week during the summer. So overall, i need to pay 52 for the summer camp, and 140 for holiday club - not bad considering full time for summer holidays would have been almost 1k!!

    I'm so happy it's sorted...

    Days until pay day: 13
    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*
    • JoJoC
    • By JoJoC 17th May 18, 12:53 PM
    • 1,769 Posts
    • 6,452 Thanks
    JoJoC
    Just cashed out 21.31 on Prolific so that'll go straight into my holiday fund That should be up to around 130 once this is paid in!

    My cleared balance is already up to 1.77 with 1.37 pending.

    I still haven't moved any further forward on VO or Onepoll, mainly because I'm up to my eyeballs in work and that's really the only time I'm on a laptop so don't get much time. PA takes up all my 'free' time and i do those when I'm having a coffee etc. Hopefully things will quieten down soon and I can start to spend more time catching Onepoll and VO surveys.
    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*
    • Storm89
    • By Storm89 18th May 18, 9:36 AM
    • 480 Posts
    • 842 Thanks
    Storm89
    That's a brilliant saving on childcare over the summer holidays. Are you going abroad during the holidays or a UK break?
    • JoJoC
    • By JoJoC 18th May 18, 10:11 AM
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    JoJoC
    Yep, it really is a fab saving. Combination of things has worked well this summer - let's just hope that will continue in future years! At least I can work from home and cover all the random days and maybe take him into the office with me for a couple of days too.

    Our holiday in the summer is one week in France - we are going with my parents and my sister and her husband so it'll be a different kind of holiday to the one we had at Easter. I can't wait though, it'll be so nice for the kids to holiday with the wider family too and i'm secretly looking forward to one night 'off' where my parents can babysit so that we can go out for a meal/ date night haha

    I have so much to do before then, though. So much travelling and so much work, so I can't think too much about it yet.

    Early June, we have to book car hire (which is coming out around 300...yuk) and put some money away for spending money, then Early July, we'll put 500 away for the rest of our spending money for the week. To be honest, it'll likely just be fuel, groceries, the odd meal out and some treats for the kids, as those types of holidays don't tend to be expensive for us. We'll see though.

    All these funds are built into my budget for the next couple of months, but it just goes to show how much we could be saving/ overpaying once holidays are out of the way.

    Days until pay day: 12
    Days until holiday: 49

    Post-summer
    Now that I have streamlined the post-August spare income (i.e. when we get some funded hours for my son at nursery and stop paying/ saving for holidays), I know what we're looking at.

    My aim is to overpay both credit cards by between 100 and 150 per month each and then put 300 to savings. This will vary month-on-month depending on what's going on, but that's the goal. If we can manage that, i'll have overpaid by 1400 and saved 1500 by the end of the year. We'll see though...that's best case scenario.

    We just need to keep ourselves on track with spending, or NOT spending as the case may be.

    Savings
    I think having my different savings pots lined up will definitely help me out here. I think I mentioned in an earlier post that I'll be putting 100 per month into the gifts/ clothes fund and I plan to split that 50/50 to begin with until i build up a bit of a buffer (especially because it's almost school uniform time).Thankfully the kids don't really need anything for their holidays - maybe a baseball cap for the eldest, and some swim shorts for the youngest, but not a lot. Once school uniform is over, i'll have another couple of months of 50/50 split then focus on building up the gifts fund.

    I do need to remember that I have 100 per month going to my credit union account, which I split 50/50 between the Christmas saver account and a general savings account. By November (when the Christmas saver pays out) i'll have 600 in both accounts so that'll cover a portion of Christmas.
    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*
    • Storm89
    • By Storm89 18th May 18, 10:21 AM
    • 480 Posts
    • 842 Thanks
    Storm89
    That sounds like a plan Jojo. The savings will really pay off won't they. That holiday sounds lovely, it'll be so good for the kids holidaying as a big family , I loved those kind of holidays as a child. I keep thinking about what we could save if we didn't do holidays and days out but I don't want to give them up entirely. I think we've both got a good balance
    • JoJoC
    • By JoJoC 18th May 18, 11:36 AM
    • 1,769 Posts
    • 6,452 Thanks
    JoJoC
    Yes, i'm trying to find a good balance. Because we've gone so many years without holidays, we have splurged this year and the difficulty is trying to stop booking holidays! We have a week off in October and a fortnight at Christmas and I keep looking up cottages...MUST AVOID!

    I must maintain a balance, not go wild filling up our annual leave time with expensive holidays.
    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*
    • JoJoC
    • By JoJoC 18th May 18, 11:54 AM
    • 1,769 Posts
    • 6,452 Thanks
    JoJoC
    Our big loan payment came out of the account today. Since all my figures have been off (see previous posts) because I've been deducting monthly payments from the 15k loan total rather than the 15,700-ish including interest so my figures until now have been slightly different.

    This month, the loan has dropped from 11064 to 10528 so i'm edging ever closer to the sub-10k loan mark.

    One step closer to the end!

    10 payments out of 30 payments made!

    1/3 of the way there!

    33% of the loan is paid!

    Getting there...slowly but surely...
    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*
    • doingitanyway
    • By doingitanyway 18th May 18, 12:13 PM
    • 3,007 Posts
    • 14,703 Thanks
    doingitanyway
    Not so slowly JoJo. Looks like you are powering along to me. When I was sub 10,000 it felt so much more manageable. Just think how it will feel with no debt or nursery costs. You are doing so well
    JANUARY 2016/SECURED DEBT=24,822/March 2018=0 DEBT FREE 23/03/18
    MORTGAGE FREE 25/07/16
    • JoJoC
    • By JoJoC 18th May 18, 1:09 PM
    • 1,769 Posts
    • 6,452 Thanks
    JoJoC
    You're so right DIA - by the end of the year we should be 12-13k ish and will be edging ever closer to sub 10k. The sub 10k I was talking about above was sadly just the loan.

    Total is just above 18k right now, so we'll be hammering the repayments to pay off another 5k+ by the end of the year. I really hope we can stick to our plans!
    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*
    • redofromstart
    • By redofromstart 18th May 18, 1:16 PM
    • 1,674 Posts
    • 9,988 Thanks
    redofromstart
    France with the wider family sounds excellent. My pair have fond memories of a cottage in Wales with a swimming pool and the wider family.
    • JoJoC
    • By JoJoC 18th May 18, 1:24 PM
    • 1,769 Posts
    • 6,452 Thanks
    JoJoC
    Thanks redo - I have fantastic memories of family holidays in a caravan with my grandparents and cousins and I'd love the same for my kids. Just time spent with family without a care in the world - would be nice for us all!

    A cottage in Wales sounds fantastic... goes off to search cottages in Wales...

    I don't need any encouragement! 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*
    • Storm89
    • By Storm89 18th May 18, 1:32 PM
    • 480 Posts
    • 842 Thanks
    Storm89
    Haha I'm the same with holidays. I'll see photos of someone's on social media then start googling where they've been, I am terrible ! Only one holiday for us this year but we've got the passes etc so still lots to do.
    • JoJoC
    • By JoJoC 20th May 18, 9:45 AM
    • 1,769 Posts
    • 6,452 Thanks
    JoJoC
    Hi all, just stopping by on this Sunday morning to say hi.

    Yesterday was nice - my husband was out watching football so the kids and I went to ds1s clubs then into town to get new school shorts and plimsoles for son, plus to pick up his new glasses (free) and pick up a top that i ordered with my birthday money. We then went for a coffee at my friends house and sat in her back garden so the kids could play and we could chat. Last night was a quiet one.

    Today will be moderately spendy- need to buy a birthday present for ds1s friend who's party is this afternoon and need to get the grocery shopping in.

    Days until pay day - 10 (can't come quick enough!).
    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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