Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Little Miss Uni-Debt
    • By Little Miss Uni-Debt 1st Mar 13, 9:18 AM
    • 832Posts
    • 2,875Thanks
    Little Miss Uni-Debt
    The 1% Challenge - 100 ways to make your 1%
    • #1
    • 1st Mar 13, 9:18 AM
    The 1% Challenge - 100 ways to make your 1% 1st Mar 13 at 9:18 AM
    Hello all! Welcome to the new home of The 1% Challenge. The first 8 months flew by and we did amazingly well! (£85K cleared - Amazing!!!!)

    Time for a fresh new thread at the start of a fresh new month!
    I'll be moving members list & ideas list here shortly!

    Please pop in to say hello and subscribe to this new thread!

    What's it all about?

    So, for anyone new to the challenge & joining us here for the first time, you might find the back-story helpful. The original thread is here Post 1951 on pg 98 was the year end round up and has all the stats.

    Basically the idea is that money comes to us in lots of small ways and we don't often realise it. When faced with a big debt it can be overwhelming and we find ourselves just waiting for the next pay day when we can make a large payment.

    However, we shouldn't be counting paydays as that's really demotivating, we should be saying we're 100 steps away from being Debt Free or our Savings Target. Each step is 1%. You can do those steps as fast or as slow as you like, as long as you are making progress. There are many ways you can make your 1%. So many in fact that I put together a list of over 100+ ways you can make 1%. Some can even be done several times!!

    When the budget has settled and you have a long journey ahead of you, it often gets tough, trying to look for the light at the end of the tunnel. We often push ourselves hard but always wish we could pay more, do more and save more. Sometimes it's hard to be satisfied with the baby steps that we know are good for us.

    By doing it 1% at a time and celebrating every milestone, you're on the debt-free ladder & you know exactly which rung you're on. You can take the steps as fast or slow as you like. When you need to, you can pause for a while and reflect on your progress and then carry on renewed.

    We need to enjoy the journey and not just the destination.

    Three Golden Rules

    1. You MUST pay your minimums to your debts each month (This is covering your interest) The percents you earn are in addition to covering your monthly minimums.

    2. Always work with accurate balances. Honesty with yourself now saves you from being disappointed with your balances later on.

    3. When you feel overwhelmed or demotivated just focus on your next 1%


    How To Join in on the challenge! -

    Post in BIG colourful letters, your name, 1% and total so far. I'll add you to the list. e.g LITTLE MISS UNI-DEBT - 1% is £80.

    What you might need :-
    Moneybox / petty cash tin (keep your £s safe!)
    100 wage envelopes, or 100 paperclips - (the freer the better)
    Notebook
    Free printable 100 square here or here (press begin & then print)
    (or make one of your own! Get the felt pens out! )

    How to...
    Take your exact debt or savings total and divide by 100.
    Round UP to the nearest £1 or £10. This is your 1%
    In your notebook start a list of 100 ways that you can earn 1%
    Print the ideas list below for inspiration
    Use the thread for support & motivation
    Contribute new ideas and what worked for you
    Shout up and join the list & get a member number.
    Post a weekly/monthly update of what you've done and how you did it!
    Have fun with the super secret smilies
    Colour in your progress on your 100 square
    Put your member number in your sig, and your % so far & spread the word!

    Important Notes

    ***You MUST MUST MUST pay your minimum payments to all of your debts AND save your 1%'s as well.*** This is now a golden rule

    Your 1%'s are what you owe, your min payments are the interest you are paying. I consider the min payments as a 'service charge' the cost of rolling your debt on to the next month. This makes you consider just how much your debt is costing you each month!

    As you pay your 1%'s to your cards, your min payments will start to drop. The faster you put your 1%'s to your cards the less interest you will pay.

    If you save up to 100% and pay it off in one go this is MORE expensive than paying each 1% as soon as you have earned it. (I try to save 5% then pay it off)

    This challenge is probably best for debts/savings £20k or less.
    If you find your 1% still too daunting, just decide on how much you want to pay off this year. Divide it by 100. That should give you a 1% figure that is more suitable. Some find it easier to do one card at a time, starting with the highest interest rate.

    If your debt is still increasing through spending, this challenge isn't right for you yet. You need to go back a step to your SOA and re-work it until your debt is steady and you have a little room for overpayments. Then come back when you're ready!

    Please contribute your 1% ideas - we need to build a fantastic list for people to choose from!

    Anyone wanting to join from now on please post in BIG letters and you'll get the next number on the list.

    Little Miss xx

    If you haven’t already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 18-10-2017 at 1:21 PM.
    Total@ LBM - Nov07 £14k - Nov 08 £5765 - Aug 09 £3k Dec 09 £998 - May 11 £6900 - Jun 12 £8k Sept12 £7k 19.5k Done - 0k to go
    DEBT FREE! Nov 15
    Proud DFW Club Member - #1073
    '1% at a time' Member - #1!
Page 3
    • happytails
    • By happytails 7th Mar 13, 11:50 PM
    • 1,506 Posts
    • 9,215 Thanks
    happytails
    Hi,

    I divide mine up and focus on one at a time. Ie CC is one debt, loan is debt 2 etc etc

    Ive cleared 2 debts already, i feel ive accomplished more that way

    sarah x


    Hi everyone, can I join in please?
    I read through nearly your whole previous thread last night and was so inspired I stayed up making my own 'square chart' to colour in as I go. :-)

    We've currently got £13,445.23 in debts (sob)
    It was 20,000 in 2008, and I have worked really hard to get it down by the 6.5k that we have already in the last 4.5 years, but its sooo slooow... and I don't ever have enough to buy nice things, many days out etc. (we didn't even have a honeymoon in 2009 when we got married I was so determined not to overspend on our budget)

    Today I have spoken and written to my bank and resubmitted my request for bank charges to be reclaimed. I have also bitten the bullet and gone for PPI both with my bank (I was worried to do this before, incase they closed my account and wanted the remainder of my loan upfront which I couldnt do! - But I phoned the FOS and they assured me they cannot do that)
    I also had a bit of a brain jolt and remembered that I had a few store cards about 12 years ago... Phoned Santander and it turns out I had 6!!! (eek) They couldnt see if there was PPI as they were from so long ago, but they have given me the address to write to which I have done tonight as well.

    I guess my question would be, (apart from can I join lol) does anyone else have as high a 1% as £135? It just seems impossible (and I feel a bit deflated... )

    Should I split my debts, and look at them individually as 1% at a time?

    Sorry if I seem confused... Appreciate any thoughts - Thanks
    Originally posted by rexelpink
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • liz-paul
    • By liz-paul 8th Mar 13, 10:20 AM
    • 895 Posts
    • 4,806 Thanks
    liz-paul
    Hi rexelpink - do what makes you feel happiest. Some people tackle their highest interest debt first to break it down. Obv remember to keep paying your minimum payments as well. You could always break it down into several debts but keep your 100 square chart as an overall marker...? good luck!

    Update on my CEX sale - got an email this morning to confirm my goods were ok and payment will be in my account within 3 days. Fairly slow process but they have honoured all their quoted prices. Going to send another batch this week and see how that goes.....
    1% at a time no. 40. £8000 (For dream family holiday) 94/100
    MFW 2013 no. 62 £10,000/£10,000
    MFW 2014 no 62 £8000/£7000
    • rexelpink
    • By rexelpink 8th Mar 13, 10:47 AM
    • 115 Posts
    • 431 Thanks
    rexelpink
    Thanks for the ideas,

    £11,000 is on a loan, which has got a penalty fee if paid early, so I will concentrate on the remainder.
    Debt 1 - £250 / 1% = £2.50
    Debt 2 - £800 / 1% = £8
    Debt 3 - £1,000 / 1% - £10.

    So I think I will start with 1% = £20.50 (which is so much better yippee!!!)

    I couldn't bare to bin my square chart lol, so I have drawn up 4 seperate 100 smaller squares on the back... Will be like a total debt one side and a break down on the back.


    Another question... When you make the payments by DD, should I take them off the total as well?
    My loan for example is £346 a month... More then 1% even with the interest.....

    Thanks
    Staring debt - June 2013 - £21,000
    Current debt - April 2017 - £11,697

    Emergency fund £500 / 100%

    Debt free one day at a time
    • rexelpink
    • By rexelpink 8th Mar 13, 10:48 AM
    • 115 Posts
    • 431 Thanks
    rexelpink
    Well done with the CEX by the way, what did you sell out of interest?
    Staring debt - June 2013 - £21,000
    Current debt - April 2017 - £11,697

    Emergency fund £500 / 100%

    Debt free one day at a time
    • clarabella23
    • By clarabella23 8th Mar 13, 11:59 AM
    • 437 Posts
    • 1,166 Thanks
    clarabella23
    Also reclaiming bank charges is a very important one. It's already on the main ideas list and there is a HUGE section on how to do it under the MSE 'reclaim' header, however a few people have mentioned recently, wondering if it is worth it.

    I would say without a doubt reclaiming bank charges has been my biggest percentage earner so far.

    There's a bit of a psychological barrier that it takes a little effort and a bit of a wait, yes you do have to sit down and write a letter or two but the results could be huge and the templates are already done for you!

    I'd just like to remind folks that have considered it or maybe have tried once in the past and got fobbed off with an initial "we think our charges are fair" letter - try again.
    Originally posted by Little Miss Uni-Debt
    Is there a chance of getting them back even without being in financial difficulties? I wrote to them once, but it was just at the time they were going to the high court, so it got put on hold and nada Never pushed it after I got the "sorry, we won in court, we were right, haha" letter, as I thought I didn't stand a chance as not in financial difficulty.
    Make £5 a day in March £256.27/155
    Make £5 a day in April £22/150 Life and Uni got in the way!
    Make £5 a day in June £48.95/150
    100 day challenge £120/484 by August
    • happytails
    • By happytails 8th Mar 13, 7:39 PM
    • 1,506 Posts
    • 9,215 Thanks
    happytails
    Done quite well at looking after the pennies this week spent £19 on luxuries (costa with nana and kids and takeaway yesterday), £2 on slingmeet (turned down lunch, saving about £20) and then today I spent £1.34 on food oh and £8 on Mother's Day and £2 on 3 birthday cards.

    Still struggling with the luxuries but its alot better than it was and very proud of turning down lunch out with my friends after slingmeet. Lets see how well we can do at the weekend. We need to get some veg and eggs and finish off the mothers day gifts for mum and mil, shouldn't be more than a few £s. I'm going to budget £20 for the weekends spends

    Sarah x
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
  • Natterjack88
    Sold some more items on eBay last night. Now up to almost 15.5% hoping to make another 6% or so today on a little opportunity I took advantage of.
    £20 a day April 2014 £834.87/£600
    £20 a day May 2014 £108.45/£600
  • LunaLady
    What a great thread, and such a great idea to break down your debt and make it feel a little less scary.
    SPC #1813
    Addicted to collecting Nectar Points!!
  • Natterjack88
    Well my opportunity got me a bit more than the 6% Now up to just over 34%.
    £20 a day April 2014 £834.87/£600
    £20 a day May 2014 £108.45/£600
    • Determined diva
    • By Determined diva 9th Mar 13, 4:43 PM
    • 589 Posts
    • 2,728 Thanks
    Determined diva
    Hi everyone

    I'm coming over from the old thread :-)

    I hate admitting I've been a bit lax with the 1% a time. Sold stuff on eBay but needed to use it to live rather than pay a debt!

    I'm back with a vengeance now though and going to list more things on e bay this weekend with the determination t pay it off the debt!!!!

    DDx
    3-6 Month Emergency Fund Challenge!! #68 (£1,050/£2,000)
    Pay ALL your debt off by Xmas 2017 #92 (£0.00/£7.000)
    The "Save 12k in 2017" Thread! #TBC (£1,050/£2,000)

    • happytails
    • By happytails 9th Mar 13, 5:40 PM
    • 1,506 Posts
    • 9,215 Thanks
    happytails
    Well my opportunity got me a bit more than the 6% Now up to just over 34%.
    Originally posted by Natterjack88
    Oooh intrigued. Care to share?!

    Well not much to report here, got a bid on an eBay item. Hoping to list more things this weekend. Listing some bits for mum too, hoping she will give me a % of her earnings x
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • rexelpink
    • By rexelpink 10th Mar 13, 12:47 AM
    • 115 Posts
    • 431 Thanks
    rexelpink
    Is there a chance of getting them back even without being in financial difficulties? I wrote to them once, but it was just at the time they were going to the high court, so it got put on hold and nada Never pushed it after I got the "sorry, we won in court, we were right, haha" letter, as I thought I didn't stand a chance as not in financial difficulty.
    Originally posted by clarabella23
    I have re-applied this week, due to being in financial difficulties when the charges were applied, and the subsequent financial problems I have had BECAUSE of the charges.... Will keep you posted if I have any luck...
    Staring debt - June 2013 - £21,000
    Current debt - April 2017 - £11,697

    Emergency fund £500 / 100%

    Debt free one day at a time
    • JCD_Capulet
    • By JCD_Capulet 10th Mar 13, 10:37 AM
    • 1,345 Posts
    • 2,485 Thanks
    JCD_Capulet
    Hello LMUD and everyone


    Can I tag along too please?

    I've been paying my council tax bill of for what feels like forever but the end is in sight! Once my council tax debt is out of the way I want to aim to save 5K by the end of the year, so the sooner the debt has gone the better

    JCD_Capulet - 1% = £5. Debt outstanding £500.



    Now I just hope there's enough colour in the printer to make a copy of the 100 squares for the wall behind my desk x

    Thank you for this thread and the entire concept really. 1% at a time makes so much sense! x
    Debt free since 2014 - now saving for a mortgage deposit
    This time I'm on top of it! We live and learn
    • happytails
    • By happytails 10th Mar 13, 8:11 PM
    • 1,506 Posts
    • 9,215 Thanks
    happytails
    Hi JCD welcome aboard.

    Hope all the mums on here have had a nice Mother's Day. I have 3 kids 4,2 and 4m old and I got a lie in and a shower in peace, coffee and breakfast made for me (eldest helped daddy), we went for ice cream and had take out too (a cheap one) and I got a nice card

    Listed 14 things on eBay today, hoping to add more later. Turning the thermostat down in a bit by 1c to see if we notice, fingers crossed we don't. Also getting the husband to hook printer up so I can type up a letter to Halifax to get ball rolling on hopefully getting bank charges back x
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • JCD_Capulet
    • By JCD_Capulet 10th Mar 13, 8:33 PM
    • 1,345 Posts
    • 2,485 Thanks
    JCD_Capulet
    Thanks for the welcome Happytails

    I did manage to get one copy of the 100 square grid printed then the cartridges put out nothing at all when I tried to print another. Phew! At least I have one

    Good luck with the ebay listings Happytails, I'll be reaching my 10 auction monthly maximum once I've listed tonight's lot so I hope they sell well.

    Now I'm off to write my budget for this week coming and figure out how many of those boxes I can have coloured in by Saturday

    Have a great evening everyone
    Debt free since 2014 - now saving for a mortgage deposit
    This time I'm on top of it! We live and learn
    • happytails
    • By happytails 11th Mar 13, 12:23 PM
    • 1,506 Posts
    • 9,215 Thanks
    happytails
    Afternoon!! Sold some baby bits for £14 today so pleased with that Wil be being spent on essentials but i will be keeping a tally of earnings so when we get paid i can pay it off the overdraft. Looking forwards to seeing it go down!! We've had an overdraft and been deep into it since 2007

    Sarah x
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • JCD_Capulet
    • By JCD_Capulet 11th Mar 13, 3:04 PM
    • 1,345 Posts
    • 2,485 Thanks
    JCD_Capulet
    So I did the household budget for the remainder of the month, counted what's in the moneybox (I don't carry cash/cards in my purse, I have a tupperware in my front room which I keep day to day cash in - stops unnecessary spending in the shops if I only take what I need everywhere I go) and I've £20 I can put towards the council tax today. I think that will be it until some ebay bits sell.

    4% (96% to go).

    Afternoon!! Sold some baby bits for £14 today so pleased with that Wil be being spent on essentials but i will be keeping a tally of earnings so when we get paid i can pay it off the overdraft. Looking forwards to seeing it go down!! We've had an overdraft and been deep into it since 2007

    Sarah x
    Originally posted by happytails
    Nice one
    Debt free since 2014 - now saving for a mortgage deposit
    This time I'm on top of it! We live and learn
    • Shell78
    • By Shell78 11th Mar 13, 6:25 PM
    • 37 Posts
    • 271 Thanks
    Shell78
    First 1% payments!
    Got my first 3% today £360 clearing my Next debt (still a long way to go)

    I realised thursday that SHOPPER REWARDS had been taking £8 a month out of my account for the last....wait for it....................7 YEARS!
    I emailed them a strong worded complaint and demaded my money back (totalling £560)
    5 days later I had approx 60 £8 refunds in my bank account!

    What a cracking start!

    Member #182
    Barclaycard=£4200/ Next=£0.00/Lloyds overdraft= £1000/Santander overdraft= £550
    TOTAL DEBT = £13750as of November 2012
    TOTAL DEBT = £11620 as of March 2013
    TOTAL DEBT = £5750 as of January 2016
    • rexelpink
    • By rexelpink 11th Mar 13, 9:34 PM
    • 115 Posts
    • 431 Thanks
    rexelpink
    So jealous of eveyone chipping away with their 1%'s... getting nowhere here !

    I've got loads of old books to sell... Anyone got any ideas??? I tried zapper etc, but they're all low demand books, and I have put some on green metropolis today - but wondering if anyone has had any success / experience with it?
    I resent paying ebay fees for books that may take months to sell....Although I have requested my limit to be more then 10 today so hopefully that will help. I am also trying to use ebay more for stuff that I was going to bin... I've got a bidder on some leftover scrap material that I used for a crafting project a few weeks ago, only put it on last night cos I was bored, now am inspired to go round the house looking for other stuff I was going to bin that someone else might use!

    I have signed up with topcashback today as my Car and contents insurance are both up for renewal end of March... Hoping to make a few % there...

    Sorry If I am waffling... If Im not using the thread right let me know and I will shut up!!!
    Staring debt - June 2013 - £21,000
    Current debt - April 2017 - £11,697

    Emergency fund £500 / 100%

    Debt free one day at a time
    • rexelpink
    • By rexelpink 11th Mar 13, 9:36 PM
    • 115 Posts
    • 431 Thanks
    rexelpink
    Got my first 3% today £360 clearing my Next debt (still a long way to go)

    I realised thursday that SHOPPER REWARDS had been taking £8 a month out of my account for the last....wait for it....................7 YEARS!
    I emailed them a strong worded complaint and demaded my money back (totalling £560)
    5 days later I had approx 60 £8 refunds in my bank account!

    What a cracking start!

    Member #182
    Originally posted by Shell78
    Meant to say... Well done you
    7 years!!!! I would have been livid!
    Staring debt - June 2013 - £21,000
    Current debt - April 2017 - £11,697

    Emergency fund £500 / 100%

    Debt free one day at a time
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

805Posts Today

6,551Users online

Martin's Twitter