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  • FIRST POST
    • mrsonions
    • By mrsonions 15th Sep 17, 9:17 PM
    • 33Posts
    • 142Thanks
    mrsonions
    I will never be £16,676.84 in debt again
    • #1
    • 15th Sep 17, 9:17 PM
    I will never be £16,676.84 in debt again 15th Sep 17 at 9:17 PM
    Today I calculated how much debt we are in. £16,676.84.

    All on 0% credit cards.

    I worked out how much was owed on each card and when each 0% period was up. It works out as follows:
    Barclaycard: £367.40 till 1 October 2017
    Barclaycard: £926.10 till March 2018
    MBNA: £1345 till 27 June 2018
    Post Office: £4225.55 till September 2018
    MBNA: £6920.46 till 26 September 2018
    MBNA: £2892.33 till Augsut 2020

    I'm just going to tackle them one by one. Make the minimum payment and then overpay in order to get this debt down.

    Lets do this.
Page 2
    • enthusiasticsaver
    • By enthusiasticsaver 26th Sep 17, 10:05 PM
    • 4,833 Posts
    • 9,129 Thanks
    enthusiasticsaver
    Is it worth posting an SOA to get some suggestions on cutting back or at least so you can set a budget?

    Did you repay the Barclaycard from income or was it from a balance transfer? I presume you are tackling the other Barclaycard debt next?
    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
    • mrsonions
    • By mrsonions 27th Sep 17, 1:20 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    enthusiasticsaver - we are moving house soon so will post an SOA when we have moved as I'll have a better idea of where I am at.


    I used my income to pay off the Barclaycard, yes. Now tackling the Barclaycard £926.10 debt. I've worked out I need to overpay/save around £150 a month. I am on track to do this this month if I stick to my budget. This month is the first month in absolutely ages that I have actually budgeted properly rather than free styling (badly!) which is what I usually do!


    At work today! Planning an NSD. Lunch from home - chicken, salad, avocado in a big wrap, was YUM!


    We have Macmillan Coffee Morning at work tomorrow so will bake the same cake I baked yesterday as I know I have the ingredients at home!
    • mrsonions
    • By mrsonions 28th Sep 17, 9:25 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Not much to report but I know what I'm like - if I don't post daily I'll end up falling off the diary wagon.

    Today was Macmillan Cancer Support day at work so donated a fiver.

    I also brought my niece a present for her birthday. New Frozen pyjamas, £6.95 down from £16.95! Bargain!!
    • mrsonions
    • By mrsonions 30th Sep 17, 10:43 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Why is it that when you decide to get your finances in order, something sets you back massively? Today my fridge broke so £110 to replace it, just brought a small one for the time being but still £110 I didn't need to spend
    • enthusiasticsaver
    • By enthusiasticsaver 1st Oct 17, 7:47 AM
    • 4,833 Posts
    • 9,129 Thanks
    enthusiasticsaver
    Why is it that when you decide to get your finances in order, something sets you back massively? Today my fridge broke so £110 to replace it, just brought a small one for the time being but still £110 I didn't need to spend
    Originally posted by mrsonions
    Do you have an emergency savings account? Alongside reducing debt saving for emergencies is a good idea so it does not throw your budget out. It also stops you being tempted to use credit cards when something breaks and needs replacing immediately like a fridge.
    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
    • mrsonions
    • By mrsonions 3rd Oct 17, 9:04 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    I don't have an emergency fund . How much should I save?

    Fridge was brought with cash. I then got hit with a nearly £300 final bill from British Gas. Phoned them to query it and it is correct I'm afraid. They have said I can pay it off in instalments, thank god! Will phone them tomorrow with a payment plan.

    It doesn't rain but it pours! Will keep going though!!
    • mrsonions
    • By mrsonions 3rd Oct 17, 9:05 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Also - got paid £112 for some freelance work I did for a friend, every little helps!
    • mrsonions
    • By mrsonions 4th Oct 17, 9:25 AM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Very pleased to report I have sold 4 items on eBay and made £35!
    • mrsonions
    • By mrsonions 6th Oct 17, 4:02 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Been a busy week!

    My personal spends have been less than £10. Monday I got taken out for lunch with work so a freebie, Tues & Weds I worked from home, another lunch brought for me on Thursday which just left me with today Ė spent £7.70 on lunch, blueberries and a can of diet coke. Shocking how nearly £10 can disappear so easily but, as I havenít spent anything all week, I didnít mind today and we had no food for me to bring in Ė itís so tough with a tiny fridge!

    Iíve decided itís DH and DS that cost me money! DH had dentist, phone repair and Ubers from a night out and so far this week I have brought DS new winter boots, wellies and a warmer duvet as he keeps waking up in the middle of the night and coming in to my bed because heís cold! I also had to buy gifts for two girls who left my sonís nursery. They have been so good to DS I wanted to get them something nice, luckily I found some Estella Bartlet bracelets BOGOF on ebay so thatís them sorted.

    I also paid a yearís worth of buildings insurance as it was cheaper in one go. I am going to set up a transfer each month of £11 to cover this and start doing this with all the insurances, car tax, etc. Feels good to be organised!

    So glad itís Friday as itís been a hard week and Iím tired! Happy weekend everyone!
    • mrsonions
    • By mrsonions 11th Oct 17, 3:04 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Havenít posted in a few days!

    Ticking along nicely, have been bringing in food from home for lunches and had lunch out today which can be claimed on expenses.

    Sold an old mobile for £200! That will be great for the CC overpayment pot!

    In other news, my toddler is still costing me money but I am really fighting the urge to keep buying him whatever he wants! I find that so hard.

    It was my nieceís birthday so spent a tenner there for a present.

    Other people cost me money!
    • mrsonions
    • By mrsonions 13th Oct 17, 10:45 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    I'm so pleased! A week till payday and I have £700 still in my bank account.

    I have started to buy the odd Christmas present here and there. I have about 30 people to buy for
    • tootallulah
    • By tootallulah 15th Oct 17, 7:27 PM
    • 1,999 Posts
    • 6,908 Thanks
    tootallulah
    Well done on the bank account, brilliant progress! 9 weeks to Christmas you need 3 presents a week - difficult. I would get together an emergency (never touched except for an emergency) as that will help when the car breaks down etc. £1000 is what people usually say. You are doing very well.
    Mortgage House £108,000 September 29th 2017.
    • mrsonions
    • By mrsonions 19th Oct 17, 12:09 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Thank you tootallulah


    It's all gone a bit Pete Tong as they say. My toddler was sick then I got sick, food costs have gone out of the window but then I have saved money not going to work so swings and roundabouts! I had to pay a token payment to British Gas of £100 too.


    We are all feeling better so I need to get back to it. Payday is next Tuesday so not too many days to get through.


    Need to update my spreadsheet and then use that to budget for next month and see what areas can be reduced.


    It’s all learning!
    • mrsonions
    • By mrsonions 22nd Oct 17, 10:08 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Not much to report, just waiting for payday. Hoping to have £150-£200 to overpay a credit card.

    Have a day off work on Tuesday so planning on sitting down with my spreadsheet and putting together a budget for November.
    • mrsonions
    • By mrsonions 25th Oct 17, 10:46 AM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Oh dear oh dear oh dear.


    Because of the way I get paid (24th of each month) and because of the way that date fell last month and this month, some of my DDs came out twice in one month It meant I made zero overpayment.


    Maybe I should try a new tactic this month and overpay at the beginning of the month?


    Anyway, new totals for this month is: £16,123.19.
    • mumof3.12kindebt
    • By mumof3.12kindebt 25th Oct 17, 5:31 PM
    • 145 Posts
    • 295 Thanks
    mumof3.12kindebt
    Hi. Good luck. Small steps. A diary and a spending diary is a great place to start to find out how much you really spend. Following
    • mrsonions
    • By mrsonions 27th Oct 17, 11:59 AM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Thank you mumof3.


    Three days into the payday month and going well so far. Only another 30 days to get through! LOL


    Checked my direct debits this month and one of the credit card payments is coming out twice this month so I’ve accounted for that now so I am not caught in the same situation as last month.

    A quiet weekend planned so hopefully a low spend weekend. Fridge is full, have been bringing in lunches from home – all good!



    • mrsonions
    • By mrsonions 8th Nov 17, 10:13 PM
    • 33 Posts
    • 142 Thanks
    mrsonions
    Havenít posted for over a week! Been busy! DH started a new job so got paid £430 from his old job in owed holiday pay . He has brought himself some clothes for his new job with some of it, Iím thinking I will split the remaining £50 each into savings and use the remaining £100-odd to overpay a card. Need to work out the sums tomorrow.

    Social budget has been a lot so far this month, DHís new job has meant he is going for lunch with new colleagues so thatís cost money but from today he has taken food from home

    We met up with some friends and it cost £100 once we factored in petrol and lunch

    Also supermarket shopping, gee whizz is it just me or is food just getting ridiculously expensive?!
    • stvn1
    • By stvn1 8th Nov 17, 10:41 PM
    • 56 Posts
    • 137 Thanks
    stvn1
    Hi mrsonions, keep it up. It might be a long haul but it'll be worth it, that's what I tell myself anyway.
    LBM 26/10/17
    Total debt at LBM - £12164.49
    Total current debt - £ 7759.89
    • enthusiasticsaver
    • By enthusiasticsaver 9th Nov 17, 10:37 AM
    • 4,833 Posts
    • 9,129 Thanks
    enthusiasticsaver
    Oh dear oh dear oh dear.


    Because of the way I get paid (24th of each month) and because of the way that date fell last month and this month, some of my DDs came out twice in one month It meant I made zero overpayment.


    Maybe I should try a new tactic this month and overpay at the beginning of the month?


    Anyway, new totals for this month is: £16,123.19.
    Originally posted by mrsonions
    Well done on your first month of debt busting. Hopefully by the end of this month you will be into the 15ks

    I would not vastly overpay at the beginning of the month until you have an emergency fund in place and your budget and pots are sorted as the last thing you need is to have to put some urgent thing on a card and increase the debt again. It has gone down by around £500 for the first month so that is no mean feat.

    The 0% deals are starting to get shorter according to so you are being sensible in addressing this now.
    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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