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  • FIRST POST
    • Sholly
    • By Sholly 7th Jan 13, 11:10 PM
    • 174Posts
    • 648Thanks
    Sholly
    It's kind of fun to do the impossible
    • #1
    • 7th Jan 13, 11:10 PM
    It's kind of fun to do the impossible 7th Jan 13 at 11:10 PM
    I like doing the impossible. Or at least trying it. It motivates me and, to be honest, I like to prove people wrong!! It's not that I'm argumentative (much ), I'm just determined.

    I'll just set the scene, if you don't mind. I'm 18. My friend is 19 and wants to buy a house. I have my own dream to buy somewhere but I have no money so, for the minute, I'll just nab one of her rooms. So we go into an estate agents and they treat us like we're 5. They just don't want to know. I hated that feeling of being laughed at. Like they were giggling to each other as we left. My friend is now 28. She hasn't bought anywhere yet, maybe they put her off, but, not me; it just made me more determined and I started saving like mad! Weeks before my 21st birthday I became the very proud owner of a 3 bed upper flat. I paid £86,500 for it but I love it! So that was 2007, a matter of months before the banks crumbled. I sometimes think that if I'd waited a few months I could've got a great deal but the reality is that I probably wouldn't have been granted a mortgage at all.

    So, enough of the past. The situation as it now stands: as of mid-December 2012, I owe £71,100 and I have a debt of £6,000 (0%). I've cleared a large amount of debt (I was paying more in bills/childcare than I earned) so far but I don't know what it was at it's height. I am aiming to be debt-free (£6k credit card debt) by Christmas 2013. I'm being mega-strict and eBaying, Music Magpie-ing so much that I start to think that maybe I don't need a bed, or doors, or sofas but then I remember that I do have some basic human rights!!!! Once this debt has been obliterated, I'll then be focussing all of my efforts on paying off my mortgage. My aim is to have it paid off by 30.06.18 (my son's 10th birthday).

    My dream? Security. That's it. I want to feel that what I have is mine. I've worked hard for what I have and the thought that someone could come and take it all away terrifies me. I want my home to be secure for myself and for my son (I'm sure he'll feature in this diary at some point!). I want him to see me going to work everyday and working hard so that we can have a comfortable life. I've dreamt about the day that we owe nothing and I can see it being a goood day! That day, I want to take him to the travel agent and book the most amazing holiday (okay, so one more dream!); I want to take him on safari but I also want to help to build a school (or houses etc) whilst we're there so that I can ensure he values what he has and knows how lucky he is.

    Anyway, if you're still reading, thank you! Please feel free to contribute to my journey and keep me sane when I'm eating brown rice and peas just so that I can make that tiny overpayment!!

    Sholly x
    Last edited by Sholly; 08-01-2013 at 12:09 AM. Reason: Spotted a spelling mistake...thought I'd got 'em all!!
    DFW and MFW
    Debt free target: August 2018
    12 months to go
Page 8
    • Kittenkirst
    • By Kittenkirst 5th Jan 17, 1:07 PM
    • 1,605 Posts
    • 8,352 Thanks
    Kittenkirst
    Fab to see the joint debt really plummet good luck for the next few months at chipping away at the debt too x
    2017 MFW #20 - OP £2151.52: £2150 100%
    Last 3 months- Sep £206.32 Oct: £179.60 Nov: £12.58

    Emergency fund £3945/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Sholly
    • By Sholly 5th Jan 17, 2:01 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    Fab to see the joint debt really plummet good luck for the next few months at chipping away at the debt too x
    Originally posted by Kittenkirst


    Thank you Kittenkirst. The joint debt has been hanging around since we bought our house 2 years ago, I'll be really glad to see that one go! And then my spreadsheet is going to have to work overtime for the next year!


    xx
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 1st Feb 17, 4:02 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    February update
    Hello February!


    Joint debt: £2,050...two more payments to go!
    My debt: £17,730.46...12 months to go!


    My February pledge: to not spend any money on non-essential items. I spent £466.41 on "stuff" last month - OH's birthday present, signing up for a couple of races, dentist, interview clothes (didn't even get the job, grr!) - I need that money for debt busting!


    Sholly xx
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 6th Mar 17, 12:38 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    March means one more payment from the joint debt, and only one payment left :-) There's still my own debt to go, but this one feels like it has been hanging around for ages...well, it's been 3 years really so it has been far too long!


    The figures today:


    Joint debt £1,025
    My debt £17,272.70
    Total £18,297.70


    I didn't updated my diary as much as I have done recently, so I looked back a page and there was a post from 14/03/16. My figures from this time last year were...


    Joint: £16,475.68
    My debt: £16,889.76
    Total £33,365.44


    That's £15,067.74 gone in a year - that makes me happy and proud in equal measure


    A year to go and hopefully my own debt will be gone.


    Happy debt-slaying.


    Sholly x
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 4th Apr 17, 9:32 AM
    • 174 Posts
    • 648 Thanks
    Sholly
    April is here!
    April 2017 has arrived which means that the joint debt has GONE!! I've also made an extra payment to my debt too which brings it down to a round £17k.


    Joint debt £0
    My debt £17,000.00
    Total £17,000.00
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 23rd May 17, 9:39 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    May
    My update is a little late this month, but the debt-busting is still going on...here are the figures:

    Total debt £15,890

    I'm paying over £1,000 a month now so the figures pass milestones quickly - it feels like it's really going well but I've been really trying to keep an eye on our spending this month - we spent a shocking £267.70 on eating out last month - that's really, really terrible. I've been much stricter this month and will have to be if I am to pay off my debt by March next year. On the plus side, I found out that I will be getting an unexpected bonus this year...just in time for littlies birthday so that's a relief! The money left over will be paid off the debt.


    Sholly x
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 22nd Jun 17, 9:17 AM
    • 174 Posts
    • 648 Thanks
    Sholly
    June update - how hard is it to get a balance!
    I don't mean a bank balance, I get that every morning! I mean, how hard is it to balance between paying off debt and living. For example, we bought our house in early 2014 and it was a wreck - we went back to brick and started again. We did the bulk of the work but ran out of money to finish it properly so we've just been doing little bits now and then. We're sick of having a garden that we can't use so we're trying to fix it up...but spending money causes so much anxiety! I feel like I shouldn't be doing it and I should be paying off debt instead, but if we do the garden we'll be much more inclined to stay home and use it, and it is an eyesore at the moment. But I also think that life is just too short to just stay home and pay off debt all of the time. I'm totally conflicted! Anyway, we're doing all of the garden work ourselves so that will keep costs down and we're trying to be very careful with how much we spend every month.


    Debt figure for this month:


    £15,729
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 22nd Jun 17, 9:19 AM
    • 174 Posts
    • 648 Thanks
    Sholly


    Debt figure for this month:


    £15,729
    Originally posted by Sholly

    Note: £991 is coming out of my bank over the next few days, that is why the figure from last month hasn't changed too much! Maybe I should go back to doing my updates just after payday!
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 27th Jun 17, 2:42 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    27/06 update:


    New figure £14,729
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Cream Tea
    • By Cream Tea 16th Jul 17, 9:48 PM
    • 419 Posts
    • 1,984 Thanks
    Cream Tea
    Just caught up. That's a very impressive amount to pay off in 12 months. Keep up the amazing work. I'm back on it! Look forward to reading more from your mission.
    CT
    Mortgage £269,432 £262,860 / MF date June'49 June'49
    Debt £27,798/£24,829 / Debt Free Est. July'21 Sept'2019

    Updated 01/09/17
    • Kittenkirst
    • By Kittenkirst 16th Jul 17, 10:02 PM
    • 1,605 Posts
    • 8,352 Thanks
    Kittenkirst
    Great progress there Sholly!

    When I have wobble moments of 's*d it! Life's too short!' I try to remind myself if how all the little bits add up and how much freedom we will have in future when the figures are lower
    2017 MFW #20 - OP £2151.52: £2150 100%
    Last 3 months- Sep £206.32 Oct: £179.60 Nov: £12.58

    Emergency fund £3945/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Sholly
    • By Sholly 17th Jul 17, 12:46 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    Great progress there Sholly!

    When I have wobble moments of 's*d it! Life's too short!' I try to remind myself if how all the little bits add up and how much freedom we will have in future when the figures are lower
    Originally posted by Kittenkirst


    Thank you!


    Oh, I definitely go through those phases!...So I try to do both with is very hard work! I can't wait to have no debt - it seems like a dream at the moment though.


    xx
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 17th Jul 17, 12:50 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    Just caught up. That's a very impressive amount to pay off in 12 months. Keep up the amazing work. I'm back on it! Look forward to reading more from your mission.
    CT
    Originally posted by Cream Tea


    Hi CT!


    Thank you!


    I think I fell of the MSE waggon for a bit so I'm trying to focus again now. I'm trying to spend as little as I can in July so we'll see how that goes - so far so good! How are you doing?


    xx
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 16th Aug 17, 10:10 AM
    • 174 Posts
    • 648 Thanks
    Sholly
    Urgh debt and spending
    This month has not been good for the debt slaying.


    Summer means vacation, right? Well we had a lovely, low cost staycation instead. We camped around the UK for a couple of weeks but we ate out a few times and did some fun activities that weren't cheap but overall the holiday didn't cost a fortune...but then we got back and started on the new bathroom at my rental. Unfortunately, it was necessary as the neighbours downstairs complained of a leak caused by our bathroom and every fix we tried didn't work. I think by the end of this week, I will have spent about £1,300 in total including plumber, plasterer and tiler - that's more than my monthly debt payments at the moment :-( . This was the last room to be renovated though so hopefully it means that I won't have any more complaints from tenants or neighbours.


    New debt figure £13,950.


    I have had a re-think of my debt-free plan - I think that April 2018 was too much of a push so I have a new target of August.
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 21st Aug 17, 5:02 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    Down in the dumps, and the ladder back out
    I've been feeling so frustrated with my financial situation recently, and other things too I guess. I have touched on this, but if I put it down in more detail, hopefully I can unpick what is bothering me.


    My rental pays the mortgage and I have some profit on top of that, but the bathroom was leaking into the flat below. The agents didn't let me know until it was too late and the ceiling in the flat downstairs suffered some damage as a result. The plumber that came over assured me that he fixed the problem, but obviously hadn't. In the end, I have had to remove the old bathroom, including the flooring and replace it. We had 3 trades in: a plasterer, a plumber and a tiler - I'm unhappy with some of the work that both the plumber and the tiler have done so the only trade that I have paid so far is the plasterer. Add to this the fact that my boyfriend and I put in very long days to ensure that, when the tenants got back from their 6 day holiday, they had a brand new, fully functioning bathroom and a flat that was as clean as it was when they went on holiday (plus some!)...and then they complained about it, and he's so bloody patronising. I'm pretty fed up and annoyed. I had a moment the other day of just wanting to sell up, but I know that's only short-term gain. I have a feeling that these tenants will leave when their contract expires so hopefully the next tenants that I get in will have nothing to complain about - on top of the bathroom, the entire flat has been renovated over the last couple of years. I find the temporary stress so consuming, but if I just get my head out of the sand and deal with it quickly, I'm alright.


    So in the meantime, I need to update my diary more regularly. I need focus and accountability. I have set myself a target of paying £966 a month off my debt from September until March 2018 and then £1,416 until it is paid off in August 2018, but that is not going to happen unless I get a grip on my finances - I would need a miracle next month to be able to do this, but we shall see.


    My debt as it stands now:


    Priority 1 Halifax CC £3,576.00 0% until April 2018
    Priority 2 Virgin CC £5,939.00 0% until August 2018
    Priority 2 Lloyds CC £4,981.00 0% until August 2018


    Boyfriend and I have been discussing the possibility of releasing some equity from our house once our fixed term ends early next year to either buy a house to renovate and sell on (we both enjoying doing this) or buying another buy-to-let. I think that the buy to let is the easier option, and having someone to share the stress with would make it far easier. We tried to do this when we last remortgaged but the lender thought our debt was too high (I can absolutely see why!) so hopefully by the time we are ready, it will be at an acceptable level. If not, we'll reduce our term again and pay our mortgage off quicker.


    Once my debt has gone, I have plans to split my income into an emergency pot, my pension, buying some shares and reducing down both mortgages. Eventually I'd love to buy a holiday home abroad.


    For the time being, I am going to set myself lists, targets and challenges to make sure I get this, and everything else, under control:


    Today, I want to achieve:


    Financially:
    A NSD
    Commit to being MSE again (I can count this as done, right?)


    With littlie:
    Cycle with littlie to his activity rather than using the car (he's up for it!)


    House stuff:
    Prepare tea before we go out
    Make a list of all of the freezer food and plan meals
    Tidy the kitchen
    Put all of the washing away


    Mentally:
    Bath with a book (don't drop it), bed by 11pm
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Cream Tea
    • By Cream Tea 21st Aug 17, 8:08 PM
    • 419 Posts
    • 1,984 Thanks
    Cream Tea
    Sounds like a plan. We're in a similar boat and it has helped my mood pushing myself with a bigger monthly target but I'm very impatient and sometimes forget all progress is good. Good lucky Sholly!

    CT
    Mortgage £269,432 £262,860 / MF date June'49 June'49
    Debt £27,798/£24,829 / Debt Free Est. July'21 Sept'2019

    Updated 01/09/17
    • Sholly
    • By Sholly 23rd Aug 17, 11:58 AM
    • 174 Posts
    • 648 Thanks
    Sholly
    Sounds like a plan. We're in a similar boat and it has helped my mood pushing myself with a bigger monthly target but I'm very impatient and sometimes forget all progress is good. Good lucky Sholly!

    CT
    Originally posted by Cream Tea


    Hi CT,


    I do this too - I need to focus on how much I've done so far and not be too hard on myself...easier said that done though!


    How are you?


    Sholly x
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Sholly
    • By Sholly 23rd Aug 17, 12:11 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    Lists!
    Monday's lists:


    Financially:
    A NSD - done
    Commit to being MSE again (I can count this as done, right?)


    With littlie:
    Cycle with littlie to his activity rather than using the car (he's up for it!) - done, in the rain! He loved it and wants to do it more


    House stuff:
    Prepare tea before we go out - finished when we got home so I'm counting this as done, he was fed after all!
    Make a list of all of the freezer food and plan meals - not done, adding to my list for today
    Tidy the kitchen - mostly done, need to mop the floor today
    Put all of the washing away - done...and a new small pile has appeared - to be tackled today


    Mentally:
    Bath with a book (don't drop it), bed by 11pm - pft, not even nearly done (I have showered though, promise!)...will definitely do this tonight whilst littlie and boyfriend are out.


    Wednesday list


    Financially:
    NSD other than littlie's haircut


    With littlie:
    Game/chapter of Harry Potter


    House stuff:
    Finish kitchen
    Make a list of all of the freezer food and plan meals
    Hoover living room and clean hallway
    Two loads of washing
    Put dry washing away


    Looking after myself:
    Bath with a book, bed after I've put littlie to bed after his evening out


    I am having a hard week having to deal with less than nice human beings! The lists are required to prevent a 2 month long hibernation onto the sofa with a couple of kilos of Dairy Milk.


    Sholly x
    DFW and MFW
    Debt free target: August 2018
    12 months to go
    • Cream Tea
    • By Cream Tea 23rd Aug 17, 10:12 PM
    • 419 Posts
    • 1,984 Thanks
    Cream Tea
    I miss good. You seem to be very busy. I like the idea of doing something to look after yourself. I may try to incorporate that into my week.

    CT
    Mortgage £269,432 £262,860 / MF date June'49 June'49
    Debt £27,798/£24,829 / Debt Free Est. July'21 Sept'2019

    Updated 01/09/17
    • Sholly
    • By Sholly 24th Aug 17, 12:30 PM
    • 174 Posts
    • 648 Thanks
    Sholly
    I miss good. You seem to be very busy. I like the idea of doing something to look after yourself. I may try to incorporate that into my week.

    CT
    Originally posted by Cream Tea


    I am busy, but I'm just really trying to be a bit more productive with my time too - I'm guilty of wasting a lot of my evenings on social media when there are far more important things to be done. It is important to look after ourselves - also something I need to focus on more..so much work to do! I hope you enjoy whatever you manage to fit in for this xx
    DFW and MFW
    Debt free target: August 2018
    12 months to go
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