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  • FIRST POST
    • VadersDad
    • By VadersDad 11th Jan 18, 9:12 PM
    • 21Posts
    • 33Thanks
    VadersDad
    The only way is up!
    • #1
    • 11th Jan 18, 9:12 PM
    The only way is up! 11th Jan 18 at 9:12 PM
    I took control of my situation last summer and done myself a spreadsheet to get started. I was living beyond my means but now feel in control.

    Firstly I sold my car and put proceeds towards paying bills and in my savings account. I am lucky that I only work 6 miles away and now I mostly cycle to and from work and occasionally walk in and get a lift back. This has saved me a lot of money and i have lost a stone and half so far too.

    I do travel to pick my children up via train and got myself a family railcard. I get some cracking deals with this and travel down south a lot quicker with no stress.

    I have no credit cards after paying them off and I have no intention of taking any out. I have a rule now, that if I want something then I have to save for it.

    I have a loan for which I pay £454 a month for, this was to do my flat up when i moved in, that was June 2016. I have 40+ payments left and i will do my best to try and make additional payments for the remainder of the loan. This is my priority to get rid off asap.

    I am lucky that I have a good job and touch wood its quite secure.

    I know I don't have much income spare but I do have a roof over my head and can pay my bills, this is more than a lot of people have, so i'm grateful.

    Future savings - sky Tv will be getting cancelled in March when contract expires but i will try and calling them and see if i can cancel or reduce package till then.

    I have done my SOA. I have been reading this forum for a few months now and i am impressed with the support and advice which has been given. Thought I would share and become part of the group.

    Thank you for reading.

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0

    Monthly Income Details
    Monthly income after tax................ 1506.2
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1506.2

    Monthly Expense Details[/b]
    Mortgage................................ 204.9
    Secured/HP loan repayments.............. 454.80
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 96
    Electricity............................. 34
    Gas..................................... 25
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 25
    Mobile phone............................ 29
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 40.6
    Internet Services....................... 0
    Groceries etc. ......................... 100
    Clothing................................ 10
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 60
    Childcare/nursery....................... 0
    Other child related expenses............ 255
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 3.89
    Buildings insurance..................... 20.01
    Contents insurance...................... 0
    Life assurance ......................... 11.01
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1381.58

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 60000
    Shares and bonds........................ 207
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 60207


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 39.5.....(204.9)....3.59
    Secured Debt.................. 19.738...(454.8)....7.9
    Total secured & HP debts...... 59.24.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........


    Monthly Budget Summary
    Total monthly income.................... 1,506.2
    Expenses (including HP & secured debts). 1,381.58
    Available for debt repayments........... 124.62
    Monthly Unsecured debt repayments....... 0
    Amount left after debt repayments....... 124.62

    [b]Personal Balance Sheet Summary
    Total assets (things you own)........... 60,207
    Total HP & Secured debt................. -59.24
    Total Unsecured debt.................... -0
    Net Assets.............................. 60,147.76
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 11th Jan 18, 9:23 PM
    • 6,617 Posts
    • 13,920 Thanks
    enthusiasticsaver
    • #2
    • 11th Jan 18, 9:23 PM
    • #2
    • 11th Jan 18, 9:23 PM
    I would allocate £50 per month to an emergency fund. You need something in the presents and entertainment column too. Cancelling sky is sensible as your budget is so tight and you might like to look at going sim only on your mobile phone deal when it is next up to save money. Are there no management charges on your flat?

    The loan looks like it has overstretched you slightly
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • VadersDad
    • By VadersDad 11th Jan 18, 9:42 PM
    • 21 Posts
    • 33 Thanks
    VadersDad
    • #3
    • 11th Jan 18, 9:42 PM
    • #3
    • 11th Jan 18, 9:42 PM
    It has. When the sky tv goes it will go into an emergency fund.

    I tend to think long term, I know in four years time I will be in a much better situation. It!!!8217;s just a case of getting my head down, gritting my teeth and getting on with it. I!!!8217;ll get there.
    • MeenaM
    • By MeenaM 12th Jan 18, 7:39 AM
    • 251 Posts
    • 461 Thanks
    MeenaM
    • #4
    • 12th Jan 18, 7:39 AM
    • #4
    • 12th Jan 18, 7:39 AM
    hello and welcome, Congratulations you have done amazingly well and make some great decisions ! I would suggest trying to get at least a small emergency fund next and then attack that loan with everything you have, selling stuff on ebay etc because once that has gone it will def give you more wiggle room, then you can build up a bigger emergency fund as that is when people tend to go back into debt , paying for emergencies that crop up in life ,
    i like your attitude towards credit cards too and once i get rid of my debt i vow never to have one again!
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 £4138 3845.89AA Credit Card £860 0- 0% ends Dec 2017 Sainsburys Credit Card £521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund £614/£1000
    • VadersDad
    • By VadersDad 12th Jan 18, 8:16 AM
    • 21 Posts
    • 33 Thanks
    VadersDad
    • #5
    • 12th Jan 18, 8:16 AM
    • #5
    • 12th Jan 18, 8:16 AM
    Thanks MeenaM. I do have a bit of savings for pay for emergencies but would be good to keep topping it up.

    I have also been using cashback sites for a while now and just started surveys too.
    • enthusiasticsaver
    • By enthusiasticsaver 12th Jan 18, 8:21 AM
    • 6,617 Posts
    • 13,920 Thanks
    enthusiasticsaver
    • #6
    • 12th Jan 18, 8:21 AM
    • #6
    • 12th Jan 18, 8:21 AM
    Can you make overpayments to the loan relatively easily?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • VadersDad
    • By VadersDad 12th Jan 18, 8:33 AM
    • 21 Posts
    • 33 Thanks
    VadersDad
    • #7
    • 12th Jan 18, 8:33 AM
    • #7
    • 12th Jan 18, 8:33 AM
    Not really. I am due a pay rise in a few months so maybe that can go towards extra payments.
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 12th Jan 18, 12:54 PM
    • 208 Posts
    • 688 Thanks
    CoffeeCakeYarn
    • #8
    • 12th Jan 18, 12:54 PM
    • #8
    • 12th Jan 18, 12:54 PM
    I found you Welcome!


    Will you be charged for overpayments on your loan? I second the emergency fund thing, I just got through by the skin of my teeth and can't wait until I have a proper amount saved and I can finally cut up my last remaining credit card so that the temptation is gone!


    You've done amazing so far, keep it up x
    PAY BACK THE FUN SPEND! £38.72/£137.67
    MBNA - £2233.51/£2385 - 6.35%
    Emergency Fund £26/£1000
    • Mumoffourkids
    • By Mumoffourkids 12th Jan 18, 1:17 PM
    • 628 Posts
    • 3,142 Thanks
    Mumoffourkids
    • #9
    • 12th Jan 18, 1:17 PM
    • #9
    • 12th Jan 18, 1:17 PM
    I found from coffee's diary as well. I have a family railcard and have had one for a few years now. You get fantastic savings. I got it when we couldn't all fit in the one car to go on holiday, so I bought the railcard for £30 and saved over £120 on the train tickets, so cost of card saved already. Sometimes I use it to go into town with the kids as it is cheaper than paying for parking and the stress of finding a parking space!

    Good luck with your debt journey.
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Tea&Kittens
    • By Tea&Kittens 12th Jan 18, 1:20 PM
    • 195 Posts
    • 731 Thanks
    Tea&Kittens
    Well done, looks like you're really heading in the right direction
    #Frugal February : NSDs Target =16
    Started here on 07 September 2017: Total: £20,521 £19847
    Barclaycard: £14659 £14435 Oct 2017 HSBC Credit Card : £3112 £3012 Oct 2017
    Overdraft: 350 £0 Oct2017 MBNA : 2400
    A journey of a thousand miles starts with a single step. I'm on my way!
    • VadersDad
    • By VadersDad 12th Jan 18, 6:29 PM
    • 21 Posts
    • 33 Thanks
    VadersDad
    Iím not sure if I will get charged for making extra payments, will have a look tonight after tea.

    Well done for finding me;-)
    • redofromstart
    • By redofromstart 13th Jan 18, 10:14 AM
    • 1,773 Posts
    • 10,806 Thanks
    redofromstart
    came to say good luck with your journey. That loan sounds painful. I agree with what the others have said about an emergency fund being key.
    • VadersDad
    • By VadersDad 14th Jan 18, 8:55 PM
    • 21 Posts
    • 33 Thanks
    VadersDad
    Good weekend had,

    I know i haven't got much of a monthly budget but i manage. I am not one for going out and getting leathered, never have been. More than happy with my own company and make the most of when my kids are up next. Been keeping busy by re-decorating living room. Done a half arsed job last year and decided enough was enough. Have a load of stuff in shed so don't really have to buy anything. Will take me a few weeks to do it properly.

    Did shopping for the week ahead, still got a load of stuff left over from xmas so spent a massive £11.08.

    looking forward to a good week ahead. Hope you all have one too.
    • laurag89
    • By laurag89 14th Jan 18, 9:45 PM
    • 712 Posts
    • 1,321 Thanks
    laurag89
    Just wanted to stop by and wish you luck on your journey!

    Sounds like you have already made some really positive steps
    Total debt to pay: £14,071.41/ Remaining debt: £13,792.36: Amount Paid: £279.05

    Survey xmas 2018 savings: £10 / £150
    • VadersDad
    • By VadersDad 15th Jan 18, 9:07 AM
    • 21 Posts
    • 33 Thanks
    VadersDad
    Last payment for council Tax comes out today for the year. £96 better off for Feb & March, there's my emergency fund.
    • VadersDad
    • By VadersDad 18th Jan 18, 11:40 AM
    • 21 Posts
    • 33 Thanks
    VadersDad
    Nothing exciting to report but all is well.

    Sticking to my monthly budget really well. I have not had to do a big shop this month. I have fairly full cupboards and a full freezer freezer, so I have just been topping up on the essentials, milk, bread etc....

    Started re-decorating the living room last weekend to keep me busy. I have a lot of stuff left over from previous jobs. I think my only expense will be wallpaper paste.

    Had some cashback from BG via Quidco so that has gone into the emergency fund.

    Hope everyone is ok.
    Last edited by VadersDad; 18-01-2018 at 11:43 AM.
    • VadersDad
    • By VadersDad 21st Jan 18, 9:39 AM
    • 21 Posts
    • 33 Thanks
    VadersDad
    Spoke to Sky TV yesterday and i have managed to cancel my package a couple of month early. Did it over the online chat. Excellent customer service from sky, very understanding and no issues what so ever.

    That means from next month I am £41 better off a month. In total so far this month I have made £57.95 worth of cutbacks through reducing monthly outgoings all to go back into the pot. Happy days.

    Woke up this morning and boiler had an error code on it, panic set in but it turns out it was just that the pressure was low, Sorted it myself.

    Objectives for the week is to call Barclays re loan and see if i can make additional payments as i when i have enough in my budget to do so. If i can't i will just put any extra in my savings account.

    Have a good week everyone.
    • enthusiasticsaver
    • By enthusiasticsaver 21st Jan 18, 10:41 AM
    • 6,617 Posts
    • 13,920 Thanks
    enthusiasticsaver
    Excellent news on the sky cancellation and I would put that into savings along with any extras you have through the year. It will help build up emergency savings account which you need as you have a house and children and when it gets to a certain level you could put a few hundred extra off the loan. At least you only have the one debt but it is a large one.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • VadersDad
    • By VadersDad 21st Feb 18, 12:15 PM
    • 21 Posts
    • 33 Thanks
    VadersDad
    Hey folks, just a quick check in. Sticking to my budget well and saving a few pennies too.

    Went to see my mortgage advisor last week re my current deal coming to an end in June and he reckons it could be around £30 less than what i currently paying. I have asked for a 5 year deal as i have concerns with brexit and how that turns out also indeyref 2 as I live in Scotland.

    Maybe get an agreement in principal this week to start in June.

    Hope everyone is well.
    • VadersDad
    • By VadersDad 13th Mar 18, 2:32 PM
    • 21 Posts
    • 33 Thanks
    VadersDad
    Little update,

    Everything at the moment is going to plan. I have managed to save a few quid over the last couple of months as I have had no council tax to pay so the £96 extra has gone into my emergency fund.

    I have also been told today that i will be getting an increase to my salary of £1100 pa. This is really good news. I will do an updated SOA in the next few days.

    Hope everyone is fine.
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