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  • FIRST POST
    • E2006
    • By E2006 11th Jul 16, 12:13 PM
    • 344Posts
    • 1,094Thanks
    E2006
    10k in 10 months...
    • #1
    • 11th Jul 16, 12:13 PM
    10k in 10 months... 11th Jul 16 at 12:13 PM
    It's very optimistic, will be ridiculously hard, and the debt won't be totally gone, but if I can pay off 10k in the next 10 months it will make a massive difference to our life and finances! Current debt stands at around 27k over 4 cards but that 10k would pay off 2 of those cards which would be a massive psychological boost. The mortgage fixed period ends in 10 months time hence the time frame and it goes without saying that the current level of debt will hugely affect the offers available to us.

    The plan is to cut everything to the bone for the next 10 months, live very frugally, no takeaways, meals out, or coffee shops. No new clothes (other than uniforms for the children), minimal hair cuts..... You get the picture....

    I also want to lose some weight and hopefully this plan will help with that too.

    Weekly spends (food, fuel, children's expenses etc) will be reduced to just £70 per week; £20 petrol (no option to walk to work as its too far away), £40 groceries and £10 for anything the children need (toddler group for the littlest, breakfast and youth club for the biggest). Outings will be free ones - walks, play parks etc and picnics.

    Think that's it for now..
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
Page 1
    • E2006
    • By E2006 8th Aug 16, 12:54 PM
    • 344 Posts
    • 1,094 Thanks
    E2006
    • #2
    • 8th Aug 16, 12:54 PM
    • #2
    • 8th Aug 16, 12:54 PM
    Haven't been on for a few weeks but I've still been working on the plan. Payments to the cc's this month so far amount to £480 but I'm expecting some money in this week and should be able to make a payment of around £1500. Obviously this is a one off but means I'll be able to turn two of the unhappy faces in my signature to happy ones! It also makes up for next month where, because we have some extra things to pay for, I'll only be able to pay around £500 rather than the £1000 I'm hoping to pay each month.

    I've also downloaded the eBay and PayPal apps to my phone today. I used to eBay all of the time but got fed up with the mounting charges and gave up on it for a while. Anyway, I realised that unless I make some extra money I won't be able to make the payments I want to make so got started listing this afternoon. I've only managed to list 2 things so far as little legs and little legs' cousin who I'm minding have needed lots of attention but one of the items sold within half an hour for the buy it now price so that's £22.50 sitting in my PayPal account. I'm planning to let it build up and then make additional payments to the card I'm focusing on during the month to keep the momentum going.

    Just fed the littlies and had lunch myself so now we're off out to a free sure start group this afternoon to pass some time.

    E x
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
    • AnxiousHomemaker
    • By AnxiousHomemaker 8th Aug 16, 1:27 PM
    • 61 Posts
    • 126 Thanks
    AnxiousHomemaker
    • #3
    • 8th Aug 16, 1:27 PM
    • #3
    • 8th Aug 16, 1:27 PM
    Hi, good luck with the journey! I wish you all the luck in the world. It sounds like a tough target but I am excited to see your progress! xx
    No one is going to stand up at your funeral and say
    'she had a really expensive couch and nice shoes'

    3-6 months emergency fund #58: £15/£500
    • Kitten868
    • By Kitten868 8th Aug 16, 1:27 PM
    • 771 Posts
    • 1,369 Thanks
    Kitten868
    • #4
    • 8th Aug 16, 1:27 PM
    • #4
    • 8th Aug 16, 1:27 PM
    Hello! Well done on the big mission and off to a flying start 2 grand off in first few weeks. Are you paying interest on the cards? If you are pay it off as it comes in to reduce interest I'm hoping to kick off a similar endeavour once we've bought a house. If we ever get to buy a house. I found ebay briliant - always making little payments kept me motivated xxx
    Loan 1 £7700/£8000
    Loan 2 £5700/£5800
    Total £13400/£13800
    • Jox
    • By Jox 8th Aug 16, 1:35 PM
    • 1,217 Posts
    • 2,579 Thanks
    Jox
    • #5
    • 8th Aug 16, 1:35 PM
    • #5
    • 8th Aug 16, 1:35 PM
    Good luck, it sounds like a great plan!
    Hoping to sell my flat and buy a house this year 2016!
    • Calling14
    • By Calling14 8th Aug 16, 2:06 PM
    • 2,144 Posts
    • 15,270 Thanks
    Calling14
    • #6
    • 8th Aug 16, 2:06 PM
    • #6
    • 8th Aug 16, 2:06 PM
    Loving your smiley faces idea. Good luck tough challenge. Will pop on and see how you get along. Need inspiration mine is just going in the wrong direction this month.
    LBM 13039 1.1.13 Now 4025.00 17/11/16
    EFund #9 £110/£1,000 Saving xmas2016 #22 36/366
    PAYDBX 2016 #16 3260/6947.00 3687 to go
    #13 1debt v 100 days no24 381.27/1199.80 818.53 togo
    • E2006
    • By E2006 8th Aug 16, 3:30 PM
    • 344 Posts
    • 1,094 Thanks
    E2006
    • #7
    • 8th Aug 16, 3:30 PM
    • #7
    • 8th Aug 16, 3:30 PM
    Hi everyone and thanks for the support! It's a massive challenge but the way I've been plodding along for the last year or so I'm hardly making a dent so decided to give it 500% for a short(ish) amount of time. Hopefully by the time I get to the 10 mo th mark it will have become second nature to be this tough on the pennies.

    My second item on eBay has just sold for another £23.50 so after costs I now have £45 sitting in my PayPal acc. Absolutely chuffed with that! I've posted the first parcel and it cost less that I'd expected too so that's a bonus. Can't believe how much simpler it is too by using the app! DH is going to come home to an empty house one night at this rate 😂😂

    Good day spending wise - I've had all three kids out all day and spent only £1.90 which was the cost of play group this morning. Kids get toast crisps and juice and grown ups get a cuppa included in that cost. The group this afternoon was free and DS1 who's 9 thoroughly enjoyed it. After that we went to the park. Working the rest of the week so they should be NSDs

    E X
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
    • E2006
    • By E2006 10th Aug 16, 8:53 AM
    • 344 Posts
    • 1,094 Thanks
    E2006
    • #8
    • 10th Aug 16, 8:53 AM
    • #8
    • 10th Aug 16, 8:53 AM
    £1520 paid off cc1 yesterday taking the total in month 1 to £2000. It was only possible this month because I was due that additional money but it's a fab start nevertheless. I still have the money in PayPal building up and I have a little left in my account which I'm hoping to hold on to until payday and if I manage that, cc1 will drop into the £3k's which will be a huge boost.

    I'm going to break down cc1 into 1%'s now and that way it's only 100 payments of £40 from being cleared. Going to draw the grid in my notebook to be coloured in and see if I can find the thread to join. I'm hoping to clear this one before Christmas (long shot but hey ho) and then will go for the next smallest cc as that one has the next highest interest rate.

    If I can sell a couple more items on eBay in the next week, and with the money I have left over in my acc I should be able to pay another 5% to cc1 this month (I'm working on payday months rather than calendar months) which will take month 1s total to £2200 👍🏻

    E x
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
    • Jox
    • By Jox 10th Aug 16, 11:21 AM
    • 1,217 Posts
    • 2,579 Thanks
    Jox
    • #9
    • 10th Aug 16, 11:21 AM
    • #9
    • 10th Aug 16, 11:21 AM
    Love the smiley faces

    Well done on paying a good chunk off already.

    Once you've paid it all off then start a savings account, up to a grand a month would build up nicely
    Hoping to sell my flat and buy a house this year 2016!
    • monz
    • By monz 11th Aug 16, 10:32 AM
    • 1,954 Posts
    • 4,105 Thanks
    monz
    well done x
    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 - 10/365 No.35
    • E2006
    • By E2006 17th Oct 16, 2:27 PM
    • 344 Posts
    • 1,094 Thanks
    E2006
    Haven't posted in a while and can't believe almost 2 months have gone by. I wish I could say that I've paid another £2k off the debt as planned but sadly we had some unexpected costs crop up and in the absence of an emergency fund had to rely on credit. I'm almost back to square one in terms of the amount owed but have made some changes which are positive and are going to help in the long run.
    1. I've increased my hours to full time. I'm sad about not spending a day during the week with little legs but will hopefully earn an extra £150 ish extra per month. She stays with a family member when I'm at work so we don't have to pay additional child care costs to enable me to work an extra day so the extra will go straight to the Cc's.

    2. I've cut up my last remaining intact CC. Seems obvious I know when trying to become debt free but it's always been there for emergencies (like recently) but it's also far too easy to use it for general expenditure like towards the end of the month when funds are low and we need fuel/groceries etc. I have to admit that I feel free now that it's gone. I have less than £5 in my bank account but it's pay day on Friday and we'll muddle through. We've had an amazing weekend with the kids doing free activities like visiting a local woodland area looking for conkers, exploring and generally having an adventure. I now know that the cards can only go in one direction rather than taking 2 steps forward and 1 backwards like I have been for the last year or so!

    3. DH has started earning some extra money by being on call one week out of 3. This will build up some much needed savings, help towards christmas and any other such expenses and pay for us to still ha e some little holidays (cheap ones) with the littlies. It's hard work for us both. Him if he gets a call out and me because I have a lot more running around with the kids to school/nursery/ after school and weekend activities as well as working myself.

    4. Paid upfront for Christmas this year by signing up with Park last December. I've paid by direct debit every month and have just received all of the vouchers I paid for which can be used in loads of different ships including Argos/early learning centre/boots/Debenhams etc where I will get most of my Christmas pressies. I usually feel sick at the spending in the build up to Christmas but this year DH and I have booked a day off work and were going to go out together and get everything we need paying with vouchers only leaving our cash sitting in the bank. We planning on making a day of it. Getting the kids babysat and using some of the vouchers to buy some dinner in one of the resteraunts they can be used in and then maybe having a rare treat to the cinema. This will be in stark contrast to how we usually prepare for Christmas; chewing over how much we need to spend and usually resorting to credit. I've signed up again for next year because it's been so much easier. I know most people just save the money but I usually find that it's 'needed' for something during the month!

    5. Downloaded a free budgeting app and from payday at the end of the week I'm going to track all of my spends. I've also re-named my three savings accounts linked to my main account to do some piggybanking. One is an emergency fund. One for clothes for the children (just pulled out for winter coats and they both need shoes so have decided to have a fund for everything like this rather than having to 'find' the money when they become needed. The third is for birthdays/gifts because again we usually have to 'find' the money when a birthday arrives and in November for example I have 5 presents to buy!

    That's all I can think of for now. Quite a few changes in the pipeline which should help with the debt busting so it's not all bad news. I will update my signature tomorrow when I'm at work as my notebook with the figures in it is in my desk drawer.
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
    • Katzen
    • By Katzen 17th Oct 16, 3:57 PM
    • 502 Posts
    • 1,611 Thanks
    Katzen
    Hi E2006,
    Just a quick one but have you looked at using a regular saver account for Christmas spends? They are usually locked for the 12month term so you couldn't access it even if you wanted to. Open one now and you've got it there to access at this time next year. I don't know how park works but I'm sure they don't pay any interest at best so you'd be better off even if it's just by a few quid.
    • E2006
    • By E2006 17th Oct 16, 4:20 PM
    • 344 Posts
    • 1,094 Thanks
    E2006
    Hi Katzen, thanks for dropping by. Park doesn't pay interest but I figured even with a regular saver I'd make only a few pounds with the amount that I put away and presume that I'd still be able to withdraw the money if I needed but would forfeit any interest. That's v's not being able to get at it at all and then receiving vouchers rather than money (so it can't be used for anything else and also doesn't feel like spending if that makes sense) plus being a direct debit it feels more like a bill than anything else. I know it's probably not very money savvy but it works for me and hopefully when I'm more financially sound I'll be able to save properly for Christmas (although saying that I may continue to do it this way because it's been so painless. It literally is all taken care of and I don't feel like I've paid for it because the dd's have gone without me thinking about them).
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
    • E2006
    • By E2006 17th Oct 16, 4:22 PM
    • 344 Posts
    • 1,094 Thanks
    E2006
    Forgot to add you get back in exactly what you pay in so although there's no interest (I'm guessing this is how they make their money) there's also no charge for it.
    E
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
    • E2006
    • By E2006 20th Oct 16, 1:03 PM
    • 344 Posts
    • 1,094 Thanks
    E2006
    Pay day tomorrow can't wait to pay a chunk of the ccs!

    I've been trying to figure out my budget and always make the same mistake of cutting the spending (groceries/fuel etc) budget too much so this time I'm going to add an allowance for general spends to cover anything that crops up unexpectedly, trips out with the kids, one off school expenses (photographs etc) and see if this makes things easier to stick to.

    I'm going to put aside some money for half term week so we can do some nice (but not too expensive) things with the littlies too.

    I also need to figure out where my ccs are currently and update my signature ready to pay some off tomorrow and have the incentive of seeing the whole figure reducing. I thing I'll also sort a spread sheet out too as that will be motivating too

    Right; lunch over, back to work...
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
    • Cailbhinn
    • By Cailbhinn 20th Oct 16, 8:57 PM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    All the best E2006. It's quite thrilling when you pay off that wee bit extra to the CCs isn't it?! I have a 'buffer' category which is for those things that are one-offs or unexpected. Take care
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • E2006
    • By E2006 25th Oct 16, 10:49 AM
    • 344 Posts
    • 1,094 Thanks
    E2006
    Hi cailbhinn yes it's a fab feeling! I'm finding that I'm focussing on the entire balance as a whole this time rather than each. Are individually because my lowest balance is around 4.8k and the payments of around £180 (once the interest has been applied) don't feel as through they're making much of a difference but across the 4 cards around £700ish is coming off (after interest) monthly so the total balance is coming down by what feels like a big chunk each month! It's here that I can also see any additional small payments making a difference too.

    Half term is going well. DH and I put some money aside to do activities with the kids but so far we've spent very little. Saturday we went to the cheap children's viewing at th cinema and then spent the afternoon at a park.
    Sunday the weather was rubbish so we stayed at home and did some Halloween crafts, made biscuits and then DH and I bottomed DS's room clearing away loads of his clutter (he's a hoarder of junk!) and then called to my sisters for a cuppa and to allow the kids to play with their cousin.
    Yesterday was toddlers - it's good as in school holidays the bigger siblings are allowed to come along and there's an outside play area for them to play on. That cost £1.90 and the rest of the days was a NSD.

    Today is going to be a spending day though as we've promised the kids we'll go swimming. First though we're visiting an outdoor museum where there's Halloween crafts and spooky games. We're taking a picnic so the only cost will be swimming which should be around £15 for the 4 of us. The pool has water flukes and waves etc so should be a fun afternoon.

    I did a big shop in Aldo on Saturday and that's lasting well so I haven't used my bank card at all since payday last week!

    I'll work out this months debt payments once the last 2 payments have gone out later in the month and update my signature.

    E x
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
    • E2006
    • By E2006 31st Oct 16, 12:18 PM
    • 344 Posts
    • 1,094 Thanks
    E2006
    Well that's half term done and dusted. Back to normality today with DS at school and me, DD and my nephew at playgroup this morning.

    We're back home now and whilst DD is playing and DN napping I've set away my third load of washing (I swear it must breed in the basket!!), deep cleaned the kitchen, sorted the bomb site that is the utility room and washed the kitchen, hallway and dining room floors. Time now for a cuppa before the whirlwind wakes up again....

    I've checked my cc balances now that all of the payments have gone out and they're now down to £27619 - just £202 away from paying off £2000! I'm hoping that I may have a little left over at the end of the month and will need to do some more ebaying but I'm not sure I'll make the full amount this month! I was really hoping I'd be well over the 2k mark by now but at least I've moved into the 27k's and next month should move into the 26's! I'd hoped to get under 25k by Christmas so guess I need to come up with some ways of making a bit more cash. Some extra will come from me increasing my working hours but at this stage I'm not sure how much.

    Anyway, off to read some diaries for inspiration before the afternoon shift...

    E X
    A smiley face for every £1k paid off:

    10 months: August to May. 3 months in...

    Total at LBM £29417
    Now £28206
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