Thursday, 28 April 2011

April Update

I've done very well I think this month and have clear my final loan which was my main goal. The other goals I set for myself in March were to save £300 and start my Emergence Fund with £60.00. The latter is the only goal I didn't complete and this is because I have been doing some spending this month (cash only of cause!). In total I have spent £174.22 which is the most I have spent since last December. Not all necessary I am sorry to say but I haven't gone crazy.
Okay so where am I financially?
I'm debt free!
I have started a regular saving account and have now deposited £560 into it.
(The account has an interest rate of 8% for twelve months and the maximum deposit per month is £300.)
My goals for May are as follows:

  1. Put £1K into an Emergency Fund

  2. Save £500 to pay my rates

  3. Save £1K towards my next income tax bill

I have the advantage of extra money this month as there are three bank holidays - two for Easter and one for the Royal Wedding. So that has paid off my spending of the month.

So enjoy Will and Kate's Wedding everyone - we're having a street party afterwards, the bunting is out and I now have some cooking to do! Lets all pray for no rain huh!!

Tuesday, 19 April 2011

Whoops..... I Did It Again!

Yep I did it again but this time I have a plan!

Wednesday, 6 April 2011

It's why we are all here....

Debt sucks and I guess if you read pf blogs you're a debt hater - your probably in the red and are blogging away debt like I am. Getting freedom from debt whether you're a single broke female and are head over heels in debt or it's single guy money issues that have you wanting to kick debt off, we all want to leave debt behind. A budge, some bills and a lot of determination is the way to finding financial peace and for me getting out of debt again. Being a girl in debt, no more spending was the single saving grace to help me to becoming debt free 4 ever. My journey to eliminate debt has been helped by blogging about my so called financial life, this has made me realise that I wasn't the only single in debt and there were others who were an enemy of debt and wanted to punch debt in the face and scream give me back my five bucks. Musings of an abstract Aucklander and midlife Mom musings like our debt blog are out there to encourage us all to be a thousandaire and look after our magical penny. So if you're a single Mom, single income - ditching debt or if you are dealing with 50 plus finance matters our debt free path will lead us all to our destination: planet debt free, where the grass in greener and we can leave our ugly debt behind.

New Tax Year Starts Today

Yep it's the start of the new tax year of 2011/2012 and I am now waiting for my tax forms for last year to arrive having already worked out all the figures I need to complete them. Technicality I have made one payment toward the balance of my last years tax bill. The "Tax Man" (sorry I am not PC) always sends out a guesstimated statement in advance, of which I pay half in January and the second half in July, if when you submit your taxes you owe more than the guesstimate amount you pay the difference in the following January. What happens if you are owed money I can only guess at as I have never been in that situation. (You probably have the choice of a payment to your chosen bank account or a credit payment towards your next tax bill)
It was in about 2003 or 2004 when I got a call in about August from the HMRC (the tax man) to say that I owed £££ for the last tax year and I needed to pay immediately. Of cause I didn't have the money and told them so, to which I was told to take out a loan to pay the bill - which I did. Refinancing a loan I was currently paying off at the time in the process, all part of building my debt balance to the spine chilling £20k that got me blogging and looking for ways to get debt free.

Taxes are not fun but we all have to pay for the services etc, that we sometimes just take for granted. Whether you like the government or not taxes still have to be paid.

Personally I am happy that the current UK government is trying to pay down the countries debts - the sooner they do it the better for everyone but as I know from personal experience; it takes time, it's not easy and it means missing out on all those little treats that got me into debt in the first place.