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    • Tiglath
    • By Tiglath 16th Nov 12, 2:12 PM
    • 3,555Posts
    • 11,561Thanks
    Squeaky spreadsheet diary
    • #1
    • 16th Nov 12, 2:12 PM
    Squeaky spreadsheet diary 16th Nov 12 at 2:12 PM
    I've spent a couple of days getting uber-serious about paying off my debt, and my spreadsheet is a work of art! I've paid off a fair amount already (£10,700), but from now on it's my mission to become debtfree (apart from the mortgage) by early 2015, and then tackle that. £28k of personal debt, this coming year I'm restarting the process to kick you into oblivion and paying back every penny.

    - Filled in the stoozing SOA for my personal finances and used the snowball calculator.
    - Have put a stop on all cards and cut them up.
    - Have set up online access to all credit cards/storecards, and have set fixed above-minimum payments on all except the two I'm going to snowball first (two storecards with high APRs which will be closed ASAP). I didn't realise only paying the minimum each month puts a marker on your account so that has now changed for all of them.
    - The next priority is paying off the overdraft which is nearly twice my monthly net salary. It goes into the black once a year when I get a bonus, but I've not been disciplined enough to keep it there.
    - If I get a bonus next year (I have every year since 1999), I will not fritter it away on treats and luxuries and technology. I will pretend it doesn't exist and it will dramatically reduce my overdraft, maybe even pay it off completely.
    - Once the OD is paid off, every penny left outside the set budget will be swept towards the card I'm focusing on at the end of the month. I'll get more satisfaction from seeing a balance and accruing interest go down than I will from a gingerbread latte from Starbucks.
    - All household suppliers have been checked and shifted to make sure I'm on the best deals.
    - Have set a food budget over the past couple of months and am finding it relatively easy to stick to. Using up freezer and store cupboard supplies for now, and shopping in Lidl/Farmfoods/local market.
    - Have dramatically slashed my personal spend; instead of thinking 'I have X left each month after all bills which is mine,' it's 'I have X for me period each week' and anything left over will be ploughed into the debts.
    - My spreadsheet has my current account set out like a bank statement - in/out/balance. I've projected all ins and outs until early 2015 including weekly grocery/personal withdrawals, although no doubt real life will provide the odd hiccup. May be in for a sizeable payrise next July if I get promotion.
    - I don't need any new clothes; I will sort through and mend the ones I have.
    - Got another spreadsheet tab to log every penny I spend - essentials, cats, household & luxuries (this month I slashed the luxury spend from 32% to 12% of the total, and it will go down further next month).
    - Moving to paying cash; have set a grocery & personal amount each week which will be transferred to 2 physical purses. If I don't have the cash in the relevant purse, it's not getting bought.
    - Joined the 'POAMAYC 2013' challenge. Have set a conservative target of £6k but am hoping to come close to doubling that.
    - All spare change from the purses will go in the terramundi at the end of the week and will be tallied and paid back into the bank at the end of the year.
    - No more buying crappy expensive food at work; taking in lunch daily.
    - No more Kindle books - eReaderIQ is giving me fabulous stuff for free.
    - Set a strict budget for Christmas and not joining in the office dramas like Secret Santa and the endless drinks at Corney & Barrow.
    - No need for a travelcard; I have a point-to-point ticket and Oyster for the rare times I'll take the tube or bus. That's an immediate saving of £50+/month towards one of the cards.
    - Last payment on gym membership made.
    - Have worked out a list of standard food & household items that we buy every month, and where they are cheapest. Going for basic/smartprice/value where possible.
    - Being frugal with energy use.
    - The only projected social event is The Damned in a couple of weeks and the ticket is already paid for; other than that, I'm a homebird really.
    - Going to tackle the veg plots which have been neglected for 3 years due to ill-health and grow as much as possible next year.
    - The cats remain a huge expense (£250 month on food, litter and insurance) but I won't take any more on, and the population will gradually reduce as they age. The eldest is coming up to 15, bless him, so I hope he carries on for a few more years yet.
    -My personal DFD is early 2015 but I'm going to move heaven and earth to make it happen by the end of 2014 if at all possible.

    I've scared DH witless the past couple of days, but he's not ready to tackle his personal debt so I'm not pushing it - that's for him to decide. Very determined now! It's been 14 years since I incurred debt - I will get back to the stage where I don't owe a penny and my lovely salary is mine (ours).

    Once that's done, I'm going to tackle overpaying the mortgage; want to pay it off much earlier than the projected 2028. My reward for getting debtfree is going to be to save up for a dream holiday to see the northern lights somewhere - haven't had a holiday in 7 years, not even a weekend away. The only time I've spent away from home has been in hospital or looking after Mum!

    Starting balances from now:
    Simply Be - £644 - now £0. Closed.
    Next - £180 - now £0. Closed

    Overdraft - £6000 - now £0.
    Natwest card - £1300 - now £0.
    Amex - £4780 - now £0. Closed.
    Barclaycard - £5770 - now £0. Closed.
    Mint - £9270 - now £0. Closed.

    Wish me luck
    Last edited by Tiglath; 13-03-2016 at 9:21 AM. Reason: Updating outstanding totals
    Looking forward to a move to the country!
Page 15
    • lurvlyloz
    • By lurvlyloz 25th Mar 13, 9:40 AM
    • 876 Posts
    • 1,996 Thanks
    well done you!
    Facing up to things - nov 2012 total 9334.95
    back to work after baby -Jan 2014 - total 6905.28 (1 credit card) £3535

    Debt Free Date March 8th 2017 (31st birthday)
    • lurvlyloz
    • By lurvlyloz 12th Jul 13, 11:52 AM
    • 876 Posts
    • 1,996 Thanks
    hi Tiglath

    hope you're doing ok
    Facing up to things - nov 2012 total 9334.95
    back to work after baby -Jan 2014 - total 6905.28 (1 credit card) £3535

    Debt Free Date March 8th 2017 (31st birthday)
    • Tiglath
    • By Tiglath 12th Jul 13, 9:42 PM
    • 3,555 Posts
    • 11,561 Thanks
    Hi hun - yes I'm fine - enjoying life You and your bump?
    Looking forward to a move to the country!
    • lurvlyloz
    • By lurvlyloz 15th Jul 13, 9:13 AM
    • 876 Posts
    • 1,996 Thanks
    big and hot haha. only 7 weeks til due date so hopefully wont drag too much

    glad you're ok x
    Facing up to things - nov 2012 total 9334.95
    back to work after baby -Jan 2014 - total 6905.28 (1 credit card) £3535

    Debt Free Date March 8th 2017 (31st birthday)
    • Tiglath
    • By Tiglath 12th Mar 16, 4:05 PM
    • 3,555 Posts
    • 11,561 Thanks
    It's been a long long time since I updated this thread, and things have changed a lot in the past couple of years:

    - Still in the same job. Got promoted, and another promotion coming next year;
    - Passed the financial exams I was sitting and don't intend to do any more;
    - Now debtfree except for the mortgage (currently £104k) and a couple of loans that will be paid off in over the summer; storecards, credit cards and overdraft all gone;
    - Mum had her leg amputated last year and is now in a nursing home. We're currently selling her house;
    - I had built up a decent S&S ISA but had to cash it in to help Mum out, so have just restarted that; currently paying part of her nursing home fees as well;
    - Work travel to the Philippines and Singapore next month which is fabulous - I've not been to Asia before;
    - Now got 17% going into my pension which is great. I'll be increasing it by another 1-2% in June when the payrise and bonus kicks in;
    - We had part of an inheritance come through last month, and we have about a year of the hubby's net salary in the bank, with another £150k to come when the bungalow sells. It's been rather like winning the lottery. He leaves teaching for good the week after next (after 26 years as a teacher) and is going to take the summer out to figure out what he wants to do next. We can easily afford to live on my salary alone indefinitely with about £1000 spare each month after all bills and a generous food budget, so the pressure's off. He can always do some supply teaching here and there if he wants a bit more cash.

    So financially things are looking great and it's been lifechanging getting all the debt paid off over the past couple of years. I feel like I'm seeing my full salary for the first time. Will be aiming to remortgage and then overpay to the max to get it paid off before 2028. Last year I was contacted by yet another half-sister (on my bio-father's side this time), so that's 3 definite half-sisters. Still got the 9 cats, although most of them are 12+ now. Going to start doing up our house this year, a week in an old mill in Dorset in August, and going to Iceland in the autumn to try to see the aurora. Next year I'm planning a solo trip to Mongolia as I have a thing about Genghis Khan. I didn't get to do any real travel over the past decade so am making up for it now while I'm young enough to enjoy it (turning 49 in 3 weeks).

    How's everyone else doing?
    Looking forward to a move to the country!
    • catriona79
    • By catriona79 13th Mar 16, 7:13 AM
    • 850 Posts
    • 1,629 Thanks

    That's mega impressive!! Just read the start and the final post - what a difference.

    What was the biggest help in becoming debt free?

    * * * Catriona's Credit Card Countdown * * * from -£16k to debt neutraldom - for my debt diary click here
    Barclaycard -£5,867.52;
    mbna1 - 3,009.22
    mbna2 - 1,755.70
    Savings £5,017 MFiT #25 £2,627/£10k; daily interest £5.04
    • Tiglath
    • By Tiglath 13th Mar 16, 9:20 AM
    • 3,555 Posts
    • 11,561 Thanks
    Getting going with the small things and having a plan with short term goals within that. Keeping my eyes on the longterm goal and logging every penny I spent, and posting on here was a great start. I think I'll probably always live frugally now in terms of general lifestyle, but travel is definitely something I'm going to do. Looking forward to being a Mortgage Free Wannabe once the final debt is cleared
    Looking forward to a move to the country!
    • Tiglath
    • By Tiglath 9th Sep 17, 11:16 PM
    • 3,555 Posts
    • 11,561 Thanks
    Time for another update after 18 months:

    - Resigned from my job, took a 4 month sabbatical, and got a new job, with a promotion and sizeable payrise coming early next year once I'm approved by the FCA.
    - In the process of selling up in London and buying a smallholding in the country; fingers crossed that it goes smoothly. Much longer commute, but lovely house with land including an apple and pear orchard, haybarn, various outbuildings, polytunnel, large greenhouse. Room for a hot tub, and if we get planning permission, a conservatory to link the house with the main outbuilding and the garage/office.
    - In the process of studying for my driving theory test at the grand age of 50. I won't start driving lessons until after we move.
    - We've got 12 cats now. When we move, we'll have chickens and possibly geese, and offer space to some semi-feral cats who don't want to live in the house. Won't be using the pig run for pigs.
    - Happy and healthy Planning to live like a medieval peasant but with superfast broadband. Call us Tom and Barbara
    Looking forward to a move to the country!
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