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  • FIRST POST
    • giblet1979
    • By giblet1979 10th Apr 14, 9:08 PM
    • 846Posts
    • 3,398Thanks
    giblet1979
    Giblet's debt free journey
    • #1
    • 10th Apr 14, 9:08 PM
    Giblet's debt free journey 10th Apr 14 at 9:08 PM
    Hi to anyone reading this,

    After much soul searching, I've decided to listen to the advice of the clever people on this forum, and start my own diary to try and keep things on track. I've found so much inspiration already from others, and hope that my own ramblings might even possibly prove useful to someone else (you never know!)

    A little about me and how debt has influenced / affected me:

    As a child, we never had any money, and my mum and dad used to give us everything and go without themselves. They were both ill (I have cared for them since I was 5) and therefore money was scarce and unpredictable. Then, suddenly, credit cards and loans seemed to become freely available, and they gave us everything we wanted (and more) without realising the day would come when new credit was no longer available. I then saw the (mental and physical) consequences of debt, and the stress it caused them (and still does, although a stepchange plan has helped massively) made me think "that will never happen to me".
    Cue University, and professional training, plus a large loan I needed to take out when my childhood home was 'condemned' to stop us losing the house, and I was 'suddenly' about £21,000 in debt, not counting student loans.
    I decided to get rid of the credit cards, store cards and consolidate with a couple of low interest loans (which worked ok for a few years) and with the support of my now DH, we pooled our collective debts, and managed to pay off all but £4000, (as well as saving £17000 for a house deposit in 2 years).
    Fast forward to today. We have a £14000 loan (original £4000 plus £10000 extra for essential house repairs to allow us to move in), £4000 outstanding on a 0% buy now pay later window finance, and a £136000 mortgage.
    I am determined that we will pay this all off as soon as possible, and that we will start with overpaying the loan as it has the highest interest (we are saving monthly in addition to this to allow us to pay off the 'window' finance before the 0% finishes, therefore avoiding a massive £7000 extra cost )

    Current ways of making money:

    I am currently working 4 jobs (one 30hrs, one flexible hours and two occasional teaching / marking). My DH works a job he HATES to allow us to overpay, but we are looking at other options to allow him a better quality of life whilst still overpaying.

    I make sure we use all reward points possible (e.g.Tesco fuel save is helping and we have been swopping vouchers x3 for furniture storage; however this should end next month giving us a lovely extra £143 towards overpayments).

    DH and I have both started online surveys / cashback sites etc although I need to get better at this.

    We are going to bite the bullet and look at e-bay selling (eek!) especially as most of what has been in storage for the last 2 years can't be that important as we've managed to live without it!

    Cutting down on coffees etc whilst I am driving around at work (painful, but getting there on this one...did give in today once )

    NO more takeaways or meals out (managed to waste nearly £300 here last month, although that included 2 special occasions). Writing everything down is definitely helpful in minimising 'thoughtless spending'

    Keep track of all spending on YNAB - loving this so far, although confusing myself frequently as I don't do numbers...

    Anyway - sorry for the really long post. I will task myself with posting most days to try and keep up the momentum, and if nothing else, it stops me bending DH's ear so much about money saving; I know he'll be glad of the brief respite
Page 23
    • giblet1979
    • By giblet1979 16th Sep 15, 10:30 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Thanks guys - I have my car back now. It's so shiny
    One more work day till I go away for my surprise birthday weekend. So excited. Much more positive, and I'm sure I'll be even more so by tomorrow evening!

    Must sleep now tho - night night x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • amycool
    • By amycool 18th Sep 15, 8:19 PM
    • 670 Posts
    • 2,978 Thanks
    amycool
    I'm really glad to hear that everything is looking up. Hope it continues that way and you have a great trip!
    Mortgage (Start Sep 2014)- £70,295/£45844.47- 34.8%
    Overpayments - £14435.03
    • giblet1979
    • By giblet1979 26th Aug 16, 1:02 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Oops....11mths
    Hi all,
    I hope everyone is well? I can't believe it, but it has been about 11 months since I posted on here. How the heck that's happened I've no idea. In that time, I've been pretty good at money saving, although life has taken over in many ways.
    Our house is still not done (maybe one room more than when I last 'spoke' to you all). Life continues to be hectic with 4 jobs (I've dropped 1) and a long commute, plus my poor parents have been very ill and it has been touch and go at times. All these are excuses rather than reasons for my absence - I haven't really been prioritising what's important. I won't even mention the weight gain
    In good news - I've paid off my loan due to consistent OP'ing from extra income, and an eventual tax rebate (yay!). I've also OP'd about £1000 of my mortgage so far, which I'm really chuffed with.
    I hope everyone is well and look forward to catching up with as much as possible over the next few weeks.
    Sending lots of love
    Gib xx
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • amycool
    • By amycool 28th Aug 16, 7:52 PM
    • 670 Posts
    • 2,978 Thanks
    amycool
    Really sorry to hear about your parents. That must be tough and not helpful for healthy eating.

    Massive well done on paying back the loan and even overpaying on top. And doing up one room is far more than we've done!

    It sounds like you're in a good position now to keep saving and OPing but no idea how you cope with 4 jobs! I just have one now - being a mum! Really miss earning money but my daughter needs me home and she's getting used to not getting everything she wants!
    Mortgage (Start Sep 2014)- £70,295/£45844.47- 34.8%
    Overpayments - £14435.03
    • giblet1979
    • By giblet1979 29th Aug 16, 11:15 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Hey Amy,
    I'd much rather be a mum than do 4 jobs - I'm hoping that saving and OP'ing now will enable that to happen
    Managed to OP another £87 today. Happy lol xx
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • misstara
    • By misstara 30th Aug 16, 10:37 AM
    • 1,901 Posts
    • 12,567 Thanks
    misstara
    Hi Gib fab to see you back . Well done on paying off your loan and your mortgage OPing.
    Debt at LBM Jan 2014 £10458.09 Now £485.11 (95.4% paid)
    New flat debt Nov 2016 £1252.44
    Mini Targets
    Exercise target - 2/12. Groceries target £25.59/£135. NSD target 4/15.
    • giblet1979
    • By giblet1979 31st Aug 16, 7:59 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Thanks MissT - hope you're well yourself? xx
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • misstara
    • By misstara 31st Aug 16, 10:29 PM
    • 1,901 Posts
    • 12,567 Thanks
    misstara
    Thanks MissT - hope you're well yourself? xx
    Originally posted by giblet1979
    Yep things are going well, getting there with the debt, won't be long now until I'm debt free
    Debt at LBM Jan 2014 £10458.09 Now £485.11 (95.4% paid)
    New flat debt Nov 2016 £1252.44
    Mini Targets
    Exercise target - 2/12. Groceries target £25.59/£135. NSD target 4/15.
    • giblet1979
    • By giblet1979 2nd Sep 16, 10:09 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Yep things are going well, getting there with the debt, won't be long now until I'm debt free
    Originally posted by misstara
    Great news I'm addicted to making overpayments now...must resist xx
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • giblet1979
    • By giblet1979 2nd Sep 16, 10:34 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Well today has been a weird day; nice family stuff happened, but one of my clients died unexpectedly in potentially 'not great' circumstances (don't want to say too much) so I've felt very sad. It does remind me that it's important to make the most of every day, although it can be difficult to focus on this sometimes when times are tough.

    I've also spend the day in pain (have a throat problem and am worried that I may have an infection now in my jaw....not really sure if it's actually nerve pain from toothache tho so could be overreacting).

    To make me feel better, my internet log in details for the mortgage were waiting for me when I got home so I promply logged on (which I haven't been able to do since I took it out in 2014). It's very basic, but was good to see that this years interest is about half of the previous 2 years (seeing £5000+ in interest frontloaded each of the first 2 years is a bit depressing I can tell you!). I then made a large overpayment to the mortgage (as I'm going to be off work later this month for 2wks and would usually have to buy a lot of petrol).

    I'm enjoying being able to make OP's to the mortgage now that I've paid off the loan, and my car payments are finished although it can be a bit too addictive, and my DH reminded me that it won't be worthwhile if I end up going into my overdraft and getting charged (by getting too carried away). I'm not sure really if I should 'move' into the mortgage free wannabe diary space now rather than here, but if people don't mind, I feel comfy here and still feel like a beginning in the MFW world so would like to stay, at least for now?

    Hope everyone has a lovely weekend, whatever you are up to

    Gib xx
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • giblet1979
    • By giblet1979 3rd Sep 16, 8:50 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Okay I admit it - I'm addicted. Another £12 overpayment to the mortgage tonight (coffee bought by friend, and saving on a meal out).
    So difficult not to be tempted to OP more x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • giblet1979
    • By giblet1979 4th Sep 16, 9:46 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    And....another £30 today. Must resist, lol. Waiting for pay from jobs 3 and 4 to come in before I do anything else. Am lucky to be in this position atm (am working very hard but still consider myself lucky).
    I'm actually planning to start a new job in December, but have been offered bank work in the meantime (whilst still working my other jobs). Head says yes....so does the overpayment calculator
    Hope everyone has had a lovely weekend; I've really enjoyed reading through some new diaries (and catching up with 'old friends') but feel so far behind. There aren't enough hours in the day either to read it all...must read smarter
    Gib x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • giblet1979
    • By giblet1979 5th Sep 16, 10:57 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Excited to have made another overpayment tonight, and confirmation that we've now shaved 5mths off our mortgage, and reduced the interest by 1/2 to about £10 per day (that was more to do with reducing our fixed rate to 2.84 from 4.24 but still....)
    Happy
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • giblet1979
    • By giblet1979 9th Oct 16, 12:11 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    I had a really good think and decided to move over to the MFW board as I'm happily debt free now (apart from that).
    This is the link if anyone would like to keep following.
    Lots of love and luck to you all....and thanks for all the help and support. I'll still be reading and following
    Gib
    http://forums.moneysavingexpert.com/showthread.php?t=5521281
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


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