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  • FIRST POST
    • Cherryfudge
    • By Cherryfudge 3rd Mar 17, 12:10 AM
    • 2,065Posts
    • 12,001Thanks
    Cherryfudge
    Cherry takes the reins
    • #1
    • 3rd Mar 17, 12:10 AM
    Cherry takes the reins 3rd Mar 17 at 12:10 AM
    Hi everyone.

    I'm hoping I can legitimately post a diary here as I'm in the blessed position at the moment of my only actual debt being my mortgage, but I've had a huge change in my circumstances recently and how I manage it will have a big impact on our finances.

    I need to talk things through, if only with myself, and motivate myself with small money savings and accountability. For the last few years I've not kept an eye on money but I work and DH's pay has gone up so we've had enough and a bit to spare and I've got lazy with some and wasn't mentally able to face other aspects. Now that I'm in a much better place mentally, I want to take the reins and be deliberate about what I spend. I need to start facing up to this right now because we are covering costs for my Mum's estate until probate is settled. I know this isn't legally necessary but we can pay ourselves back from the estate once the paperwork goes through and I don't like the estate to be building up debt (which oddly is possible).

    A bit late tonight to launch into details about the estate so I will give a brief explanation of other financial stuff. DH and I have a couple of joint accounts and a mortgage. We have an aging car which needs to be replaced soon and is essential (DH's work and transport for a disabled relative). We are also going to a family wedding abroad in July, and have paid accommodation and air fares but there will also be car hire, food, sundries and some of the clothes still to buy. DH's income is the larger and pays all the utilities, holidays, fuel and etceteras. Mine goes into the other joint account and pays the mortgage and food, which gives me a lot of pride . I also pay for contact lenses, some donations which I don't want to stop, my phone contract and, temporarily, costs incurred trying to sort Mum's estate.

    The breakdown of where my money goes (pcm):
    Mortgage: 282.24
    Donations: 120.00
    Contact lenses: 22.00
    Phone 8.40
    Amazon Prime: 7.99
    Food for 4 adults 80.00 (pw) (approx. 347 pm)

    Income:
    Roughly 1,000 pcm (variable due to overtime)
    Bank £3 (if I get my wages transferred regularly)

    This month and possibly next I have lots of extra fairly hefty outgoings in terms of travel, paying a cleaner, insurance etc. that are all to do with Mum's estate. I will, as I said, get these back from my eventual inheritance but meanwhile I want to tread carefully and of course it will decrease what I inherit. Duh.

    To encourage myself I'm keeping this diary and would love to hear from others as I do so. I can't always see things clearly till others give input.

    Action I can see I need to take:
    Get my wages paid directly into this account so I always get that £3! Done in time for May 2017
    Cancel Amazon Prime - cancelled 7/3/17

    Little MS things I've managed today:
    Started this diary
    Taken lunch to work - overnight oats
    Mended a favourite cardigan so I can wear it in daylight
    Put myself down for 3 extra shifts. 2 of these particular type of shifts pay for a journey to work on Mum's house.

    Uh-ohs
    Forgot DH had an evening meeting so went for the quick-cook supermarket pizza which isn't best use of food money when I could have been using stuff up.
    Far too tired after a late night and an early shift, to go for a run. I know that's nothing to do with money but for lent and my waistline I'm doing C25K.
    Last edited by Cherryfudge; 31-05-2017 at 10:21 PM. Reason: Update
Page 45
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 3rd May 18, 9:28 PM
    • 5,741 Posts
    • 40,592 Thanks
    HairyHandofDartmoor
    I've read The Richest Man in Babylon. What I got from it was that you don't need a big windfall to get rich, but if you save regular amounts and then invest the savings in something that will make money, then eventually you could get rich. Very oversimplified explanation but I think that's the gist of it. It's worth a read because it does make you think.

    I don't understand pensions because I don't have one, but I approve of mortgage overpayments .
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    EMERGENCY FUND = £17
    "Tough times never last, but tough people do" - Robert H Schuller
    • Cherryfudge
    • By Cherryfudge 3rd May 18, 11:55 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    I'm only about a quarter of the way through, Hairy, but that sounds right so far. Some of the same ideas as Rich Dad, Poor Dad, which I read years ago, except the one about Dads doesn't have dodgy Phoenician traders selling fake jewels.

    Today's been a good one despite the cold developing. I feel like my normal self otherwise, not a limp, tired version of me as I did yesterday. I spent an hour and a half out of doors doing the shed and garden, and a neighbour gave me some plants which I've potted up. I did a couple of loads of washing too, so there was something to show in the way of housework. However, having started off trying to find a cheque book and getting thoroughly distracted, I haven't made any financial progress (unless you count not spending anything).

    I don't understand pensions because I don't have one, but I approve of mortgage overpayments .
    I have a baby one and maybe I'm being an over-ambitious parent and all it will aspire to is a quiet life and evenings in front of the telly. Mortgage overpayments are quite exciting in their own way: some of the people on the mortgage boards have enormous overpayments of more than I earn, but it's all relative: I can't aspire to match them but I don't need to as my overpayments still reduce the amount of interest payable over the life of the mortgage and should mean a few hundred extra for us in the long term.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • Honeysucklelou2
    • By Honeysucklelou2 4th May 18, 12:53 PM
    • 1,179 Posts
    • 5,593 Thanks
    Honeysucklelou2
    Pensions confuse me....all I know is that I pay into one via work. I must remember to check up on it! The raspberry mocha sounds amazing, never seen or heard of that before.
    paydbx #93 £899.50/£8,000.
    Loan £17k - paid off in Aug 2017. Home improvement loans £3342 March 2017. £2994 in Aug 18
    • XSpender
    • By XSpender 4th May 18, 1:20 PM
    • 3,125 Posts
    • 32,069 Thanks
    XSpender
    Well done on paying off the first sub account.

    Another one here who doesn't understand pensions
    CC 1 £2000 CC2 £12,465.53 Furniture £1629 Carpets £1103.36 (23 months left) - Total at 16/11/18 £17,197.83 all at 0%

    Small EF 100% Big EF 0% Holiday 0% Garden 0% Carpets SIF Fund £84.95
    • WannabeFree
    • By WannabeFree 4th May 18, 1:24 PM
    • 1,804 Posts
    • 16,137 Thanks
    WannabeFree
    And another who doesn't understand!

    Hope you're feeling okay

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • Cherryfudge
    • By Cherryfudge 4th May 18, 1:38 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    I'm fine thanks, W... hope you are too and can find a bit of rest and relaxation for yourself today.

    MSE has a useful page on pensions but I had to go through it with a notebook and pen at a time when I felt relaxed and unhurried. I also went onto my employer's website and read a bit more about what I'm signed up to. The sums for making up payments for years without pensions are rather scary but I reckon some sort of retirement savings are a good idea, whether it be pensions, investments that keep paying you an annuity or other income, or something else.

    Still can't sort out whether to prioritise pension or mortgage, though! I'm not good at things that need to me be one the ball and emotionally able to take action at any time, so I need totake this into account.

    Oops, got to go - due in work in half an hour!
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • Cherryfudge
    • By Cherryfudge 4th May 18, 11:51 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    I logged back into the mortgage account and found my calculations were slightly awry: we owed £12.81 on the smallest subaccount and had overpaid a bit more than I thought on one of the others... long story short, I've paid off the smallest one and started on the middle-sized one!

    Other than that, no spends and another glorious May day. I am working over the weekend and trying to fit in life as well: we are trying to decide whether to go to the car boot tomorrow but the parking will be horrendous and I have to be back at work for one so maybe not.

    I didn't manage anything in the garden beyond watering one of the compost bins, but more laundry got done and so did some cooking, plus usual jobs that stop us from going under like washing the pots.

    Spends:
    Mortgage £29.41
    MS stuff:
    Made a batch of marmalade (which will soon disappear, creating a small amount of space that we will frame and charge people to come and see)
    10th coin savings 20p
    Last edited by Cherryfudge; 04-05-2018 at 11:57 PM.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • Onebrokelady
    • By Onebrokelady 5th May 18, 1:28 PM
    • 849 Posts
    • 4,464 Thanks
    Onebrokelady
    Just managed to catch up on your diary,you have been busy,I might have to go for a lie down after reading all thato
    I hope your cold doesn't develope into anything too nasty, we have lots going round at work at the moment so I'm avoiding people like they've got the plague because I can't afford to catch another one,I'm off t9 do housey things now as you have inspired me to get up off my bum and do something
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £1,440 Total Now Owed = £16,190
    Emergency Fund = £300 Xmas savings = £400
    • Cherryfudge
    • By Cherryfudge 6th May 18, 11:50 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    Very quick catch-up which I'll probably have to edit later because something will be forgotton.

    5/5/18 Spends
    Housekeeping £2.15
    Garden £2.00
    Household £5.00
    MS stuff
    Car boot bargain - very good quality pan for £4 and a matching lid from another stall for £1
    Overtime at work 2 hours
    10th coin savings 20p
    6/5/18 Spends
    Housekeeping £4.67
    MS stuff
    Favourite coffee back on half price
    10th coin savings £1.01
    Last edited by Cherryfudge; 06-05-2018 at 11:54 PM.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • Cherryfudge
    • By Cherryfudge 8th May 18, 6:42 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    A very muzzy-headed day today which meant my piano lesson was a waste of time I might as well not have practised or got a decent might's sleep. So frustrating when this happens.

    I worked out that every sleep in shift at work is worth about three and a half days off my mortgage, which is quite nice to know. I've also checked my ISA and found it paid me about 98p from January to March, which is kind of it but definitely makes my 10th coin savings pot an out-and-out winner - it's only been going a couple of weeks and is up to £4. When it's up to a fiver I'll add it to the ISA.

    I am starting to formulate a long-term savings plan. Just starting... takes a lot of reading and trying to get my head round things. Money that is currently going to mortgage overpayment could do with being spread more widely so I reckon part to pension, part to a good savings account and part somewhere else. I haven't yet decided where.

    Spends:
    Toiletries £4.48
    Housekeeping £14.17
    Piano lesson £10.00
    MS stuff:
    Another sleep in at work
    down-shifted a brand on toiletries combined with a get 2nd half price offer
    ahem... more coffee on offer
    downshifted a brand on wool-washing liquid and reverted to own-brand rinse aid (this may not happen next time).
    yellow-stickered pre-prepped veggies for tea - normally I do my own so not all that MS but they did look tempting.
    10th coin savings £1.20
    Confession time:
    Coffee...
    Pre-prepped veg...
    Not enough time to check the £ shop before buying stuff at the supermarket.
    Last edited by Cherryfudge; 08-05-2018 at 6:52 PM.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • parsniphead
    • By parsniphead 8th May 18, 7:36 PM
    • 2,544 Posts
    • 16,344 Thanks
    parsniphead
    That's fab news about the sleep in shift/mortgage ratio. I wish I was that good with maths.

    It's worth trying the brand downshifting. You can always change back for things which don't work.
    My mini challenge: pay off MBNA by 31/08/18. £502/£502 100% (paid off 30/06/18 - 2 months early )
    Next small debt victim £20/£367 - you're going by 31/08/2018
    Total outstanding consumer debt - £735.68/ £7864.52 9.3%
    • Cherryfudge
    • By Cherryfudge 8th May 18, 11:33 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    That's fab news about the sleep in shift/mortgage ratio. I wish I was that good with maths.

    It's worth trying the brand downshifting. You can always change back for things which don't work.
    Originally posted by parsniphead
    I'm hoping my maths is right... it was a mental calculation based on approximations. Someone on here (sorry I can't remember who) said something to the effect that if you divide a mortgage payment by 30, that is how much you will have to pay to bring your final repayment date forward a day. My thinking is, that about a third of my pay goes on pension/tax/NI before I get it and a sleep in payment is now just over £37, so a third of that is taken off leaving about £22. My mortgage payment is about £231 so if I divide that by 30 I get about 7.5. £22 divided by 7.5 is about 3, hence a sleep in payment pays for about three days off my mortgage.

    I think.

    That means that without any extra sleeps at work, I take about 51 days off my mortgage with my rotaed sleep each year.

    So it's worth doing.

    Time I went to sleep now. Savvy critique of my maths is welcome, but any maths teachers out there please note my school didn't teach me to do maths using the word 'about' whenever I felt like it.

    P.S. I have just spotted what might be the flaw in my argument - I've based it on the basic mortgage repayment not on overpayment. Not sure how to factor that in?
    Last edited by Cherryfudge; 08-05-2018 at 11:54 PM.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 9th May 18, 7:37 PM
    • 5,741 Posts
    • 40,592 Thanks
    HairyHandofDartmoor
    My maths isn't good enough for that calculation . One thing I like about the idea of mortgage/pension overpayments is that you're not tempted to spend them in a weak moment like you could with an emergency fund .
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    EMERGENCY FUND = £17
    "Tough times never last, but tough people do" - Robert H Schuller
    • parsniphead
    • By parsniphead 9th May 18, 8:32 PM
    • 2,544 Posts
    • 16,344 Thanks
    parsniphead
    I'm hoping my maths is right... it was a mental calculation based on approximations. Someone on here (sorry I can't remember who) said something to the effect that if you divide a mortgage payment by 30, that is how much you will have to pay to bring your final repayment date forward a day. My thinking is, that about a third of my pay goes on pension/tax/NI before I get it and a sleep in payment is now just over £37, so a third of that is taken off leaving about £22. My mortgage payment is about £231 so if I divide that by 30 I get about 7.5. £22 divided by 7.5 is about 3, hence a sleep in payment pays for about three days off my mortgage.

    I think.

    That means that without any extra sleeps at work, I take about 51 days off my mortgage with my rotaed sleep each year.

    So it's worth doing.

    Time I went to sleep now. Savvy critique of my maths is welcome, but any maths teachers out there please note my school didn't teach me to do maths using the word 'about' whenever I felt like it.

    P.S. I have just spotted what might be the flaw in my argument - I've based it on the basic mortgage repayment not on overpayment. Not sure how to factor that in?
    Originally posted by Cherryfudge
    Erm.............Yes.......I think.

    Too much maths for my little brain.
    My mini challenge: pay off MBNA by 31/08/18. £502/£502 100% (paid off 30/06/18 - 2 months early )
    Next small debt victim £20/£367 - you're going by 31/08/2018
    Total outstanding consumer debt - £735.68/ £7864.52 9.3%
    • Cherryfudge
    • By Cherryfudge 9th May 18, 9:35 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    Haha, glad I'm not the only one to feel confused! Actually I suppose the important thing is getting it paid off, it's just a bit of a bonus to imagine I'm reducing the mortgage term by however much.

    It's a bit cooler here today but still lovely and at 20 to nine I still have some daylight and blackbirds singing. I even managed some gardening - weeded a patch about 4 foot square and you can just about tell. At least I know it's been done. The brambles I cut back there earlier this year had already sent up new branches but they are completely in the wrong place so I've cut them back to the ground (whence they will proceed to send up yet more branches). My cherry tree has lost its blossom and next door's apple is full of blooms instead. What a perfect time of the year!

    Perfect or not, I've been tired again today but not too much as I didn't have to go anywhere much and have (figuratively) eaten a couple of frogs. The first is I now have the correct reading for the meter on Mum's old house and a helpful chap at the electricity company informs me there is a hefty cheque coming back to me for overpayment! That's not me personally, it's the estate, but it's nice to know. Next step will be work out which tariff to go for. Almost any has to be better than the one we have.

    I've also done some more investigation into current and savings accounts and come to the conclusion that I'll get the best mixture of rates and rewards with one where you become eligible through having their credit card. Now I don't actually want the CC but I reckon it's worth it for the extra money I could get from their current and savings accounts, so I trawled through the paperwork this afternoon and hopefully they will approve my application. I did take the precaution of setting up a DD so that payments won't rely on me being on the ball - it also counts as another DD to transfer when I move to another account which helps as I really don't have many (most of them come out of our other current account).

    I'm feeling a bit overwhelmed with the amount of financial things I have to do, for Mum's house in particular, and am missing my bullet journal which disappeared some time ago, so I went to buy another. Not a posh one, just one that feels right. I'm afraid I also got quite a few pens to use with it! I've been setting up pages for each different financial area as well as other lists.

    Spends:
    Stationery £7.50
    Housekeeping £5.89
    MS stuff:
    A shop gave me a calendar - not actually MS as I wasn't setting out to buy one but it's quite nice and will come in handy at Mum's old house.
    Put back a couple of pens... okay so I bought 10.
    One of the pens I put back was £1.69 in R-man's but less than £1 in W!lkos
    Massive refund from leccy company hopefully one its way to the Exec account right now.
    Hours of research which could mean £35 more in incentives from the new bank account I'm after, than I would have had from a straight swap.
    10th coin pot 25p
    Confession time:
    The new bullet journal I can justify but... 10 pens to write in it?!
    Last edited by Cherryfudge; 10-05-2018 at 4:03 PM. Reason: forgot to add my 10th coins
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • Cherryfudge
    • By Cherryfudge 9th May 18, 11:56 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    I'm a little bit amazed - I've just switched energy providers for Mum's old house and it wasn't nearly as stressful as I remember from switching ours! I had to let them estimate usage as I don't have enough meter readings recently to track electricity usage, but even a ball park figure should be a big improvement on the old system. It's also a tariff with no exit penalties so I can change if I'm not happy with it.

    Off to bed feeling one hurdle out of the way, even if there are still more to come.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • Cherryfudge
    • By Cherryfudge 10th May 18, 10:24 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    Nothing spent today and a shorter work day than expected so I cleaned out the guinea pig and overhauled the smallest of the compost bins which is now empty and awaiting a coat of paint.

    I seem to have far too many receipts here... do I just throw them out or do I go to the trouble of trying to update my spreadsheets - not my favourite job. I think I will make myself a condition: if I don't start it tonight they are going. Full stop.

    NSD
    MS Stuff:

    10th coin savings 7p (pot now up to £3.92)
    All that work last night - strictly yesterday but done long after I totalled up - which should save the estate quite a bit and thus possibly more for my sister and me in the longer term.
    Did the sums on what the ISA money would make in interest if I switched accounts and mentioned it a second time to DH. It will take a few mentions to get him to do anything as drastic as signing up to a new bank account but the ones we have are really not doing us any favours and we would both rather have our money in joint accounts.

    ETA: I have done a month's worth of receipts and chucked the ones that are now on the spreadsheet.
    Last edited by Cherryfudge; 10-05-2018 at 11:56 PM.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • Cherryfudge
    • By Cherryfudge 11th May 18, 12:17 PM
    • 2,065 Posts
    • 12,001 Thanks
    Cherryfudge
    A few bits from the shops this morning (before anyone spots it I am owning up to buying yet another pen). I also had some blood tests as I suspect my medication needs a review... results next week. Meanwhile I don't have a lot of energy but I'm going to plod on a bit and try not to spend too long on the computer.

    Did I mention this is the house of disappearing things? DD lost some gift vouchers which I found behind the shoe rack (!) while looking for her passport... which it turns out she had put on a shelf over her bed, but the shelf is slightly sloping and the passport, in a plastic bag, slid off and into a handbag she wasn't using and which looked empty! Then I lost a cheque book and have had to order another, and this morning DS was hunting for some paperwork he needs for his course. The result is a bit of a turn out of the sort of places things go to hide (and consequent hovering).

    Spends:
    Stationery £1.19
    Housekeeping £3.49
    Household £2.99
    MS stuff:
    Found 6p down the sofa to add to the 10th coin savings
    10th coin savings (incl wombling) 46p
    Confession time:
    Treated myself to another pen AND a smoothie while out. That's £2.69 that could have done something else but on the other hand the smoothie was pear and blackcurrant and the pen is purple so I think I understand why I did it.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 11th May 18, 8:26 PM
    • 5,741 Posts
    • 40,592 Thanks
    HairyHandofDartmoor
    At least it was cheapish pen Cherry and not a Mont Blanc .

    It's weird the places that lost items can get to, but nice to find things.

    By the way, have you seen a doctor about your pen addiction
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build Emergency Fund & Loss of Income Fund. Save for house repairs.
    EMERGENCY FUND = £17
    "Tough times never last, but tough people do" - Robert H Schuller
    • Sun Addict
    • By Sun Addict 11th May 18, 8:50 PM
    • 6,322 Posts
    • 43,636 Thanks
    Sun Addict
    I can confess to a pen addiction too I take a lot of notes at work and like a nice pen. I also have an obsession with notebooks
    Virtual Sealed Pot 2018 £404.08
    Debt £2180
    Weight loss 0/6LBS
    Emergency Fund £4000/£10,000
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