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    • chelseablue
    • By chelseablue 1st Aug 17, 3:31 PM
    • 2,296Posts
    • 2,822Thanks
    chelseablue
    Journey to £0 by 2020, with a few bumps along the way
    • #1
    • 1st Aug 17, 3:31 PM
    Journey to £0 by 2020, with a few bumps along the way 1st Aug 17 at 3:31 PM
    Hi everyone!

    Just been reading some diaries on here and thought I need to add my own. Hopefully I will get some encouragement or just stop myself going insane

    A bit about me; I'm 34 and live in Berkshire with my partner and our 3 year old son.

    We are getting married next year so am saving towards that, plus we have a lease car that goes back in April so need to get another car. So am saving for that.

    Oh and we are going on holiday next December to Australia so need to save for that too!

    2018 is looking to be expensive

    Onto the reason I'm here: DEBT

    We owe the following:

    Lloyds credit card: £3,219
    Sainsbury's credit card £1,392

    Oh and a mortgage of £221,000 (!)

    The credit cards are 0% until 2020 so everything I send to those comes off the total.

    Currently the DD to Sainsbury's is £40, which will clear it by 2020 so I just leave that for now.
    The DD to Lloyds is also £40 so I need to concentrate my efforts here otherwise the balance will still be about £2,000 when the 0% ends.
    Determined not to have to transfer it on to another 0% deal!

    We earn £63,000 between us so am sure we can do it.

    Hopefully I've just paid the last £850 a month childcare invoice as our son is 3 now so is eligible for the Government funded hours from September.

    Will post our SOA shortly

    If you've read this far well done and thank you!!
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
Page 4
    • enthusiasticsaver
    • By enthusiasticsaver 24th Oct 17, 3:48 PM
    • 4,827 Posts
    • 9,104 Thanks
    enthusiasticsaver
    Those savings are building up nicely. Looks like you have your wedding paid for now Still the bonus to come next year as well.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • chelseablue
    • By chelseablue 24th Oct 17, 3:57 PM
    • 2,296 Posts
    • 2,822 Thanks
    chelseablue
    Those savings are building up nicely. Looks like you have your wedding paid for now Still the bonus to come next year as well.
    Originally posted by enthusiasticsaver


    We need £13,000 for the wedding


    The £10,650 we have in savings, £3,000 is earmarked for the car deposit.


    So, £7,650 is for the wedding which leaves £5,350 still to save


    We are still due £2,400 from my Dad and £1,000 from mother in law. So for our contribution we have £1,950 still to save. Hopefully do that by Christmas, 6 months ahead of schedule


    Just hope nothing breaks down/goes wrong!
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • enthusiasticsaver
    • By enthusiasticsaver 24th Oct 17, 6:11 PM
    • 4,827 Posts
    • 9,104 Thanks
    enthusiasticsaver
    How does the car finance deal work? Is it a balloon payment?
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • chelseablue
    • By chelseablue 25th Oct 17, 8:40 AM
    • 2,296 Posts
    • 2,822 Thanks
    chelseablue
    How does the car finance deal work? Is it a balloon payment?
    Originally posted by enthusiasticsaver
    No, the car my partner drives at the moment is on a personal lease, the 2 year lease is up in March 2018.

    The car just gets given back, no option to keep, no balloon payments. They'll just charge us for excess mileage.

    We don't want to lease again so in March we need to buy a car. Planning on putting a few thousand in as cash and borrowing the remainder (wont be buying a brand new car, will be about 4 years old)

    I was going to get a personal loan and pay off as quick as we can.

    But Barclaycard are offering a money transfer at 0% so thinking of doing that
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • SWSEGirl
    • By SWSEGirl 26th Oct 17, 11:55 AM
    • 48 Posts
    • 88 Thanks
    SWSEGirl
    Hi Chelseablue!

    Gradually catching up on your thread & see you're saving for a wedding Congratulations!

    We got married in 2015 - and managed to pay for it (almost) entirely from savings - but you've been sensible and bought a place first, unlike us!

    We did everything for our wedding ourselves pretty much (although we had no choice, getting married where we did!) Instead of a formal meal - we had picnic baskets on each table filled with picnic type foods, pork pies, hearty salads - this was far easier to serve and was a real talking point, I think people enjoyed it! Each of our family made a cake for a dessert table & the wedding cake was also pudding.

    My main wedding tips - make sure you factor in VAT where applicable, and I can honestly say that of all the weddings I've been to - it hasn't made a difference what money was spent - the people who are there make the day!
    Original Mortgage as of September 2016 = £322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = £316,649
    Emergency Savings = £9,661 £10,000 £10,500 £11,200
    Mortgage OP's Total = £1500 £2200 £2900
    • chelseablue
    • By chelseablue 30th Oct 17, 9:23 AM
    • 2,296 Posts
    • 2,822 Thanks
    chelseablue
    Thank you cant believe how expensive stuff for weddings is!

    If we weren't getting married in June I'd clear both cards today

    We are currently choosing what flavours to have in the wedding cake, so getting to the good stuff now
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • chelseablue
    • By chelseablue 3rd Nov 17, 11:14 AM
    • 2,296 Posts
    • 2,822 Thanks
    chelseablue
    Direct debits gone to both cards:

    New balances are:

    Lloyds: £3,032 (looking forward to next month when this balance will start with a 2!)
    Sainsbury's: £1,217

    Its our nephews birthday over the weekend so will be going to see him tomorrow (he's going to be 8)

    Need to get him a card and gift. He's asked for a voucher for Smyths Toys so that's an easy one!
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • chelseablue
    • By chelseablue 7th Nov 17, 4:17 PM
    • 2,296 Posts
    • 2,822 Thanks
    chelseablue
    Not having a good day! Seriously considering calling off the whole thing
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • enthusiasticsaver
    • By enthusiasticsaver 19th Nov 17, 3:47 PM
    • 4,827 Posts
    • 9,104 Thanks
    enthusiasticsaver
    Oh dear! Organising weddings is stressful. Hope you manage to resolve the problem.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • chelseablue
    • By chelseablue 5th Dec 17, 9:49 AM
    • 2,296 Posts
    • 2,822 Thanks
    chelseablue
    Direct debits to the cards went out yesterday, balances are now:

    Lloyds: £2,922
    Sainsbury's: £1,177

    So Lloyds is now under £3k

    Our mortgage fixed rate is up in March, I spoke to our broker last week and the best deal at the moment is 1.79% for 5 years.

    Will mean the monthly payment will go up by about £80
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • enthusiasticsaver
    • By enthusiasticsaver 6th Dec 17, 7:00 AM
    • 4,827 Posts
    • 9,104 Thanks
    enthusiasticsaver
    Well done on getting below £3k on Lloyds. Next month you will be below £4K in total if you continue with the £150 per month DDs

    Once your expensive year is over you might be better off overpaying the mortgage rather than directing payments to credit cards as they are 0% anyway until 2020.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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