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  • FIRST POST
    • tori.k
    • By tori.k 4th Jun 16, 9:55 AM
    • 2,604Posts
    • 5,633Thanks
    tori.k
    From Debit to Credit
    • #1
    • 4th Jun 16, 9:55 AM
    From Debit to Credit 4th Jun 16 at 9:55 AM
    Hi All

    After sifting through my notebooks and scraps of paper decided it was time to keep a more coherent record of what im trying to achieve.
    We've been dancing the finance hokey-cokey for more years than I care to admit didn't seem that bad when we were younger but time has a sneaky habit of catching you with your draws round your ankles and the Doddy old fool (DH) and I find we are both closer to 50 than 21 but our finances are still stuck in the 80's with neon socks and a bad perm it time it grew up.

    THE AIM

    Oddly im pretty frugal and not bad with money but im miserable at forward thinking and it life's inevitables that catch me out this has got to change if I ever dream of being able to actually retire this side of 102.
    we are carrying some credit card debt and a unsecured loan this need to cleared and a emergency fund built then I can look towards savings

    Current debt

    HSBC (Dods) 2050.41 0%
    HSBC (mine) 377.00 0%
    Barclay 1224.15 0%
    Sainsbury 4546.20 5.5% ( 18months to run)

    Total unsecured debt £8197.76

    To clear all Credit cards debts £3651 by Christmas and live within our current budget start building a emergency fund.
    To clear loan and create a 1k emergency fund
    3 month living expenses fund (3K)
    Pre-paid funeral X2
    Retirement savings plan
    Last edited by tori.k; 03-08-2016 at 9:47 AM. Reason: corrected
Page 5
    • tori.k
    • By tori.k 26th Sep 16, 11:12 PM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    Well my time off didn't last long started looking for a Job on Monday and started work on the Wednesday.
    Another dead end job, slightly more money then I was on far better hours (finally got the morning shift) and two miles from home, so saving £40 a month in fuel cost's, im like a pig in poop finally get the work/home balance that i've been looking for.

    Nothing moved on the debt front this month other than the minimums and the loan payment. So standing at £5096.80.
    I cleared the cashback credit card in full and put that aside until my wages kick in again in two weeks. I will also kick off the overpayments again at the same time. so we are still on target.

    So now my mini midlife crisis is now over I can get my nose back to the grindstone and get this done
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • Dolly Rocker
    • By Dolly Rocker 27th Sep 16, 4:27 PM
    • 2,657 Posts
    • 7,060 Thanks
    Dolly Rocker
    Congrats on the job tori.k.

    That will be so good saving the ££ on fuel costs.

    Woo hoo back at it!

    Dxxx
    Debt Free by Xmas 2017 6,186.67/14,523.76
    Saving for Xmas 2017 0/365
    Goal Weight by August 2017 27lbs/84lbs
    Mortgage Savings 2020 0/25,000
    • tori.k
    • By tori.k 28th Sep 16, 10:42 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    Thanks Dolly

    It's been a few weeks so time to get my books sorted.

    Grocery 23/8 - 27/9 was £244.74 (£49 pw) im happy with that as I have quite a bit now in stock.

    Credit cards £1467.46
    Loan £3636.80
    Total £5104.26.

    Car insurance & MOT is paid/done for the year. Haven't added to the emergency fund but haven't used it and will transfer the remainder of my account into it as soon as my first paycheck clears.

    I should just make the 100 day challenge deadline and have the barclay card cleared in October. I was hoping to have the HSBC cleared in November but that will be December now as orginally planned. then will double and round up the remaining loan repayments from January.
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • louby40
    • By louby40 1st Oct 16, 6:09 PM
    • 558 Posts
    • 1,313 Thanks
    louby40
    Well done on the job!
    Dec 16 Barclaycard £73 0% First Direct £1179 0% Parents £2125=£3377
    Nov 16 Barclaycard £73 0% First Direct £1179 0% Parents £2425= £3677
    Sealed Pot Challenge 10 #572
    Car loan £5024 Mortgage £99,720
    • tori.k
    • By tori.k 4th Oct 16, 9:51 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    Today I took a page out of Dolly's book and finished my Christmas shopping
    Gone with the four gift rule Something they want, something they need, something to wear and something to read..audio book in dad's case
    Socks all round for my lot this year

    Worked out that I have 26 shifts left to work to see the credit cards cleared so hopefully will grab some overtime to get this done. this is actually quite hard with this company as the actually follow the rules I work the opening shifts so not allowed to work the lates (where the overtime usually is) as I wont be allowed back on site for 11hours but I have weekends off so maybe able to pick some shifts up.
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • Dolly Rocker
    • By Dolly Rocker 4th Oct 16, 9:57 AM
    • 2,657 Posts
    • 7,060 Thanks
    Dolly Rocker
    Well done you!

    I'm still not finished but hopefully by the end of this month I will be done.

    Then I can start wrapping & writing my cards out.

    Oh I love the 4 gift rule!

    That is annoying about the OT.

    I might start picking some up but I have to take calls if I want to do overtime so that always puts me off.

    Dxxx
    Debt Free by Xmas 2017 6,186.67/14,523.76
    Saving for Xmas 2017 0/365
    Goal Weight by August 2017 27lbs/84lbs
    Mortgage Savings 2020 0/25,000
    • tori.k
    • By tori.k 11th Oct 16, 8:40 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    Today I ended my relationship with Mr Barclay

    HSBC £943.28
    BCard £0
    Loan £3409.5

    £4352.78 left to go

    Now im not sure if i've done a wise move or not but I also refinanced the loan.
    I had an offer from my bank for a 3.3% and im paying 5.5% on the current loan, I really didn't expect to get offered the introductory rate so was surprised when they did, the plan stays the same I have to take a larger amount than I need to get that rate offer but I can overpay without penalty so they can have the extra right back, there is no point in sticking in a savings account as the saved interest would be the same of the owed interest, and no point in clearing the final credit card as that is on a 0% deal, I only save myself about £100, and i'ts not something I would even consider if I we had any issue with living to our current budget. im now tired of playing the banking game. and this feels a bit like treading water.
    So also decided to keep the cashback card shelved until the loan is cleared i've made just over £10 and £53 via quidco this year. which more than covers next years road tax. I just want this done now.
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • Dolly Rocker
    • By Dolly Rocker 11th Oct 16, 8:45 AM
    • 2,657 Posts
    • 7,060 Thanks
    Dolly Rocker
    tori that is amazing!!! Well done my sweet.

    I cannot wait to get rid of Mr Barclay, will likely be summer 2017 before I give him the old heave ho!

    You did the right thing, don't overthink it now as the decision is made.

    Just start to plan ahead now to getting the loans paid.

    Dxxx
    Debt Free by Xmas 2017 6,186.67/14,523.76
    Saving for Xmas 2017 0/365
    Goal Weight by August 2017 27lbs/84lbs
    Mortgage Savings 2020 0/25,000
    • tori.k
    • By tori.k 12th Oct 16, 9:18 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    My bank are crafty b*uggers ,I've just read the agreement and there is a condition on the loan that part of it is used to clear any outstanding credit card debt held with the same bank, I do understand in part why they do this,( but lets face it if I was so inclined I could just max the card out as soon a the loan cleared) but it's a bit crafty when the card is on a 0% deal.

    So the remaining credit card will be paid off this week, I wont know exactly how much debt we have until I settle the first loan and workout the first overpayment to the new one. but estimate about £4132 so a saving of around £220.
    Brain is frazzled. but debit to credit phase one will kinda be complete on Saturday.
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • Dolly Rocker
    • By Dolly Rocker 12th Oct 16, 10:12 AM
    • 2,657 Posts
    • 7,060 Thanks
    Dolly Rocker
    Eeeeek excellent news!

    Dxxx
    Debt Free by Xmas 2017 6,186.67/14,523.76
    Saving for Xmas 2017 0/365
    Goal Weight by August 2017 27lbs/84lbs
    Mortgage Savings 2020 0/25,000
    • tori.k
    • By tori.k 14th Oct 16, 8:08 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    All turning a bit pants again, just had next weeks rota and only have 3 days work. like most nowadays it's a zero hour contract and up to now I've had plenty of work, but the winter drop off has started, so back to finding either a new job or a second one to make up some hours.

    A frugal side effect is im managing to get plenty done at home,the first woodshed is now filled and i've started on the second and have enough pallets cut for kindling for a couple years, making good savings on the shopping bill as I have the time to batch cook& bake. I've never been very good at doing nothing, and im running out of the small cost free jobs to do around the house. im definitely not ready to retire quite yet
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • tori.k
    • By tori.k 17th Oct 16, 9:39 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    The whole refinancing thing is a bit of a pain, first loan is now settled but they took this months DD so now waiting for them to bounce the £230 they owe back. so I can make the first overpayment to the new loan.

    Credit to Debit stage 2 is paying off the loan and putting together a 1k emergency fund. I did start working on the EF but raided it to help pay off the remaining credit card so that is down to £40. so next target is £4500. im going to try and stick to my original planned DFD of May 17 so will need to service this a £643PM but due to my now variable income I can manage £500 so the extra will be a push, but I lose nothing in trying. I will continue my penny saver towards my annual household bills.
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • tori.k
    • By tori.k 19th Oct 16, 10:52 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    Anyone ever have the feeling it would just be easier to run away.

    Work is turning into a PITA, I only have 24hrs this week and know that often this is the case down here over the winter,so applied for a couple of small cleaning jobs so have have a guaranteed little extra each week, work have now just changed my rota for next week from 24hrs to 40hrs but so far have no shifts booked in for the week after. im not sure if I can make this work I would rather have less money with 3 days work and another 8hrs cleaning and a settled income then not knowing if I will be able to meet my obligations if I overpay the loan. so will have a chat and see if I can come to some arrangement with the company. im hoping they will as the actual working hours and location work well for me.

    With so much time off spent a lot of time in the kitchen making use of odd's and ends so still have £96 left of my grocery budget this month with 9 days to go, I will need some fresh stuff but hoping to save £60 of this add to the emergency fund and get the ball rolling.

    I need to address my stress levels it's playing a bit of havoc with my muscles (devils grip) and the glytrin spray give's some wicked headaches I think once im back into a routine with work and sorting the last loan things will settle down.
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • tori.k
    • By tori.k 25th Oct 16, 8:42 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    I seemed messed up with the cashbackcard it's set to pay in full each month but I had been paying it off everytime it was used, there is a bit of a drag between payment registering so I overlapped somehow and ended up in credit by £40 as it's not been missed with my fuel cost going down so decided to treat myself and book into the hairdressers as it's well overdue

    Made the big mistake of allowing Dod's to come shopping with me over the weekend he worse than shopping with kids, so ended up spending £50 of remaining grocery budget when I was aiming for no more than £37 still there is another £40 across to the emergency fund better than nothing.

    Brothers birthday on Monday this is my closest sibling we decided against gifts and opt to spend some time together so im picking him up and taking him to breakfast then spending the morning over his allotment. bit of a treat for both of us
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
    • tori.k
    • By tori.k 1st Dec 16, 11:20 AM
    • 2,604 Posts
    • 5,633 Thanks
    tori.k
    Been a while since I updated on here, simply due to the lack of anything interesting going on with the debt, as we will pick that up again in January so no risk of adding over the Yule period. Christmas is wrapped up (literally) and thanks to dods cholesterol coming back as a little high at his diabetes check, wont need much in shopping as im cutting him back on the treats this year

    I've been experimenting and managed to drop the shopping from £60 to £50 each week for the last 6 weeks we've opted into to a local farmers fruit and veg & and meat box scheme it cost us £16 a week and it's keeping me out the supermarket. hopefully over the next few weeks this will reduce again now my store cupboard is a bit more stocked. we will evaluate in the new year.
    Penny saver 19.53/671.61
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 106.67 /4500.00

    150/6190
    0/151200
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