Fox's Debt Free Diary

Small update, not a payment off anything but another little plan.

Today I opened a new current account. Just for me. The old account with the overdraft is in my name and all the household bills get paid from that, along with my little personal spends.

I have made the decision to open this new account, purely for the purposes of putting a little aside each month for my personal spending money. It has no overdraft or any fancy stuff and it will also only be used for cash... kind of like an online purse.

This hopefully means that what I spend won't get muddled up with the house money (and by extension the money being used to clear the debts).

It also means that I will have a little pocket money for myself each month, which is separate from the household funds and will hopefully allow me to treat myself a little, without it impacting on the repayment of the overdraft and CC.

That's the plan anyway
Fox
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Little updates for today

~Went to bank and got out my personal pocket money, £63 to last me the month. I never thought I ever really spent that much on myself, but looking at my social calendar for the next couple of weeks and a couple of things I want to buy... it's going to be a challenge to not run out of cash pretty rapidly. Challenge accepted :cool: It does feel nice to have cash that is actually mine though, to have that separation.. and obviously once things are paid off, my pocket money will increase too

~Set up some new transactions on my budgeting for the many, many birthdays we have coming up!

~sat grinning to myself as I pour over the budget to November 2017 and realise that actually, we are going to be just fine with this

Small update to my loan as the next payment cleared this morning.

D/D is set for the repayment amount, but it's flexible so I can also make additional payments directly through internet banking... so the payment went out this morning, but then they added the interest on. It's just under £60 a month at the moment, so I sent a second payment across for the amount of the interest, to bring the total down a little quicker

Sig updated

Deleted_User wrote: »

I take my pocket money each month in cash and divide it into the number of weeks in the month, and put that amount in my spending purse each week. If I spend it all in one day, there is no more till the next Monday.

We have a Lloyds loan which will be paid off in August. I transfer a set amount over the repayment each month and have brought the finishing date down by over 12 months. The more you pay the more the interest goes down.

Yes, the pin arrived for my new current account today, so I promptly went and deposited my money into it and left myself £23 for the week. I'm going for a day out tomorrow with a friend, so that it's going to be fun not going on a spree :rotfl:

Bobarella wrote: »

Well done Foxface. You are doing great! :j

Thank you so much, it's the "thanks" and comments that keep me inspired and I know I have to try and keep this motivation going for as long as possible!

Hiddenidenity wrote: »

Well done Fox you're doing amazing!

Have a lovely weekend

Thank you It's really quite satisfying seeing the numbers going down and making an active effort to get rid of all this debt! I hope you have a lovely weekend too