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  • FIRST POST
    • fatrab
    • By fatrab 2nd Jan 18, 9:22 AM
    • 847Posts
    • 2,648Thanks
    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 0 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.

    For August:
    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................ 2360
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2360

    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............................ 60
    TV Licence.............................. 0
    Satellite/Cable TV...................... 34
    Internet Services....................... 0
    Groceries etc. ......................... 0
    Clothing................................ 0
    Petrol/diesel........................... 200
    Road tax................................ 27
    Car Insurance........................... 30
    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.......................... 50
    Netflix................................. 5.99
    Total monthly expenses.................. 1585.37


    Assets

    Cash.................................... 602
    House value (Gross)..................... 128000
    Shares and bonds........................ 0
    Car(s).................................. 5500
    Other assets............................ 0
    Total Assets............................ 134102


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 59252....(800.3)....3.14
    Total secured & HP debts...... 59252.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    CC.............................3300......110...... .0
    Total unsecured debts..........3300......110.......-


    Monthly Budget Summary

    Total monthly income.................... 2,360
    Expenses (including HP & secured debts). 1,585.37
    Available for debt repayments........... 774.63
    Monthly UNsecured debt repayments....... 110
    Amount left after debt repayments....... 664.63

    Personal Balance Sheet Summary
    Total assets (things you own)........... 134,102
    Total HP & Secured debt................. -59,252
    Total Unsecured debt.................... -3,300
    Net Assets.............................. 71,550

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Last edited by fatrab; 08-08-2018 at 12:29 PM.
Page 26
    • fatrab
    • By fatrab 16th Jul 18, 1:09 PM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    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?
    Originally posted by Homegrown0
    Not yet, they said they've been quiet generally so they're not too concerned at present. That's easy for them to say!


    We know of 2 other properties that have sold within 2 weeks of being advertised recently that are smaller and in less desirable areas so we're a bit baffled as to why it's not selling. It's priced £6k below the home report valuation so we know we're not asking too much for it.
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • Homegrown0
    • By Homegrown0 16th Jul 18, 1:47 PM
    • 97 Posts
    • 420 Thanks
    Homegrown0
    Hmm, yeah that's strange that it's not shifting more quickly.

    With our letting agent, nothing would get done if i wasn't on top of them chasing things and making them do things. The last time our tenant was moving out, the letting agent pretty much railroaded us into waiting until 2 weeks before they moved out to advertise it to new tenants and we waited 3 months to get someone who wanted to take it.

    Again, our flat is in great condition, in a desireable area etc so it must have just been the time of year but this time I told them i want it listed 2 months before with a clear statement on the website about what date the flat is available from.

    If you don't feel like they're doing what they can to promote the place well enough, then you might need to push a bit harder for explanations/ solutions/ creative plans to get the place noticed.

    Especially if it's the fact that there's little interest (i.e. viewings) rather than lots of viewings but no offers. It's frustrating when you don't know what's going on and why people aren't biting.
    • Egon76
    • By Egon76 19th Jul 18, 3:57 PM
    • 26 Posts
    • 64 Thanks
    Egon76
    I am just catching up with your diary again.

    On the flat front, I agree with Homegrown0. Push the agent to move the sell of the flat forward.
    It is your money they are "wasting" by having it up for sale for a longer period.

    Good luck with loosing the weight. I am rooting for you on winning the challenge.
    Mortgage 1 house € 103014.76 (June 2018) / € 135000 Overpayment 2019 saved € 5000 / € 6750
    Mortgage 2 house € 77337.02 (June 2018) / € 85000
    Renovation credit € 34382.84 (July 2018) / € 50000 Overpayment 2019 saved € 0 / € 2500
    Bathroom renovation saving € 0
    Mortgage flat € 97304.93 (Dec 2017) / € 113000
    • fatrab
    • By fatrab 20th Jul 18, 11:08 AM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Still nothing much to update so far this week, everything is just ticking along until payday then I'll get the shock when I see what a basic wage looks like!!


    On the weight loss front, I am in the lead after week 1 but only by one pound! One of the guys actually put weight on! I'm determined to win this but I have strong competition from one of the guys who has a bit more than me to lose and seems very determined too. Game on!!


    Mrs fatrab is going to speak to the estate agent today, I think the most probable outcome will be to drop the price. UPDATE - Estate agent says it's holiday season and they're quiet all round, but on agreement have dropped price and will re-promote to see if anyone bites.


    5 sleeps til payday....


    Have a great weekend
    Last edited by fatrab; 20-07-2018 at 11:21 AM.
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • Homegrown0
    • By Homegrown0 23rd Jul 18, 10:52 AM
    • 97 Posts
    • 420 Thanks
    Homegrown0
    Glad the estate agent is looking at other options, even if it's not the most preferable one (i.e. lower the price). Sometimes it's just good to have it in a slightly lower price bracket for the search function on Rightmove etc. Lots of potentials might be missing it because it's £500 above what they think their upper limit is (or similar).

    Good going on the weight loss - keep up the momentum! My exercising is going well here, but what I'm shoving in my gob is not. Must do better.
    • LegBeforeWicket
    • By LegBeforeWicket 24th Jul 18, 11:01 AM
    • 41 Posts
    • 147 Thanks
    LegBeforeWicket
    Morning Rab,


    The weight loss challenge is a great idea and I'm happy to hear that you've made an early claim for the lead - I'm sure with your determination you can see this through to victory. Are you still using MFP to track calorie intake? Completely understandable if not, it's another layer of activity to the day when you've already got a thousand things to be dealing with. The only reason I manage to keep up my use of it is because my diet is fairly repetitive.


    Do you like the system in Scotland with the 'offers over' element and the Home Report valuations? A friend of mine from down here is buying north of the border and he seems to think it can be a bit laborious.
    Debt at LBM: £9448.71 Current debt: £7472.72 (20.91% paid so far)
    Weight loss to date: 25.3 lbs (Currently 114.2 88.9 lbs above a 'normal' BMI)
    • fatrab
    • By fatrab 1st Aug 18, 2:45 PM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Afternoon diary!

    I've been really quite on here recently - not because I've stopped moneysaving or fallen off the wagon - things have been absolutely hectic.

    I've now lost 5lbs in the challenge at work but I'm not in the lead! 2 of the guys have lost 6lbs each so I've got some serious competition! Work has been intense for the past few weeks, being in head office, finding the way things work and not having anyone to point me in the right direction has been a challenge. The guy who was supposed to show me the ropes was on holiday for the past 2 weeks, so I was somewhat thrown in at the deep end.

    Mrs fatrab's house still isn't sold, in fact we've not had any offers and only 4 viewings. It's starting to worry us a little. Estate agent is still reassuring us that the whole market is quiet but if there's still no sign of movement by end of Aug we will need to have a re-think.

    As some of you will know, I like to "firtle" with cars. Well last week I came across a car for sale that I couldn't resist. So I decided to buy it and I've now put the small car that I bought earlier this year up for sale. The small car served it's purpose very well when I was travelling up to Inverness every week but now that I'm based in head office I felt that I wanted something a little bigger and more suited to someone my age. The small car, albeit very efficient and in nice condition, is a younger persons car.

    I don't think the seller of the new car knew what it was worth so I bid him a cheeky offer and to my surprise he accepted. I bought it through the trade and it's always a gamble with older cars, but I've had a few of the same make & model in the past so I hope I've checked everything and it's as good as it appears. So if all goes well I should make a little profit from the small car and the new car won't have cost me very much at all!

    We may also have some uncertainty heading our way, Mrs fatrab might be taking voluntary redundancy as she's been messed around terribly by her current employer over the past 4 months and VR has been offered. Not a pleasant situation but her current employer has moved the goal posts so many times recently and the current proposals are simply unworkable with childcare in mind, especially if I end up working away from home again.

    Looking forward to the dust settling and some normality (whatever "normal" is!) when everything is finally sold/resolved.

    Hopefully August brings some better luck than last month......
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • fatrab
    • By fatrab 1st Aug 18, 2:53 PM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Morning Rab,


    The weight loss challenge is a great idea and I'm happy to hear that you've made an early claim for the lead - I'm sure with your determination you can see this through to victory. Are you still using MFP to track calorie intake? Completely understandable if not, it's another layer of activity to the day when you've already got a thousand things to be dealing with. The only reason I manage to keep up my use of it is because my diet is fairly repetitive.


    Do you like the system in Scotland with the 'offers over' element and the Home Report valuations? A friend of mine from down here is buying north of the border and he seems to think it can be a bit laborious.
    Originally posted by LegBeforeWicket
    Hi LBW,


    No, I've stopped using the app as I'm also on a repetitive diet (a 4 day cycle of meal plans) so I know what I'm eating. I'm still hitting 2000 cals some days and having the odd take away so I know where I'm going wrong. Bad habits are hard to break but I've managed to stop snacking which is really helping.


    The "Offers Over" thing up here can be really frustrating. A friend of ours missed out on 6 properties before managing to buy their house and they had to go in with a bid well over the asking price to get it. The general rule used to be to add 10% to the asking price, IIRC they were 17% over on the property they bought. Wish we had folk bidding that much!! In fact, I wish we had any bids at all!!
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • jwil
    • By jwil 3rd Aug 18, 10:21 AM
    • 8,787 Posts
    • 27,470 Thanks
    jwil
    Well done on the weight loss, hope you get some viewings soon.

    Well done on the car shuffle too!
    "If you can dream it, you can do it". Walt Disney
    • LegBeforeWicket
    • By LegBeforeWicket 5th Aug 18, 11:20 AM
    • 41 Posts
    • 147 Thanks
    LegBeforeWicket
    Well done on the weight loss, hope you get some viewings soon.

    Well done on the car shuffle too!
    Originally posted by jwil

    I agree with jwil.


    For me, there is nothing worse than things being up in the air, so I hope the house and Mrs Rab's employment situation get resolved quickly.


    Well done too on the continued weight loss. I know it's never fast enough but I think you're doing brilliantly and you can still nail the victory in your challenge! I too have an eating plan, but over 7 days, and the main reason I still log my calories is because occasionally I will substitute something else in; the numbers don't change much in terms of how much I eat but logging makes me feel like I'm doing something.



    Enjoy the rest of your weekend!
    Debt at LBM: £9448.71 Current debt: £7472.72 (20.91% paid so far)
    Weight loss to date: 25.3 lbs (Currently 114.2 88.9 lbs above a 'normal' BMI)
    • fatrab
    • By fatrab 7th Aug 18, 1:27 PM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Time to restart ....
    I feel like I've taken my eye off the prize again recently. Probably because there's so much going on in RL I've forgotten the basics.

    So I've reinstalled spending tracker on my phone to begin with. I consciously had a NSD yesterday but I had to buy a few bits n bobs from LIDL this morning (£2.71). I should have a NSD tomorrow as I cooked a big lasagne last night and have everything I need for lunches and breakfast for a few days at least.

    I need to get back into the habit of posting daily, just to keep me focused and hold myself to account.

    Some potentially better news, I have someone interested in the wee car and hopefully he's coming to see it on Friday. He seems keen and is making all the right noises - fingers crossed! I'm enjoying driving the new car but the fuel bills are going to be a bit heavier than I've become used to with the wee car.

    And still no news on Mrs fatrab's house or work situation, so I'll shut up about both of them until there's any development!

    Otherwise it's going to be a quiet month, except for a party we're having on the 25th for the wee one's first birthday. Suppose I better re-do my SOA with some spending included for presents!!

    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • fatrab
    • By fatrab 8th Aug 18, 11:38 AM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Just a quick update for today, another NSD!

    Should have enough food to get me through tomorrow then on Friday we will go shopping for the weekend. We're back to meal plans and shopping lists but it needs to be done.

    I'm continuing to pay all the household bills at the moment due to current circumstances, but Mrs fatrab will now be buying the weekly shopping, so I've removed that from my SOA. We did a combined SOA at the weekend to see where we would stand if everything was combined, so hopefully after October (assuming everything is settled by then) we'll go back to making a combined effort.

    Looks like it'll be a quiet few weeks, so I'm back to coasting along waiting for payday!!
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • jwil
    • By jwil 8th Aug 18, 1:39 PM
    • 8,787 Posts
    • 27,470 Thanks
    jwil
    Hope you get the car sold
    "If you can dream it, you can do it". Walt Disney
    • fatrab
    • By fatrab 9th Aug 18, 11:04 AM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Hope you get the car sold
    Originally posted by jwil
    Thanks! How's your new car?
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • fatrab
    • By fatrab 10th Aug 18, 11:08 AM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Morning!

    I was expecting to have a relatively quiet weekend but looks like that plan has gone out the window.

    My mate who is a [retired] plasterer has managed to make time to help me finish off the hall this weekend, so will be plastering tomorrow and hopefully sanding down on Sunday. With a bit of luck and some effort, next week I should be ready to paint it!
    It's only taken me 4 months....

    Anyhoo, Mrs fartab and I have decided that a more serious effort is required on the dieting and moneysaving front, so from Monday we're hitting it hard. We're a bad influence on each other so that needs to stop.


    Have a great weekend
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • Moguline
    • By Moguline 10th Aug 18, 12:02 PM
    • 304 Posts
    • 871 Thanks
    Moguline
    Good luck with the weight loss and the debt slaying - I know what you mean, my OH and I are bad influences on each other as well!
    LBM: Christmas 2017 Highest debt (01/01/2018): £23,786 As of 30/07/2018: £19,570.38 Total reduction in 2018: -£4,215.90 DFD of my dreams: 31/12/2019
    • fatrab
    • By fatrab 13th Aug 18, 7:24 AM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Happy Monday!!

    Had a no-show on Friday from the chap who was supposed to come and see the car which is annoying but these things happen. Had a few other folk showing interest over the weekend though which is promising and hopefully one of them is coming tonight, weather dependant.

    I also forgot to mention that I had an appointment at the bank on Saturday. They asked me to go in to discuss my mortgage options and have a general review of my account but basically just wanted to try and get me to take a credit card and upgrade to an account that I don't need. Eh, no thanks!

    Their mortgage rate was actually more competitive than I thought it would be but I've secured a better rate elsewhere and I'm sticking with it.

    On the diet front, we went shopping last night and stuck to our meal plan so fingers crossed this is a new beginning. I've said this before but I'm determined to be 14st by Xmas!

    And finally, my mate didn't make it round on Saturday but he came yesterday and plastered the hall so I'll probably not get that sanded til Tues/Weds this week. Hopefully be ready for paint by the weekend and the new carpet can go down at some point over the next 2 weeks
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
    • jwil
    • By jwil 13th Aug 18, 9:10 AM
    • 8,787 Posts
    • 27,470 Thanks
    jwil
    All sounds good
    "If you can dream it, you can do it". Walt Disney
    • fatrab
    • By fatrab 14th Aug 18, 1:07 PM
    • 847 Posts
    • 2,648 Thanks
    fatrab
    Afternoon!


    Well the chap turned up last night and after a great deal of humming and hawing made me an offer on the car. I think he was expecting a 7 year old car with 85000 miles to be in the same condition that it left the showroom! But the wee car is tidy and he didn't have much to complain about so we've agreed a sale after a bit of good old fashioned haggling. Mike Brewer hasn't got a patch on me!!!!


    Fingers crossed he shows up on Friday with the money as agreed but since he didn't leave a deposit the car is officially still for sale. Watch this space as they say......


    Yesterday was an expensive day so hoping today and tomorrow will be NSDs. Had to fill the car up (£50) and go to the chiropractor (£35) as my back is giving me grief again.


    I'll be decorating every night this week and prob most of the weekend. Hoping to have the new carpet down by Friday next week. Busy busy busy...
    You can have results or excuses, but not both.
    August targets - 28 AFDs, 28 TAFDs
    New challenge from 10th July - Lose 1 pound per week for 10 weeks!
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