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  • FIRST POST
    • Pengwern
    • By Pengwern 1st Feb 17, 5:38 PM
    • 122Posts
    • 104Thanks
    Pengwern
    Where has the last 3 years gone?
    • #1
    • 1st Feb 17, 5:38 PM
    Where has the last 3 years gone? 1st Feb 17 at 5:38 PM
    Hi

    Well as you can see I seem to have made some progress over the last 3 years, but either I was not being honest or we have gone backwards over the last 12 months.

    We have a family loan of £7,300 that is interest free and we are currently paying zero. We have 3 credit cards:
    CC1 £450 0% ends in 4 months
    CC2 £1,600 0% ends Sep 2018
    CC3 £5,000 0% ends Nov 2017

    All are on 0% with a good few months left to go. I have in savings the following:

    £4,500 in my name
    £2,200 in our joint account.

    That still leaves us with a balance of £7,650 to pay off.

    So my head says to keep the cash in the high interest (well for current climates) while we are paying 0% on the CC. However my heart just wants rid of them all once and for all. We do not have enough to cover it all but it would halve the debt. However that savings is also our only emergency fund.

    I need to stay strong this month as I currently have £400 food budget for the 3 of us and that is it. I do not have any spare cash for life's luxuries.

    I currently have £300/month over the minimums to pay towards the CC debt. Of that I am currently putting it all towards CC1. The rest are just on the minimum. so CC1 will be gone in 2 months. I am just getting too impatient with it all. CC3 0% offer will end before I have paid it off, so I do intend to use savings to clear it rather than to transfer the balance again. The 0% ends in Nov 2017 so a few more months left to go.

    I need to get this debt sorted and gone as our fixed rate mortgage ends in June and I really do not want to have to fess up to the financial adviser that yes I still have that credit card debt. And no it is not the same as before, I paid that off but just built it back up again.

    Last time it was because of a wedding, this time it was due to me not earning for 6 months. So all in all it could be worse, but still it is frustrating.

    I am hoping that keeping writing this down it will help in some little way and stop me going to sleep every night dreaming of a life without the debt.

    Today was good as I cashed in the 3 Oyster cards we no longer use and that will be £20 heading to my bank account soon.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
Page 2
    • Stb
    • By Stb 10th Mar 17, 12:49 PM
    • 51 Posts
    • 79 Thanks
    Stb
    Hi,

    Interesting conundrum on the credit cards savings front, might be worth your reading the main MSE page about debt or savings, it relates predominantly to interest bearing credit cards but might help you clarify thinking, I would think about these actions maybe:

    1.) make normal payments on CC 1 until pay off date, then clear using small amount of savings
    2.) redirect CC1 payments to CC 2 having paid back savings first
    3.) pay off CC 3 early if you can and be prepared to use savings balance to clear CC3 now if step 4 below is a shocker
    4.) join MSE credit club and get free credit rating and affordability checker if it's good news up payments on CC 3 and remortgage (credit score doesn't guarantee you'll get one but helps you make informed decision) if your credit score today is s shocker look at what systems says you need to do, you have 3 months to improve it. You may have to clear all 3 with savings.
    5.) if credit cards paid off keep the one with longest 0% on purchases and destroy others, save like hell to build emergency fund if you need more you can use the credit card at which point you're no worse off but you haven't paid interest on the outstanding balance after the 0% deal ends. And you have a fixed rate mortgage.

    Some of this I hope might help, check out Martins stuff on MSE for more detail.

    Cheers and let us know how you get on whatever you decide to do?!
    Virgin 0% CC £1092
    Overdraft £0 at 27.02.2017
    Savings target £2000 by year end
    • Pengwern
    • By Pengwern 10th Mar 17, 8:36 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    Interesting list and one I will ponder on long and hard. So thanks, its always useful to get different perspective on things. I am a member of almost all the free. Credit reports including the MSE one. Thank fully I have a good rating and still have options according to the cc predictor on the MSE site. I have managed to reduce the mortgages 3 months early as I am sticking with the same company. I have looked around and the rates at 1.84% is very competitive for our LTV. Unfortunately the computer says we have 76% LTV rather than our figures which puts us just under 75% LTV this is based on recent sales of our neighnours properties which are comparible in size and condition. I did phone to see if they would adjust but its a computer says no unless we have done work (which we have not). That made us miss a 1.69% rate but we have decided to keep the payments the same and as we are close to 75% we will reassess once we hit that LTV.

    Just found out the oil in our rental house is also dangerously low, so we are having to put 500l in before the new tenants arrive! That's £200 to fork out, we should get £130 from out exiting tenants deposit as they did not replace the oil to the level it was when they took on the place. However I am not holding out much hope of getting it as they have made noises to our letting agent they are going to dispute it. I have no idea why they feel they can get away with it, but past experience means I am not hopeful as a deposit is a tenants and as a landlord you have to make a claim on it!! It's in the contract about the oil but I always feel the law is not on our side.

    I just need the new tenants in and paying rent, they move in next week but the 1st months rent is taken up with reletting fees, oil and repairs. Next month we will finally get some cash flowing in. Managed to get the water board to come and inspect the suspected leak. Also phoned insurance company and apart from a £200 excess they would cover the leak detection and repair if it is on our land. So that is slightly good news as a £200 bill I can cope with. A thousand pound bill would be too hard to take.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 17th Mar 17, 7:06 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    So took the day off work and went to wait for a water person to turn up on one of those 4 hour slots. They were very good when they arrived but confirmed the suspicions we had and the leak is on our property. Cut a very long story short the pipe is being replaced next week at a cost to us of £440. Too much really and it will have to come from the savings but I guess that is what they are for. The odd jobs that were needed to be fixed in between tenants came to £470! And the partial months rent has been eaten by re letting fees and inventories. I won a minor victory in the oil battle and got £50 out of the outgoing tenants. Does not cover it by a long way but considering we were thinking of writing the money off it is better than nothing. It also says to me they knew they were trying it on.

    So where are we financially, well not great really as this month we have had so many expenses and we have used some savings. No additional debt repayments made. Next month hopefully we will have no more expenses and a full months rent. It is £5 more a month than we were getting previously, slightly below market rate but it did mean we got tenants in within a week. So that is better than 3 months of no rent and all the expenses of fixing a water leak.

    I also have to confess to buying another dress. So I am in a really bad place I think. I never find anything that fits and a.3 day wedding in the summer I took the opportunity to get an outfit when I saw it rather than fretting about it in the summer. I am having to raid the presents fund to cover some of the cost and the rest will have to be found from elsewhere. But I did not put it on the cc, so my account has £120 to last till the end of the month for food. I need to start raiding the freezer and using up stores wherever possible. My delivery saver also runs out this month and I am switching from T to S. I cannot believe how many items they do not stock anymore and nappies are always out of stock or they send me a substitution of the wrong size!!

    After this months standard payment CC1 stands at £350, so close to it being paid off.

    Let's hope I manage to do better next month. On a positive the dress was the only spend other than food this month so far. Which is much better than the past me. So that I will take.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 28th Mar 17, 2:25 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    Just totalled up the joint account as the last payment for the month has been made. I rounded it down and sent £2.09 to CC1. My present fund has been raided and all I have to spend till payday is £18 for cleaning. I will then have £40 left in my account. So not a great month as no savings at all from my account or the joint one. I have had a lovely few days in the garden and that has helped immensely. A fresh start in April I hope.

    April should see the first full months rent come in and fingers crossed for no more repairs in April. I have decided to let cc run with its standard £100 monthly payment and then a standard £100/ month to the larger cc as that has the least 0% deal left. Any extra will also be sent to the larger cc so I can hopefully get the balance below 50% of the total credit limit. This should make my credit score pick up a bit. It's good but should improve if I drop below 50% of the limit of that one cc. Paying off CC1 will also help but that should take 4 months. I will then reassess where to send that monthly payment.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 1st Apr 17, 2:49 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    I have just paid off CC1 with savings. I got too impatient and needed a boost so there it is, decision made and carried out. I feel better about it and hopefully this month I will not deviate from the plan and budget. If that is the case then I should have £180 left at the end of the month. I am thinking I need to allocate some of this to me to spend on something I need and want. It should help as I will feel better having something nice to look forward too and if I know what I am going to buy I know I cannot buy anything else. I am thinking a mid month purchase so it is something to look forward too. The beginning of the month is great as you get to move money around and pay off your bills to a degree. The middle is when I loose faith so if I can factor in a treat I am hoping it will help. So the decision is what to get, on my list of things I would like are:
    Post in the garden so I can have a washing line, I currently use airers which blow over in the wind.
    A bay tree and pot for by the front door
    Or some work clothes.

    The clothes are not inspiring but partly essential, the line I am excited about and practical and the plant is just a nice to have.

    I am thinking the washing line as it is the right time of year to get it sorted to make the most of the good weather. The cost of a washing post and retractable line comes in at £70 including delivery I then need a bag of postcrete, which I believe is about £8. So that would leave me £100 to put towards the CC.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Stb
    • By Stb 2nd Apr 17, 10:35 PM
    • 51 Posts
    • 79 Thanks
    Stb
    Well done on sorting the Credit Card, great work! I know what you mean about the mid month dip, I try and recognise when I'm in that spend to feel better place myself and limit to something I need so your washing line idea makes a lot of sense, especially as you can dry clothes for free! I sometimes give myself a limit to, say £10 on treats so, just a thought.

    Anyway the important thing is you cleared the card!
    Virgin 0% CC £1092
    Overdraft £0 at 27.02.2017
    Savings target £2000 by year end
    • Littlebirdie
    • By Littlebirdie 3rd Apr 17, 5:54 PM
    • 204 Posts
    • 277 Thanks
    Littlebirdie
    Hey,

    Just reading over your diary - seems like you have your head on your shoulders! You are so right about that mid month dip - I'm going to try and be aware of it myself.

    Keep it up
    To staying out of debt!

    Credit card (May 2018): £1027 £999.01 (May 18)
    • Pengwern
    • By Pengwern 6th Apr 17, 9:24 AM
    • 122 Posts
    • 104 Thanks
    Pengwern
    Thanks for the comments not sure I have my head totally screwed on but it is getting better. I have not brought the washing line but had earmarked the cash for it. However I had totally forgotten that our family are getting together in the new year for a long weekend away. We have never done this and since the grandparents died the family has disintegrated and we do not see each other as much as we are spread over the four corners of the country. So this will be lovely but I have just realised I have a £200 bill to pay so that the £180 gone and I will have to squeeze the £20 from some other budget or I will have to dip into the savings again. Not ideal as at some point they will be gone if I do not add to them.

    I have just had a £50 thank you from work which is nice, I have no idea how that will come to me as before it was always vouchers. So if it is cash that can be used on the family trip. I still have not received the money for the oil from our tenants deposit so I have chased the agent about that. The invoice for the 1st full months rent from the new tenants came through yesterday which is good to see. Hopefully that should land in the joint account on Friday in time for the mortgage to go out. My husband has also sent an extra £250 to the joint account too, so as long as there are no unexpected expenses then we should be able to send some more to the CC3 this month. I work it out to be about £600 but I really cannot believe that just yet. So I am going to wait until all the normal expenses have been paid and see where we are. I am also flipping between sending it all to the CC to get it gone and sending some to the savings pot. However I really did like the feeling of clearing CC1 and we still have access to credit so I am now thinking lets just get them cleared so send any spare money we have to it.

    I am also annoyed as I just switched to NatWest to gain rewards and have seen they are slashing them from the summer. So I need to see how that affects us and then I will be on the move again I would imagine... oh well at least this time I can take advantage of a switching service as I am happy to close the account. Last time I moved the DD manually as I wanted to keep the previous account open. Making sure you don't get ripped off and making the most of your cash can take a lot of time. I don't mind it normally as it is spread out but I only just opened the account.

    The new mortgage rate has also been applied to 1 of our accounts. That makes a few pounds difference but we have kept the payment the same so it should add up over time. The other mortgage goes to a lower rate in May, and that will be a bigger difference as the rate drop is over 1%. We will keep the payments the same on that one too. We can then stop the overpayments if we need too. But it is nice to know we are helping to pay it off a little quicker.

    To add to the mix I am awaiting the £250 switching bonus to hit the account, I think with that and the extra my husband sent is the reason for the large payment we could make to the CC. So it is not a normal month but I will take it thank you very much. Just waiting for it to arrive. We should then get the same in May. I am also looking as our LTV as we are on the cusp of 75% and if we hit it then we get a much better rate. So I am hoping with the little over payments and if the online calculator values the house at a bit more then we could be there. I will then look to switch as soon as I can. However I am not holding out too much hope for that too soon.

    I am also getting more and more unhappy with the level of cleaning that gets done by my cleaner. I need to speak to them about it. So after that if it does not improve I am taking the plunge and cancelling them. I am not sure how I will find the extra time in between work and everything else, but I did it pre baby so I am sure I will be able to do it post baby. If not it will just have to be a floor a week (we have a 3 floor house) I can then do extra if we have guests and just lock them out of rooms I have not cleaned!
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 11th Apr 17, 2:26 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    Doing well so far this month, the desire to buy anything is not so strong at the moment which is nice. I have just used the present fund for the first time, I saw I had £40 and decided that the budget for my nephew was £20, so I managed to pick something up from Sains sale for £18 which was even better. I then dutifully transferred the money into my account. What a refeshing experience, so I will definately be keeping that idea up. It makes it a lot easier and kept me from spending too much.

    Off to go and look at bank accounts and see if the NatWest account is worth it now they have changed the rate.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 16th Apr 17, 8:18 AM
    • 122 Posts
    • 104 Thanks
    Pengwern
    I've have switched from NatWest To coop bank and used their switching service so I should get their £100 bonus. This should take place in May, I will need to keep an eye on it to check no funds go missing.

    Ended up purchasing a new plant pot for the font door. This is instead of the washing line and pole. I got given an olive tree so the pot was needed. It has saved me the cost of the olive tree and I spent £50 on the pot.

    I have also just upped the payment on CC3 to £150/month. I was just paying the minimum and making manual payments but this will be a lot easier. I'm still hoping to send another £50/month. We will see how that goes.

    I hope everyone has a restful Easter Sunday
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 27th Apr 17, 9:31 AM
    • 122 Posts
    • 104 Thanks
    Pengwern
    It is the end of another month and I get paid tomorrow. I finally received the cash back from sticking with my mortgage provider, so £200 went straight onto CC3. I have also managed to not spend £100 this month, so once I get paid that will also be heading in CC3 direction. Do not feel like it is saving yet, more not spending. Saving is something that is budgeted for and can be done at the start of the month. I just have to make sure I keep my purse closed and only open for real essentials. I feel like I have done ok this month and if I can do the same next then I make begin to feel that I am turning a corner.

    Off to update that signature of mine.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 9th May 17, 7:27 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    I have gone a bit off track i ordered a load of clothes for summer online as a voucher came through the post. They have sent the clothes in batches and so far each parcel has gone straight back to the company. Unfortunately i would imagine i will need to cover the cc payment unless the refunds hit in time. What a silly thing to do, but at least one i can rectify.

    I am now looking at the monthly budget, i am awaiting another mortgage switching bonus to hit the account. The last one came on the last working day of the month, so I am expecting the same. I have just cashed in £6 of NatWest rewards before my account is closed and I switch to the co op. Need to monitor that and make sure i set up the minimum pay in to get the switching bonus. Cannot remember how long that takes to arrive.

    On the cc front i have in theory £600 to play with this month. I am pondering wether to put it all on CC1 or to keep some to add to the savings fund. Our rental house is oil heating and we have had the super news that our oil tank is leaking. So a new one is needed. I have yet to get the quote so I think i will wait for that before i use all the surplus for the cc debt.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 12th Jul 17, 8:20 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    What has been going on these past few months. I have secured a very small increase to my salary each month. It is only temporary till Jan and i have yet to see how that translates to my monthly pay slip but it will all be sent to the cc. I have done a balance transfer with no fee for 24 months. I will pay £150 per month and that should clear that in the time. This is for CC3, the remaining balance I will clear with savings. I will then look to concentrate additional funds to CC2 so that starts reducing. I have started to make monthly payments to the family loan which has made me feel better. I think we are getting there and my spending has been brought back into line. I am going to concentrate on the food bil for the next few months to make sure I am not wasting cash. We do not waste food but I am sure I can do things cheaper. I will update signature which will give you the current picture.
    Last edited by Pengwern; 12-07-2017 at 8:26 PM.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 4th Sep 17, 12:42 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    It has been a few months now I have had the extra salary and it is making a difference. We have had a big bill to pay for our rental house but thankfully the emergency fund covered it. That fund is now wiped out so we start again. I am finding the separate bank accounts much easier to manage rather than virtual pots. My present fund is now a healthy £400 with the aim of it being £500 for xmas. I have purchased most of my Christmas presents already managing to pick up items in the sales. I have ideas for the remaining few and that present fund will focus the mind in terms of budget I have available. Anything left over will be rolled into next year. What a refreshing change. I have made a payment to the family loan each month and will try to keep that up. I will update my signature so you can see the small progress being made. What is not so good is the incidental spending I put on my CC I clear each month. So far it is running at about £300/month which is really frustrating as it could be used for debt or savings. So this is the area next I need to tackle. If I can get this to half the amount I will be pleased. Looking back over the statements it is all nice things for the house. It does make me feel better but basically this is my extra cash I am earning. So in the grand scheme of it all I am not saving any extra money.

    1 step forward and 2 back, but the positives are that I have a fund for presents (for other people not me!), I am money left in the bank account at the end of each month (It is about £10). I am making payments above the minimum to the CC and family loan each Month. My credit report is showing that I am reducing my short term debt. All heading in the right direction.

    Next question I need to sort out is what to do about £9,000 of mortgage I have on the rental house. It is at 4.79% and I could extend the mortgage on the house we live in by £9,000 at 1.74%, it would halve the mortgage payments. We could either accept the reduced payment or over pay each month. I am just not sure what the pitfalls would be. It would push our mortgage over the 75% LTV again which has remortgage consequences. Also I need to look at the charges of paying off a mortgage, not something I have every had to think about before. May need to speak to my financial adviser.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 16th Dec 17, 12:15 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    It has been along time posting but we have been working hard and also have had some good and bad news. My extra salary has proved a fantastic addition and it has meant I have covered Xmas presents with no debt built up. My cc keep having steady payments too. I have 4 savings pots, one for my dream house, clothes, debt and presents. I have budgeted to sent a set amount to the clothes debt and presents pots each month next year. Bad news is the extra cash is stopping earlier than expected.

    My family have also told us they do not expect the cash they lent us back. Cannot believe it but they are adamant they do not want it repaying. That leaves the 2 cc to pay off. The larger one I send £150/ month and that will pay it off by the end of the 0% term. The smaller one has £100/ month sent but will leave £900 at the end of the 0% term. So that is my aim over the next 9 months to save as much as poss so I can just pay it off without dipping into our savings.

    Feeling positive with my new ways of managing my money. The pots are really helping. I just hope I can stick to it once the extra cash I earn has gone.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 4th Jan 18, 8:36 AM
    • 122 Posts
    • 104 Thanks
    Pengwern
    I have finally done it and my cleaner is cancelled. That is a saving of £18/wk and £71/quarter to the cleaning company, which frankly did nothing to deserve that payment. Sorry to loose the help but if I create a daily schedule Iím hoping to keep on top of it. Either that or house visitors will be cancelled.

    Just awaiting my current Account switching bonus and i also haggled my broadband yesterday so its now cheaper with supposedly a faster connection. A good start to the NY but then Iíve not had to do the cleaning yet! That starts next week eek.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • enthusiasticsaver
    • By enthusiasticsaver 4th Jan 18, 8:56 AM
    • 6,392 Posts
    • 13,118 Thanks
    enthusiasticsaver
    If that £793.84 is the rental income on your old house I would seriously address that as it looks like you are making about a £200 loss each month on that without allowing for gaps in tenancies or maintenance/tax etc. My feeling would be you should overpay that and sell asap.
    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 moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Pengwern
    • By Pengwern 9th May 18, 11:24 AM
    • 122 Posts
    • 104 Thanks
    Pengwern
    What has been going on these past few months. CC debt is being reduced by £250/month. Cc2 rate ends in September and the money we pay off each month will not clear the balance so need to plan for that soon. CC3 monthly payments mean the balance will be cleared at the end of the promotional period which is good news so that can keep ticking along.

    I had our financial advisor look at our rental property mortgage again and I am pleased to say we have finally transferred to a new provider with a payment of £295/month compared with the previous £1,000+. I am so pleased as we now have some income to cover any shortfalls in rent and ongoing repairs. Our rental income is £900/month so after putting some away to cover the tax bill we should develop a slush. We are in the process of repairing the front door lock and porch. 1st payment comes out this month so I am waiting patiently for it all to tick over so I can officially change the budget.

    Husband finally got his company to sign up to child care vouchers so this months bill as only £97. What with that and a conscious effort to watch spending I have managed to stash away £3,000 in savings. My plans are to then use this to clear the CC2 debt in September. Iím so tempted to do it now but it is earning me some interest so I would like to keep it there for a few more months.

    We are off on our early summer holiday in a few weeks so I cannot wait. Just need to not go mad on the food shop. Just because we are on holiday does not mean we eat twice as much food. I was really pleased with our meal plan last year and I have kept the shopping list. So will look to reuse that and tweak depending on the weather. It is Wales so it could be full blown heat wave or snow.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 9th May 18, 12:45 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    Itís also been nearly 5 months with no cleaner and I can say the house is not a tip. There are times I curse all the dirt but I am managing with the help of my husband to do the toilet and bathroom every week and hoovering and floor washing every 2 weeks, dusting is when I have visitors or feel the desire to distract myself from something else equally mundane.

    The savings have definitely helped with the budget and it is nice not to have the mad panic every week about leaving money out any making sure it is all tidy. Itís done at our pace and funnily enough a lot less stuff is getting broken and paint work chipped. Safe to say I would have cleaners again but more on an ad hoc basis if needed.

    I need to do a new SOA and repost so I can see the effect of the new mortgage
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
    • Pengwern
    • By Pengwern 9th May 18, 1:05 PM
    • 122 Posts
    • 104 Thanks
    Pengwern
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 0 husband covers all expenses

    Monthly Income Details
    Monthly income after tax................ 2125
    Partners monthly income after tax....... 1300 this is what I get each month from husband to cover bills. He saves some extra and covers the car.
    Benefits................................ 0
    Other income............................ 802.8
    Total monthly income.................... 4227.8

    Monthly Expense Details
    Mortgage................................ 728.4
    Secured/HP loan repayments.............. 295
    Rent.................................... 728.49
    Management charge (leasehold property).. 0
    Council tax............................. 270
    Electricity............................. 0
    Gas..................................... 0* all bills come from bills account which I send £270 each month to cover the lot
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 9.99
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 5.99 Netflix
    Internet Services....................... 0
    Groceries etc. ......................... 300
    Clothing................................ 50
    Petrol/diesel........................... 10
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0 Iím home based all work travel is covered.
    Childcare/nursery....................... 150
    Other child related expenses............ 31.99

    Other child related expenses............ 31.99
    Medical (prescriptions, dentist etc).... 4
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 42.13
    Contents insurance...................... 0 included above
    Life assurance ......................... 33
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 60
    Haircuts................................ 15
    Entertainment........................... 20
    Holiday................................. 0 we go to my parents place from free so grateful for that
    Emergency fund.......................... 0
    Total monthly expenses.................. 2776.36

    Assets[/b]
    Cash.................................... 3000
    House value (Gross)..................... 600000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 603000

    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 192000...(728.4)....1.59%
    Mortgage ......................156000...(295)......2.29%
    Total secured & HP debts...... 348000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Cc1............................1500......100...... .0
    Cc2............................2050......150...... .0
    Total unsecured debts..........3550......250.......
    Monthly Budget Summary
    Total monthly income.................... 4,227.8
    Expenses (including HP & secured debts). 2,776.36
    Available for debt repayments........... 1,451.44
    Monthly UNsecured debt repayments....... 250
    Amount left after debt repayments....... 1,201.44 not sure it is this high every month. Some extra costs somewhere I have missed

    [b]Personal Balance Sheet Summary
    Total assets (things you own)........... 603,000
    Total HP & Secured debt................. -348,000
    Total Unsecured debt.................... -3,550
    Net Assets.............................. 251,450

    [i]Created using the SOA calculator at www.stoozing.com.
    May 2013 £20,000, Sep 2016 £13,700, Feb 2017 £14,490, Jul 2017 £13,100, Dec 2917 £4,800, May 2018 £3,550
    0% CC1 was £450 now £0, CC2, was £2,400, now £1,500, CC3 was £5,000 now £2,050
    Family loan was £7,000 now £0
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