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  • FIRST POST
    • Dragonpie
    • By Dragonpie 19th Jun 18, 5:13 PM
    • 58Posts
    • 73Thanks
    Dragonpie
    So what's next?
    • #1
    • 19th Jun 18, 5:13 PM
    So what's next? 19th Jun 18 at 5:13 PM
    I have recently started to address my debt, it is definitely manageable at the minute but I have a lot of uncertainty regarding jobs at the minute and am due to be made redundant in September. I have figured out how I intend to proceed with repayments either way but feel like writing this diary will make me a bit better at sticking to my plan! Plus any advice that people can give will be appreciated
    Currently I have a loan with 38 payments left at 295.57, a Tesco CC which is rapidly nearing the end of my 0% offer with 2556.40 and 2 other CCs with BT offers ending in June 2019 with balances of 2356.69 and 3255.30. The plan is to pay off the Tesco CC, then attack the other 2 and finally overpay the loan when all CCs are done (then think about the mortgage!), this plan only works if I find a job however otherwise, I intend to still have paid off the Tesco card by September and then stretch my redundancy payment with minimum payments until I find work and can start repaying again.
    I have already started to address my overspending- food, particularly lunch at work, clothes and shoes seem to be my weaknesses so I am taking my lunch to work and have deleted my shopping apps from my phone.
Page 2
    • Dragonpie
    • By Dragonpie 24th Jul 18, 9:27 AM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    Still plodding along with my payments, no overpayments this month (thanks to an overspend last month!). The diet coke habit seems to be well and truly kicked now so that is saving me a small fortune however my 'spends' budget which was supposed to last me until 11th August is almost gone thanks to me forgetting that I was at a wedding reception which cost me 50 (the gift and my expenses on the night I.e. rum!) and I have 2 more nights planned before payday... Definitely need to learn lessons from this month for future budgets!
    • Dragonpie
    • By Dragonpie 29th Jul 18, 3:05 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    I've not updated much this week as my new job started on Wednesday and I didn't have access to my budget spreadsheet! I think I am still close to being on budget but I definitely need to work on balance - I want my debts (including mortgage) gone in 5 years, it's definitely possible but I also want to still enjoy myself, I need to spend time with friends and family and to see new places so I think I need to slightly reduce my overpayments, accept that it will take longer to get everything repaid and focus a little more on enjoying myself (whilst still budgeting lol).
    • beanielou
    • By beanielou 29th Jul 18, 8:05 PM
    • 57,310 Posts
    • 234,503 Thanks
    beanielou
    Getting the balance is the hardest thing ever.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Dragonpie
    • By Dragonpie 7th Aug 18, 10:33 AM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    I've been a bit quiet on here of late because not much has been happening on the money saving front. If I can make it to Friday without spending too much I will be happy!
    All of my personal spending plus groceries goes on to a credit card, as it gives me cash back, I have managed to keep this to 500 this month, despite a wedding, an evening with my best friends at a tea room, a concert and a present for my dad's birthday (it's a special one so I have spent more than I normally do!). Next month should be a bit quiet but I have had some fantastic times and when I told my mum what I was getting my dad for his birthday she cried so I don't think I could have done much better with that gift!
    • Dragonpie
    • By Dragonpie 13th Aug 18, 3:33 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    Today, I have revised my budget (and feel like I have spent hours doing this!) I have given myself an increased amount of spending money each month as I was going over my budgeted amount every month so it was clearly too tight. The new plan is 200 each month for 'spends', 200 each month for groceries and household items, 12 per week for my bus ticket and the other bills will remain as they are (approx. 722.63 if I don't include any debt repayments besides my mortgage). If I can stick to this, card debt will be gone in July 2019, loan will be gone in April 2021 and the mortgage will be gone by October 2023... And my partner is looking at marriage after all the debts are gone so this is definitely an incentive!
    • beanielou
    • By beanielou 13th Aug 18, 6:17 PM
    • 57,310 Posts
    • 234,503 Thanks
    beanielou
    That sounds good on all fronts
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Dragonpie
    • By Dragonpie 14th Aug 18, 11:39 AM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    Thanks beanielou :-)

    Today I am trying to focus on my budgeting wins as I am getting a bit disheartened with the speed that my debt is decreasing.
    I have started taking my lunch to work most days - I would have previously spent up to 10!
    I no longer buy any drinks for work, I used to buy a 2l bottle of water every day and at least 2 packs of Diet Coke cans each week... Environmental win as well as budgeting!
    I no longer impulse buy clothes and shoes to the same extent (can definitely still improve on this front!)
    I throw away a lot less food due to meal planning.
    If I buy online, I will go to the site via Quidco.
    Last month my credit card spending was 400 less than it used to be on a typical month.

    I have made some significant changes, using a lot of tips and info gleaned from lurking on MSE (thank you lovely MSEs) so I need to look on the bright side and focus on what I have done rather than what I need to do.
    • efes shareholder
    • By efes shareholder 14th Aug 18, 11:55 AM
    • 326 Posts
    • 879 Thanks
    efes shareholder
    I have those days , when you feel like you are just plodding along but getting nowhere however you are ! each step is in the right direction and although it may not always seem as though a great deal is being acheived , you are changing your habits and habitable spending
    All these things will get you where you want , I'm taking a more scenic route then maybe I should but the destination will be the same

    keep going ,you are doing great x
    • Dragonpie
    • By Dragonpie 16th Aug 18, 1:41 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    Today did not start well! A terrible night's sleep led to me getting up late, had no breakfast, forgot my headphones for my bus journey, forgot my work shoes so am sat in the office in trainers and had no time to make a sandwich so I ended up buying lunch and breakfast, 4.79 on food for today and sat there eating my pasta salad thinking 'This is nice but I could have made it for about 20p!' clearly all the MSE and the 'feed yourself for 1' group on Facebook are having an impact !!!128514;
    • Dragonpie
    • By Dragonpie 16th Aug 18, 4:44 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    I don't know what to do! I can continue with my plan as above - throw as much money at CCs then move onto mortgage and loan... Or I can transfer all my CCs onto one card, the bulk would be interest free until August 2020 (with the remainder interest free until May 2019) and split my over payments between mortgage and CCs setting up a DD that would have the CC paid off by the end of the interest only period andstart overpaying the mortgage whilst the balance, and therefore the interest is higher. B/T would cost around 160 but I feel like I would save more in interest on the mortgage (but cannot be sure!)
    • Dragonpie
    • By Dragonpie 16th Aug 18, 4:46 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    My main problem with the above plan is that it works on the assumption that my job will be secure for at least 2 years and after my last redundancy scare, I don't know how comfortable I am with this assumption.
    • Willing2Learn
    • By Willing2Learn 16th Aug 18, 4:51 PM
    • 1,582 Posts
    • 1,200 Thanks
    Willing2Learn
    ...B/T would cost around 160 but I feel like I would save more in interest on the mortgage (but cannot be sure!)
    Originally posted by Dragonpie
    Why does it cost 160? You can get a card that offers a balance transfer with a 0% fee, zero, zilch.
    https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Dragonpie
    • By Dragonpie 16th Aug 18, 4:59 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    The likelihood of me getting a new card with a 0% BT fee is very slim whereas I have an offer from an existing card which would allow me to transfer the full balance of my other 2 cards.
    • Willing2Learn
    • By Willing2Learn 16th Aug 18, 5:03 PM
    • 1,582 Posts
    • 1,200 Thanks
    Willing2Learn
    You can do a 'soft' search for the MBNA card @ 0%. There's a link for the 'soft' search in the article I referred to in my last post. (It's the MSE Eligibility Checker). A 'soft' search does not impact negatively on your credit file.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Dragonpie
    • By Dragonpie 16th Aug 18, 5:05 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    I've done the soft search and none of the cards with a 0% fee are above 50% chance of acceptance, a bit too much of a gamble for me.
    • Dragonpie
    • By Dragonpie 16th Aug 18, 5:08 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    Although, I am not planning on any other applications for credit so it might be worth a try hmmm
    • Dragonpie
    • By Dragonpie 17th Aug 18, 8:34 AM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    Thanks for your help Willing2learn. I have been mulling this over and decided not to risk another application for another CC, I really doubt that I will get the credit limit required as my available credit already exceeds my annual income and I already have 5 active cards (a rewards card, a card for holidays and 3 with balance transfers) so I am going to put them all into my MBNA card, I appreciate it is lazy to do this despite the fee of 158 but I want the simplicity of it all being on a card so that I can set up a DD where it will be repaid in full by the end of the 0% offer and I can just let it look after itself, I can also set up an overpayment to my mortgage on DD as well and know how much I have paid to each, every month and have a set amount of my income available to me for living. I like predictability in my finances, it makes me feel a lot more in control and helps minimise my anxiety.
    • Dragonpie
    • By Dragonpie 19th Aug 18, 7:15 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    I feel like I am finally getting my head around budgeting! I went to a festival last year and spent around 60, I went to the same festival yesterday and spent just over 20 and our usual weekend takeaways have been replaced by pre-bought convenience food which I cooked myself... I hate cooking from scratch at weekend but this way, I have spent about 1/4 of what I normally spend with minimal effort.
    I withdrew 40 yesterday and have 17.60 left so the plan is to use that for the week at work (including my 12 bus ticket), cards are being left at home and hopefully I will have money leftover at the end of the month from my spends budget to start an emergency fund! I thought that I had broken my tumble dryer yesterday (thankfully it appears that it is the extension lead which broke - I removed the plug and the live wire in the plug had melted!) but this has reinforced that j need an emergency fund.
    • beanielou
    • By beanielou 19th Aug 18, 9:06 PM
    • 57,310 Posts
    • 234,503 Thanks
    beanielou
    Blimey you were lucky with that extension lead.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Dragonpie
    • By Dragonpie 21st Aug 18, 4:42 PM
    • 58 Posts
    • 73 Thanks
    Dragonpie
    Just scrolled back to 18th July and my short term debt on my credit report was 20,289, I checked today and Noddle now shows my debt as 18, 761. Yay, this budgeting malarkey seems to be working!
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