Time to sparkle

princess295 · 11 February 2016 at 10:09AM

My first attempt at posting this ended up with me putting it in the wrong place, fingers crossed I've got it right 2nd time around!

I've recently been signed off sick from work for the first time in my life and its really made me rethink things and realise I need to stop living to work. I don't want to look back at my life and regret working myself into an early grave for employers that don't really give a monkey's about me.
So I want to get some debts paid off and start living, travel and see some of the amazing things this world has to offer.

Little about me I'm 27, still at home with parents, bought a house last year, sadly not yet living in it as it needs work doing to it and due to personal issues this has taken a lot longer that I would of liked. However I'm not worrying about that too much as concentrating on getting better first.

So my debts currently stand as
Mortgage 68364.26 24years left 2.59% fixed until Sept 2017. £320.60 p/m

Credit card 4754.63 0% until may 2017 however due to start being charged £3 per month for the account in June 2016. Minimum payments being made each month

Sofa 1173.29 0% 45 payments left of 26.07 p/m

Car loan 161,21 p/m 2.84% 3205.41 to pay in monthly instalments until Dec 2017 followed by final payment of 5296 or I change the car.

At the moment these are all very manageable however in want to try make more money and get these gone as soon as possible. Not 100% sure of how I'm going to do it so any suggestions welcomed but I hope writing all on here will help to push me along.

Newlywed_Saving_Ninja · 11 February 2016 at 11:10AM

Welcome to the diary forum

I know exactly what you mean about work you should definitely work to live, and not live to work. Lets face it, noone on their death bed says "I wish I had spent more time at work".

Regarding your credit card, it is great that it is at zero percent, are you able to increase your payments at all, as I notice you are just paying minimum payments at the moment. My husband and I got his debt on to a zero percent card, and worked out how much we needed to pay each month in order to clear it before the zero percent deal ends. Or are you just going to "rate tart" it to another zero card when the deal ends?

When your car payments end next year, are you going to get another car, or just hand it back? Do you need a car? Would you consider just buying one outright rather than your current set up?

You could do a SOA, people can often take a look and see where you could make savings

princess295 · 11 February 2016 at 11:45AM

Thank you for your suggestions at the moment any spare cash I have is being out into peer to peer monthly lending with rates between 3-3.7%. My plan is to save in there and then pay it off the card, I'm keeping big there for now in case I need it to help with house rennovations. I hope to get the card cleared before the 0%ends, the card is really bothering me and want it gone asap.

I do need a car for work its in my contract, in hindsight I wouldn't of got the car on finance, I don't yet know what I'm going to do when it comes to the end of the loan. I love my car but it does cost a lot of money.

I hope to do soa asap it just tricky at the moment as I'm buying a lot for house etc I started keeping a spend dairy last month to give me more accurate view of spending, it's got very addictive I've spent countless hours calculating various different things.

princess295 · 14 February 2016 at 10:07AM

Happy Valentine's day

Yesterday £10 added to credit card fund, every little helps as they say.
This morning I've sat and worked out next month's budget, fingers crossed if nothing unexpected comes up I should have a nice lump sum to pay off the card.

princess295 · 28 February 2016 at 10:40AM

Took a pot of change to the bank, came to £13.60 so this has been paid off the credit card, it's payday tomorrow so anything left in my account will also be going on the credit card.

princess295 · 29 February 2016 at 8:32AM

Payday today, I got paid £25 more than I expected which was a nice surprise. Money has all been moved to the right accounts to pay bill's, I need to withdraw money later to put in various envelopes and my peer to peer lending has been relent this morning so far a very productive morning.

Time to sparkle

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