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  • FIRST POST
    • copperman05
    • By copperman05 8th Feb 17, 5:58 PM
    • 75Posts
    • 114Thanks
    copperman05
    Taking charge of my debts!
    • #1
    • 8th Feb 17, 5:58 PM
    Taking charge of my debts! 8th Feb 17 at 5:58 PM
    Hi, I just thought I'd start a diary of my intention to be debt free. Unfortunately Ive been here before and so should really know better. Back then however it was a modest £8000 credit card debt which I paid off in a couple of years.

    Gotta say I'm pretty angry that I ended up in a worse situation now years later. Unfortunately once again I started using credit cards to pay for holidays, flights and lots of the living expenses whilst making little to no effort to pay any of them off and just sticking to the minimum payments. I also got a car on a PCP 3 years ago, which looking back I really couldn't afford as its meant that my debts have just stagnated over that time.

    I decided in Oct last year that the only way to attack my debts was to lose the car (its not required for work and has only ever been an expensive toy as I'm a self confessed petrol head). Last month I finally managed to sell it and whilst I had to find a shortfall due to some negative equity I'm finally in a position where I can now start making worthwhile inroads on debts owed.

    A check of my outgoings has also highlighted how much of my money it just spent on crap each month. I have a decent job with decent pay so I'm hoping that with some careful and strict budgeting I can be debt free in 2-3 years. Gazelle intensity!

    So for I've managed to knock 26k off the total but most of this was tied up in the equity of the car, now the hard part of paying the remaining 25k starts!

    Anyway, just thought I'd post this up as it may keep me in check over the coming months....

    Cheers
    Last edited by copperman05; 09-02-2017 at 9:52 PM.
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
Page 2
    • copperman05
    • By copperman05 5th Mar 17, 3:43 PM
    • 75 Posts
    • 114 Thanks
    copperman05
    Perhaps we are...

    My outgoings are pretty much at bare minimum, since getting rid of the car its freed up a lot of cash, and now the new frugal mindset has freed up more. I need to lower my mobile from £50 a month to sim only once the contract runs out in August, other than that there isnt much else to loose. I dont have many bills as its included in my rent, just internet, mobile and my rent, then debts of course.

    I think you need to strike a balance, I too wouldn't want to be so frugal that life was limited. Having said that I certainly don't want to get back to my old habits and having nothing to show for my money.
    Once all my debts are paid I plan to set up some sort of investment plan, still a bit intensive, I only have 16 years left in this job and I want to add more for retirement, so I'm guessing about 50% of salary, which is a lot, but could double income at retirement age. I probably wouldn't save for specific things like holidays, I'd just take a payment holiday from the investments one month and use that. At least that's the plan at the moment.
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
    • BettyBones
    • By BettyBones 5th Mar 17, 8:18 PM
    • 154 Posts
    • 291 Thanks
    BettyBones
    Hmmm... interesting. 50% is a lot! This is what I can't make my mind up on. I'm on track to have a full state pension and I currently have a workplace pension but even combined they would probably only provide me with half of what I earn now. So a part of me says carry on working full time and save/invest as much as possible to top up the retirement fund but then the other part of me says why wait? Why not just drop down to a 3 or 4 day week or a 3.5 day week and be semi-retired and enjoying my money now? The trouble is, investments can go down as well as up so there's no guarantee that continuing to live frugally and stashing the cash will actually improve my retirement prospects. And who knows what's around the corner. Maybe I won't live to be retired anyway. So I'm thinking maybe I should just go for semi-retirement now? Or work hard to stash some serious cash for the next 3-5 years and then go semi-retired? Hmmm... decisions, decisions, decisions! Oh well... that will keep... for now it's just heads down and get on with this debt busting malarkey I suppose
    If you can dream it, you can do it - Walt Disney
    • copperman05
    • By copperman05 6th Mar 17, 10:13 AM
    • 75 Posts
    • 114 Thanks
    copperman05
    Yes it is, but equally if I retire at 60 and live for another 30 years (a guess) then it would provide a decent income over that period. Have you heard of Mr money mustache? He retired at 37 or something and promotes minimalist living with the aim to be financially independent well before the normal retirement age. I guess its alternative way to live ones life but I have to say it certainly has some aspects that are attractive to me.
    I'm mindful that as I don't own my own house, having some sort of investment for the later years in addition to my pension needs to be instigated now or the boat will be missed.
    Being committed to paying off my debts is also showing me that I could be committed to saving and investing too, its a mindset that's fairly easily transferred. Although its early days yet its still an interesting proposition.
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
    • copperman05
    • By copperman05 6th Mar 17, 10:59 AM
    • 75 Posts
    • 114 Thanks
    copperman05
    I love my slow cooker....

    Started shopping for meat at Smithfields meat market again, we are lucky here in London to have such a great market selling at trade prices to the public, you have to get there early 3am-7am is best but the savings and quality of the meat is well worth it.
    Last night/this morning I picked up 36 butchers sausages for £10, 2.25kg of smoked back bacon for £9 and a pork shoulder butt at 4.3kg for £12.36. The shoulder is for pulled pork, which is cheap, easy to make and tastes amazing. Makes buying meat from anywhere else redundant imo...
    Last edited by copperman05; 06-03-2017 at 11:02 AM.
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
    • doingitanyway
    • By doingitanyway 6th Mar 17, 5:18 PM
    • 1,598 Posts
    • 7,163 Thanks
    doingitanyway
    Smithfields is a fab meat market. Have you ever been to Billingsgate for fish? Another bargain basement way of acquiring quality protein.

    I have seen a few of your posts. You are like a Dave Ramsey disciple and the epitome of gazelle intense. Wishing you luck on your journey although in truth it isn't about luck is it? keep on keeping on...
    JANUARY 2016/SECURED DEBT=24,822/June 2017=8,882
    MORTGAGE FREE 25/07/16
    • copperman05
    • By copperman05 8th Mar 17, 8:52 AM
    • 75 Posts
    • 114 Thanks
    copperman05
    I have, although it's a bit harder for me to get to and since selling the car harder still. Other half keeps wanting me to take them there so may have to go one early morning.

    Thanks for the support. It's still early days but I hope the momentum continues.
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
    • copperman05
    • By copperman05 20th Mar 17, 11:39 AM
    • 75 Posts
    • 114 Thanks
    copperman05
    Today is payday and I paid £1300 towards debt repayment, yay!
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
    • Bobarella
    • By Bobarella 20th Mar 17, 2:29 PM
    • 10,623 Posts
    • 68,535 Thanks
    Bobarella
    Wow that's really good!
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £54.82 2016-£62.28 2015- £84.20)
    RYSAW17 £1855 2016 £2,535.16 2015 £1027.20
    • copperman05
    • By copperman05 20th Mar 17, 11:41 PM
    • 75 Posts
    • 114 Thanks
    copperman05
    Thanks, admittedly £200 was saved from last month pay packet but its still pretty good and such a wonderfull feeling to be paying this sh*t off!
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
    • copperman05
    • By copperman05 1st Apr 17, 5:52 PM
    • 75 Posts
    • 114 Thanks
    copperman05
    Thrifty discoveries this week.

    My local market in Wood Green does a whole 4kg bag of onions for £1!
    Lidl has been a bit of an eye opener since Ive started using it as my main supermarket. Just goes to show less price doesnt always mean poorer quality, I'm a bit of a tea snob and usually drink Yorkshire Gold but after trying the Lidl Knightsbridge range I'm happy to drink their Gold or Breakfast brews, perhaps not quite as strong as YG but for the money its more than decent enough for daily drinking, and half the price.

    Essentially most of my meat is now slow cooked, mostly pulled pork and pulled chicken, homemade coleslaw and homemade chipotle mayo, I even had a go at making some brioche buns, turned out very well actually! The chicken carcass gets boiled up to make stock for soup or cooking liquor for cabbage/greens (I braise my cabbage with pork or chicken fat which gives it a much better flavour than boiling).
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
    • copperman05
    • By copperman05 28th Apr 17, 7:18 AM
    • 75 Posts
    • 114 Thanks
    copperman05
    Been struggling to keep focused this last month, but now back on track again.

    I've been paying my debts as planned but started drooling over a new motorbike I'd like to have, I ended up looking at delaying paying off the loan (once CC's are paid later this year) so I could start saving for the bike (as I wasn't about to get into more debt).

    Luckily this idea has been put to rest and I'm back on track, if I do get a bike at some point its going to be a much cheaper used one, and not a brand new expensive thing.

    Just goes to show how easy it can be to loose sight of one's financial goals over the long term, it can be easy to start justifying what you want and can afford.

    My long term goal after paying of my debts is to start getting my money work for me (and obviously stop getting into debt), I want to start buying added pension to bump up my earnings in retirement as it seems a sensible thing to do and perhaps something I will thank myself for later.

    I need to keep carrying on with this long term goal in mind, once my debts are paid I will allow myself some more room for enjoying life, such as buying a bike (I'm a complete petrol head) but until then these debts must remain my focus until they are gone...
    LBM Oct'16 at £51,264
    Jan '17 £25,059 (Sold car)
    May '17 £19,349
    DFD Projection Dec '18 Aug '18
    Gazelle Intensity!
    • doingitanyway
    • By doingitanyway 28th Apr 17, 9:53 PM
    • 1,598 Posts
    • 7,163 Thanks
    doingitanyway
    Well done for getting back on track.
    JANUARY 2016/SECURED DEBT=24,822/June 2017=8,882
    MORTGAGE FREE 25/07/16
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