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  • FIRST POST
    • fatrab
    • By fatrab 2nd Jan 18, 9:22 AM
    • 835Posts
    • 1,906Thanks
    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 - Wheels in motion 26/04/18
    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

    Years 4 & 5:
    Overpay mortgage. I have 7 years and 4 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 May 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................ 3408.83
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 234.87
    Total monthly income.................... 3643.7


    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............................ 72.46
    TV Licence.............................. 0
    Satellite/Cable TV...................... 14
    Internet Services....................... 10
    Groceries etc. ......................... 100
    Clothing................................ 0
    Petrol/diesel........................... 160
    Road tax................................ 0
    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).... 0
    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........................... 0
    Holiday................................. 0
    Emergency fund.......................... 50
    Total monthly expenses.................. 1784.31


    Assets

    Cash.................................... 1252.73
    House value (Gross)..................... 128000
    Shares and bonds........................ 0
    Car(s).................................. 4000
    Other assets............................ 0
    Total Assets............................ 133252.73


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 62832....(800.3)....3.14
    Total secured & HP debts...... 62832.....-.........-



    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit card....................3630......110.......0
    Total unsecured debts..........3630......110.......-


    Monthly Budget Summary

    Total monthly income.................... 3,643.7
    Expenses (including HP & secured debts). 1,784.31
    Available for debt repayments........... 1,859.39
    Monthly UNsecured debt repayments....... 110
    Amount left after debt repayments....... 1,749.39



    Personal Balance Sheet Summary
    Total assets (things you own)........... 133,252.73
    Total HP & Secured debt................. -62,832
    Total Unsecured debt.................... -3,630
    Net Assets.............................. 66,790.73

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Last edited by fatrab; 17-05-2018 at 6:54 AM.
Page 21
    • fatrab
    • By fatrab 3rd May 18, 11:53 AM
    • 835 Posts
    • 1,906 Thanks
    fatrab
    Started to fill out my tax return and it looks like I'll only be getting 860 returned, but I noticed a discrepancy on my P60. Phoned HR who put me onto HMRC and it turns out I've been paying too much tax since October! So I'm getting that back in 2-3 weeks but they didn't say how much... the suspense and anticipation will kill me!!!!


    Also, we won 25 in the pub lotto! We kept my Dad's numbers after he passed away and Mrs fatrab has been paying it every week (she does the occasional shift in the pub to help them out) so it's nice to get a little something back from that!


    Every little helps
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • jwil
    • By jwil 3rd May 18, 2:19 PM
    • 8,504 Posts
    • 26,015 Thanks
    jwil
    Congratulations on the win. Annoying about paying too much tax, but hope the refund comes in soon.
    "If you can dream it, you can do it". Walt Disney
    • fatrab
    • By fatrab 5th May 18, 7:34 AM
    • 835 Posts
    • 1,906 Thanks
    fatrab
    Not a lot to report last few days, been really busy in work so that's kept my mind occupied and not obsessing about money!

    Still no news on the car front, will pop in and see dealer this morning as we'll be passing by anyway.

    Working later today and tomorrow so good overtime again this month

    And I've lost 3lbs this week!! Have a great weekend
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • Storm89
    • By Storm89 5th May 18, 8:01 AM
    • 483 Posts
    • 858 Thanks
    Storm89
    Morning fab news on the weight loss. Hope there's some good news when you pop in to see the dealer.
    • JoJoC
    • By JoJoC 5th May 18, 11:43 AM
    • 1,783 Posts
    • 6,521 Thanks
    JoJoC
    Well done on the -3lb! Fingers crossed there's some positive update from the dealership too.
    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 8th May 18, 8:54 AM
    • 835 Posts
    • 1,906 Thanks
    fatrab
    Morning all! Hope you had a nice weekend

    Still no movement on the car unfortunately. Spoke with the dealer and he says it's been quiet all round. Spoke with another trader I know and he said the same so I'm not too worried about it. It'll sell eventually, I could just do with it being sooner rather than later. I won't mention anything about cars again until it's sold!

    Still absolutely shattered from the weekend working, it completely throws me when I need to do a nightshift - takes me about 2 or 3 days to recover afterwards. But the money from the weekend will be a huge help so I shouldn't complain.

    Mrs fatrab is going to have her house on the market before the end of the month and she's going to accept the first sensible offer that comes in for it. As there's no chain involved it's going to be ideal for a first time buyer, and it's going to be priced accordingly.

    This waiting game is killing me......
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • JoJoC
    • By JoJoC 8th May 18, 9:51 AM
    • 1,783 Posts
    • 6,521 Thanks
    JoJoC
    Waiting, waiting, waiting over here too...
    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 8th May 18, 7:39 PM
    • 835 Posts
    • 1,906 Thanks
    fatrab
    Ooooooohhhhh we have some news!!!


    Dealership has someone interested in the car!! And believe it or not, it's a friend of a friend of mine!!


    Never mind fingers, everything is crossed!!!!
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • fatrab
    • By fatrab 8th May 18, 8:51 PM
    • 835 Posts
    • 1,906 Thanks
    fatrab
    Car has been sold!





    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • Kitten868
    • By Kitten868 8th May 18, 9:22 PM
    • 897 Posts
    • 1,881 Thanks
    Kitten868
    That's totally fantastic news! Well done! You've literally started turning your focus on to your finances and you're getting it all going your way. You're doing great and learning so quickly.
    Loan 1 5900/8000
    Loan 2 3900/5800
    Total 9800/13800 29% PAID
    • Storm89
    • By Storm89 8th May 18, 9:54 PM
    • 483 Posts
    • 858 Thanks
    Storm89
    Yay !! Brilliant news
    • Honeysucklelou2
    • By Honeysucklelou2 8th May 18, 10:30 PM
    • 829 Posts
    • 3,317 Thanks
    Honeysucklelou2
    Fantastic news!
    paydbx #93 692/8,000.
    Loan 17k - paid off in Aug 2017. Home improvement loans 3342 March 2017. 3123 in Jan 18
    • Purplemumof2
    • By Purplemumof2 9th May 18, 10:31 AM
    • 6,070 Posts
    • 22,304 Thanks
    Purplemumof2
    Car has been sold!





    Originally posted by fatrab
    Yay!!! Fantastic
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: 6350.00 Cap 1: 407.72 BC: 6224.59
    AFD xxx LTW 4/17
    POAMAYC 2018 #041 PD 5970.32/7000
    Savings for Christmas 161.42/365
    20p Savers 2018 2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • fatrab
    • By fatrab 9th May 18, 10:54 AM
    • 835 Posts
    • 1,906 Thanks
    fatrab
    I'm sure I don't need to tell you how happy I am this morning!

    I have spoken to the dealership and the finance will be paid off today. I have updated my SOA and it's a very rosy picture indeed! I haven't included any money that I get back from the sale as he hasn't given me exact figures yet, but he's given me a rough idea EDIT - SOA now updated

    This has some knock on effects....

    I'll get a refund of 170 road tax.
    I was going to buy a replacement cheaper car as mentioned earlier in the thread, but Mrs fatrab is going to buy it with the proceeds from her house sale so I'll transfer the wee car into my name, and insure it, which also drops my monthly insurance payment by 4. It's 30/year tax so I've not bothered to included it in my SOA.
    The car she's buying is a small diesel SUV which I can use for work over the winter and is cheap to tax and insure. As I will continue to get car allowance I think it's only fair if I pick up the insurance and tax costs for both cars.

    So once the dust settles and payday has arrived I'll work out how much I've got spare and throw it all at the loan!

    Still not had a letter from tax man yet telling me how much he owes me - which is frustrating after having to pay him over 1000 in January - but I have submitted my mileage claim so that should be 857 in my account within next 2 weeks, then whatever the rebate is will follow.

    I'm so excited about getting this debt mountain cleared! Can you tell??!!??
    Last edited by fatrab; 09-05-2018 at 4:22 PM.
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • Purplemumof2
    • By Purplemumof2 9th May 18, 11:30 AM
    • 6,070 Posts
    • 22,304 Thanks
    Purplemumof2
    You're making fantastic progress hun.

    Well done on the weight loss too x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: 6350.00 Cap 1: 407.72 BC: 6224.59
    AFD xxx LTW 4/17
    POAMAYC 2018 #041 PD 5970.32/7000
    Savings for Christmas 161.42/365
    20p Savers 2018 2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • jwil
    • By jwil 9th May 18, 1:41 PM
    • 8,504 Posts
    • 26,015 Thanks
    jwil
    Great news about the car
    "If you can dream it, you can do it". Walt Disney
    • JoJoC
    • By JoJoC 9th May 18, 1:57 PM
    • 1,783 Posts
    • 6,521 Thanks
    JoJoC
    That is fantastic news Rab! Well done! A little perseverance goes a long way in your case. Can't wait to see your update figures once you know what's happening with all these plates that are spinning
    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 9th May 18, 4:02 PM
    • 835 Posts
    • 1,906 Thanks
    fatrab
    Can't wait to see your update figures once you know what's happening with all these plates that are spinning
    Originally posted by JoJoC
    My head is spinning with it all, never mind anything else!

    Income tax rebate came through, 179.20 so add that to the 857 and that's a total of 1036.20. It's so frustrating that I had to pay them 1017 in January!!! Oh well, onwards and upwards from here on hopefully!

    After the dealer took his slice of the cake and paid off the remaining finance I'm left with 3k, so that added to the amount in my emergency fund gives me enough to pay off the loan and have 1000 left over for emergencies. So as soon as the money hits my account I'm paying the loan off. It'll leave me with very little spare cash for a few weeks but it's going to be worth it. Then I can focus on the mortgage for the rest of the year.

    I've got mixed emotions having got to where I am today. Part of me is so happy that I've come so far in 5 months, but a big part of me is laying the boot in for being stupid enough to get into this mess in the first place.

    I've still got a few things to tidy up financially so the war isn't over yet. Things like paying my insurances in full and starting to save properly for future purchases etc. It's my birthday in July and I'm looking forward to being in a much better position this year than I have been for as long as I can remember.

    Last edited by fatrab; 09-05-2018 at 4:26 PM.
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • fatrab
    • By fatrab 9th May 18, 4:17 PM
    • 835 Posts
    • 1,906 Thanks
    fatrab
    I just want to say thank you to every one who has commented and wished me well so far on my journey. I really feel like today is a turning point for me. Having my LBM (or LBM's probably) back in December and January were only the beginning.


    Without the banter, support and advice that has been so readily available over the past few months I'd have fallen off the wagon and gone back to my old ways without a shadow of a doubt.


    Thanks
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • supersaver1000
    • By supersaver1000 9th May 18, 9:13 PM
    • 2,052 Posts
    • 12,758 Thanks
    supersaver1000
    I think we all have those 'wish the LBM had come earlier' thoughts from time to time, but the main thing is that its arrived. No regrets, only look forward. Well done
    CCs (32% paid) - target Feb2019 Xmas 2018 : Returner Flylady : Grocery club member
    It's not getting what you want, it's wanting what you've got
    (being satisfied with your lot and making the most of it)
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