Monday, 25 August 2014

Link Love - Women & Finances

Happy August Bank Holiday Monday readers. It is a traditional one - raining! 

For an update, my wrist is feeling better now although not perfect. I am hoping to get back into the blogger swing of things. I have noticed that my spendthrift habits have started again and I put that down to not being focused. Regularly reading other personal finance blogs certainly keeps me focused. 

Thank you to those who have continued reading during my hiatus. 

Over the past few months I have been thinking about my future finances. I have mentioned my goals before and these have preoccupied me somewhat. As I would like to be a stay at home mum, I need to ensure that I have some income during those times so at a minimum I can make pension contributions and have some savings. I have read time and time again about women who stayed at home to care for their children and have no savings and no pension contributions and end up desolate at 50 following a divorce. 

If you are married, you may have the right to some kind of maintenance/alimony if you divorce, but if you are not married, you have no legal entitlement to any savings/pensions your other half squirreled away during the relationship. I am not married (and probably will not marry my partner) so this scares me sh**less! I am not happy in my career and want to change it. I want to be able to stay at home and look after my children so I have a lot to think about over the next couple of years about how to generate some kind of income if I was to stay at home for a few years to care for my future children. 

As I said, I have been away from the pf world for a few weeks, but have had a good read this week of other blogs and have come across these posts which are of interest to me given my current preoccupation about my finances as a women and the future. I hope you enjoy! 

Cat at Budget Blonde has a great infographic about how to save the pennies as a new mum. 

Lauren at L Bee and the Money Tree provides her view against rushing to marry in your twenties. 

Kylie at The Thrifty Issue has provided her tips for paying off debt quickly. 

What are your concerns as a woman and your future finances? How do you intend to protect yourself?

Sunday, 10 August 2014

Debt Update - minimum repayment woes

So it is debt update time people!!

I am rather late with my update this month, I apologise, but here are my figures:-

CC1 - £3,792.90
CC2 - £4,961.63
CC3 - £2,021.42

Total: £10,775.95

So I have paid off, erm, £189.24.......

This does look bad, but I have an excuse! 

I report my debt updates once I have received my monthly statements which is usually around the 5th of every month. I am usually paid the last Thursday/Friday of the month. The cycle I am in is that I report the CC3 payment (made around 2nd each month), CC3 (around 25th of each month) and CC1 (around 29th of each month). 

However, CC1 minimum repayment date can vary quite wildly. It can be anything from the 25th of the month up until the 5th. This means that sometimes I end up having to make two minimum repayments on CC1 within the same salary - and that is what happened this month. CC1 minimum repayment came out of my account on 1 July (and therefore was reported in last months update ), but the next minimum repayment was due on 28 July - I was paid on the 30 July 2014, so I had to pay the minimum repayment twice out of this month's salary. I couldn't afford to pay £280 twice (a sum I choose to pay each month in order to excelerate repayment), so I had to revert back to the minimum repayment (£90). Accordingly, all my debt repayment for this report is minimum repayment only sums. It's quite tragic. 

But, in a strange way, it has worked out ok. I had to take a few days off sick during July because of my wrist pain and I have only been paid SSP. Therefore, even if I didn't have to pay two minimum repayments out of one salary, I probably would have struggled to have paid £280 this month. So there is somewhat of a silver lining. 

Hopefully next month's repayment report will be more impressive!

As always, I hope everyone elses debt repayments are going well. Let me know how you are doing!