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  • 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 81
    • LionessInWinter
    • By LionessInWinter 14th Feb 17, 4:28 AM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Great job b-h
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • LionessInWinter
    • By LionessInWinter 22nd Feb 17, 10:31 AM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Another payment of £240 takes me to ~14% (rounded)
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • LionessInWinter
    • By LionessInWinter 29th May 17, 5:44 PM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Haven't posted on here in a long time, but now at 41% for this challenge of paying £13000, where each 1% is £130
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • jamie2017
    • By jamie2017 1st Jun 17, 1:06 AM
    • 23 Posts
    • 62 Thanks
    jamie2017
    JAMIE2017 - 1% is £290

    Really keen to join and I love how this breaks it down.
    • LionessInWinter
    • By LionessInWinter 16th Jun 17, 1:45 PM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Now at 52% out of £13000 paid, finally past the half way mark.
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • fayew
    • By fayew 20th Jun 17, 12:35 PM
    • 19 Posts
    • 13 Thanks
    fayew
    Please can I join?

    FAYEJW - 1% is £65

    Debt as of 1 July is £6442.51 (it's almost that now, but I have one credit card payment to come out before end of this month).
    • LionessInWinter
    • By LionessInWinter 27th Jun 17, 2:16 PM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Now at 61%, £5020 to go or 39%, each 1% is £130
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • moneymanager
    • By moneymanager 19th Jul 17, 10:39 AM
    • 321 Posts
    • 1,587 Thanks
    moneymanager
    Does anyone still manage this post?

    I would love to join in. My 1% equals to £70
    SPC10 #283 | £2 #58 | 50p #27 | 20p #35
    2018: TESCO CHRISTMAS SAVER: £0/£200 TESCOS VOUCHERS: £0 BONUS: £0 TOTAL £0
    Total Debt: £7,518.20/£857.28 = 100%/11.40%
    Mortgage £61,490.79/£59,836.51 | Car Loan: £9,217.20/4,608.60 50%
    My Money Managing Ways
    • LionessInWinter
    • By LionessInWinter 20th Jul 17, 5:12 AM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    I don't think anyone does, but I just post my percentage every now and then to keep me somewhat accountable and I like to see the progress we've made ��
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • clairemg
    • By clairemg 20th Jul 17, 10:44 AM
    • 26 Posts
    • 32 Thanks
    clairemg
    I half heartedly joined in 2015, no further along, but a couple of months ago I restarted at home, a spredsheet, and no pressure.
    Debt was £6633.00 so 1% = £66.33 so far 3% paid and i've fixed my direct debit at £20 above what my minimum repayment was. In it for the long haul this time!!

    I've also started a £60 saving challenge. Where the plan was, I put £1 then £2 then £3, then £4 etc up until £60, but decided to do it in reverse so the challenge would get easier instead of harder. So I started at £60, then £59, then £58 etc until I get to £1 so I should end with £1830. (if i've added up correctly) Thats going well i've made 4 payments so far.

    I use a spread sheet for both and colour in the squares as I achieve a payment, so I can visually see progress.
    • LionessInWinter
    • By LionessInWinter 27th Jul 17, 6:25 AM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Now at 70% paid off
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • moneymanager
    • By moneymanager 27th Jul 17, 10:05 AM
    • 321 Posts
    • 1,587 Thanks
    moneymanager
    Now at 70% paid off
    Originally posted by LionessInWinter
    Wow well done
    SPC10 #283 | £2 #58 | 50p #27 | 20p #35
    2018: TESCO CHRISTMAS SAVER: £0/£200 TESCOS VOUCHERS: £0 BONUS: £0 TOTAL £0
    Total Debt: £7,518.20/£857.28 = 100%/11.40%
    Mortgage £61,490.79/£59,836.51 | Car Loan: £9,217.20/4,608.60 50%
    My Money Managing Ways
    • LionessInWinter
    • By LionessInWinter 27th Jul 17, 2:22 PM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Wow well done
    Originally posted by moneymanager
    Thank you. We've been in debt for years and the end feels near. This last bit is the new used car we purchased in 2014 and are trying to payoff sooner than the term of the loan
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • LittleBlueFishy
    • By LittleBlueFishy 3rd Aug 17, 9:07 PM
    • 10 Posts
    • 16 Thanks
    LittleBlueFishy
    Hi everyone,

    I've got a couple of chunky debts to pay off, but doing them one at a time snowball fashion.

    My first 1% = £7, currently paid off 35%!

    Have a lovely week, weekend x
    • clairemg
    • By clairemg 8th Aug 17, 11:40 AM
    • 26 Posts
    • 32 Thanks
    clairemg
    Just made another payment taking me to 5%. My balance has also dropped below 6k which makes me all the more focussed. Happy days.
    Well done Lioness thats an awsome achievement.
    • LionessInWinter
    • By LionessInWinter 12th Aug 17, 6:21 AM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Thank you clairemg. Another 3%, now at 73%.
    Lets keep going everyone .
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • clairemg
    • By clairemg 12th Aug 17, 10:30 AM
    • 26 Posts
    • 32 Thanks
    clairemg
    3% paid this morning, taking me to 8% paid
    One step at a time:
    CC1 £6633.00 so far 13% paid.
    • LionessInWinter
    • By LionessInWinter 12th Aug 17, 3:11 PM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Way to go Clairemg
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • AdventureWanted
    • By AdventureWanted 13th Sep 17, 4:10 PM
    • 158 Posts
    • 578 Thanks
    AdventureWanted
    Hi, I'd like to join please. 1% = £46.50.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £982.50 / £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 - £2,570.27 (since 13/9/17)
    • TheMsTeal
    • By TheMsTeal 22nd Sep 17, 7:23 PM
    • 151 Posts
    • 586 Thanks
    TheMsTeal
    I want to give this a go please. My 1% equals £10
    Debt Free Day Target: November 2018

    £2 Savers Club 2017: no 41
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