Time To Get Serious With My Debts

Time To Get Serious With My Debts

Time to get serious with my debts. Since starting to write this blog 8 months ago, I've made some massive changes in my life, and my way of thinking Number 1 positive is that I've decided to tackle my crappy financial situation and become more financially stable Number 2 positive is that for the first time in my life, I've started using a spending plan, monitoring my income and expenses and cutting back on the spending which doesn't improve my life (like beer, lunch from the office canteen, meals out etc) Number 3 positive is that I've made a list of my credit card debts, and started to make more than just the monthly minimum repayments each month. My debts have reduced by £3,000 … [Read more...]

Living On A Knife Edge

Living on a knife edge

Are you living on a knife edge ? Am I living on a knife edge ? A recent Yougov survey in the UK which sampled 7,500 families revealed that 44% of families only have enough savings to pay for one months rent or mortgage if they were to lose their jobs. 29% of families would not be able to pay their immediate months rent or mortgage if they were to lose their jobs. Thats Scary ! Examining my own position, I would just about be able to manage as my wife earns a decent income, but if we were both to lose our jobs then we would be in serious doo doo At the beginning of my process of paying off my debts and climbing out of a financial hole I saved up £1,000 to act as an … [Read more...]

November Spending Plan and To Do List

November Spending Plan

Lets start off with the plans I set for last month before I get on to November spending plan. I'm not really happy with my progress, like I've said in a previous post, "Old Habits Dies Hard" and this has proved to be the case in November. I've not really achieved what I set out to at the start of the month and to be honest am a little disappointed with myself. October has been a month of distraction - my in laws moved in with us at the start of the month, and to say its caused a domestic upheaval is something of an understatement. Anyway - after a month of seemingly endless Atlantic storms blowing across - the sun is shining this morning and I feel as though I'm going to have a much … [Read more...]

How Big Should Your Emergency Fund Be

how big should your emergency fund be

How big should your emergency fund be? An emergency fund is an amount of money that you put away for when a rainy day comes. Rainy days can come in an infinite variety – from the gearbox packing up on your car, to your roof leaking, or being made redundant – the list is endless. Its money that you can call on quickly to fix these events in life which you know will come but don’t know when they’re coming. Events which are just that bit bigger than your usual monthly budget can cope with. I think that having an emergency fund is an essential part of developing a financial plan and the first thing I’ve done since deciding to turn my financial life around is save £1,000 (or $1,600) which … [Read more...]

Improving My Credit Score – The 75% Rule

Improving My Credit Score -The 75% Rule. After speaking to a customer service representative at Experian, I've been told that reducing outstanding credit balances to less than 75% of my credit limit will make significant improvements to my credit score. Traditional debt reduction techniques tell us to pay off the card with the highest monthly interest rate first, and then start paying off the next highest. This is sound advice. However, in my particular circumstances I want to get as much of my outstanding credit onto 0% deals as possible. But seeing as though my credit rating is so low - no lenders are prepared to take me on. So I have a choice - pay down the card with the highest … [Read more...]

A Zero Day – On The Road To Frugality

A Zero Day - On The Road To Frugality Yesterday I recorded my first ever zero day. I've decided that a zero day - is one where I don't spend a penny (well a financial penny). Hopefully, this will be the first of many in my new regime of frugality. I took a packed lunch to work - saving the £3 I usually spend at the office café. And I also cycled to work for a change, therefore saving money on fuel. I usually buy my lunch from the office café, or from the local branch of subway - spending £3 or £4 a day which can add up to nearly £20 a week or £86 a month (£20 x 4.3333 weeks in a month) A really big saver is cycling to work instead of driving. I only live 3 miles away from my … [Read more...]