Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • fatrab
    • By fatrab 2nd Jan 18, 9:22 AM
    • 861Posts
    • 2,232Thanks
    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 3
    • JoJoC
    • By JoJoC 12th Jan 18, 12:56 PM
    • 1,836 Posts
    • 6,820 Thanks
    JoJoC
    Hi, just stopping in to say hello and wish you good luck. Frustrating about the HMRC bill but at least you have a plan in place to deal with it!
    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 12th Jan 18, 2:03 PM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Thanks MeenaM and JoJoC for dropping by!


    I'm also going to log my weight loss diary here as it should go hand in hand with the eating/meal plan (and money saving!).


    On boxing day I was 17st 8lbs. I'd been up to that weight before, about 2 years ago, and made all the usual promises to myself that it wouldn't happen again. I've always struggled with my weight (hence being called fat Rab for most of my life) but this is the year everything is going to change.


    Been cutting down the booze since October, have cut down the take-aways and snacking since December, saving money and losing weight!


    So stepping on the scales this week I was 17st 2lbs. Hopefully break into the 16's by next weekend. I want to be 14st or under and debt free!
    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 12th Jan 18, 2:51 PM
    • 1,836 Posts
    • 6,820 Thanks
    JoJoC
    Great goals Rab - I think the two do go hand in hand actually. Eat well, save money on takeaways... sounds simple! My husband and I are on a health kick too, and not just because it's January He lost 13lb in his first week of eating well and exercising more. I don't have a lot to lose as such but after 2 kids I'd like to see some physique improvement

    I actually cringe at how much money we were spending on convenience food - it's by no means cheap to eat healthily but if cooking good meals from scratch and making good choices, it doesn't need to break the bank.

    Glad to see your positivity and motivation - hope it's infectious
    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*
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 12th Jan 18, 3:03 PM
    • 208 Posts
    • 688 Thanks
    CoffeeCakeYarn
    Another one here in the waiting for payday slump! Really I'm waiting for March payday as will see a wage increase that will mean I can really start tackling everything properly, rather than just gritting my teeth and existing without making any proper progress. Good luck, have subscribed
    PAY BACK THE FUN SPEND! 38.72/137.67
    MBNA - 2233.51/2385 - 6.35%
    Emergency Fund 26/1000
    • fatrab
    • By fatrab 12th Jan 18, 4:15 PM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    I actually cringe at how much money we were spending on convenience food
    Originally posted by JoJoC

    I kept note of what we spent one weekend last year and it was an eye watering 125 on eating out/pub, take aways and junk food.


    We cut down the drinking, but the takeaways just became a habit. I was having a breakfast (6.95 fry up) every morning Mon-Fri, plus a kebab or Chinese meal most nights during the week.


    We stopped all that in late Oct/ early Nov. So when I noticed there was still a deficit in what I should have left every month compared to what I actually had, I knew something was still wrong.


    Now have a much clearer head, I can see where my money goes and I know others have been in much, much worse situations than me and made it out the other end.
    Last edited by fatrab; 12-01-2018 at 4:18 PM.
    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 12th Jan 18, 4:22 PM
    • 582 Posts
    • 1,323 Thanks
    Storm89
    I'm joining you all with the weight loss/health kick too. I need to lose a stone and husband needs to lose 3 stone - first week in I lost 2lb and he lost 3lb. Good luck everyone
    • fatrab
    • By fatrab 12th Jan 18, 4:56 PM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    I'm targeting a pound of weight loss per week on average. 52lbs off by Xmas 2018!

    Best of luck to you all with the health and financial goals!

    We can do this!
    Last edited by fatrab; 13-01-2018 at 9:31 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 15th Jan 18, 8:25 AM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Not much to report following the weekend, I knew Saturday and Sunday would be spend days after managing to turn Friday into a NSD but I have all my food bought and planned up until Thursday so should be a cheap week from now until I get home. Fell off the wagon slightly yesterday as landlord "forced" me to have a pint and a catch up with him. 11 spent but in fairness they're reducing my rent by 50/month so I can't really complain.

    I'm driving 170 miles on Thursday (heading home) and then returning on Sunday or Monday so a good opportunity to try and drive as economically as possible and save fuel/money.

    Next weigh in will be on Friday morning so will see how the eating plan is coming along, I hope to be under 17st.

    Was supposed to be going to a game this Saturday but unless the magic money fairy arrives with a big bag of gold coins I won't be attending. I have a friend who travels up from north Wales for the occasional match and I like to make the effort whenever I know he's coming up, but it'll be 22 for ticket plus travel plus a pie plus a pint or 2. Can easily kiss goodbye to 50 so that won't be happening.

    Have new microwave to buy this week, spotted a Russell Hobbs on offer for 40 so assuming they're still available on Friday I'll be forking out for that this week.

    Have a good week and I'll post anything as and when it happens.

    Thanks for taking the time to keep up to speed with my diary
    Last edited by fatrab; 15-01-2018 at 8:31 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)
    • Storm89
    • By Storm89 15th Jan 18, 11:20 AM
    • 582 Posts
    • 1,323 Thanks
    Storm89
    Hi fatrab good luck with the weightloss. I only have 5lb to go until my target weight but hubby is a very similar weight to you and wants to be 13 stone by the end of the year . Not going to the match will save you and lb really if you're not consuming pints and pies . It must be annoying not being able to go though
    Have a good week x
    • fatrab
    • By fatrab 15th Jan 18, 1:00 PM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Hi fatrab good luck with the weightloss. I only have 5lb to go until my target weight but hubby is a very similar weight to you and wants to be 13 stone by the end of the year .
    Originally posted by Storm89
    Well done you! I'm sure you'll shift the rest within a few weeks if you put your mind to it. I'd like to be 14st or under so yes, your husband and I have very similar goals and targets.


    Once I've kicked my snacking habit I'm going to focus on lowering my carb intake. This worked for me in the past but will need to change my eating habits and patterns permanently if I'm going to keep the weight off this time.


    Lowest I've been since 2003 was 14st 3lbs so that's what I've got to beat this time!
    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 16th Jan 18, 1:04 PM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Coasting along nicely today, another NSD and a little bit of time to reflect on my state of affairs.

    Assuming I get my tax rebate by May (assuming both P60's are received in a timely manner) and I do have the amount of surplus that I should have, I should be paying my loan off by June! That's a whole 6 months sooner than I planned.

    By the look of things as they stand I'll pay HMRC on the 25th which will use all of this month's surplus. It'll be another 4 weeks before I clear the MBNA debt and cancel the card. Then March, April and May's surplus added to my tax rebate should be over 6k.

    Mrs fatrab is going back to work on 2nd April following maternity leave so will start contributing to the bills again from the end of April. As it stands just now I pay everything to do with running the house while she buys groceries, baby necessities, dog food etc.

    3 months hiccup-free would be lovely please, but does it ever work out that way?
    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 16th Jan 18, 2:06 PM
    • 6,153 Posts
    • 22,631 Thanks
    Purplemumof2
    Hi fatrab,

    Well done on the weightloss so far and on the tax rebate, to get rid of the MBNA card 6 months early, would be grand.

    Pmo2
    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 16th Jan 18, 2:24 PM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Hi fatrab,

    Well done on the weightloss so far and on the tax rebate, to get rid of the MBNA card 6 months early, would be grand.

    Pmo2
    x
    Originally posted by Purplemumof2
    Thanks!

    It's an annual thing with the tax rebate due to business expenses and mileage so not really a bonus as such.

    I'll be paying the MBNA off in Feb then my bank loan in June hopefully. Sorry if I hadn't explained that very well

    MBNA has just reached the end of it's 0% period. I've transferred 4050 to Tesco with 36 months 0% and set the monthly payment at 100 so it'll be almost clear by the end of the term.

    Weight loss going to be as big a challenge for me as the finances are!
    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 17th Jan 18, 12:19 PM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Made another little tweak to the plan today just incase my snowball melts at any point. Upped the minimum payment on Tesco CCard to 110 so that it will be completely cleared by the end of the term. It's only an extra 10/month but every little helps (did you see what I did there?? lol)

    Did a snowball calc and should have all unsecured and HP debt clear by end of 2019 without stretching myself too much, which is way ahead of the scheduled plan so I'm very happy with that.

    Didn't include the tax rebate in there or any contributions from Mrs fatrab either so should comfortably be able to do this!

    Coasting along again today, another NSD, struggling a wee bit with the diet but only because the meal plans were slightly high in carbs.
    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 17th Jan 18, 12:23 PM
    • 6,153 Posts
    • 22,631 Thanks
    Purplemumof2
    Love the plan and you sound very up beat today too.

    You'll soon have this debt gone
    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
    • Storm89
    • By Storm89 17th Jan 18, 12:26 PM
    • 582 Posts
    • 1,323 Thanks
    Storm89
    That's great , the end of 2019 will be here before you know it , I noticed your signature says December 2022 so you're well ahead of schedule
    • fatrab
    • By fatrab 17th Jan 18, 12:33 PM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Dec 22 is for the mortgage to be paid too. I think I might be a little optimistic with that, but I'm going to try my best!


    Focusing on the plan is keeping me going for now until I start to see some reductions. If I get the plan completely straight in my own head with clear goals and objectives I know I'll do it!


    Feeling extremely positive this year, the time has come to make changes and sacrifices for future benefits!
    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 19th Jan 18, 7:26 AM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Well the weigh in has been done and I've got mixed feelings about the result.


    17st exactly - I've lost another 2lbs which is ok but I really hoped to be into the 16's.


    Although I have had several NSD's, I am still snacking (but they've been bought as part of the weekly shopping) and I'm eating the wrong things for meals. Need to go for more meat, veg and salad and have less processed foods/carbs.


    I need to be more disciplined.
    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)
    • Working Mum
    • By Working Mum 19th Jan 18, 9:32 AM
    • 128 Posts
    • 496 Thanks
    Working Mum
    Hi fatrab,
    2llbs is still 2lbs and is 100llbs over the course of a year!

    I got diagnosed as pre-diabetci before Christmas and investigated way of managing this properly - I am a big snacker and love carbs!! Diabetes UK recommend a daily fasting diet whereby you eat during an 8 hour window and fast for 16 - 16:8 - I have been doing it for about a month and it has reduced my blood sugars AND i have lost a bit of weight and apart from every now and again I haven't felt hungry or like I am missing out on anything.

    I eat my first meal as late as possible and then eat when I am hungry during the next 8 hours. I don't calorie count and have pretty much eaten what I did previously - although I have upped my protein intake I have noticed - I sleep a good chunk of the 16 hours fasting anyway!!

    It can be adapted to suit social needs and if I fall off the wagon like when i was ill last week I just start again the next day!

    You have to find what suits you - bit like moneysaving!! and work your plan.

    Good luck
    • fatrab
    • By fatrab 19th Jan 18, 9:45 AM
    • 861 Posts
    • 2,232 Thanks
    fatrab
    Hi Working Mum,

    I am aware of the 16:8 intermittent fasting plan, there's a chap on Utube that I have watched a lot of his videos (Eric Berg) and it certainly seems like a good plan for insulin control.


    I followed another plan for a while called the Primal Blueprint, which had excellent results but I found it really difficult to stick to it and ended up back where I am today.


    I'm aiming for 1 pound per week and I'm in a completely different mind-set this year, but breaking that 17st barrier would have been a bonus! Just need to keep at it and stay focused.


    I think I'll give the 16:8 plan a try, what harm can it do!!??!!


    Thanks
    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)
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,632Posts Today

9,199Users online

Martin's Twitter