Mummytogirls - 100 years to be debtfree - I think not!

mummytogirls · 2 March 2010 at 3:58PM

Hello everyone!

Only ever posted on here once but starting to get my debts in order so starting a diary to try and keep me on track.

Basically since the beginning of 2010 ive really started to think positive about reducing my credit.
This included starting a spending diary which I have totted up February today and I can tell you I am throughly shocked!!

Joined whatsthecost.com today and snowballed which told me I will be debt free in 100 years :eek:! Well im sure I wont even be alive at which point and dont really want to live me life like this, teetering from one month to the next and juggling things around!

So here I am!

I have a loan with HSBC that will be paid off in Feb 2012. That is the biggy and costs me £353 per month!
Once this is paid off I will be throwing this money at the credit cards to hopefully get debt free by Dec 2014.

So here goes wish me luck!!!

Different_Corner · 2 March 2010 at 4:19PM

Hi Mummytogirls !
Welcome. Am an expert at juggling, peter and pauling it too !
I love my snowball too. Have to be totally honest with it and it hides nothing

Am in a similar position with a loan, 301.11 a month and finishes in Feb 2012, will countdown with you

sillyrabbit · 2 March 2010 at 4:26PM

Welcome, and well done on taking the big step! I didn't believe my snowball calulator, or the SOA when it told me how much I had "spare" at the end of the month... but it was true, and we were just wasting it away and living off overdrafts!

Have you looked at the challenges on here? They are really good and get you motivated! I'm doing the sealed pot challenge where you put any loose change in, then open it in time for Christmas (people make hundreds doing this!), and the make £10 a day challenge, which is anything you can make on top of your normal salary. I'm up to £70 already

mummytogirls · 2 March 2010 at 4:43PM

Hi both,

Thanks for your replies, means a lot to see other people are in the same boat!

Different corner - wow I cant believe you have a similar loan to me! Sounds like a plan! Theres so many diaries on here, I will hunt yours down.
OMG we sound so similar with the Peter and Pauling haha!

Silly rabbit - I couldnt believe my eyes when I saw 1200 months. Had to get my calculator out to make sure I wasnt imagining 100 years!
Im just really get the hang of MSE so will have a nosey at the challenges. Well done on the £70 made already!!!

mummytogirls · 2 March 2010 at 4:52PM

OK so I must fess up about all the credit!

HSBC loan £7892 o/s - £353 monthly payment (to be paid off Feb 2012)

Barclaycard CC £7365 o/s - £7500 limit

Halifax CC £1788 o/s - £1800 limit

MBNA CC £3399 o/s - £3400 limit

£20444 worth of debt and nothing to show for it

!

So as you can see its pretty much close to the line re cards being maxed out etc. Theres no option of me getting a 0% as ive got too much credit already.

Anyway, onwards and upwards

!!

mummytogirls · 2 March 2010 at 5:03PM

And listed below is what I spent in cash during the month of Feb!

February
467.30Shopping
72.78Petrol
67.05Hair/beauty
30.00Playgroup fees
2.50Tea/coffee
12.00£2 savings
8.25Work lunches
1.00Work collections
29.83Takeaways/meals out
10.00Nights out

700.71 TOTAL

Totally shocking!!

Different_Corner · 3 March 2010 at 8:21AM

Morning MTG !
A spending diary is useful, writing down every penny. Unfortunately my organisation skills are pants and I've never got any further than day one before I start losing receipts.

There's a few budget planners and state of affairs calculators on the free tools index.

As rabbit says there's a few challenges to get you in the swing too. Grocery challenge and PAD (a payment a day) are good fun to mention a few.
Hope you have a good day.

mummytogirls · 3 March 2010 at 9:41AM

Morning DC,

I know I was completely shocked when I totted it all up. The shopping has shocked me more than anything!
Im quite good at writing straight into my diary when I spend.

Thanks for all your suggestions will keep them in mind.

Well last night I did a bit of batch cooking! I had about 3 meals on the go all at once! So my freezer is now well stocked.

Vege chilli for tea tonight.

Have a good day x

mummytogirls · 9 March 2010 at 12:44PM

Morning diary!

Nothing too exciting to report from here! Had a nsd Thursday which is an achievement for me I can tell you!!
Had a busy old weekend though with a night out and a Christening both done on the cheap.

Unfortunately no let up soon though with another couple of weddings coming up.

Spending diary for last week confirms I spent £169. Could be better I suppose!! x

mummytogirls · 13 March 2010 at 9:18PM

Evening diary!

Just a quick update. Was very impressed with myself on Thursday :T. Received a letter from the CC company informing me of their rates being increased from May. So I rang them and closed the account keeping the rates at the old rate.

So now theres no temptation on that one card and I can concentrate on getting it paid off.

Happy Mothers Day to all mummies out there!!! x

Lemon_Tree · 14 March 2010 at 5:03PM

well done for your positive action on closing the credit card so that they can't increase the interest rate.

Mummytogirls - 100 years to be debtfree - I think not!

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