Finance: May 2018 budget

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I am still on my £1 DMP payments till July and the red indicates debt to my credit cards. I’ve budgeted £150 for fun money this month (restaurants/pub) as we are in Lewes this weekend for 3 days so we’ll just have to wait and see how that holds up.

Finance: Credit Scores – May 2018

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Moneysavingexpert club current score 12/999 down 86 points
Total Money current score 395/710 down 73 points
Noddle current score 427/710 down 25 points
Clearscore current score 175/700 down 100 points
GiffGaff tech issues
Experian Card Matcher current score 38/999 down 49 points

So it looks like all my scores have gone down rather than up. This is due to me defaulting on some of my credit facilities – loan/catalogue etc It will start going up soon.

Finance: Debt update

 

I’m working on a new way to show my debt pay off. While I am setting up the DMP, payment has been slow, in fact the debt has actually gone up. My aim is to have my credit cards paid off by July 2019 and to try for a full & final settlement for Very or one/two of the DCA debts early in 2019.

Very or notorious for not selling on debt & defaulting. I can’t do anything with them till they do.

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Finances: Tools to help me budget + pay off debt…

YNAB

how works 1 - Finances: Tools to help me budget + pay off debt...

YNAB is a budgeting app/software where you budget to zero each month, ‘every dollar has a job’. There are 4 basic rules that you should follow:

Rule 1: Give Every Dollar A Job

Rule 2: Embrace Your True Expenses

Rule 3: Roll With The Punches

Rule 4: Age Your Money

For a fully detailed explaination check out YNAB

YNAB has really helped me figure out a budget for me, there is often some tweaking throughout the month and I have not perfected it yet but it has really helped me see into the future. I am continually learning new things about the programme and they are continually adding new features.

I started off with classic YNAB which was a piece of software you placed on your pc, eventually I moved to nYAB which is an online programme as well as app. I don’t use the app so much as I prefer to do transactions on the main portal, but the app is a great way to add transactions as & when they happen. The programme costs me £4.44 a month and is well worth it.

I will do a whole post/s on how I use YNAB soon.

PAYE Tax Calculator

My wage changes each month depending on how much unsocial I do. To produce the best budget I can on YNAB I use a PAYE tax calculator to workout my take home pay. You can add deductions for student loans, pensions, change your tax code as well as change your NI letter. My tax code, therefore allowance is slightly higher than most on the basic code as I have claimed for uniform. It doesn’t give me much extra but it all helps.

I use this for both my main job as well as my bank/second job.

Finance: Difference in credit scores

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I have signed up to as many free credit reports as I can some produce a report from data taken from Callcredit, some from Experian and some from Equifax. None of my reports that use the same CRA give me the same score, they vary a little. This could be due to the time of month that they produce the report, I can’t think of any other reason. A credit score really has no meaning but I like to see an improvement in my report.

Moneysavingexpert club uses Experian current score 98/999 Last updated 22 Dec 2017
Total Money uses Callcredit current score 468/710 Last updated Jan 2018
Noddle uses Callcredit current score 452/710 Last updated 27 Dec 2017
Clearscore uses Equifax current score 264/700 Last updated 15 Dec 2017
Barclaycard uses (only gives a score) uses Experian current score 136/999 Last updated 17 Dec 2017
GiffGaff uses Callcredit, current score unknown as just sign up.
Experian Card Matcher current score 87/999 Last updated Jan 2018

I am going to try and keep up to date on my credit score and do a post once a month.

 

Investments for 2017

Here is a round up of my investments for 2017. I did have more than this but I switched from a ISA to a LISA then needed to use the money 🙁

Investment ISA via Moneybox

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LISA + SIPP via Hargreaves Lansdown

lisa 2017 - Investments for 2017

sipp 2017 - Investments for 2017allocation 2017 - Investments for 2017invest 2017 - Investments for 2017

I haven’t been adding anything to my LISA or SIPP for a while now. I aim while at uni to invest £100 at a time once I have saved it (not very often). My moneybox ISA gets saved every week as it’s a ‘save the change’ type account. My plan is to have 2 funds in each the SIPP & LISA along with shares.