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  • FIRST POST
    • seahorsey
    • By seahorsey 19th Jul 18, 7:24 AM
    • 16Posts
    • 38Thanks
    seahorsey
    Debt Free by 40 - let the countdown begin!!!!
    • #1
    • 19th Jul 18, 7:24 AM
    Debt Free by 40 - let the countdown begin!!!! 19th Jul 18 at 7:24 AM
    Hello MSE

    So after the realisation I feel like a passenger in my own life, I've decided it's time to get a grip and start putting plans in place and into action. I've got a big birthday coming up in just over 2.5 years so thought it'd be the perfect time frame to work within.

    So why am I here? Since my uni days (nearly 20 years ago ) I've been in and out of my overdraft. This over the last 5-6 years has also been joined by the dreaded credit cards and catalogue / store card accounts. We had a series of unexpected spends (4K plus in vets bills that insurance wouldn't cover, 2.5k car bills and then subsequent purchase of new car and plugging the maternity pay shortfall). I've been going round the merry go round of trying to pay them off for the last 6 years but never getting anyway. Any progress gets wiped out by the next emergency. Time for a change in tactics I think. Upto now it's been a case of chuck every penny at it and hope for the best. We've never had savings and I now believe this is the root cause of our problems.

    So initial plan of action.......
    1. 1k in savings by year end, whilst making at least minimum payments towards the debts...

    A side from the finances, I will use this diary as a bit of a life journal. I'm also wanting to lose weight (approx 2 stone), improve my fitness and mental well being, so will document the steps I'm taking towards this along the way.

    Here's to the next 32 months
Page 2
    • seahorsey
    • By seahorsey 1st Aug 18, 5:34 AM
    • 16 Posts
    • 38 Thanks
    seahorsey
    Soooo, after the small victories reported yesterday, a couple of small blows.

    One of the woofs needed to see the vet- without being too graphic, he'd left me a mess and there was a considerable amount of blood in it. Cue panic stations from me. Fortunately, our lovely vet had an appointment free, gave him a good going over and thinks it a touch of colitis which should clear up with a change of diet and a short course of anti biotics. Also got prescribed some meds for a potential pollen allergy as I mention he seems to be constantly licking and chewing his paws at the minute. Fingers crossed both kick in and make him more comfortable. Also paid for the ponies monthly meds whilst I was there (16) so parted with 86 in total which was largely unplanned. I don't begrudge it though as it's well worth it to make my fur babies more comfortable.

    So knock on effect is that I've had to dip into my newly formed savings pot ( didn't last long did it!). I'm setting myself the target of replacing it by the end of the month - let's see how that goes.....

    Have a good day x
    • seahorsey
    • By seahorsey 3rd Aug 18, 5:22 AM
    • 16 Posts
    • 38 Thanks
    seahorsey
    Morning all,
    Been AWOL for a couple of days...wish I could saying missing in action, but the only action taking place is the complete draining of my bank account Being more aware of my finances has been a big eye opener. I've been all too quick to pin the blame for my debt on big mishaps and emergencies - but the fact there not paid off yet is as much down to the everyday overspend....... For example, my acccount balance and available balance were 70 difference this morning when I checked this morning. Went back through my spends yesterday and to my horror it was all accounted for, 15 window cleaner, 5 pets at home for new food for woof to try, 12 B&M on toiletries and cleaning stuff, 13 boots on the bits I couldn't get from B&M, 8 McDonalds treat for DS, 6 sainsburys Ouch!!! I have a monthly spreadsheet that details all the DDs, food budget, fuel etc but these fall largely outside of that. I'm wondering if it'd be worthwhile having a budget for housekeeping / DS activity budget in there too, to help provide a more accurate picture of what's available for debt repayment.

    I've had our RAC renewal through, will have a shop round for the best deal via quidco & topcashback.

    Little man is awake so best dash - be back soon x
    • seahorsey
    • By seahorsey 3rd Aug 18, 9:51 PM
    • 16 Posts
    • 38 Thanks
    seahorsey
    Been a productive day eBay- wise, which has seen the savings / emergency fund grow to 62 out of 200 target. Over a quarter of the way there with 27 days left til payday. Whilst it's 27 days to make additional money, I'm also very conscious that's 27 days for things to go wrong! Fingers crossed for a quiet, boring, non eventful 3 weeks
    • GlendaSugarbean
    • By GlendaSugarbean 4th Aug 18, 8:46 AM
    • 94 Posts
    • 605 Thanks
    GlendaSugarbean
    On the budget, I follow the YNAB principle of giving every pound a job. So if I spend money on it, I budget for it. You could either increase your grocery budget to include pet stuff and toiletries, or set up another pot/envelope for sundries. Do you track all your spends? I need to set YNAB4 up again as it fell over, but I'm currently using Goodbudget on my phone - it's not as user friendly but it is free!
    • pidge04
    • By pidge04 4th Aug 18, 9:19 AM
    • 271 Posts
    • 476 Thanks
    pidge04
    You are doing really well.

    Good news about your eBay sales!

    Those flat days are hard. You!!!8217;re absolutely right ... one small step/victory at a time. Those seemingly small things impact the most.

    I do find those 6 here, 8 there spends add up. They do not seem a lot at the time but I was shocked how much they add up. I was adding them up at the end of the month and regretted that that money could have gone to reducing my debt.

    Onwards and upwards!
    CC1 2400/599 CC2 3000/2299 CC3 600/448 LOAN 13,000/5462
    • seahorsey
    • By seahorsey 6th Aug 18, 5:31 AM
    • 16 Posts
    • 38 Thanks
    seahorsey
    Thanks both.

    Glendasugarbean - I've had a look at Goodbudget over the weekend and started setting it up, but ran out of envelopes!!! Don't really want to pay for it at this stage. Any idea where I'm likely to be going wrong or any tips?

    Couple more small eBay sales over the weekend. Been more spendy than I hoped - largely due to the horrific food shop. I must must must get this under control!!!!!

    Not really a huge amount to report - still 24 long days until payday

    Aims for this week...
    1. Meal plan
    2. Write EVERYTHING down in the spending diary
    3. 30 mins house blitz daily
    4. Run 25km
    • zcrat41
    • By zcrat41 6th Aug 18, 5:51 AM
    • 1,435 Posts
    • 3,896 Thanks
    zcrat41
    Hi seahorsey. I budget for the following categories in ynab:
    Kids expenses
    Kids holiday expenses
    School clothes
    Normal clothes.

    I would highly recommend ynab. They do a months free trial I think.
    Aim: To o/p the mortgage by 131 pm.
    07/18: 254. Smashed it!
    08/18: On target for 131
    • GlendaSugarbean
    • By GlendaSugarbean 7th Aug 18, 6:42 AM
    • 94 Posts
    • 605 Thanks
    GlendaSugarbean
    Goodbudget is irritating in that sense! I have to collate some categories - so all insurance premiums/monthly subs/utility bills come out of one pot, groceries and household good another, one for personal spending etc. It's not as flexible as YNAB but it is free, so.
    • seahorsey
    • By seahorsey 10th Aug 18, 6:08 AM
    • 16 Posts
    • 38 Thanks
    seahorsey
    Thank you for the budgeting app advice - need to sit and spend some time exploring them. Briefly tried YNAB before but didn't really get to grips with it. I have my trusty old excel sheet but would be good to have something I can use a bit more in real time.

    The emergency pot is at 137.54 / 200 - getting there nicely. Just need to keep focussed on all spending areas to ensure it's still there come the end of the month.

    At the moment I've got 3 'project' balls to keep juggling - paying of debts, getting on top of housework and my fitness. At the moment I'm struggling to keep all 3 in the air! Very limited free time means that I tend to go in cycles where each one seems to get priority for the week while the other two get dropped. Really need to work them into my daily routine until they become second nature. Any tips wise people of MSE???

    Right, best get going - will check in soon x
    • GlendaSugarbean
    • By GlendaSugarbean 10th Aug 18, 6:43 AM
    • 94 Posts
    • 605 Thanks
    GlendaSugarbean
    Another option: I've started using Monzo for my personal and grocery spending. You can set goals and spending pots on the app and it automatically assigns your payments and lets you know how you are doing. I'm keeping my main current a/c for bills as that has an agreed overdraft (not used at the mo) and is linked with my savings accounts and mortgage.
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