Ultimate Challenge. 457 days / £16600!!!

Happytogetdebtfree · 7 October 2012 at 9:50PM

True mse is very motivating and keeps us focused. I've already got ANC budgeted for Xmas so I'm proud of that lol. 2 more loans will be paid off this year and then next year will be servicing the cards and overdraft then we will be left with 19k secure loan so I will save for that and clear it off hopefully in the meantime accumulate some savings x

Siouxsie32 · 7 October 2012 at 9:59PM

Well NSK, you inspired me to go and write my 2013 plan and I decided upon the following:

My debt today stands at £32,192.09 :eek:

Just over a year ago it was £43k-ish :eek::eek:

I joined the £5/10/20 a day challenge at the tail end of last year and stuck with £20 a day - so far I've beaten my target :j

However, a lot of it seems to get swallowed up a bit by general living that I don't have money for from my salary (like needing to replace my shower, or go to a friend's wedding, visit my parents etc). I need to find a way to reduce my outgoings so that all the extra money I make can go straight to the debt-busting project!

So, it'll soon be time for a change of signature - £9000 in 450 days :T

Hopefully (and it'll take a huge push but I've learned that aiming high gives you a little bit of wriggle room) I can get today's debt below £30k by the end of this year, and get it below £20k by the end of 2014 (when you'll be debt free :j:j)!

So, I'll be joining you on the NSD challenge (had to spend 10p on a banana after yoga this morning - boo!!), much ebaying and having lots of nights in (PJs and comfy sofa required

) :money:

Keep up the good work people and let's inspire each other :A

NinjaSavingKat · 8 October 2012 at 9:01AM

SS that's a massive reduction you made! Superb effort! Explain the £5 / 10 / 20 challenge though? I have joined the "make £5 a day in October" challenge...

Your 2013 challenge is GREAT. I broke mine down into days and am seriously reconsidering any Christmas gifts.. this year I decided to do them on a budget and make them fun - priors years I have done none at all.. logic missing perhaps?..:p

Yoga banana prevents you falling over from exhaustion, whacking your head on something and having to take a day off work - 10p well spent..:rotfl::rotfl::rotfl:.. however I know what you mean. I am a little gutted by spending money over this weekend. I could have done without it really as I have to get a new tax disk by 31st October..( £75 ).. I know I can make it back though am just super ruthless... is it weird that money saving / scrimping makes me a little happier than being out...:)

However... I am plotting and scheming what I could do whilst in Ireland for 6 days... I am going to get everything on eBay on the morning I leave for a 10 day stretch giving me leeway upon my return..I will be speaking to my bank ( which is back home ) about the loan and clarifying a few bits and pieces.. and fun times will be spent at the beach freezing our bits off in the sea...simple pleasures! :cool:

Happy - what is ANC? I am a bit new so possible a bit slow on abbreviations..:o... would it not be better to channel all monies into the 19k loan than save...however I know loans all work differently and frozen interest works wonders too.... although I need to get a £500 emergency fund available in case something happens to the bike...

Yes ladies and gents.. onwards and upwards... in pj's with my cat infront of free-view ( CAUSE ITS ALL FREE )....:T:T:T:T

NinjaSavingKat · 8 October 2012 at 10:08AM

Just transferred £60 to my CC as "un-used funds" from the weekend... got £130 stashed to enjoy a 30th birthday party in a week or two. All I really need to pay for is food so tempted to send another £50 to my CC...? Petrol is accounted for already... I think I just might do that now..

So that's another £111 on the CC which now stands at £300 outstanding - this is what my eBay selling is all about.. I need to fill up this CC by the end of the month, smash my "Make £5 a day challenge" and then ***through gritted teeth*** pile on my motorbike insurance which will be about £570... which saves me £150 through monthly payments.. but I might re-think my CC usage. I hate having it though and want rid.. so the prospect of getting another for ANY reason fills me with dread..

MSE states the lowest balance transfer CC, with NO FEE is available with my bank in Northern Ireland ( the Northern Bank funny enough ) so I shall have a chat with the woman who has known me since I opened my account to see what they can do... this is why I have never left them..especially as there is no interest on new purchases for 5 months.. I can pay it in full in December but need it in November... hmmmmm something to research further I think...

These are all options whereby the CC will be cut up ( won't be telling them that ).. but they always have super offers available for me...YEAH!!:rotfl:

Fingers crossed...:money:

Happytogetdebtfree · 8 October 2012 at 11:04AM

Morning hehe anc ?? hmmm i think thats apples way of sorting my spelling so i assume it means presents lol .... the 19k loan is secured and only allows overpayments of 1k a year or full amount so i figured maybe saving to pay it off or overpay the mortgage so that we will have enough equity to pay it should we sell or if we dont sell it i just dont know but thats a way off at the moment the percent is 4% so its not really an urgent matter although i wish it wasnt so much as it feels like a mammouth task for one amount. ah how i wish i hadnt been so damn stooopid !!

NinjaSavingKat · 8 October 2012 at 1:16PM

Hello Happy - ah ha.. I see what you mean about saving. I thought there might have been a catch but wasn't sure. The larger loan I got for a piece of land I need to check on as well.... I got written into the contract that I am allowed to pay back a larger amount each month should I wish too however I am not sure they will allow extra payments per month when I feel like it OR I have to up the minimal payment each month and leave it there...

I didn't want to do this just in case I don't get the overtime I need and can't afford it.. as it stands I will have £98 to my name minus all the additions.. so I need to make an extra £200 each month to live - minimum...

I will be checking with my bank when I got home... fingers crossed...:o

Happytogetdebtfree · 8 October 2012 at 1:25PM

Yes fingers crossed i need to have a proper sit down and organise finances and make a realistic budget etc as id soon like to be startinga family but dont want to be on the edge when i dont need to be so i need to utilise my money better, easier said that done, i like to read mse god how i wish i had been sensible when i got the home owner loan and come on here for advice instead of thinking inside a bubble

.... gosh it wasnt until igot refused credit i actually sat down and worked out what we owed and i spent all night crying ... but here i am now

:P

NinjaSavingKat · 8 October 2012 at 1:30PM

Oh Happy bless your cottons... - you are out the other side and on the way up. Little people will follow but I can see why you would want to get on your feet so to speak prior to this.. I am scared by the whole mortgage thing but want rid of EVERYTHING owed elsewhere prior to even thinking about this just in case... it will probably take a few years after 2013 before I get any sort of normal deposit together.. as for little folk I would need a man first...ha ha ha ha haaaaaa!

Happytogetdebtfree · 8 October 2012 at 1:48PM

Im happy at how far i have come but i still see a long way to go and it becomes harder to clear things off doesnt it. Im trying to clear the things that have the biggest inpact on outgoings so 1) 2 loans to be paid off before end of 2012 £335.12 saved, then the next is a credit card low intrest but 2k paid off saves £100 pm, and then you start hitting cards that are 4k to pay before saving 100 and thats when ifeel all disheartened i dispise putting big amounts into the black hole so i save it first and then pay it off the balance in view to close it but its not always easy to save, with unexpected spends or the tiny monster that justifys a spend lol :O

NinjaSavingKat · 8 October 2012 at 2:05PM

Okay.. just a little update for the debts.. I intend to pay off the ex-boyfriend and the overdraft in one full hit on November the 1st. Standing orders have been amended already. Totaling £590.

I intend to sell enough things through eBay or book stores or Amazon etc to gain the money remaining on my CC. As it stands £274 remains having transferred the above mentioned £111 and £26 from eBay/Fatbrain selling..

I will not use this CC for my bike insurance - which will be £570. With a 22% APR.:eek: This will either be left well alone or destroyed. I do need one though for emergencies until I have an "Emergency Fund" sorted and stashed away.

SO - I will arrange the new CC with Nationwide or Northern Bank - as both have 0% on new purchases.. although Nationwide at 1 month extra plus almost 6.1% less interest per month.. I will however have this paid off asap...

OR... I suffer 1 months interest on my current CC and pay off the full amount in December leaving me with a fantastic £239 ( ex petrol ) to hit the holiday season with ....:eek::eek::eek:

Answers on a postcard.... :rotfl:

Ultimate Challenge. 457 days / £16600!!!

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