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  • FIRST POST
    • AdventureWanted
    • By AdventureWanted 8th Oct 17, 10:10 PM
    • 166Posts
    • 582Thanks
    AdventureWanted
    Adventure wanted, but first we must rid ourselves of debt
    • #1
    • 8th Oct 17, 10:10 PM
    Adventure wanted, but first we must rid ourselves of debt 8th Oct 17 at 10:10 PM
    Iíve ummed and aahed about starting a diary on here for a couple of months, but have decided that it is a good way for me to keep track of how our debt reduction is going and hopefully on those dark days when it feels like weíre getting nowhere I can remind myself of how things have improved.

    Anywho, Iíll give a brief overview of our life/debt.

    Iím a Mum to 3 Kids. Hubby is self employed and I Home educate the older 2 Kids. In August I finally had enough of our debts and decided to do something about it. After reading lots of diaries I downloaded ynab and took control of our budget. Our debts are due to a car loan, house repairs and mostly a lack of control over finances so monthly spending got out of control and we didnít really have much to show for it.

    As at 1 August (LBM) our debts were:-
    CC1 - £5,185
    CC2 - £13,470
    Cc3 - £11,400

    All of the credit cards are 0% and will be balance transferred to new 0% cards if we havenít paid them off at the end of the 0% deal.

    The future -
    We would love to travel. Firstly weíd love to visit every county in the uk and then travel further afield to the likes of Canada and Australia. Hubby and I regret not taking the opportunities to see the world pre children, but are now very keen to share these adventures with our kids.

    Weíd love to move to our forever family home, although we have no idea where in the country this would end up being in!

    And more than those above weíd love to have savings for our childrenís futures and not waste the extortionate amount of money we do each month on debt repayments.

    Iíll post my current debt situation post LBM in the next post.x
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
Page 1
    • AdventureWanted
    • By AdventureWanted 8th Oct 17, 10:27 PM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    • #2
    • 8th Oct 17, 10:27 PM
    • #2
    • 8th Oct 17, 10:27 PM
    Since our LBM I have taken advice from other diaries and have set up savings accounts for Christmas, car maintenance/tax,etc, emergency fund, Home Ed subscriptions, national trust and Home insurance.

    I have joined the payment a day thread and am loving making a small payment each day to reduce our debt. It really is quite addictive and I find myself spending a lot of time thinking about how much I can pay off tomorrow against a debt or when I will get below a certain figure.

    As of today our debts are:
    CC1 - £4.202.04
    CC2 - £12,530
    Cc3 - £11.170.

    I am really pleased with the changes we have made to our budget and how we have managed to reduce the CC balances by more than the minimum each month. Our budget was tested lots in September when we had lots of unexpected expenses for DHs car, which in the past we would have just put on a CC and not considered until we got the statement the following month. In September however we were able to rejig the budget and find the money required, which I was completely amazed at. I had got so used to overspending and having to use money from DHs business to bail us out.

    My hope is that from now on I can keep an eye on our spending, not dip into the business account at all, save for our annual expenses and continue making additional payments to bring the debt down. There are days when I think we will never see the back of the debt as the balances seem so high, but I know if we continue slowly chipping away they will go eventually. I just hope it doesn’t take too long! (I am quite impatient!!)
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • charlies tribe
    • By charlies tribe 8th Oct 17, 10:38 PM
    • 434 Posts
    • 4,081 Thanks
    charlies tribe
    • #3
    • 8th Oct 17, 10:38 PM
    • #3
    • 8th Oct 17, 10:38 PM
    I just wanted to post to say welcome and good luck.
    You've also given me an idea for another pot. We also home ed our DS (and seriously considering it for the girls) so a subs pot is a good idea. I completely forgot about all our renewals being due this/next month.
    LBM in April 17 - £4453/£33554 (13.2%) paid
    DFD: 1st May 2022
    SPC #591
    • AdventureWanted
    • By AdventureWanted 9th Oct 17, 8:10 AM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    • #4
    • 9th Oct 17, 8:10 AM
    • #4
    • 9th Oct 17, 8:10 AM
    I just wanted to post to say welcome and good luck.
    You've also given me an idea for another pot. We also home ed our DS (and seriously considering it for the girls) so a subs pot is a good idea. I completely forgot about all our renewals being due this/next month.
    Originally posted by charlies tribe
    Hi Charlies tribe,
    Thanks for commenting. Itís nice to meet a fellow Home edder. I only looked at my subscriptions in August and realised that they were due for renew in Sept. Next year should be much more organised hopefully!
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 9th Oct 17, 8:22 AM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    • #5
    • 9th Oct 17, 8:22 AM
    • #5
    • 9th Oct 17, 8:22 AM
    Morning,
    So today I have managed to pay off £2.04 on CC1, which has taken the balance down to £4.200.

    In other news the national trust has taken a renewal payment for a gift membership I cancelled and as per their email wonít be refunding the money until 25th!! Fingers crossed the money will be returned before itís needed for other bills. Luckily a lot of our DDs are staggered throughout the month, but still itís awful having an unexpected £108 go out of your account when youíve accounted for all of your money.

    Today will be a reasonably busy day for us with swimming lessons for DC3 and then we need to start looking into gift ideas for DC3ís 1st birthday next month. Have managed to curb my spending already since LBM and resist buying (realise how ridiculous it was to consider buying) a teepee tent for £150 for DC3, when 1. There is a perfectly good play tent belonging to DC2 that they all love. 2. I have no idea where I would put it, as our house is already full of toys and 3. DC3 is most probably too young to appreciate it!
    • charlies tribe
    • By charlies tribe 9th Oct 17, 11:15 AM
    • 434 Posts
    • 4,081 Thanks
    charlies tribe
    • #6
    • 9th Oct 17, 11:15 AM
    • #6
    • 9th Oct 17, 11:15 AM
    It's our first year home ed so will hopefully be more organised next year too.

    Defiantly get practical presents while they are little, it gets a whole lot more expensive when they are teens. I think for DD1's first birthday we spent £30 and a bbq on the garden but she was the first grandchild so was spoilt rotten so we didn't feel too bad at just the 1 present and some new clothes.
    LBM in April 17 - £4453/£33554 (13.2%) paid
    DFD: 1st May 2022
    SPC #591
    • AdventureWanted
    • By AdventureWanted 10th Oct 17, 3:16 PM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    • #7
    • 10th Oct 17, 3:16 PM
    • #7
    • 10th Oct 17, 3:16 PM
    Today has been a pretty busy day. We had our boiler serviced, so I had a mammoth tidy up prior to their arrival as I thought they’d need to check each radiator (also I hate people to see how messy our house is!). The house looks so much nicer when it’s less cluttered, although all I have done is move the clutter from the house to the garage! I really need to declutter the house and list bits for sale, but it’s so overwhelming at times as there is lots of stuff and I have a relatively short amount of time in which to do it (depending on how clingy DC3 is being).

    Anywho, today I’ve made a small payment of £1.66 to CC1, which has increased the total paid off this card since 1 August 2017 to 19%. I’m pretty pleased with how this is reducing, but really it is just a small pebble in our ocean of debt! I’m so annoyed that we allowed the debt to get so high. I really took my eye off the ball and it seems like it’ll take forever to rectify the situation.

    Anyway enough of feeling sorry for myself, tomorrow is another day and the debt will reduce again by a small amount.
    • crunch_time
    • By crunch_time 10th Oct 17, 5:56 PM
    • 1,044 Posts
    • 3,068 Thanks
    crunch_time
    • #8
    • 10th Oct 17, 5:56 PM
    • #8
    • 10th Oct 17, 5:56 PM
    Hey!

    Thanks for checking out my diary and commenting!!

    We are very similar in our dreams yes!!

    Subscribed xx
    LBM June 2014. Original debt £23,555 vs Now £0 Paid off in April 2017.
    NEW DEBT: £7500 Now: £7500 Paid off £0 Long term savings £1240
    • AdventureWanted
    • By AdventureWanted 11th Oct 17, 11:21 AM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    • #9
    • 11th Oct 17, 11:21 AM
    • #9
    • 11th Oct 17, 11:21 AM
    Morning,

    Our DD for CC2 has come out today, taking the amount paid on this card since 1 August to 7.9%. Just another £9.87 to pay to get to 8%, so hopefully I can make a few extra payments to it before the end of the month.

    Have paid £3.34 today to CC1 taking it to a nice figure. Hopefully by the end of the month I can get the figure £1000 below my starting figure of £5185 - only need an additional £10 payment.

    Still feel pretty cr*ppy about the debt situation, but I guess I should be happy that it is going down, just not as quickly as I wished. Am very conscious that DH’s tax return is due at the end of jan and I have no idea as yet how much tax he’ll have to pay. He’s definitely not had a LBM. He doesn’t see the problem with our level of debt, as the balance is going down and he thinks it’s perfectly normal to have cc debt. Whereas I seem to spend far too much time thinking about our finances and how I can reduce the balances down.

    Anyway, now off to practice telling the time with DC1 & DC2 and print maths worksheets for DC1. Hope you all have a good day.x
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • phizzimum
    • By phizzimum 11th Oct 17, 1:52 PM
    • 1,644 Posts
    • 8,930 Thanks
    phizzimum
    Hi Adventure Wanted

    I'm a home educator too! My girls are in their teens now so only my youngest is still in education. I hate to think of the money I wasted over the years on books and courses we barely used. Whenever I had a wobble and doubted my abilities I would go on Amazon and buy books!

    You've done really well with your overpayments. Are you targeting one card or spreading payments across all three?

    Phizz
    weaving through the chaos...
    • AdventureWanted
    • By AdventureWanted 11th Oct 17, 2:31 PM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    Hi Adventure Wanted

    I'm a home educator too! My girls are in their teens now so only my youngest is still in education. I hate to think of the money I wasted over the years on books and courses we barely used. Whenever I had a wobble and doubted my abilities I would go on Amazon and buy books!

    You've done really well with your overpayments. Are you targeting one card or spreading payments across all three?

    Phizz
    Originally posted by phizzimum
    Hi Phizz

    Thanks for commenting. Itís so easy to waste money on resources you donít need when youíre worrying about Home ed. I bought so many workbooks even before starting home educating DC1 and most of them are unused! Both my DCs are at primary school level (y3 & reception).

    At the moment Iím mainly making overpayments on CC1 as part of the 0% ends in Jan. I should be able to clear that part by Jan (just over £1k), then Iíll concentrate on CC2 as part of its 0% ends in March (£2653), so will try and reduce that as much as possible before balance transferring it. The rest of CC1 & CC2 0% ends in July, but unless thereís some miracle weíll have to transfer the balance again. Cc3 has a long 0% deal (2019) so weíre just paying the minimum on it.

    Have managed to remortgage our main mortgage balance today, which is brilliant. Weíve managed to get a slightly lower fixed rate for 2 yrs than we were paying which will save £17 a month (weíll most probably either pay this off credit cards or variable part of mortgage). Our second part of our mortgage is just over £3.5k from home improvements in the past. We canít ever seem to transfer this to a fixed rate, so itís currently on a variable rate of 3.64% (I think!). I often wonder about paying this off using a 0% card as we should save money doing it, but I donít want to ruin our chances of getting new 0% CCs when we need them next year. So think weíll just carry on as we are for the time being. Although would happily take advice from anyone else on this.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 12th Oct 17, 7:56 AM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    Morning,

    Have had a quick bank round down and managed to pay £1.67 off CC2 taking it to a rounded number and £2 off CC1. It’s funny how much I enjoy making these payments each day, although I do have to show restraint every day in not paying off too much and blowing our budget!!

    Today was going to be a manic day with lots of travelling between climbing class, the dentist and then swimming lessons. However this morning the kids climbing class has been cancelled, so not only is my day less busy, but we’ll get refunded £13!
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 13th Oct 17, 10:49 AM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    Today Iíve paid £3 to CC1 and a gigantic £2 to the emergency fund! Although, Iím pretty pleased that Iíve actually got various savings accounts. Our emergency fund currently stands at £260. It will take quite a while to get to the recommended £1000 emergency fund, but hopefully Iíll be able to reach this level before we need to use it. Luckily we had the boiler replaced last year (it was condemned during a boiler service 2 weeks before my due date with DC3 luckily a very nice boiler man took pity on us and rescheduled work to fit a new one) and itís just been serviced, so hopefully we wonít have any big costs this winter.

    The £3 paid to CC1 takes the balance to £4,190. I need to pay £1,070 before the beginning of January to clear the 0% balance which will be expiring then.

    I have been looking at our budget for the month and I currently have £170 left in my grocery budget. Iíve got some frozen meals from batch cooking in the freezer, so hoping that even with top up shops and maybe a few extra ingredients for meals I can have some money left in the account. Now the question is whether to pay the additional money (if there is any) off the credit cards or save the money for food at Christmas. I guess Iíll have to wait and see (and hope and pray) that the grocery balance is under budget.

    Goals for the rest of 2017
    ē Pay £1,070 off CC1
    ē Get emergency fund to £600
    ē Reduce grocery budget to £280 p/m (currently budgeted £325).
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • jwil
    • By jwil 13th Oct 17, 2:10 PM
    • 7,808 Posts
    • 22,392 Thanks
    jwil
    Great news about the remortgage!

    The additional bit is technically your highest interest debt, so in theory would be the one to concentrate on paying first. However as your 0% deals are ending soon, I'd focus on those first and then try and do something more long term with the mortgage bit once they have been cleared.

    Good luck with the goals!
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 14th Oct 17, 4:44 PM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    Great news about the remortgage!

    The additional bit is technically your highest interest debt, so in theory would be the one to concentrate on paying first. However as your 0% deals are ending soon, I'd focus on those first and then try and do something more long term with the mortgage bit once they have been cleared.

    Good luck with the goals!
    Originally posted by jwil
    Hi Jwil,
    Nice to see you here. Thanks for the advice. It is nice to have someone elseís opinion on it. Hopefully the mortgage interest rates wonít increase too much before I can reduce the debt or at least balance transfer it.x
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 14th Oct 17, 5:18 PM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    Iíve had a lovely day today. It started off well with DC3 sleeping better during the night and then sleeping in until 7.45 which is unheard of! Just arrived back from a day out at my parents. Is so lovely spending the day with them and for the kids to see their grandparents. Also got given a hot meal at lunchtime which is a major bonus, as I donít have to cook tonight!

    Today Iíve paid £59.95 off CC1. I purchased some gifts from very which are on a buy now pay in 9 months, so have transferred the amount which is budgeted for in ynab and when the 0% ends (or possibly before) Iíll transfer the money from my gift savings account to pay it off.

    Debts at 14/10

    CC1
    0% ends Jan - £1,010.05
    0% ends Jul - £3,120.00

    CC2
    0% ends Mar - £2,523.00
    0% ends Jul - £9,880.00

    CC3
    0% ends 2019 - £11,170.00

    Should be able to pay the Jan balance off on time and then hopefully can reduce the March balance a bit before balance transferring.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • Happierdays
    • By Happierdays 14th Oct 17, 5:40 PM
    • 147 Posts
    • 461 Thanks
    Happierdays
    Hi your plans sound great! Welcome and good luck
    • AdventureWanted
    • By AdventureWanted 15th Oct 17, 3:55 PM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    Hi your plans sound great! Welcome and good luck
    Originally posted by Happierdays
    Hi Happierdays, thank you for your post. Itís nice to have people on this journey with me.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 15th Oct 17, 7:27 PM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    Goals for the rest of 2017
    ē Pay £1,070 off CC1 made another PAD today. Was only a small £2.05, but as they say every little helps. Since making up my goals Iím now up to £62 paid.

    ē Get emergency fund to £600 Currently at £260

    ē Reduce grocery budget to £280 p/m (currently budgeted £325). Have sorted through the freezer today to see what we have in and have decided to batch cook a load of meals. Just done a large online shop which takes my grocery bill for the month to £246.74. This included a couple of boxes of nappies & a lot of milk which weíll freeze. Hoping that we can last through to the end of the month now or at least we will only need bread and maybe some fruit.

    Wish DH would have his LBM soon. He would like a new car and told me this morning that he thinks we should get one now. Itís strange as he is well aware of the level of debt we have, but he just doesnít seem bothered by it. He thinks Iím being really unreasonable saying no to a new car (second hand car, but new to us), as he wants a nicer, more comfortable, nicer looking car and I have the car that Iíve always wanted. Have told him Iíll have a think again in January once we know how much tax heíll have to pay, but really hoping I can delay it without him being to stroppy!!
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 16th Oct 17, 6:56 PM
    • 166 Posts
    • 582 Thanks
    AdventureWanted
    Managed to round down our bank accounts today and pay £1.45 off CC1. I’m finding making a payment a day quite addictive, although it is hard at times to think about the whole month and not make larger payments thereby throwing my budget out!

    I have been reflecting on our debt free journey today and although the debts will take quite a long time to be paid off, I am pretty happy with the direction things are heading. It is so nice to look at my bank accounts and actually see savings there. I just keep imagining what life will be like when we’re debt free. So much money at the moment is paid to debt, that it will be great to have this going towards savings so that DH can take a couple of months off work so we can travel.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
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