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  • FIRST POST
    • fatrab
    • By fatrab 2nd Jan 18, 9:22 AM
    • 1,156Posts
    • 4,335Thanks
    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:

    Timeline:

    Year 1 (2018):
    Plan completed - 01/10/18 (see page 29)

    Year 2:
    January - Cancel Mrs' mobile - Cancelled 06/12/2018
    March - Pay road tax IN FULL
    May - Apply for tax rebate
    July - Pay home insurance IN FULL
    13th August - Renegotiate Virg. Media
    September - Pay car insurance IN FULL
    September - Pay TV licence
    Overpay 483/month to mortgage + 17/month extra to remaining debts
    Continue to build up the safety fund

    Year 3:
    Pay off credit card (currently on 0% deal)
    Overpay mortgage

    Years 4 & 5:
    Overpay mortgage.

    I have 6 years and 9 months remaining at the moment but I have been making 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.

    For October:
    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................ 2443
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2443

    Monthly Expense Details

    Mortgage................................ 800.3
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 139
    Electricity............................. 37.27
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 34
    TV Licence.............................. 12.34
    Satellite/Cable TV...................... 34
    Internet Services....................... 0
    Groceries etc. ......................... 0
    Clothing................................ 0
    Petrol/diesel........................... 200
    Road tax................................ 27
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 25
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 6.81
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 0
    Entertainment........................... 100
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1485.72


    Assets

    Cash.................................... 2200
    House value (Gross)..................... 138000
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 142200


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 57974....(800.3)....3.14
    Total secured & HP debts...... 57974.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    CC.............................3080......110...... .0
    Total unsecured debts..........3080......110.......-


    Monthly Budget Summary

    Total monthly income.................... 2,443
    Expenses (including HP & secured debts). 1,485.72
    Available for debt repayments........... 957.28
    Monthly UNsecured debt repayments....... 110
    Amount left after debt repayments....... 847.28

    Personal Balance Sheet Summary
    Total assets (things you own)........... 142,200
    Total HP & Secured debt................. -57,974
    Total Unsecured debt.................... -3,080
    Net Assets.............................. 81,146

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Last edited by fatrab; 06-12-2018 at 4:39 PM.
Page 18
    • fatrab
    • By fatrab 13th Apr 18, 2:45 PM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    The big car is now live on the dealer's website!

    I'm a bit gutted that I have to sell it to be honest. It's quite hard to accept that I've made a mess of things and need to make these kind of sacrifices to sort it out. But it was making these kind of irrational choices throughout my life that got me into the situation that I'm in, so it's for the best.

    I'm also going to spend the weekend working on the house, eating healthily and getting out for a few long walks. My weight has crept up and I'm just over 16st again. I'm not going to let that happen. Will weigh in again on Monday and hopefully today was just a blip. On the 30th April I want to be 15st 7lbs. It can be done!

    Have a great weekend
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • Storm89
    • By Storm89 13th Apr 18, 7:04 PM
    • 174 Posts
    • 1,391 Thanks
    Storm89
    Hey fatrab good luck with the target weight by 30th April. My husband is still doing well but had a blip on Monday night when he raided the cupboards haha. It will be tough to say goodbye to the car but like you say , sacrifices have to be made. I think when we have to do these things , the way it felt will remind us never to get into this mess again.
    • fatrab
    • By fatrab 16th Apr 18, 9:23 AM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    I think last week's reset was exactly what I needed to re-focus my effort and energy! This morning's weigh in - 15st 11lbs! The lightest I have been in a while!!

    Last week's stats:
    ***mini-goal achieved***
    Fuel - 56%
    Shopping - 44%

    I'd set myself a mini-goal to only spend on fuel and shopping so that's achieved!

    I did almost buy something on Saturday though....

    Why do people advertise things for sale then mess you around when you try to buy them??? I know quite a lot of buyers either don't show or are just dreamers. I've dealt with enough of them when selling cars and various other items over the years. But to be messed around by a seller is relatively unchartered territory for me!

    The wee man is at the stage now where he's trying to stand and walk so I've decided to buy him a baby walker. Quick search on Gumtree and there's an ideal one 6 miles away. Great! I'll contact them and go see it.... So I sent a message asking if it's still for sale, few minutes later I get an abrupt "yes". So I asked the relevant questions, good condition etc, still getting one-word answers in response, so I ask to go see it. I'm still waiting for an answer!!! What's wrong with people?? Why advertise something if you don't want to sell it?

    We're not talking about a cheap item here at a few quid either, the baby walker in question retails at 60, so at 35 on Gumtree it's still top-end of the used baby walker market! (I never realised there was a premium end of the baby walker market until Saturday...)

    If I'm selling something I make sure both it and I are available for viewings, that it's clean & presentable and that I'm honest, friendly and polite with any prospective buyers. I just don't get some folk!

    Never mind, the wee man will just need to wait til another one pops up.

    On a happier note, it's 9 sleeps til payday, just need to get my head down and slug it out and then to back to good old debt-busting!

    Happy Monday
    Last edited by fatrab; 16-04-2018 at 9:31 AM.
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • jwil
    • By jwil 16th Apr 18, 5:47 PM
    • 9,348 Posts
    • 30,234 Thanks
    jwil
    Well done on the weightloss
    "If you can dream it, you can do it". Walt Disney
    • Drawingaline
    • By Drawingaline 16th Apr 18, 6:57 PM
    • 514 Posts
    • 1,667 Thanks
    Drawingaline
    Fab weightless, am quite jealous, mine is not going well!
    • JoJoC
    • By JoJoC 16th Apr 18, 7:01 PM
    • 1,128 Posts
    • 6,921 Thanks
    JoJoC
    Fab weight loss again Rab! You're really smashing your goals.

    Annoying about the baby walker person - I had that with three people in a row when I was in the market for a second hand sofa bed...gave up in the end and still don't have one!
    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*
    • doingitanyway
    • By doingitanyway 16th Apr 18, 7:59 PM
    • 3,716 Posts
    • 20,900 Thanks
    doingitanyway
    Well jealous of your weight loss. Well done.
    Emergency fund 127/1000
    NSD December 5/31 AFD 2/10, SFD 0/10
    IF NOT NOW THEN WHEN
    • Kitten868
    • By Kitten868 16th Apr 18, 8:00 PM
    • 1,060 Posts
    • 2,541 Thanks
    Kitten868
    I am having the same issues with buying a selling. Flipping crazy how difficult sellers are. Saying that we had a ding dong with an Avon rep the other day. Lobbed his catalogue at hubbys head then was aghast when we weren't buying or giving the catalogue back. I never have any luck buying anything.

    I think the lesson here is what are you willing to compromise on? What is it that's worth parting with your money for? I still haven't cracked it. I think getting rid of the car is great for a win as you almost getting you're money back and you're going to see whether you'd rather have the car or the debt for a bit until you buy something and you know what you want. Great work. And amazing news on the weight loss. You're doing great xxx
    Loan 1 5400/8000
    Loan 2 3400/5800
    Total 8800/13800 36% PAID

    And CC 1475/1900
    • fatrab
    • By fatrab 17th Apr 18, 6:49 AM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    Thanks everyone

    You'd think sellers would be bending over backwards to sell their stuff wouldn't you?

    Anyhoo, quiet day today. Loads to be getting on with at work and I'm heading home tomorrow afternoon, working in head office for a few days this week so be nice to have a few extra nights at home.

    Not much to report on the moneysaving front today, have all food bought for the week so a few NSDs coming up and now on day 16 of my 90 day AF challenge!

    Cheers! R
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • Storm89
    • By Storm89 17th Apr 18, 9:27 AM
    • 174 Posts
    • 1,391 Thanks
    Storm89
    I never seem to catch your diary when I logon can anyone tell me how I can subscribe so I don't have to fish for it ? I'm so bad with technology haha.
    Weight loss - fantastic ! You're an inspiration honestly I aren't really trying properly and need the motivation so seeing how well you are doing is great.
    Buying and selling drives me insane on second hand sites. I hate when it says pet and smoke free home and then it stinks of smoke lol or same like you are having when they mess you about. If I try and sell I always get people wanting something for nothing.
    • fatrab
    • By fatrab 17th Apr 18, 10:09 AM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    At the top of this page "subscribe to thread"
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • fatrab
    • By fatrab 17th Apr 18, 1:56 PM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    A few weeks ago I cancelled the mobile contract for my tablet early and accepted the get-out payment. Well my billing date is the 19th so I'm going to wait until it's billed and then do the same for my mobile. Mrs fatrab is effectively paying for her own phone from now onwards as she'll have a "normal" wage again this month, so we've come to an agreement about who pays what going forwards.

    When we were both working full time it was 50:50 but now she's only part time I'll pay the mortgage and we'll divide up the other stuff fairly. She's got her own debts to service but as I've said plenty of times before, we keep our finances separate. It works for us to have it this way at the moment. She has a mortgage on a property with her mother which is rented out, but they're thinking of selling it. Maybe once that financial association is over we'll have one pot, but certainly not before then.

    Read from that what you will!
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • fatrab
    • By fatrab 17th Apr 18, 2:03 PM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    Storm - I wasn't trying hard enough last month, and did a little bit of damage to my weight loss plan. I am only aiming for 1 pound per week but I was stagnant there for ages. Just think about everything before you buy it, eat it or do it (or don't do it in the case of exercise!). I still find it hard to get up off my backside and go for a walk in the evenings. I still struggle to walk past the pastries in Lidl.

    I'm sure you'll be fine, small changes are all it takes.
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • jwil
    • By jwil 18th Apr 18, 2:38 PM
    • 9,348 Posts
    • 30,234 Thanks
    jwil
    We keep our finances separate too, and just split the bills. It works for us, and I don't think it makes us any less committed to each other! The only thing we don't 'share' are the debts, mine are mine, and his are his.

    Out of interest, as you obviously are keen on cars. If you had a budget of 3k, and you were in the market for a small car, what would you buy? That's what I'm aiming for eventually. Small car , economical to run and repair, mainly used for around town, but with 1-2 longer journeys a fortnight.
    "If you can dream it, you can do it". Walt Disney
    • fatrab
    • By fatrab 19th Apr 18, 4:52 AM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    We keep our finances separate too, and just split the bills. It works for us, and I don't think it makes us any less committed to each other! The only thing we don't 'share' are the debts, mine are mine, and his are his.
    Originally posted by jwil
    Exactly the same as us. I think once we've cleared our individual debts and the MIL (monster in law lol) is no longer financially associated with Mrs fatrab, we'll wipe the slate and just have one pot.

    Out of interest, as you obviously are keen on cars. If you had a budget of 3k, and you were in the market for a small car, what would you buy? That's what I'm aiming for eventually. Small car , economical to run and repair, mainly used for around town, but with 1-2 longer journeys a fortnight.
    Originally posted by jwil
    That's a great question, and one that I'm going to answer by PM - for fear of p!$$ing off anyone who has cars that I recommend that you shouldn't buy!
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • fatrab
    • By fatrab 19th Apr 18, 11:20 AM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    Going forwards I think I'm going to hit the spending diary on the head. It has served it's purpose, and served it well. I go shopping 2 or 3 times each week. I don't eat take away/fast food every day or go to cafes for breakfast every morning any more.

    I like the stats and figures it pumps out but I need to focus more on getting the small debts tidied up and the big debts cleared now.

    Being off the alcohol certainly helps look at things with a clear head too.

    Some great news for this weekend, nightshift overtime Sat & Sun! That will be a lot of pennies towards the debts. We have a big project starting up and it's going to be good for overtime but a bit disruptive to the work:life balance for a while. If things work out this might be my last project working away from home..... fingers crossed.

    I spoke with my mate's OH today about re-mortgaging too as the rates look likely to go up soon. If she can find me a good deal to lock in for 6 months then I think I'll take it. Will find out more next week. My current fix ends in October but if rates go up in May I don't want to miss out.

    Just need the big car to sell soon and I'm going to feel a lot better about where I stand.

    Things are gathering momentum
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • Silver Queen
    • By Silver Queen 19th Apr 18, 12:21 PM
    • 508 Posts
    • 2,280 Thanks
    Silver Queen
    You're doing fantastically well! I've lurked from the start and always pop in to read your posts. It's really inspiring how knuckled down you are. Well done!
    Debt Totals December 2018::
    350 Natwest Credit Card / Now 0 (paid off and closed 04/2017) 15,500 postgrad loan from parents/ Now 8,500 500 train ticket loan from parents / Now 0 (paid off 16/02/18) 2,000 Overdraft Now 0 (paid off 09/03/18) 1,967.83 Barclays 0% card Now 1,967.83
    • fatrab
    • By fatrab 19th Apr 18, 12:56 PM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    You're doing fantastically well! I've lurked from the start and always pop in to read your posts. It's really inspiring how knuckled down you are. Well done!
    Originally posted by Silver Queen
    Thanks!

    Still got a long way to go, just wish I'd had my LBM sooner.
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • Summer12
    • By Summer12 19th Apr 18, 2:18 PM
    • 97 Posts
    • 58 Thanks
    Summer12
    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
    June - Remortgage
    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) IN FULL
    October - Cancel my mobile
    October - Renegotiate TV/Broadband/Phone package
    Throughout year - Overpay car finance - 2152.54 overpaid so far

    Year 2:
    January - Cancel Mrs' mobile
    Pay off car finance
    Pay off loan
    Continue to build up the safety fund

    Year 3:
    Pay off credit card 2 (currently on 0% deal)
    Overpay mortgage if possible

    Years 4 & 5:
    Overpay mortgage. I have 7 years and 5 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 April 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.................... 2
    Monthly Income Details

    Monthly income after tax................ 3380
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 170
    Total monthly income.................... 3550

    Monthly Expense Details

    Mortgage................................ 800.3
    Secured/HP loan repayments.............. 401.81
    Rent.................................... 250
    Management charge (leasehold property).. 0
    Council tax............................. 139
    Electricity............................. 35
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 10
    Mobile phone............................ 60
    TV Licence.............................. 0
    Satellite/Cable TV...................... 14
    Internet Services....................... 10
    Groceries etc. ......................... 100
    Clothing................................ 0
    Petrol/diesel........................... 160
    Road tax................................ 42.5
    Car Insurance........................... 34.21
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 12.94
    Contents insurance...................... 0
    Life assurance ......................... 6.81
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 50
    Netflix................................. 5.99
    Total monthly expenses.................. 2172.55


    Assets

    Cash.................................... 2200
    House value (Gross)..................... 128000
    Shares and bonds........................ 0
    Car(s).................................. 25500
    Other assets............................ 0
    Total Assets............................ 155700


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 63466.6..(800.3)....3.14
    Hire Purchase (HP) debt ...... 15848....(401.8)....6.9
    Total secured & HP debts...... 79314.6...-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Loan...........................5717.96...166.3.... .3.1
    Credit Card....................3740......110.......0
    Total unsecured debts..........9457.96...276.3.....-


    Monthly Budget Summary

    Total monthly income.................... 3,550
    Expenses (including HP & secured debts). 2,172.55
    Available for debt repayments........... 1,377.45
    Monthly UNsecured debt repayments....... 276.3
    Amount left after debt repayments....... 1,101.15

    Personal Balance Sheet Summary
    Total assets (things you own)........... 155,700
    Total HP & Secured debt................. -79,314.6
    Total Unsecured debt.................... -9,457.96
    Net Assets.............................. 66,927.44

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Originally posted by fatrab
    Hi

    I will be following your diary (once I log on via a pc as on a phone I cant find the subscribe link!!) I find it really motivating reading the diaries and pick up so many tips from them. I wonder if selling one of our cars and getting an older one is the way forward but then worry about increased repair bills. Think I need a crystal ball! Well done on your progress so far x
    • fatrab
    • By fatrab 19th Apr 18, 3:11 PM
    • 1,156 Posts
    • 4,335 Thanks
    fatrab
    Hi Summer, it's definitely not a decision to take lightly. Finding the correct car to trade-down to is the hard part.


    If you find anyone selling crystal balls please send me a link!!


    Thanks
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

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