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SPREADSHEETS for : Debt Control, Budgeting, Mortgages etc
210

TalkinPeace · 03/02/2014 19:52

The best way to get finances under control is to see what impact decisions will have.
But lots of people do not enjoy writing spreadsheets.
I do.

Credit Cards
If you pay the minimum on a credit card, it will take up to 18 years to pay off.
With a couple of really simple steps, you can clear those debts in a fraction of the time.
Input your numbers here
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dHRoTXA5Qnlld25UWkw1TEhZZk9IYVE&authkey=CMjc4JEB&authkey=CMjc4JEB#gid=0

Mortgages
Lots of people have mortgages where they are only paying the interest, without fully understanding that this means they are only really renting their home, rather than paying off the loan.
Have a look at the implications here
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dDN4clg5OXhLMGJWbHZhOEo4UTJINEE#gid=0

Budgeting your income and expenditure
Its easy to firefight rather than plan when life gets tight.
This spreadsheet puts spending by order of necessity so makes it easier to see where you are
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dFRwOFJENmVzX1RHR05UMGtIYkltcWc&usp=drive_web#gid=0

All of the spreadsheets are a general resource - feel free to download them to your own computer and make use of them.

Please do not damage the master copies - but I do check them every week or so.

If there are any spreadsheets that you would like me to write, ask and I'll see what I can do.

As a slight aside, here is the link to my Ebay Me page all about the tax side of running a small business
members.ebay.co.uk/ws/eBayISAPI.dll?ViewUserPage&userid=talkinpeace

OP's posts:
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Talkinpeece · 29/11/2018 12:14

Bump for the pre Christmas rush

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Bishalisha · 03/12/2018 15:46

@talkinpeece does this spreadsheet work for loans too?

I’m unfortunately in a position where I’m going to need to take out roughly a £10k loan in the next few months. My finances have been a bit crap lately (due to not enough money coming in and various circumstances, but no missed payments) and now as circumstances have improved I’m getting on top of it (reducing existing debt and out of overdraft). Unfortunately my Experian credit score is only 882 (just about in the good range).

I’m only eligible for loans with a ridiculous loan fee and interest rate. There do not appear to be any early repayment charges and I can pay back more than the minimum amount.

I would like to see the overall effect of paying the additional amounts each month to see if it takes the sting off at all

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Talkinpeece · 03/12/2018 15:51

Bishalisha
Why do you need to take out a loan?
Please tell me its not a consolidation loan nasty smelly things, best avoided
Most loans are fixed term, fixed payment and little benefit for early repayment
BUT
early repayment will almost always reduce the profit made by the bank.

The real magic is on credit cards because of the snowball way the standing order whumps the interest.

Use the mortgage spreadsheet to test the impact on regular loans Smile

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Bishalisha · 03/12/2018 15:54

@talkinpeece family court... abusive ex... need I say more?

I have an amount saved which should cover some but unfortunately due to cock up in the court booking system (resulting in a wasted court date and £3.5k of my savings for fees to my barrister and solicitor) and the fact that he has engaged a shit hot barrister I need to find more money to cover the additional fees (and a shit hot barrister)

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Talkinpeece · 03/12/2018 15:57

Ah bugger, okidokes.
Yup, borrow what you can, go for as long a period as you can to keep the required repayments low and then overpay with every penny you have.
I used Zopa for a loan and it was really easy to schedule over 5 years and repay fully in one.

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Bishalisha · 03/12/2018 16:01

It’s lendable that I’m pre approved for. Zopa won’t consider me at the moment.

I think I will use my personal and joint savings to pay the legal fees for now and when they run out I will try again for a loan. I suspect my credit score should improve in that time as I’ll be hammering down my other debts.

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Talkinpeece · 03/12/2018 16:06

Sounds like a plan.
The main thing is to keep your budget right up to date so that you know what you will need to borrow and when
and have a clear picture of your non legal bill costs

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Bishalisha · 03/12/2018 16:37

Thank you. I’ll be keeping a firm eye on everything until then!

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Talkinpeece · 10/12/2018 20:33

Its nearly Christmas.
Buy well - buy once
Do not buy stuff
Do not buy what you cannot afford.

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Tingalinga · 11/12/2018 20:23

Hi Talkinpeece,
I just want to say thank you!
I started overpaying my credit card in 2016 following your advice and....this month I'll pay my last instalment!!
If I'd carried on paying the minimum as I had been doing, I think I'd be paying it off forever , so thank you xxx

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Talkinpeece · 11/12/2018 20:32

YAY !
So pleased it has worked out. You start 2019 in an excellent place.

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Ta1kinPeace · 30/12/2018 19:49

Bumping for the post Christmas crowd

PLEASE do not rename the master sheet - download a copy and play with that

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Crikeycrikeyblimeymoses · 02/01/2019 16:12

Hi Ta1kinPeace, I've started to try and use your budget spreadsheet to finally get control of our family financial situation. However, I'm feeling really out of my depth because I'm trying to do my DH's financial information and as he is freelance it's all really confusing.


I've always managed my own money well but it's relatively simple as I have a salary and don't have to pay income tax. DH has always struggled with overspending, not having enough for tax and just a general burying his head in the sand about the whole thing. Things have come to a head lately as his income has dipped, and as I'm so fed up of us lurching from crisis to crisis I said I'd try to set up a budget. We've always kept our finances separate as I was told that my credit score would link with his if we had a joint account, so I have had no real idea of his income/outgoings.

He has an accountant and we've used a financial advisor in the past but I'm not sure if asking them for help is appropriate?! Any advice for budgeting if one person is freelance with a variable income?

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Ta1kinPeace · 02/01/2019 16:18

Hi there CrikeyCrikey
He needs to talk to his accountant because they should also act as his small business advisor
(I do for my tax clients)

His best bet will be to use a simple cashbook accounts programme that lets him work out what he has earned and spent on the business and what he has drawn out and using its profit and loss report to work out how much he'll need to set aside for tax at any stage in the year.
Which sounds scary until I say
Down load this www.vtsoftware.co.uk/cashbook/
And between you set his bank account up into it.

If his accountant does not already know about it, just tell them that its certified for export to TaxCalc Grin

Mentally he needs to set aside 1/5 of everything he earns towards his tax bill - either physically with a monthly transfer into a savings account, or in the accounts system

But DO get him to talk to his accountant.
If they will not be his business advisor
change accountant Grin

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Ta1kinPeace · 08/01/2019 17:16

Term has started - time to get those debts under control .....

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Ta1kinPeace · 27/01/2019 12:16

@User200001
THe first spreadsheet is the one you need

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AmbitiousHalibut · 01/02/2019 13:10

Hi there,
My DH also loves a good spreadsheet so we've got his on the go but I just wondered if anyone could recommend an app or a method for me to track my spending specifically for groceries and my own stuff?

Last month was the first time the penny really dropped for me in terms of budgeting (I know that's a bit shameful at nearly 40) but I kept adding notes on my phone of what I spent, what I had left and what I was keeping aside for some bigger planned Feb expenses. Instead of calculating it every time I'd love to have something which just keeps a rolling total. Perhaps I'm being really thick and there's an obvious answer? I'm on android in case that's relevant.

Thanks in advance.

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Ta1kinPeace · 01/02/2019 13:53

YNAB is the one a lot of people use

Have a look on the current two debt threads as various ones have been suggested :-)

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AmbitiousHalibut · 01/02/2019 15:38

Thank you!

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TalkinPeece · 19/02/2019 14:38

Bumping for spring 2019

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housewifeoflittleitaly · 21/02/2019 10:46

Can any one advise me on how to save the CC sheet to my own pc? I have a Mac & i can't figure it out as theres no download option

Thanks

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TalkinPeece · 21/02/2019 14:19

I think you can “save as”

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cozietoesie · 22/02/2019 17:30

Thanks 🙏

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cozietoesie · 22/02/2019 17:31

Sorry. Thanks, Talikin.

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cozietoesie · 22/02/2019 17:33

Double sorry. Talkin.

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