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 82
    • AdventureWanted
    • By AdventureWanted 2nd Oct 17, 6:50 AM
    • 161 Posts
    • 579 Thanks
    AdventureWanted
    Morning all,
    Hope you've all had a good weekend. I wrote down the wrong 1% figure a few weeks back! 1% for me is £51.85.
    Have been making small daily payments using the payment a day challenge and have managed to get to 17% of CC1 debt paid.
    It's definitely a marathon and not a sprint, but I will get there in the end.x
    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)
    • AdventureWanted
    • By AdventureWanted 5th Oct 17, 7:29 AM
    • 161 Posts
    • 579 Thanks
    AdventureWanted
    Additional payments each day have pushed me to 18% paid. Slowly but surely the debt is decreasing, (although at the moment it seems very much at snails pace!).
    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)
    • LionessInWinter
    • By LionessInWinter 6th Oct 17, 3:43 AM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    That's great progress, keep going
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • clairemg
    • By clairemg 6th Oct 17, 12:02 PM
    • 26 Posts
    • 32 Thanks
    clairemg
    haven't posted for a short while but im up to 13% paid off.
    Keep the enthusiasm going, everyone is doing great
    One step at a time:
    CC1 £6633.00 so far 13% paid.
    • Cazzell
    • By Cazzell 8th Oct 17, 9:20 PM
    • 45 Posts
    • 307 Thanks
    Cazzell
    Would love to join in with this. My 1% is £85.00 towards CC1
    • arc2014
    • By arc2014 9th Oct 17, 11:24 AM
    • 149 Posts
    • 620 Thanks
    arc2014
    I think I should join this thread! Sometimes I look at my debt and think ! I know it's not as bad as it could be, and many are I a MUCH worse situation, but I literally have nothing to show for this debt, I'm being served notice on my rented house and am now facing redundancy in the very near future! To break my debt down will make it seem so much more manageable, and will also motivate me a lot more I think!


    So here goes. My 1% is £90.


    I would like to have 5% by the end of this month (which will also fit in nicely with my £500 on the £10 a day challenge!) Then realistically I could maintain 2-3% on top of my normal wage a month, with hopefully adding a couple more % from any left over wage I have at the end of each month.


    I need to average 6-7% a month to hit my DFD of Christmas 2018. Here goes!
    Logbook Loan 970.42/1000 ∑ DC1 75/1420.32 ∑ DC2 40/321.13 ∑ DC3 11.75/11.75 ∑ DC4 60/635 ∑ Personal Loan 640.71/4800 ∑ Overdraft 0/1200 ∑ Total 1797.89/9388.20

    SPC #200

    Lightbulb Moment September 2017 - DFD Christmas 2018!
    • AdventureWanted
    • By AdventureWanted 10th Oct 17, 9:24 AM
    • 161 Posts
    • 579 Thanks
    AdventureWanted
    Welcome Cazzell and arc2014.

    Small payment today has taken me to 19% paid
    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)
    • cmjmcm007
    • By cmjmcm007 18th Oct 17, 10:41 AM
    • 1 Posts
    • 2 Thanks
    cmjmcm007
    Hi. Can you add me please...£120...1%

    Thank you. Xx
    • arc2014
    • By arc2014 19th Oct 17, 7:32 PM
    • 149 Posts
    • 620 Thanks
    arc2014
    I've made an extra 2% so far this month. Hoping I can double it by the 31st!
    Logbook Loan 970.42/1000 ∑ DC1 75/1420.32 ∑ DC2 40/321.13 ∑ DC3 11.75/11.75 ∑ DC4 60/635 ∑ Personal Loan 640.71/4800 ∑ Overdraft 0/1200 ∑ Total 1797.89/9388.20

    SPC #200

    Lightbulb Moment September 2017 - DFD Christmas 2018!
    • AdventureWanted
    • By AdventureWanted 22nd Oct 17, 7:27 PM
    • 161 Posts
    • 579 Thanks
    AdventureWanted
    Payment today has taken me to 21% of CC1 paid.
    • AdventureWanted
    • By AdventureWanted 28th Oct 17, 8:23 AM
    • 161 Posts
    • 579 Thanks
    AdventureWanted
    Payment today has meant I’m now at 22% of CC1 paid.
    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)
    • Cazzell
    • By Cazzell 28th Oct 17, 5:15 PM
    • 45 Posts
    • 307 Thanks
    Cazzell
    Today I reached my first 1%. Only another 99% to go.
    Proud to be dealing with my debts
    Snowball amount £25548.54
    PAD Challenge £956.15(Oct - Dec 2017)
    1% Challenge so far 11%(Oct - Dec 2017)
    • Cazzell
    • By Cazzell 9th Nov 17, 6:13 AM
    • 45 Posts
    • 307 Thanks
    Cazzell
    Reached another 1% today so that is 2% to date.
    Proud to be dealing with my debts
    Snowball amount £25548.54
    PAD Challenge £956.15(Oct - Dec 2017)
    1% Challenge so far 11%(Oct - Dec 2017)
    • LionessInWinter
    • By LionessInWinter 10th Nov 17, 5:16 AM
    • 371 Posts
    • 2,314 Thanks
    LionessInWinter
    Good job, keep going . One step closer.
    PAYDBX17 - #9 £11240/ £14000 Paid £1000/£1000 credit card , £5240/ £8000 car, £5000/ £5000 loan [/SIZE]
    • AdventureWanted
    • By AdventureWanted 19th Nov 17, 4:26 PM
    • 161 Posts
    • 579 Thanks
    AdventureWanted
    Overestimated DH’s tax bill, so managed to pay extra off CC1. Now at 65% of CC1 paid.

    Can’t wait to get this small one paid, so I can move on to the next one.
    • Cazzell
    • By Cazzell 20th Nov 17, 5:51 AM
    • 45 Posts
    • 307 Thanks
    Cazzell
    Well done AdventureWanted.
    Proud to be dealing with my debts
    Snowball amount £25548.54
    PAD Challenge £956.15(Oct - Dec 2017)
    1% Challenge so far 11%(Oct - Dec 2017)
    • Cazzell
    • By Cazzell 30th Nov 17, 7:52 AM
    • 45 Posts
    • 307 Thanks
    Cazzell
    Refund from utility company today means I have reached 10% today and a feeling that I can actually do this.
    Proud to be dealing with my debts
    Snowball amount £25548.54
    PAD Challenge £956.15(Oct - Dec 2017)
    1% Challenge so far 11%(Oct - Dec 2017)
    • AdventureWanted
    • By AdventureWanted 30th Nov 17, 6:14 PM
    • 161 Posts
    • 579 Thanks
    AdventureWanted
    Well done Cazzell. Thatís fantastic.
    • Cazzell
    • By Cazzell 8th Dec 17, 6:18 AM
    • 45 Posts
    • 307 Thanks
    Cazzell
    Padding has helped me reach 11% today.
    Proud to be dealing with my debts
    Snowball amount £25548.54
    PAD Challenge £956.15(Oct - Dec 2017)
    1% Challenge so far 11%(Oct - Dec 2017)
    • Blackberrycurved
    • By Blackberrycurved 9th Dec 17, 3:26 PM
    • 56 Posts
    • 502 Thanks
    Blackberrycurved
    Can I join for January Please and have a number? Does it just get tagged onto this thread or will you start another for 2018. £110 is my 1%
    £0 / £110
    I'll start as soon as I get a number very excited
    Blackberry Curved debt free 2017 number 17 £0/£11,000
    Save for Christmas 2018 number? £1 /£365
    1% challenge number ? £0/£110
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

2,942Posts Today

7,736Users online

Martin's Twitter