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  • FIRST POST
    • fatrab
    • By fatrab 2nd Jan 18, 9:22 AM
    • 852Posts
    • 2,236Thanks
    fatrab
    My 5 year plan
    • #1
    • 2nd Jan 18, 9:22 AM
    My 5 year plan 2nd Jan 18 at 9:22 AM
    Happy new year!

    I made a thread at the end of last year in the DFW section (http://forums.moneysavingexpert.com/showthread.php?t=5756197) because of a few silly financial decisions I made in the past year and wanted to set them straight. As part of that I made a spending diary for week and realised how much more I was spending than what I though I was.

    So I promised 2018 was going to be different and that I'd make a thread here to set my goals and note down any achievements!

    My 5 year plan looks like this:

    Year 1 Timeline (2018):
    Jan - Pay HMRC - £1017 - PAID 25/01/18 (page 5)
    Feb - Pay off credit card 1 - £978.80 - PAID 28/02/18 (page 12)
    March - Build up £2000 safety fund - ACHIEVED 12/03/18 (page 14)
    May - Tax rebate - £857 mileage relief allowance + £179.20 rebate (page 21)
    June - Re-mortgage - Approved 05/06/18
    July - Pay home insurance IN FULL
    July - Cancel mobile contract for tablet - CANCELLED 27/03/18 (page 16)
    September - Pay TV licence IN FULL
    October - Pay car insurance IN FULL
    October - Pay car tax (big car) - CANCELLED 09/05/18 (page 21)
    October - Cancel my mobile - CANCELLED 20/04/18 (page 19)
    October - Renegotiate TV/Broadband/Phone package
    Throughout year - Overpay car finance - CAR SOLD 08/05/18 (page 21)

    Year 2:
    January - Cancel Mrs' mobile
    Pay off car finance - CAR SOLD 08/05/18 (page 21)
    Pay off loan - PAID 17/05/18 (page 22)
    Continue to build up the safety fund

    Year 3:
    Pay off credit card (currently on 0% deal)
    Overpay mortgage if possible - First overpayment 25/5/18 (page 23)

    Years 4 & 5:
    Overpay mortgage. I have 7 years and 2 months remaining at the moment but I have been making regular overpayments and I'm due to re-mortgage in October at the end of a 5 year fix.
    At the end of year 5 have enough money saved to pay any outstanding balance on the mortgage.

    Obviously as each debt is paid off I'll have extra to pay to the next debt, this is where I'll struggle. It'll take a lot of commitment and focus not to go bananas with any spare cash but I'm 43 and want to be debt free by 50. I can do this in 5 years. Debt free by 48 would be amazing!

    Wish me luck!

    Robert

    NOTE: Due to a malicious attack some diaries disappeared and this was one of them. I started a new one, but the nice people at MSE towers managed to recover my original one and they're now merged, from page 6 onwards.

    From June 2018 onwards:
    Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1
    Monthly Income Details

    Monthly income after tax................ 3819.84
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 234.87
    Total monthly income.................... 4054.71

    Monthly Expense Details

    Mortgage................................ 800.3
    Secured/HP loan repayments.............. 0
    Rent.................................... 250
    Management charge (leasehold property).. 0
    Council tax............................. 145.8
    Electricity............................. 37.27
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 10
    Mobile phone............................ 80.69
    TV Licence.............................. 0
    Satellite/Cable TV...................... 14
    Internet Services....................... 10
    Groceries etc. ......................... 150
    Clothing................................ 50
    Petrol/diesel........................... 200
    Road tax................................ 2.5
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 50
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 7.67
    Contents insurance...................... 0
    Life assurance ......................... 6.81
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 100
    Holiday................................. 0
    Emergency fund.......................... 50
    Netflix................................. 5.99
    Total monthly expenses.................. 2051.03


    Assets

    Cash.................................... 1302
    House value (Gross)..................... 128000
    Shares and bonds........................ 0
    Car(s).................................. 4000
    Other assets............................ 0
    Total Assets............................ 133302


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 61526.2..(800.3)....3.14
    Total secured & HP debts...... 61526.2...-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit card....................3520......110.......0
    Total unsecured debts..........3520......110.......-


    Monthly Budget Summary

    Total monthly income.................... 4,054.71
    Expenses (including HP & secured debts). 2,051.03
    Available for debt repayments........... 2,003.68
    Monthly UNsecured debt repayments....... 110
    Amount left after debt repayments....... 1,893.68

    Personal Balance Sheet Summary
    Total assets (things you own)........... 133,302
    Total HP & Secured debt................. -61,526.2
    Total Unsecured debt.................... -3,520
    Net Assets.............................. 68,255.8

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Last edited by fatrab; 08-06-2018 at 7:49 AM.
Page 13
    • fatrab
    • By fatrab 1st Mar 18, 6:44 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    Well February, I'd love to be able to say it's been great but we'd both know that's a lie!

    March - hold onto your hat because the wind of change is blowing!

    It's time to get my fitness levels back up. My hand has just-about recovered from the operation so I'm going to start nice and easy with 40 press ups and 40 sit ups each night for a week then gradually increase it to 100 of each by the end of the month, and I'm going to get out for a long walk/jog 3 or 4 times per week while I'm away from home, I've been a bit lazy recently on that front. Also need to address a few more dietary issues as the shopping list still has a few naughty items on it!

    Target for end of March - 15st 9lbs

    Hopefully start picking up some overtime this month too which will help as I've increased my pension contribution. I'll obviously have a decrease in take home pay as a result so a little overtime here and there will balance things out.

    I've had a re-think on how to tackle things. Going forwards, on payday, every penny in my account over £2750 will go straight to debt overpayment. When my expenses go in (usually around £200 in the first week of the month) that'll transfer into the emergency fund. Any other money that comes in (e.g. tax rebate) simply gets paid straight off the debt. Obviously the £2750 will be reviewed as each debt is cleared or outgoings are reduced and the snowball effect will begin.

    Lets see how that goes!

    Thanks for the encouragement and support so far, it really has helped
    Last edited by fatrab; 01-03-2018 at 8:30 AM.
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • fatrab
    • By fatrab 3rd Mar 18, 6:21 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    AAAAAAAARRRRGGGGHHHHHH!!!!!!!!

    I can't seem to break this 16st barrier. 16st 0 again this morning, been stuck here for 2 weeks and it's frustrating. Drastic measures required methinks. Atkins anyone?

    Hope you all have a great weekend. Have fun in the snow and stay safe
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • Storm89
    • By Storm89 3rd Mar 18, 8:20 AM
    • 517 Posts
    • 1,328 Thanks
    Storm89
    Ah fatrab sorry you've hit a brick wall with the weight loss. My husband has decided to join the gym lol. Keep pushing through x
    • fatrab
    • By fatrab 5th Mar 18, 9:52 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    Morning everyone,

    Not a lot to report today, hardly budged over the weekend due to the weather.

    Mixed news on the car front, I noticed at the weekend that the 4x4 needs 2 tyres so ordered them yesterday morning, but then had a phone call an hour later from someone wanting to see it and he's coming out this afternoon. Fingers crossed that he isn't another timewaster (I've had plenty so far!) and that he wants to pay a fair price for it. I'll just need to factor in the price of the tyres to whatever price we agree to sell it for.

    In any event, I wouldn't be happy selling it without the new tyres being fitted. The current rear tyres are over 5 years old and are showing signs of cracking, so even though they've still got 4mm of tread they need changing. The fronts were replaced in 2015 and still have 6mm so they're fine.

    My own car had a bulb out, so I investigated this and found that the salt has got into the bulb holders so they'll need replaced (£18 each x 2) which is very frustrating as it's only just 3 years old. I'm hoping that I can persuade the dealership/manufacturer to show a bit of goodwill and not charge me. I'll chance my arm, what's the worst that can happen

    And I'm going to lose 3 lbs this week. No ifs, buts or maybes. I know what I've done wrong the past 2 weeks and I'm going to put it right this week.

    Happy Monday!
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • JoJoC
    • By JoJoC 5th Mar 18, 10:14 AM
    • 1,183 Posts
    • 6,822 Thanks
    JoJoC
    Hey Rab, sorry about the additional car expenses but the viewer sounds promising. Hopefully they're a serious buyer and you can come to a price that benefits both of you.

    I hear your frustrations about maintaining the same weight - sounds like you need to change it up. I'm a firm believer that your body can get used to the way you're feeding it and weight loss can slow down (not scientific, just my experience) so shaking up your tactics and doing something different could give your body the kick it needs to shift a few pounds.
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
    • fatrab
    • By fatrab 5th Mar 18, 11:37 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    sounds like you need to change it up.
    Originally posted by JoJoC
    Exactly my thinking on the matter too, time to try something different! I need to bring a bit more exercise into the equation too. Next weigh in is Friday so will see how it's going by then
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • savingholmes
    • By savingholmes 6th Mar 18, 7:28 AM
    • 8,955 Posts
    • 17,015 Thanks
    savingholmes
    Hope you manage to sell your car at the right time for you and at the right price.

    Sounds like you are making real progress.
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • fatrab
    • By fatrab 6th Mar 18, 9:22 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    So the guy turned up yesterday, had a test drive, commented on how clean it was and asked the usual question "What's your best price?" so we told him.

    He told us he had another one to see and that he'd call us back within a few hours and let us know either way. Still waiting for that phone call. Hate to say it but I think we've had our time wasted again.

    I spent a good few hours cleaning the big thing at the weekend and it almost looks too good to sell! It's immaculate for it's age but think I might be being a bit optimistic with the price. I'm not even sure I can be bothered with the hassle of selling it any more, I'm becoming disheartened!

    Slightly better news with my car, the bulb holders were only £6 each so I don't feel so bad that I had to pay for those (instead of the £18 each I was expecting). They should arrive at the dealership today so I'll pop up and collect them on my way home.

    Cars have been the bain of my life the past few years!
    Last edited by fatrab; 06-03-2018 at 9:25 AM.
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • Purplemumof2
    • By Purplemumof2 6th Mar 18, 10:32 AM
    • 6,153 Posts
    • 22,636 Thanks
    Purplemumof2
    Morning Rab,

    Fingers crossed that your car sells, how annoying that people just waste time like that.

    Result on the bulbs for your car.

    Have a lovely day x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £6200.00 Cap 1: £395.80 BC: £6841.81
    AFD xxx LTW 6/16
    POAMAYC 2018 #041 PD £6288.87/£7000
    Savings for Christmas £191.84/£365
    20p Savers 2018 £2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • fatrab
    • By fatrab 6th Mar 18, 12:35 PM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    Think I may have spoken too soon on the bulb holders, garage just called to say they've ordered the wrong parts. Correct parts will be here tomorrow. Hopefully not too much of a price difference but I was reliably informed on Sunday by a friend in the trade that they're £18 and not £6.
    Dammit
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • Purplemumof2
    • By Purplemumof2 6th Mar 18, 12:50 PM
    • 6,153 Posts
    • 22,636 Thanks
    Purplemumof2
    Hopefully not too much of a price difference but I was reliably informed on Sunday by a friend in the trade that they're £18 and not £6.
    Dammit
    Originally posted by fatrab
    Oh bums! Hopefully they'll honour a lower price for you.
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £6200.00 Cap 1: £395.80 BC: £6841.81
    AFD xxx LTW 6/16
    POAMAYC 2018 #041 PD £6288.87/£7000
    Savings for Christmas £191.84/£365
    20p Savers 2018 £2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • fatrab
    • By fatrab 7th Mar 18, 7:52 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    Well another day and another gripe I'm afraid.

    One of my big mistakes of recent times was to be paying so much to Vodafone for a service I hardly use. It's over £70/month for 2 phones and a tablet (data only). The breakdown of charges is:

    Tablet - 3GB - £10/month - Contract ends in July
    My phone - Unlimited calls & texts & 3GB - £24/month - Contract ends in October
    Wife's phone - Unlimited calls & texts & 1GB - £37/month - Contract ends in December

    I have been issued with a works phone so I barely use my own phone. My wife uses hers but rarely uses any data. We made the mistake of taking the handsets on monthly deals, and it had to be the latest rose gold fancy phone with bells and whistles for my darling beloved.... I've got a cheap Chinese brand, in fact my last 3 phones have been the same make and they've all been great handsets. Mine is still going strong with no issues, breakages etc but Mrs cracked hers within the first 2 months, then dropped it again last week and the whole screen is shattered.

    To add to this, the tablet is no longer taking a charge. It wont even work when plugged in. So it looks like I'm going to give my handset to my wife, throw away the tablet, and find out if her phone is worth fixing, if not it'll be in the bin too. So basically I'll be paying £70+ per month for a cheap Chinese phone on a 1GB contract.

    So there's a lesson for anyone reading this, take a sim only deal and buy your hansdset outright otherwise you could easily end up where I am now.

    I will never be in this situation again.
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • Jenjenjen17
    • By Jenjenjen17 7th Mar 18, 9:40 AM
    • 9 Posts
    • 44 Thanks
    Jenjenjen17
    Hi Fatrab

    I think you mentioned before you are in Glasgow?....there is a shop on argyle street in Finneston called Irepair that will replace a shattered iPhone screen for £45. I appreciate is £45 you would rather not spend but might be able to salvage something from the situation. Hope you’re day improves.

    Jen
    • fatrab
    • By fatrab 7th Mar 18, 10:38 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    Hi Jen,


    Thanks for that, we're just outside Glasgow but I'll pass that on to Mrs fatrab. We're not over that side of town very often though. It's an S7 edge so I reckon it'll be more than £45


    Cheers,


    R
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • fatrab
    • By fatrab 8th Mar 18, 9:42 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    The bulb holder saga continues! (Glad I've got nothing better to worry about)


    It turns out that the parts I need are on back order, well 50% of them are! I need 2 of them, but there's only 1 available in the UK. Won't be in stock for 2-4 weeks!


    Luckily I'm not using the car this weekend! But that means that I'm going to knowingly be driving with a bulb out for a few weeks which I'm not happy about.


    Oh the joys...
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • fatrab
    • By fatrab 9th Mar 18, 7:40 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    Well I've finally managed to crack the 16st barrier! 15st 13lbs this morning, not as much as I'd hoped to lose but heading in the right direction again! Hopefully lose a bit more by Monday's official weigh in.


    Had to use the works van to collect some things from head office in Glasgow that wouldn't fit in my car so that's saved me around £50 in petrol this week . Unfortunately it's not an option to use it every week but I'm hoping I can wangle it once or twice a month. That would be a far better option than running a second car


    Have a great weekend
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • enthusiasticsaver
    • By enthusiasticsaver 9th Mar 18, 8:18 AM
    • 6,617 Posts
    • 13,920 Thanks
    enthusiasticsaver
    Well done on getting below the 16 stone mark.

    We are a lover of sim only deals in this house. My husband has my old iphone5s which is still great apart from needing to be charged every day and pays £10 a month sim only. I have a basic Samsung which has a rubbish camera so I will be replacing that by buying a decent phone outright and moving to sim only once it is out of contract in July.

    Lesson learned not to buy cheap contract phone. Buy outright and sim only deal next.
    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
    • fatrab
    • By fatrab 9th Mar 18, 9:08 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    Well done on getting below the 16 stone mark.

    We are a lover of sim only deals in this house. My husband has my old iphone5s which is still great apart from needing to be charged every day and pays £10 a month sim only. I have a basic Samsung which has a rubbish camera so I will be replacing that by buying a decent phone outright and moving to sim only once it is out of contract in July.

    Lesson learned not to buy cheap contract phone. Buy outright and sim only deal next.
    Originally posted by enthusiasticsaver

    Thanks! It's been a struggle as I haven't had any alcohol or takeaways but my other eating habits are proving difficult to change (bread and sticky buns being a big part of it but at least they're bought as part of the weekly shop now and not individually as snacks!).

    I won't be keeping any of the mobile contracts, they'll be cancelled outright when their respective time comes. Mrs fatrab is going to get her own sim-only deal at the end of the year - it looks like her screen can be fixed relatively cheaply (thanks to Jen for her suggestion on that one).

    As Mrs fatrab is going back to work next month we'll have more money coming in and things should start to balance out a little. We've always split the core bills 50:50 but kept all other finances completely separate (due to an arrangement she has on another property jointly with her mother, but that's another story). I've been paying everything while she went on maternity pay and the great thing I've noticed is that we're not struggling in the slightest, which is due to the money saving help and guidance I've received on here since my lightbulb moment. For that I am extremely grateful!

    I just need to keep my hare-brained ideas under control and get trough this debt mountain. The mortgage doesn't bother me, the HP and loan I have something to show for them - but regarding the credit card, the insurances and the mobile contracts - I've made massive mistakes in these areas at various points along the line.

    Feeling very positive today, things are heading in the right direction.
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • jwil
    • By jwil 9th Mar 18, 1:57 PM
    • 8,621 Posts
    • 26,623 Thanks
    jwil
    Well done on the weightloss!

    Annoying about the bulbs, car and phones though.
    "If you can dream it, you can do it". Walt Disney
    • fatrab
    • By fatrab 10th Mar 18, 6:42 AM
    • 852 Posts
    • 2,236 Thanks
    fatrab
    Morning! So I fell off the wagon last night and had a small takeaway, £4.95 kebab and I didn't enjoy it. Mrs fatrab paid so I don't feel guilty about the spending (lol) but I'd been looking forward to it for weeks! I think the guilt of eating something unhealthy put me off. I didn't even finish it.


    We've also booked a meal on Sunday for Mother's Day, I'm driving so no temptation to drink and I know the menu prices haven't been inflated just because it's Mother's day. It's a local pub/bistro type place but the food is all homecooked and reasonably healthy, plus my Dad was good friends with the owners and we've not seen them for a while.


    The chap who viewed the car at the start of the week called back last night and made an offer, he'd been to see 7 other vehicles and I think he knows ours is one of the cleanest out there. Unfortunately he's not quite offering enough. We're £500 apart.


    Hopefully we'll reach an agreement halfway
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
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