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  • FIRST POST
    • twiggy86
    • By twiggy86 16th Oct 14, 12:36 PM
    • 1,246Posts
    • 6,230Thanks
    twiggy86
    DFW journey starts today
    • #1
    • 16th Oct 14, 12:36 PM
    DFW journey starts today 16th Oct 14 at 12:36 PM
    Hi

    Been lurking for a while but today I am determined to get things under control - so this is my fourth step!
    Here's my background info! I half inherited a house last year so have finally moved out of the parents and in to the real world of responsibility! The key reason for my debt is that the house needed extensive work doing (completely re-wired, replumbed, plastering, flooring etc etc!) Whilst I had some savings for the work, this quickly ran out and so resorted to putting it on my credit card to get the house into a habitable state. There's still lots more work that needs doing and so I need to get back on track money wise and get some savings otherwise this will continue to spiral.

    First step was to calculate my total debt:-
    Credit card - £6,652.48
    Next - £436.48
    Overdraft - £480.52 (interest free)
    Parents - £820
    TOTAL - £8,389.68 (eek)


    So my second step was to apply for an interest free credit card to transfer some of my current balance. However unfortunately I got refused.
    So my first question is - I know Martin says to space out applications but how long should I leave in between? I've made an appointment to speak to someone at the bank next weekend but worried this isn't enough time between applications but also really want to get some debt shifted.


    I've also started working on a budget so that I know exactly where I stand (third step!) My second question is - if I budget £20 for X and £50 for Y etc - where do you keep your money? (No I'm not a burglar!) Do you keep it in your bank and just note how much is in each pot or do you draw it out the bank and keep it in separate envelopes? I have got a couple of accounts with my bank so all my household DD come out of one so that is separate from my everyday money. I know I would feel more in control if I had it in separate envelopes but then what if I do online shopping?!


    I hope this is the right post for this - any help would be greatly appreciated!
Page 29
    • twiggy86
    • By twiggy86 17th Oct 16, 11:00 AM
    • 1,246 Posts
    • 6,230 Thanks
    twiggy86
    Relatively spend free weekend!


    Checked my bank this morning - sky refund not received yet but did get a huge £2.43 from quidco so that's gone off the cc. Ok so my balance transfer is confirmed - however that's for most of my OH's debt on my CC. He has had a firm talking to that it needs to get cleared. Will leave a bit on the current cc but will get that paid off first plus £400 is my holiday spends so I aim to clear that asap. I then used what space was left on the balance transfer cc to transfer from my cc which was the original debt, however doesn't quite cover it all, so again this is going to go first. I know that probably doesn't make much sense to anyone else but (hopefully) it does to me! Must update my spreadsheets so that I'm clear what is my debt and what is OH's as combining on the new cc.


    Right - yep, that's what I'm going to wonder off and do now!
    LBM 16.10.14 - TOTAL - £9,863.64 - now £1,344.82
    LBM2 10.10.16 - TOTAL - £5,224.87- now £4,890.88
    £1,000 EF #31 - £438.40/£1,000
    Pay off by xmas 2015 £6,329.96/£5,000
    Pay off by xmas 2016 £613.14/£1,957.96
    Mortgage overpayments 2015 - £500, 2016 - £1,000
    • twiggy86
    • By twiggy86 19th Oct 16, 4:06 PM
    • 1,246 Posts
    • 6,230 Thanks
    twiggy86
    No sky refund yet - OH has said he'll call if its not in there by Friday. I'm feeling really on top of things again. Did my spreadsheet for next month which is something I've been slacking on so looking forward to payday and doing a money shuffle!


    My balance transfer has gone through meaning I have £677.45 of interest attracting debt - which will obviously be the top priority! Hopefully be cleared within 3 months, as obviously I will still need to make payments on the other debts. Must check in to the new cc account and check when the minimum payment is due and how much and then update my spreadsheet accordingly.


    In non-money news - I just did a sub 30minute 5k run! I swear my running watch is magical as normally I'm a 32minute+ 5k runner! I will admit that it was a very flat run which clearly helps! Also felt great to go out on my lunch break for a run as its something I haven't done for a while but wakes me up for the afternoon!
    LBM 16.10.14 - TOTAL - £9,863.64 - now £1,344.82
    LBM2 10.10.16 - TOTAL - £5,224.87- now £4,890.88
    £1,000 EF #31 - £438.40/£1,000
    Pay off by xmas 2015 £6,329.96/£5,000
    Pay off by xmas 2016 £613.14/£1,957.96
    Mortgage overpayments 2015 - £500, 2016 - £1,000
    • twiggy86
    • By twiggy86 24th Oct 16, 9:28 AM
    • 1,246 Posts
    • 6,230 Thanks
    twiggy86
    Ok so I did my spreadsheet for next month on Thursday only for my lodger to tell me he might be moving out as he's stuck for work at the moment! He's never there anyway so I get his point but it annoyed me that he texted as he actually a friend so feel like he should have told us. Anyway I haven't responded as thought he may take the hint and chat to me over the weekend but haven't seen him! So have to now re-jig my spreadsheet on the basis that he is moving out!


    In running news I smashed my parkrun pb by 2mins 13 secs and I had to stop and retie my shoelace! I may also be doing Tough Mudder again with my cousin - need to make a decision as the price increases in a couple of days!
    LBM 16.10.14 - TOTAL - £9,863.64 - now £1,344.82
    LBM2 10.10.16 - TOTAL - £5,224.87- now £4,890.88
    £1,000 EF #31 - £438.40/£1,000
    Pay off by xmas 2015 £6,329.96/£5,000
    Pay off by xmas 2016 £613.14/£1,957.96
    Mortgage overpayments 2015 - £500, 2016 - £1,000
    • monz
    • By monz 24th Oct 16, 10:14 AM
    • 1,951 Posts
    • 4,097 Thanks
    monz
    Aw no hope you get things sorted xx
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016)
    Florida 2017 saving £2,698.95 (shd be £2,778.93/£80 short)
    Gym 0/15 Dec
    house deposit £3,500.02/10,000
    Xmas 2017 - 8/365 No.35
    • twiggy86
    • By twiggy86 24th Oct 16, 12:32 PM
    • 1,246 Posts
    • 6,230 Thanks
    twiggy86
    Just realised my debt is back under the £5k mark!!! Sofa payment came out of £73.66 and I just paid £77.45 off the remainder that was left on my Halifax cc, which takes that down to a round £200. Of course that was the card I did the balance transfer for so there's still £860.10 of that debt on the new cc. Hopefully come payday the old cc debt will go below £1,000!
    LBM 16.10.14 - TOTAL - £9,863.64 - now £1,344.82
    LBM2 10.10.16 - TOTAL - £5,224.87- now £4,890.88
    £1,000 EF #31 - £438.40/£1,000
    Pay off by xmas 2015 £6,329.96/£5,000
    Pay off by xmas 2016 £613.14/£1,957.96
    Mortgage overpayments 2015 - £500, 2016 - £1,000
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