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  • FIRST POST
    • leimichellecat
    • By leimichellecat 2nd Sep 17, 10:45 PM
    • 104Posts
    • 172Thanks
    leimichellecat
    Cat got the cream... and is paying for it!!!
    • #1
    • 2nd Sep 17, 10:45 PM
    Cat got the cream... and is paying for it!!! 2nd Sep 17 at 10:45 PM
    I'm a terrible long time lurker and have started diaries in the past, but not posted my progress (terrible memory!) but I have cleared it all twice before. This time round the debt is quite a bit bigger, I have two young children and I am fed up of being financed my mine and OHs parents. We also had a couple of medical scares lately which thankfully turned out to be false alarms but have made us review our lifestyles.

    So here's the plan... at our current rate of repayment, snowballing says we will be debt free by June 2019. But that's not good enough for me - I'm a very impatient person. Instead I want it gone by August 2018. OH and I both have opportunities to work extra hours at work, but don't want to kill outselves doing it. Instead, working just 2 extra shifts each will give us the bonus we need. This is workable around child care. We have also started a meal plan, OH has joined SW and I'm a target member so that's going to reduce the risk of frivolous snacking/takeaways.

    The current debt break down is-

    Cc - £2370
    My M&D - £3030
    OH M&D - £6700
    Car loan - £2375

    Currently I am making fixed payments of £200 to OH M&D and £200 to car loan. The car loan is not going to change in interest and the final balloon payments (£375) is august 2018.

    Payments to my M&D are frozen out of good will so I can clear the CC first. This is 0% until December, I really don't want to be paying a balance transfer fee, so instead I am paying this. I have broken it down into monthly chunks, the regular £100 DD, £250 I would normally pay my M&D then £324 from overtime per month (3-4 shifts depending on the tax man) Only 3 OT paydays but 4 regular paydays before 0% expiry.

    Next I will focus on my M&D, then OH M&D and the car loan should complete at about the same time. I will recalculate and post each month with my updated figures and plan of action.

    Oh, nearly forgot! We have agree to join the extended family of holiday in September 2018 so OH is saving the £1000 need for that.

    As our family moto goes... We got this!!!
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
Page 1
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 2nd Sep 17, 10:52 PM
    • 315 Posts
    • 1,260 Thanks
    wishingthemortgaheaway
    • #2
    • 2nd Sep 17, 10:52 PM
    • #2
    • 2nd Sep 17, 10:52 PM
    Good luck.
    The 100 payment countdown (each payment = £400)
    2017
    July : £36,800 8/100
    August: £36,411.85 8/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • leimichellecat
    • By leimichellecat 3rd Sep 17, 7:00 AM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    • #3
    • 3rd Sep 17, 7:00 AM
    • #3
    • 3rd Sep 17, 7:00 AM
    Thank you! It feels good to re read what I wrote last night, I'm excited for this challenge and can't wait for August next year! Even if it's not cleared by then, I hope to have taken a good chunk out of it.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • enthusiasticsaver
    • By enthusiasticsaver 3rd Sep 17, 7:18 AM
    • 4,265 Posts
    • 7,722 Thanks
    enthusiasticsaver
    • #4
    • 3rd Sep 17, 7:18 AM
    • #4
    • 3rd Sep 17, 7:18 AM
    Hopefully you will get it cleared by the time the deal expires.

    Well done for wanting to stand on your own without parental assistance although if your parents are like us with our two adult daughters they won't mind waiting.

    We tend to gift rather than loan though (and can easily afford this until I retire at the end of this year) and justify it by saying to our daughters they will hopefully do the same with their children as my mum did with us.

    Families help each other out.
    Countdown to early retirement on 21.12.17 3 months to go.
    • leimichellecat
    • By leimichellecat 3rd Sep 17, 6:38 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    • #5
    • 3rd Sep 17, 6:38 PM
    • #5
    • 3rd Sep 17, 6:38 PM
    Our parents are very amazing and flexible, I get the "don't worry, pay it when you can" speech from both sets a lot, and they would never let us go without. However we have had a gifted deposit for our house and various other things, and I don't feel like I could justify buying nice things/holidays when we owe money. We have only had the majority of this debt for 18months (pregnancy and maternity leave), and we wouldn't have our amazing home without their help, but it's time for us to grow up and take responsibility for our own finances.

    We need new windows and conservatory so once the debt is cleared I can save for them, so excited for white garish plastic!
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 3rd Sep 17, 9:58 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    • #6
    • 3rd Sep 17, 9:58 PM
    • #6
    • 3rd Sep 17, 9:58 PM
    Done the weekly food shop this week. Normally it costs £50-£70 for the main shop and dribs and drabs through the week. I did the menu first (SW friendly), checked the freezers and cupboards for stock and stuck to my shopping list - £27

    OH and I are taking DS1 to a theme park tomorrow. To keep prices down we bought promotional tickets months ago (£28 for three tickets) so no need to pay for those and I've made the packed lunches this evening. The only costs I anticipate are PJs for DSs birthday present and a coffee to keep me going on the drive home (its 2hrs+).

    Also returned an impulse buy, £7.50 back in the account!
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 4th Sep 17, 8:50 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    • #7
    • 4th Sep 17, 8:50 PM
    • #7
    • 4th Sep 17, 8:50 PM
    Another DFW day! £100 DD paid out to CC, so £350 in total paid. We had our day trip out, £6 for parking, OH spent £6 (change In his wallet) on coffee and ice cream for the 4hr drive home and the petrol was already in my car - I'll just have to ride my pushbike a lot this month!

    Tomorrow is my first day back to work for the month, packed lunch ready for a no work spends month.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 5th Sep 17, 8:44 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    • #8
    • 5th Sep 17, 8:44 PM
    • #8
    • 5th Sep 17, 8:44 PM
    Today has been a good and a bad day for debt clearing! Had a no spends day, including bringing my lunch to work, not stopping at McD's for post swimming lesson tea and using what was in the cupboard for dinner. Also agreed to increase my hours as work temporarily. The down side was the new childcare bill has come in (first time paying for childcare for two children) and its £100 per month more than expected. Luckily my increase in hours covers the extra cost, but I had hoped that would be more CC payments.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Sep 17, 9:48 PM
    • 315 Posts
    • 1,260 Thanks
    wishingthemortgaheaway
    • #9
    • 5th Sep 17, 9:48 PM
    • #9
    • 5th Sep 17, 9:48 PM
    Do you know why it's more than you expected? Check they've got it right (have they applied any discounts you are entitled to e.g. For having two children there?) are you getting childcare vouchers or have you applied for the new tax free child care account - I think that system has started now. Also can you get any of the child care element from tax credits?
    What about free hours for 3 year olds has that been applied? (Remember the 15/30 hours is term time only, 39 weeks a year, my friend's nursery works it out as 15 hours for 39 weeks a year or 11 hours for 51 weeks)
    The 100 payment countdown (each payment = £400)
    2017
    July : £36,800 8/100
    August: £36,411.85 8/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • leimichellecat
    • By leimichellecat 5th Sep 17, 10:16 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    I am still with the old voucher scheme so getting the best deal in that sense. Boys are 1 and 4 (just started school) so no free hours, and our household income is £60k so no benifits available. Extra £100 pm is down to a misunderstanding on my part. DS2 has been with her since March every Monday for 10hrs. DS1 was settled at nursery so left him there at first but now in school. I thought I was paying 6.5hrs per week for DS1 school pick up, CM thought it was that plus full days in school holidays (obviously while we are at work) which would be 20hrs per week. All adds up and makes sense, and honestly we need that service, we just hadn't budgeted for it.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Sep 17, 10:30 PM
    • 315 Posts
    • 1,260 Thanks
    wishingthemortgaheaway
    At least it's right and makes sense.
    The 100 payment countdown (each payment = £400)
    2017
    July : £36,800 8/100
    August: £36,411.85 8/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • leimichellecat
    • By leimichellecat 6th Sep 17, 9:27 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    Another working day, another packed lunch! It's been a costly day for the emergency fun - car needed a new tyre, dog needed his medication (the insurance will pay back) and feral cat had her annual vaccinations. But on the positive the cats vacs for life has been restarted after letting it slip last year so will be free next year and she's in excellent condition.

    Off work tomorrow with smallest child, want it to be a NSD but sister is insisting we go to soft play and doesn't understand my journey. I'll be raiding the loose change jar.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 8th Sep 17, 1:57 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    Two no spend days, yay! Packed lunch was brought to work, I don't have my purse and turned off Apple Pay on my phone so the temptation is removed. Boys are being fed by MIL/school so don't need to cook tonight. Tonight's plan is to organise the weekend, and plan some feee activities.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 9th Sep 17, 9:24 AM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    Today is planning day. Review the diary for next week, meal plan and write the shopping list for tomorrow. Want to keep the shop under £28 again, managed it last week using supplies in the cupboards and freezer. Get paid for an over time shift on Thursday so that will pay for another 2 weeks shopping and some petrol.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • Kittychick
    • By Kittychick 9th Sep 17, 10:21 AM
    • 151 Posts
    • 378 Thanks
    Kittychick
    Wow, you are really smashing your way through this!! I have subscribed and hope some of your drive will rub off on me - hope that doesn't sound too weird lol
    • leimichellecat
    • By leimichellecat 10th Sep 17, 9:06 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    Thanks Kitty. Had a small spends day, £8.20 in total on taking the boys out. CB comes in tomorrow (I had forgotten about it), that will cover the next lot of swimming lessons. They aren't due for a few more weeks but I will pay that in advance on Tuesday. Lunch for work is prepped for tomorrow and the menu board has been updated. Watching terrible TV knowing I am prepaired for the week.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 11th Sep 17, 9:30 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    No spend day! OH and I both took our packed lunch, boys had dinner at school/childminder. Still managing to stretch out last weeks food shop, but it will have to be a shopping day tomorrow - nearly out of milk!
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 12th Sep 17, 7:33 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    Done the food shop, came in at £40. OH and the boys came too, and £3 worth of treats were snuck into the trolley. Not to self, never bring then food shopping again!!! Swimming lessons have been paid for today until December, I have purposely not included CB in our finances as the little child emergencies need to have their own fund.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 14th Sep 17, 6:40 AM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    Forgot to write up our day yesterday - £5 for OH to attend SW, he did very well! Only problem is we are being so fixed with our eating, I have lost more weight and risk falling out the bottom of my target weight. Might have to raid the freezer for some long forgotten burgers or kievs!!!

    Mini payday today, one of my bank shifts. Not paying it on the credit card though, neighbour and OH had a bump on the shared drive in the cars and agreed to split the repair costs so paying them this morning. Thankfully only £100 - and the neighbour has been lovely about it - but I have felt guilty for not being able to pay them earlier and even coming home with the food shopping has made me feel guilty!
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
    • leimichellecat
    • By leimichellecat 15th Sep 17, 7:51 PM
    • 104 Posts
    • 172 Thanks
    leimichellecat
    £2.40 spend today - decided we wanted KFC so bought salad, weight watcher wraps and reduced corn on the cob. Amazing home made KFC wraps with home made wedges! Definitely a family favourite, but so much mess!!! OH also needed petrol, but as he has to drive for work it can't be avoided.
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £400/£2370

    BYOLTW Sept17 #6 11/16
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