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  • FIRST POST
    • Jigglebiz
    • By Jigglebiz 27th Jan 18, 12:54 PM
    • 76Posts
    • 49Thanks
    Jigglebiz
    Geeking out with YNAB
    • #1
    • 27th Jan 18, 12:54 PM
    Geeking out with YNAB 27th Jan 18 at 12:54 PM
    Hello all

    I'm a long time lurker but thought it was time to start my own DFD and get these numbers out of my head. It's exhausting trying to calculate things constantly and helps so much to get it down.


    The level of my debt is small compared to many, and for that I'm grateful. At the moment it stands at:


    £1000 - family debt, have committed to repaying £167 per month for six months from Feb
    £813 - student overdraft - now graduate and still at 0%. Reverts to 18.9% in September 18.
    TOTAL = £1813

    The problem lies in our ability to pay it back as we have a low income. My income is highly variable and my partner's is fixed but low. We are both working on increasing income but due to study alongside this work we will likely stay on the income for the next 3+ years. I promise I will post a full SOA as soon as I am able to clarify things.


    I have been using YNAB this month as it has dawned on me that we should really be having a better hold on the finances. I used it a year or two ago for at least 18 months and made great progress, but dropped off it when I took time out to study (am mid career change hence the low and variable salary right now). I know that I could have used YNAB while a student, but there was guilt at play because I was using savings to pay for my living costs (planned, but most of the money originated from an inheritance from a close relative and that money has now pretty much gone). Hence the guilt.


    I'm learning to save and have a £1000 emergency fund so now I'm prioritising reducing the debt. Unfortunately we have already committed to a 2 week but modest holiday in April - if flights and accommodation hadn't already been booked I would be cancelling, but if we do so now we will lose the lot. I need to save £400 £300 spending money and £100 towards car rental and petrol.


    The family debt is my priority because the person that lent it to me needs it urgently. So I will try and throw any spare cash at this first - my original plan was to pay £167 to the family debt for 6 months and £100ish to the student overdraft every month. However, the advice seems to be that it's more motivating to eliminate one debt at a time.



    Unfortunately living costs and the commitment to the holiday in April now mean spare cash is low. I also am forseeing an income shortfall in July-September of around £950 a month due to my job ceasing at that time. I have made enough to get by writing on freelancing sites before so my plan of action is to address those. My income is likely to be higher in March, April, and June so I will be skimming off anything above a certain level to put towards the 'lean' Summer months.



    Any other ideas for topping up income over the summer? I would be limited to evenings due to holiday childcare. I can earn £25-40 ph writing as it is a specialist area but perhaps a more regular evening job on top could help things along? I struggle with the idea of £7.50 for bar work etc. simply as it is so much less and involves more expenses (travel, food) than the higher rate I can earn from writing. However, this is very variable and I would like to have a plan in place that means I don't risk increasing the debt.



    A big impetus for getting back into reading MSE forums and starting again with YNAB was the feeling that we were risking falling deeper into debt, so we are budgeting carefully at the moment.

    So my priorities are in this order:

    1. Emergency fund of £1000 to try and limit immediate debt (DONE Jan 18)
    2. Repay family debt at £167 per month for 6 months (Started Feb 18)
    3. Save £250 per month for holiday in April (£232 saved Feb 18)
    4. Pay off student overdraft

    5. Contribute to rainy day funds
    5. Save up a larger emergency fund to cover 3-6 months expenses

    I am looking forward to being paid over the next few days so I can geek out with YNAB!




    Last edited by Jigglebiz; 31-01-2018 at 10:07 AM.
Page 3
    • Jigglebiz
    • By Jigglebiz 1st Jun 18, 10:16 AM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    Back with payday category breakdowns:


    Total income received this month: £2609

    I've allocated this as follows:

    Debt Repayments: £317
    Fixed Monthly Bills: £1059
    Fixed Expenses Rental Flat: £319 (Recalculated tax and think I should put aside some for tax return every month now)
    Variable Monthly Expenses: £502
    Fixed Non-Monthly Expenses: £69
    Savings toward selling and buying properties: £111
    Holidays: £55
    Optional Expenses (Fun): £39

    I'm on target to eliminate the debt next month

    Now it stands at:


    Student overdraft: £151
    Family loan: £165


    It's a lower earning month but I'm glad I'm still able to put the planned amount towards debt, and contribute to our buy and sell fund. I need to remember that while my current job is a weak earner, it has enabled me to begin my training later this year. Confident that once I'm qualified I will have less pressure on the budget (I will try and avoid 'lifestyle drift'!). I think I've learned pretty well how to budget in the last few months. As long as I feel like I'm moving forward, I'm happy.
    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 4th Jun 18, 12:38 PM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    My work is now slowing down for the Summer and my next paycheque will need to cover 2 monthsí living expenses. I plan to do the following over this and next monthÖ

    - Photograph and list spare tyre to sell on eBay (c£40)
    - Clear and sell old laptop for parts (still not done this! c£100)
    - go through all deep storage in the house and sell what we no longer need/use. Typically, there is loads that I know we have forgotten about. Wonít bring in a lot of cash but a few quid.

    In other related news...

    - spoke to a mortgage broker and it seems we are eligible for a mortgage if we Ďget a favourable underwriterí. Theoretically if agreed this could go up to £125k : I wouldnít want to borrow more than £60k as I feel thatís a reasonable stretch given our current earnings.
    - have paid off a debt to HMRC (£150) rather than saving towards something specific. This frees up £50 a month

    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 8th Jun 18, 5:06 PM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    Some progress made:
    - Have listed spare tyre on eBay as well as an old bike frame
    - been looking into ways to make a bit of extra income over the summer - intend to get back into matched betting. Iíve dabbled in this before but never made a concerted effort - this time I have a figure in mind Iíd like to earn, so I can put it towards our selling property fund
    - signed up to survey sites and done some prolific surveys
    - have been using spreadsheets to work out the lowest offer we could accept on our property to allow us to buy what we want (taking into account stamp duty, legal fees etc). My aim is to buy a property without a mortgage, to do this weíd need to sell for at least £220k. Last year similar properties to ours were going for £260k, but the market has taken a beating and not much seems to be moving without hefty reductions
    - Spreadsheet budget has also given me a better idea of the savings cushion we need before the tenants move out and we lose that income. To cover 12 months of waiting for the property to sell requires nearly £5k, this is 3 times what weíve already saved so I have some work to do there
    - looked into new bank accounts with 0% interest rates to support us in case our property takes a long time to sell and we canít meet the bills over several months - there is a good possibility weíll need to borrow more
    Nevertheless, feeling positive and motivated to bring in some extra cash
    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 18th Jun 18, 4:07 PM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    A little update. I've had some success with bringing in odd bits of extra cash:


    - Sold old bike for parts - £11
    - Completed a few surveys - £8.31
    - Matched betting income - £35


    Will also be adding £45 to my pay for next month as I've found some CPD I can claim for, so that's a bonus.


    On the other hand, I've been a little spendy. Cheap items (eBay, charity shops) and arguably required, but still. Devils hands, idle work and all that. I need to find ways to occupy my time now that my work has died down THAT DO NOT INVOLVE SPENDING MONEY!!


    (However I had a bit of birthday money to spend, so have stocked up on things I actually need with that rather than luxuries. Eg. work clothes for my new FT post, a much-needed backpack, clothes hangers!)


    I've needed to transfer money between savings and current accounts a fair bit this month, which makes me a bit wary... but YNAB is reassuring because I have learnt that the actual bank balances are irrelevant. It's the categories that are important, so the cash needs to be where it is most liquid or accruing the most interest, as appopriate.


    Remain concerned about our selling and buying of houses, as where we will sell is very sluggish with a high supply and flats listed at 10% down what they were last year. Where we are buying, there are few new houses coming on to the market. Considered delaying the purchase, buying elsewhere, etc. but there are no signs that this is a temporary dip in prices, and we are throwing away a lot of money in the meantime. So we will push ahead with the sale and hope that we can get enough to buy in this area, where the schools are good and our networks are. Even if it means buying a smaller house or a do-er upper. Fingers crossed.
    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 25th Jun 18, 7:14 PM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    Quick update. I canít say the last week or two have been very MSE, as Iíve been spending on clothes. Iím putting together a capsule wardrobe for work for Autumn/Winter (ie. trying to buy as little as possible, but that all match with each other). I am starting with virtually nothing as Iíve lost a lot of weight recently, and since Iíll be working full time I need a fair few items. However, Iíve managed to be quite strategic in my purchases either in the sales or via eBay, and have done quite well. Still involves spending money though !

    Extra income to add:

    - matched betting £177
    - surveys £5.30
    - eBay £2.20 waiting for payment

    Looking forward to payday on Friday - Iím hoping for a bumper pay plus should finally be paid for some freelance work I did in March.
    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 25th Jun 18, 7:16 PM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    Oh, and I!!!8217;m finally going to sort the sale of my old laptop TOMORROW. I!!!8217;ve been been putting this off for months, but I have set the morning aside to sort it out once and for all. That should net me about £100.
    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 29th Jun 18, 8:24 PM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    Pay is in, and it's a very good month


    Total income received this month: £4001

    I've allocated this as follows:

    Debt Repayments: £316
    Fixed Monthly Bills: £1292 (I've added an additional £150 to the rent category for next month)
    Fixed Expenses Rental Flat: £283
    Variable Monthly Expenses: £967
    Fixed Non-Monthly Expenses: £107
    Savings toward selling and buying properties: £694
    Holidays: £155
    Optional Expenses (Fun): £54

    THIS MONTH I AM CLEARING MY DEBT!


    It's a great feeling to know that I won't have this burden on my income next month, although I plan to buy a second car ASAP partly using a 0% credit card. Have calculated that the repayments plus insurance, tax etc. will come to a similar figure as I am paying towards current debt. At least this way it won't feel like much effort !



    Also good news, I know that next month I'll be earning enough to cover the bills despite working half the hours I usually do.



    I've also listed a few items on eBay, including old laptop. Matched betting continues to bring in a steady stream of income and I'm doing the odd survey etc too.
    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 14th Jul 18, 7:34 PM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    Quick update:

    eBay income : £246
    Matched betting income : £280

    Decided not to take out debt to buy a new car, we should be able to get something decent although old with cash. Happy about that as itís a great feeling to be debt free.
    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 1st Aug 18, 8:12 AM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    Another quick update. Will be back with full payday breakdowns.

    eBay & Facebook marketplace income : £384
    Matched betting income : c. £380

    Still have £150ish worth of stuff for sale.

    Bought a functioning car without using debt - pleased with that.

    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
    • Jigglebiz
    • By Jigglebiz 10th Aug 18, 7:29 PM
    • 76 Posts
    • 49 Thanks
    Jigglebiz
    Slightly delayed payday breakdowns for the month, but here we go:


    Total income received this month: £3010


    I've allocated this as follows:

    Debt Repayments: £0
    Fixed Monthly Bills: £1054
    Fixed Expenses Rental Flat: £76
    Variable Monthly Expenses: £587
    Fixed Non-Monthly Expenses: £55
    Savings toward selling and buying properties: £773
    Holidays: £33
    Optional Expenses (Fun): £71
    Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
    House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
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