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  • FIRST POST
    • lucy-lou
    • By lucy-lou 11th Oct 16, 11:24 PM
    • 52Posts
    • 75Thanks
    lucy-lou
    Debt Free By 29!!!
    • #1
    • 11th Oct 16, 11:24 PM
    Debt Free By 29!!! 11th Oct 16 at 11:24 PM
    Evening all,

    I am new to all this but have been stalking the debt free wannabe diaries for a couple of days now and feel that after a number of years of believing I had had a light bulb moment (but never making any inroads into my debt) I finally realise I have to clear the debt I have to move forward with my life .... time to grow up!!

    I have been incredibly lucky over the past year I am a retail manager who got out of BHS 1 year ago (before the collaspe) and now earn 50% more but still haven't paid down the debt.

    I live with my parents so have no outgoing as such just fuel and normal car expenses. I know that my downfall is holidays (at least 5 per year) and socialising.

    I have had a help to buy ISA since December 2015 and pay in the full £200 each month and my parents gave me the £1000 to open it with (think otherwise they think I will never leave ). I pay no rent as long as I can show that £200 going into the ISA every month so can't change this to debt payments.

    So I turn 29 in 6 months and HAVE to be debt free by this date (March 2017) so that I can focus on saving additional money to buy a property of my own! I don't want to hit 30 still in debt and have no plans/way to leave home .

    So here goes my debts laid out:
    Barclayc@rd 1 = £976.90 @ 23.9%
    Barclayc@rd 2 = £1865.10 @ 0% till October 2017
    N@tionwide = £1156.45 @ 0% till April 2017
    Total = £3998.45

    Now for a plan!!!
Page 2
    • Fivebyfive
    • By Fivebyfive 14th Oct 16, 8:05 AM
    • 83 Posts
    • 340 Thanks
    Fivebyfive
    I also chased the £45 my friend owes my for a ticket which she has said she will pay in a couple of days so that will be paid to Barclayc@rd 1 once it is received.

    Would love to get that card down to £100 by payday - going to give it my best shot!
    Originally posted by lucy-lou
    You can do it
    Debt =£5,598.05 Mar 17/ £6,310.36 Feb 17/ £6,468.06 Jan 17/£6,593.06 Dec 16/ £6,545.36 Nov 16/ £6,886.82 Oct 16
    SPC #037
    • monz
    • By monz 14th Oct 16, 8:27 AM
    • 2,313 Posts
    • 5,060 Thanks
    monz
    You are doing amazing already and just started x
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016)
    Florida: 15th July 2017 save for spending £665 $30 (RBS Rewards £12.40)
    house deposit £5,300.09/10,000
    Xmas 2017 - 133/365 No.35
    • lucy-lou
    • By lucy-lou 14th Oct 16, 9:57 PM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    Hello

    Just popping by (&subscribing) to say hi - and to let you know you seem to be doing great. There are certainly quite a few of us in 20s trying to get it all paid off and save for deposits!
    Originally posted by ab_saver
    Hi ab_saver,

    Thanks for popping by and subscribing the more people I know are watching the less likely I am to deviate from the plan!!
    I do think there is a lot of people in there 20's in a similar situation, which is a weird way makes me feel better about the whole situation (if that makes sense!)
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • lucy-lou
    • By lucy-lou 14th Oct 16, 10:09 PM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    Today has been a good day. I remembered I had £20 of work expenses from a month ago that I hadn't claimed so I popped that through as petty cash and have moved the money into my savings account where I am building my next CC payment.
    I also added my PAD to that account so I now have £38.21 ready and waiting to be paid off 😀
    Thanks to you all for your support it is really helping!!!👍
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • Littlebirdie
    • By Littlebirdie 15th Oct 16, 8:21 AM
    • 133 Posts
    • 155 Thanks
    Littlebirdie
    You are doing so well with the PAD! I don't know why but I can't get my head around it...I tried reading it but got bored. Keep it up
    To staying out of debt!
    • lucy-lou
    • By lucy-lou 15th Oct 16, 11:57 AM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    You are doing so well with the PAD! I don't know why but I can't get my head around it...I tried reading it but got bored. Keep it up
    Originally posted by Littlebirdie
    Hi Littlebirdie,

    I am finding PAD works well for me as can't see me achieving NSD'S which everyone else seems to rave about.
    I am not one for taking lunch to work and so subsequently buy food everyday (not very MSE). I also always pay by debit card as I never get round to going to the cash point! So then when I get home I round by account down to the nearest £5/10 pound and that makes my PAD.
    It has a second use too, I now ensure lunch doesn't go over £5 otherwise I will have to make a larger PAD
    At the end of the week (Monday nights this month) my payment will be everything left from my £100 weekly budget (this pays for everything food, clothes, socialising etc).
    It's not a perfect MSE plan but it is currently working for me so I will stick with it!
    Even brought one of my brothers Christmas presents out of my £100 this week (£46 ) but that would normally have been a CC spend - so I see that as progress!
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • lucy-lou
    • By lucy-lou 15th Oct 16, 6:50 PM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    Today has been quite a spendy day. Went into town and purchased a head light bulb plus screen wash and paid for fitting (£19.48) This was out of my fuel account as it was a necessary car spend.
    £11.20 on a jumper (not needed just liked - need to do better but was within my £100 weekly budget).
    £5 on a jacket (needed for my brothers graduation - had a £20 new look voucher so not to bad).
    £3 on car parking in town (I needed to take the car for the head light!).
    So after all that I have only made a 52p PAD got great but something.
    I now have £17 left for the next 2 days. I can do this!!
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • lucy-lou
    • By lucy-lou 21st Oct 16, 9:48 AM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    Hi all,
    Sorry I have not been around much managed to break my phone Sunday so have had to sort a replacement. Luckily my contract was due for renewal so I upgraded and lowered my monthly contract. Although did have to pay £40 upfront (went on credit card as didn't have enough money in budget for this week - really need to think about an emergency fund ��)
    Anyway as I hadn't been able to get online to make my PAD I have just caught up now and am at £52.19 (at least it will cover the phone expense so I am no worse off ��)
    Anyway got to dash as need to leave for work, so will catch up on your diaries tonight, hope everyone is doing well.
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • enthusiasticsaver
    • By enthusiasticsaver 21st Oct 16, 10:11 AM
    • 3,048 Posts
    • 5,071 Thanks
    enthusiasticsaver
    You have done well to get rid of so much of the Barclaycard as 23.9% is !!!!. Great the rest is on 0% and if you can manage to pay off £500 per month it will clear in 6 months and that can be redirected towards house savings.

    Do you have a holiday fund to pay for the holidays? You will need to learn to prioritise expenditure as you move out and are faced with bills, mortgage or rent or whatever so good money discipline/budgeting skills are essential and as you are still quite young learning these now would stand you in good stead in the future.

    Maybe you could cut down to one holiday a year and a few short breaks and only paying for it from the holiday fund and not put on a credit card? Check out Dolly Rockers diary who loves her holiday and is in debt but saves for her holidays, Rome, Canada, short breaks away to London etc etc. Inspirational.

    When my daughters lived at home I did as your parents did and forewent all but basic housekeeping to cover food on condition they saved for their first homes which they did and now in their late twenties they have these and are good budgeters. They were saving £500 odd each month though and had no debt as I had warned them of the evils of credit cards from the age of 16

    If you are only having to pay £200 into your savings and nothing else you should have plenty to put aside in a holiday fund as well as decrease your debt.

    Stopping credit card usage now while you are young will save you a lifetime of misery in the future and think of all the spare money you will have once they are clear to go into savings for you not the banks pockets.
    Debt and mortgage free and saving for early retirement
    • Cailbhinn
    • By Cailbhinn 21st Oct 16, 7:46 PM
    • 88 Posts
    • 264 Thanks
    Cailbhinn
    All the best. I'm 30 and hoping to be debt free by 33 (just realised that rhymes!). Thereafter save for a deposit for a mortgage. I'm on track to overpay Mr Barclay by £170 odd this month. A PAD would just confuse me!!
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • lucy-lou
    • By lucy-lou 23rd Feb 17, 5:07 PM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    So I realise I have been absent for the past 4 months but have still been working towards my debt free goal. I lost my way a little in December what with Christmas to pay for and was feeling down about my debts today so thought I would pop by so I could see my progress (this is the only place I recorded what was debt was!).
    So in October 2016 my debt was:
    Barclayc@rd 1 = £976.90
    Barclayc@rd 2 = £1865.10
    N@tionwide = £1156.45
    Total = £3998.45

    Today my debt stands at:
    Barclayc@rd 1 = £260
    Barclayc@rd 2 = £700
    N@tionwide = £775
    Total = £1735 - 56% cleared off

    Now it's payday tomorrow and I have £785 planned towards the Barclayc@rd debts. And from March's payday I can afford the same (I get paid 2 days before my hoped for debt free date of my 29th birthday!)

    This leaves me £165 short to make my debt free date or £82.50 per month. So time to get back on the MSE ways and I will be starting with PADing! I am also going to give taking lunch to work a bash which will hopefully help my waistline and motivate me back to the gym. I am starting tonight with a Pilates class.

    I can still do this and I will! After 11 years I will be debt free!!
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • lucy-lou
    • By lucy-lou 23rd Feb 17, 8:37 PM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    So I am back from Pilates and have emptied my current account down to the last 1p! So that's £1.87 sat in a dormant savings account ready to build up my PAD so I can get rid of this £165 deficit on my debt free date. That's 1% down!!!
    I also went to the supermarket and brought everything I need for lunch for the next 4 days out of the cash in my purse.
    All in all a relatively productive day!
    Fingers crossed this will work and I will still be debt free by 29!
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • zippygeorgeandben
    • By zippygeorgeandben 23rd Feb 17, 9:57 PM
    • 446 Posts
    • 478 Thanks
    zippygeorgeandben
    Welcome back, keep it up!
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
    • LeaLea89
    • By LeaLea89 23rd Feb 17, 10:42 PM
    • 356 Posts
    • 1,862 Thanks
    LeaLea89
    Welcome back. You've inspired me to tackle mine x
    SPC6 #116 £652.75
    SPC7 #116 £674.50
    SPC8 #116 £1010
    • monz
    • By monz 24th Feb 17, 11:42 AM
    • 2,313 Posts
    • 5,060 Thanks
    monz
    amazing work xx
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016)
    Florida: 15th July 2017 save for spending £665 $30 (RBS Rewards £12.40)
    house deposit £5,300.09/10,000
    Xmas 2017 - 133/365 No.35
    • lucy-lou
    • By lucy-lou 24th Feb 17, 4:08 PM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    So today has been a good day - payday has come and I have cleared another £785 of the debt and I am now in the home straight- 28 days to I should become debt free! plus I am down to less than £1,000 remaining!!!

    Whilst moving my money around for the month I realised I have a week off work in a couple of weeks so as I travel an 80 mile round trip daily I have put £50 of my fuel money as my PAD for today. Plus I added the odd 13p that I was paid so that's a total of £52 towards my £165 deficit or 32% not to shabby. The next 68% maybe harder to come by, but I will keep plugging away.

    Thanks for all your support, without my diary - although not active I knew it was there in the background - I wouldn't have stuck to my plan and would more than likely still be bobbing away at the £4,000 mark. (Every birthday I promised I would be debt free by the next birthday for the past 4 years! I still can't believe that this year I will finally do it!
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • lucy-lou
    • By lucy-lou 25th Feb 17, 4:15 PM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    Made my PAD for today £5.82 now 35% to target!!
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • Jacko_amz
    • By Jacko_amz 25th Feb 17, 5:20 PM
    • 225 Posts
    • 261 Thanks
    Jacko_amz
    Can you explain the PAD method please?
    Learning to be alone and that its ok!


    Virgin CC - 2140
    • lucy-lou
    • By lucy-lou 25th Feb 17, 7:31 PM
    • 52 Posts
    • 75 Thanks
    lucy-lou
    Can you explain the PAD method please?
    Originally posted by Jacko_amz
    PAD stands for payment a day so it is any additional payments you can make on a daily basis on top of your standard payments. I use the change from any budgeted purchases - that might be lunch, a birthday present etc.

    There is a thread on the deft free challenges which will explain it in more detail but I have found it works well for me and means I keep chipping away at the debt all month.
    Barclaycard 1 = £976.90 / £0 remaining
    Barclaycard 2 = £1865.10 / £0 remaining
    Nationwide = £1156.45 / £0 remaining
    Total = £3998.45 / £0 remaining

    DEBT FREE DATE 24/03/2017
    • galok
    • By galok 25th Feb 17, 7:42 PM
    • 14 Posts
    • 20 Thanks
    galok
    With Barclayc@rd, I find the online statements really useful, particularly as I frequently use contactless payments with it. There is an option to download your statement into a CSV format, which you can then copy into a spreadsheet. This sounds really nerdy .... each month I highlight each item to retrospectively decide if it was either (1) something I had to buy (2) optional purchase but useful (3) useless purchase or could of done without it.
    I add up all the items marked as (3)'s and take a look at where they happened most to give me the motivation and reminder to cut it out the following month.
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