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  • FIRST POST
    • fatrab
    • By fatrab 2nd Jan 18, 9:22 AM
    • 828Posts
    • 2,371Thanks
    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 - PAID IN FULL 29/06/18 (page 25)
    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 1 month 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.

    For July:
    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................ 3676.75
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 364.67
    Total monthly income.................... 4041.42

    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............................ 134.45
    TV Licence.............................. 0
    Satellite/Cable TV...................... 35.99
    Internet Services....................... 0
    Groceries etc. ......................... 200
    Clothing................................ 0
    Petrol/diesel........................... 120
    Road tax................................ 0
    Car Insurance........................... 30
    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..................... 0
    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.................. 1599.81


    Assets

    Cash.................................... 1302
    House value (Gross)..................... 128000
    Shares and bonds........................ 0
    Car(s).................................. 4500
    Other assets............................ 0
    Total Assets............................ 133802


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 59894....(800.3)....3.14
    Total secured & HP debts...... 59894.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    CC.............................3410......110...... .0
    Total unsecured debts..........3410......110.......-


    Monthly Budget Summary

    Total monthly income.................... 4,041.42
    Expenses (including HP & secured debts). 1,599.81
    Available for debt repayments........... 2,441.61
    Monthly UNsecured debt repayments....... 110
    Amount left after debt repayments....... 2,331.61

    Personal Balance Sheet Summary
    Total assets (things you own)........... 133,802
    Total HP & Secured debt................. -59,894
    Total Unsecured debt.................... -3,410
    Net Assets.............................. 70,498

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Last edited by fatrab; 12-07-2018 at 7:46 AM.
Page 25
    • fatrab
    • By fatrab 21st Jun 18, 9:09 AM
    • 828 Posts
    • 2,371 Thanks
    fatrab
    Morning!

    I got a phone call on Monday out of the blue from my old boss. I've worked for him 5 times throughout my career and he's offered me a job that's permanently based at home. It would mean a slight drop in salary but no more working away and I'll be there to see the wee one growing up.

    I had planned that I'd do one more big project before moving home permanently. That would mean around another 2 years of working away and only being home 2-3 weekends per month.

    I feel like there's been so much turmoil and uncertainty in the past few months that my head could explode!

    If I take the new job things will be a lot tighter financially until Mrs' sells her house. But it's a good opportunity and paying a decent amount for a job based at home.

    Decisions decisions.........

    Otherwise, I've had 2 NSDs this week and should be another one today. Mrs fatrab is on her way up to Inverness with the wee one and we're staying up here until Saturday, then moving out of the flat by the beach. I'll be sad to leave it. It's been great.

    Not had any offers on Mrs' house yet either so I think any hope of a quick sale is out the window. Just need to wait it out and hopefully the right buyer will come along.

    This waiting game is no fun at all!!

    You can have results or excuses, but not both.
    July targets - 28 AFDs, 31 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • Moguline
    • By Moguline 21st Jun 18, 12:01 PM
    • 267 Posts
    • 722 Thanks
    Moguline
    Great news on the job offer! If you can still manage on the lower wage, I'd take it. Kids are only little once, and 2 years is a long time in a little one's life to be missing out on! I gave up a 60 hour-week job to spend more time with my son. Now I work a normal 37.5 hour week and things are so much better. I get paid marginally less but feel like I've had a massive payrise due to having a much better work-life balance. I also found that being stressed and on the go a lot actually made me spend more money than my nice quiet life now.

    It's a very personal decision, but think about how you'll feel looking back on this in the far far future - what will matter to you more - being debt-free quicker, or spending more time with your family? I think you've been handed a really good opportunity, especially if you've already worked for this particular boss before - nasty surprises are unlikely.
    LBM: Christmas 2017 Highest debt (01/01/2018): 23,786 As of 01/07/2018: 19,887 Total reduction in 2018: -3,899 DFD of my dreams: 31/12/2019
    • LegBeforeWicket
    • By LegBeforeWicket 25th Jun 18, 11:43 AM
    • 37 Posts
    • 119 Thanks
    LegBeforeWicket
    Hi Rab,


    Just catching up on how things are with you.



    I think that's some excellent advice by Moguline in the post above and I can't add much more of value to it. Only you know what the impact on the numbers will be and whether the new job is viable, but if it is then it's a case of working out whether the benefits of being at home are worth it. I don't have children but for me the comment about them only being young once is an important one - you don't get that time again.


    Also, you mention the impact of turmoil and uncertainty. It sounds like this new job could bring some stability and that might be good for you and your health. Yes it comes with tighter purse strings but you have proven that you are are more than capable of living to a budget, so long as it's a viable one, which I'm sure it is.
    Debt at LBM: 9448.71 Current debt: 7795.72 (17.49% paid so far)
    Weight loss to date: 21.1 lbs (Currently 114.2 93.1 lbs above a 'normal' BMI)
    • jwil
    • By jwil 25th Jun 18, 1:43 PM
    • 8,688 Posts
    • 26,924 Thanks
    jwil
    Congratulations on the job offer! Agree with the comments above. I'd also go with the free time over the extra pay scenario.
    "If you can dream it, you can do it". Walt Disney
    • Homegrown0
    • By Homegrown0 25th Jun 18, 4:10 PM
    • 43 Posts
    • 185 Thanks
    Homegrown0
    Well done on the job offer! Have you made a decision? Sounds like taking it would be a good move for the longer term. Hope your gut helps you to decide?
    Last edited by Homegrown0; 26-06-2018 at 1:34 PM.
    • WeeMidgie
    • By WeeMidgie 25th Jun 18, 5:57 PM
    • 244 Posts
    • 5,314 Thanks
    WeeMidgie
    Hi Rab, it seems like excellent timing. I too agree with Moguline. Overall you may be less stressed and with more resilience, therefore more able to manage the tighter finances.

    Good luck with whatever you decide to do.
    • fatrab
    • By fatrab 26th Jun 18, 12:55 PM
    • 828 Posts
    • 2,371 Thanks
    fatrab
    Thanks for all the comments, much appreciated! On the job front, I haven't made an absolute decision yet. Watch this space as they say....

    'twas payday yesterday but I have nothing to report. I mentioned earlier in the thread, I'm going to sit on my wages for a few months until I see what happens on the job front.

    I have overpaid enough into the mortgage to be on target for 58k re-mortgage in October so I'm not going to worry too much about reducing that any further for now either.

    Home insurance is due on the 4th July so that'll be paid in full this year. I've still to shop around for quotes so I'll do that this weekend.

    I've not been posting as much recently, I'd become so obsessed with the site and making a daily post I think I took my eye off the ball in other areas. My weight loss is not going well at all. I have a planned day out this weekend, it's my birthday soon and I have been off the booze for nearly 90 days so I'm celebrating that by going for a drink & a nice meal at our favourite restaurant!!

    After Sunday I'm hitting the diet again. I don't need to focus so much on the finances as the next big events in my calendar aren't until Sept/Oct with the re-mortgage, car insurance, TV licence and Virgin media all due around the same time. I just need to get the NSD's and snacking back under control!

    You can have results or excuses, but not both.
    July targets - 28 AFDs, 31 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • fatrab
    • By fatrab 28th Jun 18, 12:50 PM
    • 828 Posts
    • 2,371 Thanks
    fatrab
    I've decided not to take the job.

    I was about to hand my notice in to my current employer but after a lot of deliberation and discussion with Mrs fatrab we have agreed that I'd be better staying where I am.

    This was not an easy decision. The drop in money was a consideration but there were other concerns that I can't disclose on a public forum...

    So I'll be home every night for the next 4-6 months as I'll be based at head office unless any big projects kick off early, so we'll cross that bridge if/when it happens.

    Back to focusing on moneysaving....
    You can have results or excuses, but not both.
    July targets - 28 AFDs, 31 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • Homegrown0
    • By Homegrown0 28th Jun 18, 2:49 PM
    • 43 Posts
    • 185 Thanks
    Homegrown0
    Glad you have made the decision now - as long as you and the Mrs are happy that's all that matters.

    Sounds like you've got some big plans coming up in the next few weeks! Good luck with it all.
    • LegBeforeWicket
    • By LegBeforeWicket 28th Jun 18, 5:11 PM
    • 37 Posts
    • 119 Thanks
    LegBeforeWicket
    Glad you have made the decision now - as long as you and the Mrs are happy that's all that matters.
    Originally posted by Homegrown0

    Exactly this.


    Well done for making the decision so quickly. I know for a fact that I'd have dithered and that helps nobody. You know what your plans are for the next 4-6 months and I'm sure that will give you a stable platform for the future successes that are coming your way.
    Debt at LBM: 9448.71 Current debt: 7795.72 (17.49% paid so far)
    Weight loss to date: 21.1 lbs (Currently 114.2 93.1 lbs above a 'normal' BMI)
    • Gemsy81
    • By Gemsy81 28th Jun 18, 7:14 PM
    • 148 Posts
    • 432 Thanks
    Gemsy81
    Good quick decision making! Much better than me

    You sound like you're well on track financially wise, I'm sure it won't be long before you get your eye back in with everything else!
    • fatrab
    • By fatrab 29th Jun 18, 11:42 AM
    • 828 Posts
    • 2,371 Thanks
    fatrab
    Another step completed in the plan today, home insurance paid (110) IN FULL, no monthly direct debit or APRs to worry about for the next year!!

    Thanks for the comments above, I didn't think I'd decided quickly at all! I usually make decisions much quicker then that but I think that may have contributed to my financial downfall last year - by making the wrong decisions too quickly.

    I'm on holiday next week, hopefully the weather stays nice and I can get on with the garden, and I've got the decorating in the hall to finish too - it's been dragging on too long, need to get my finger out!

    Have a great weekend
    You can have results or excuses, but not both.
    July targets - 28 AFDs, 31 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • jwil
    • By jwil 29th Jun 18, 1:45 PM
    • 8,688 Posts
    • 26,924 Thanks
    jwil
    Have a good week off
    "If you can dream it, you can do it". Walt Disney
    • LegBeforeWicket
    • By LegBeforeWicket 30th Jun 18, 2:45 PM
    • 37 Posts
    • 119 Thanks
    LegBeforeWicket
    Enjoy the holiday, buddy. Although I don't envy you painting inside if this weather sticks around.
    Debt at LBM: 9448.71 Current debt: 7795.72 (17.49% paid so far)
    Weight loss to date: 21.1 lbs (Currently 114.2 93.1 lbs above a 'normal' BMI)
    • fatrab
    • By fatrab 10th Jul 18, 8:49 AM
    • 828 Posts
    • 2,371 Thanks
    fatrab
    Well my week off didn't go to plan. Mrs fatrab was very unwell at the beginning of the week so my birthday celebrations were put on hold, but she was kind enough to share her bug with me so by the end of the week I wasn't very well either!

    Absolutely zero got done around the house and we only managed one day out with the wee one who luckily seems to have managed to avoid catching this horrible bug that's going around.

    Some good has come from this though. Obviously didn't spend anywhere near as much as I'd planned for the week off which is something of a bonus given the circumstances, and the "rapid unplanned weight loss" caused by the bug - 11lbs in 3 day to be precise - has got me a lot closer to being on target for where I wanted to be this month!

    I've got 3lbs to lose then I'll be into the 14's! But I don't know if the weight will stay off as I'm sure a lot of it was just fluids.

    So I'm setting myself a new target - lose 10 lbs in the next 10 weeks. Shouldn't be too hard to achieve but I said at the beginning of the year I wanted to lose a pound per week and I couldn't stick to it!

    In other news, my mortgage balance dropped below 60k when the July payment was applied which is a nice milestone to reach.

    Next few months will be quiet on the money front so I might not update my diary on a daily basis until things start to happen with the re-mortgage but I'll still be lurking around
    You can have results or excuses, but not both.
    July targets - 28 AFDs, 31 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • jwil
    • By jwil 11th Jul 18, 1:24 PM
    • 8,688 Posts
    • 26,924 Thanks
    jwil
    Hope you are all feeling better now!

    Good luck with the weightloss target
    "If you can dream it, you can do it". Walt Disney
    • fatrab
    • By fatrab 13th Jul 18, 3:10 PM
    • 828 Posts
    • 2,371 Thanks
    fatrab
    Just a wee update before the weekend!


    Nothing much has changed financially, but I'm currently eating my way through the remaining food in the fridge and freezer. Once it's gone there will be no more unhealthy meals purchased for a while. Sunday's shopping & next week's meal plan will be difficult, but there will be no snacks, no ready meals and no over-processed junk!


    I've set a challenge with a few of the lads in work to see who can lose the most weight over the next 10 weeks so that will give me some more incentive to do better. First weigh in is Monday morning.


    Mrs fatrab's flat has a viewing tonight so fingers crossed!


    Have a great weekend
    You can have results or excuses, but not both.
    July targets - 28 AFDs, 31 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • fatrab
    • By fatrab 16th Jul 18, 11:34 AM
    • 828 Posts
    • 2,371 Thanks
    fatrab
    Morning diary,


    New week - new me! Bought the whole weeks shopping yesterday which should see me eating healthily and saving money - aiming for 5 NSD's this week & to lose at least 1 pound.


    There are 5 of us doing the weight loss challenge at work - 20 per person to enter and whoever loses the most weight gets the pot! 100 so that's a good incentive!


    Still nobody interested in Mrs fatrab's flat which is becoming a bit of a financial headache. Had 2 more viewings at the weekend but nobody seems to be biting. We're going to do a combined budget from the end of this month so my SOA will change quite significantly. We've kept our finances separate up until now but things are going to be tight from this month onwards. I'm going to have my drop in take home pay and we've got 2 mortgages to pay, so we're going to have to combine funds, set a tight budget and stick to it.


    Things don't feel like they're going to plan at the moment.
    You can have results or excuses, but not both.
    July targets - 28 AFDs, 31 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • Homegrown0
    • By Homegrown0 16th Jul 18, 12:20 PM
    • 43 Posts
    • 185 Thanks
    Homegrown0
    Hey Rab - I like the sound of the weight loss bet. Great incentive to lose weight and get a budget boost!

    I feel your pain about paying two mortgages, we have two or three months of this every time our flat changes tenants and it's pretty painful.Especially because it's tended to be every 6 months, tenants move on. Our latest lot have been in for a year but are leaving at the end of this term so we're trying to save a bit to cover potential double mortgage payments.

    Fingers crossed it won't be for too long. Has your estate agent discussed ways of getting more interest? Open house, changing to fixed price, drop the price, offer other incentives?
    • jwil
    • By jwil 16th Jul 18, 12:22 PM
    • 8,688 Posts
    • 26,924 Thanks
    jwil
    Good luck with the weightloss challenge.

    I hope you get some interest in the flat soon.
    "If you can dream it, you can do it". Walt Disney
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