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  • FIRST POST
    • DebtFreeDuo
    • By DebtFreeDuo 20th Sep 17, 8:43 PM
    • 777Posts
    • 4,023Thanks
    DebtFreeDuo
    This Duo's debt free journey
    • #1
    • 20th Sep 17, 8:43 PM
    This Duo's debt free journey 20th Sep 17 at 8:43 PM
    I had a previous thread but having problems locating it so thought I would start a fresh one. Brief intro, the duo is me and my little one, just over a year ago my debt was at a figure of around £12k, as of today it stands at £6124.40. This is made up of 2 loans (one car) and one credit card which is 0% until April 2019.

    My aim is to save up over the next 6/8 months so that I can overpay 6 months worth on the loan with the shortest term, this will clear the loan completely as the last payment is December 18. Then I will tackle the second loan which is due to end April 19, I aim to clear this by around December 18 and then clear the 0% card last but well in time for the 0% ending.

    I can't do much until January, I'm currently studying and therefore get my income 3 times per year which I use to overpay, I have just cleared £1500 which is all I can manage until my next payment. This includes a monthly saving to my Help to Buy ISA. I have around £4k in my ISA but I am reluctant to use this to clear my debts as I will earn more back on this then I will save in interest with the governments 25% bonus.

    I have gone over all of my monthly bills and I am certain that I cannot make any further savings than I have made recently. I am currently listing as much on ebay as I can to give me a little extra money for treats that I haven't included in my budget up to December.

    Will update my signature shortly but as it stands my debt free date is April 2019, I aim to bring this forward to Dec 2018 at the very latest.
Page 29
    • DebtFreeDuo
    • By DebtFreeDuo 31st Jan 18, 12:11 PM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Yes that's what I was leaning towards I think EH.

    Its hard isn't it, keeping on top of everything and then having to prioritise some things. We try to juggle everything but sooner or later something has to give. I'm sure you will get on top of it and that card will be cleared before the 0% runs out. I
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
    • DebtFreeDuo
    • By DebtFreeDuo 1st Feb 18, 2:33 PM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Quick update, today I am officially on 31% paid. I am £100 off paying a whole third off my debt. I will do this, I will beat it and I will never be in debt again (not counting student debt or mortgage).

    Not counting any savings I have towards the overpayment until I have the whole amount stashed away somewhere.
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
    • Tea&Kittens
    • By Tea&Kittens 1st Feb 18, 2:36 PM
    • 195 Posts
    • 730 Thanks
    Tea&Kittens
    Well done Duo! That sounds like amazing progress
    #Frugal February : NSDs Target =16
    Started here on 07 September 2017: Total: £20,521 £19847
    Barclaycard: £14659 £14435 Oct 2017 HSBC Credit Card : £3112 £3012 Oct 2017
    Overdraft: 350 £0 Oct2017 MBNA : 2400
    A journey of a thousand miles starts with a single step. I'm on my way!
    • ladymay
    • By ladymay 1st Feb 18, 4:22 PM
    • 860 Posts
    • 3,738 Thanks
    ladymay
    Quick update, today I am officially on 31% paid. I am £100 off paying a whole third off my debt. I will do this, I will beat it and I will never be in debt again (not counting student debt or mortgage).

    Not counting any savings I have towards the overpayment until I have the whole amount stashed away somewhere.
    Originally posted by DebtFreeDuo
    CONGRATULATIONS! Brilliant news xx
    Moved back to the UK 05/01/18
    New Job and New Business
    2018 Aim - Save £10k
    • Nicnak
    • By Nicnak 4th Feb 18, 10:34 AM
    • 827 Posts
    • 4,627 Thanks
    Nicnak
    That's amazing! 31% gone. Wow xx
    September 6th 2017 - Updated 21st January 2018
    Credit Card £0 now: £1649 Tesco Loan £7500 = £11.20 Consolidation £15,000 = £14,547 Total = £25,330 £16,207 36% gone EMF #252 = £500/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • WannabeFree
    • By WannabeFree 4th Feb 18, 11:06 AM
    • 1,102 Posts
    • 9,046 Thanks
    WannabeFree
    Amazing repayments, you're doing so well.

    Hope you've had a lovely weekend

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • enthusiasticsaver
    • By enthusiasticsaver 4th Feb 18, 11:29 AM
    • 5,703 Posts
    • 11,276 Thanks
    enthusiasticsaver
    Wonderful progress.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • DebtFreeDuo
    • By DebtFreeDuo 4th Feb 18, 10:26 PM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Thank you all.

    I seem to have lost the ability to manage my time effectively, either that or the hours in each day have reduced, really struggling to keep everything balanced. I feel behind with uni, I barely get on here lately to keep on top of the finances and I haven't managed to earn any extra money in some time. I think tomorrow I am going to try and draw up some kind of plan for the next week, if I struggle with anything then I will amend for the following week. Hopefully this will build up to give me a good routine over the next few months.
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
    • DebtFreeDuo
    • By DebtFreeDuo 7th Feb 18, 11:00 AM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Going over my finances this morning. I have updated all the different sections of my spreadsheet, the debt section is hard because the total fluctuates throughout the year as at some parts of the year I have to dip in to my overdraft. When I worked out my total debt figure here I took the highest point of my overdraft usage and included that so my total here does include absolutely everything.

    I am feeling positive this morning although a small part of me is worried that I won't have the total amount of the overpayment stashed away by December.

    I also still have around £250 to find by 10th April. Going to get listing on ebay today, I don't have anything that is worth a decent amount but anything is better than nothing.
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
    • WannabeFree
    • By WannabeFree 7th Feb 18, 11:28 AM
    • 1,102 Posts
    • 9,046 Thanks
    WannabeFree
    Try to let it weigh you down too much DFD

    You've done amazing so far and I'm sure you will continue to do so

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • EssexHebridean
    • By EssexHebridean 7th Feb 18, 1:04 PM
    • 8,479 Posts
    • 45,256 Thanks
    EssexHebridean
    Absolutely anything is better than nothing - baby steps remember - no matter how small you're still going in the right direction.

    How are you doing on the time management thing? Might writing a priorities list help - so stuff that needs doing "right now" (world will stop if it doesn't happen) down through "Next 5 days" to "unimportant in the scheme of things - revisit next week" - I find that this can really help with a case of washing-machine-head as it helps you to get things in perspective when it feels that everything is clamouring for attention.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£842.87 (12/02/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • DebtFreeDuo
    • By DebtFreeDuo 7th Feb 18, 1:21 PM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Thank you WF, it won't bother me for too long as I don't have time to dwell on it anyway. Hope you're well, keep meaning to stop by your diary again (which I will do right after this, promise).

    I must remember the baby steps, I do tend to work better doing things in smaller steps. Love the priority list idea EH, I always have 'to do' lists written down but I never really separate them in order of priority. This means I tend to do the easier ones first. I love the idea of a priority list rather than a normal to do list.

    Time is still getting away from me, still have a huge to do list but I did tick off a couple of things yesterday with the closest due date. Will follow with a priority list.
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
    • DebtFreeDuo
    • By DebtFreeDuo 7th Feb 18, 1:38 PM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Right here goes with my priority list, I will keep coming back to this up until Sunday and then start again for next week I think.

    Must be done today
    DS parents evening Glowing feedback, proud mummy.
    Catch up with MA module and start coursework

    Must be done by Friday
    C tutorial 1 - this has a lot of work involved so aiming to fully understand the overall concept rather than completing the whole tutorial
    P tutorial 2 & 3
    R tutorial
    V tutorial 2 & 3
    Complete MA coursework and submit
    Tidy the house
    List on ebay
    Check for surveys - a very low priority at the moment but would free up money allocated elsewhere

    To do Sunday
    Are all modules up to date? Notes written, tutorials completed
    Quick check over finances

    Sundays are generally my catch up day as DS is with his dad but 2/3 of the last sundays he has been with me which I think has contributed to me feeling the way I do about things building up.

    Saturdays are always my day off from everything that isn't DS, I try to get things done other days so that I can dedicate every Saturday to him. This Saturday we are going to find a nice walk somewhere, maybe take a picnic with us.

    I know I have missed things from my list so it will most likely increase in size but it covers everything for uni at least.

    Update (very late) - Keeping on top of my notes for uni but not much the tutorials, planning on catching up with everything this week.
    Last edited by DebtFreeDuo; 12-02-2018 at 8:42 PM.
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
    • EssexHebridean
    • By EssexHebridean 7th Feb 18, 4:20 PM
    • 8,479 Posts
    • 45,256 Thanks
    EssexHebridean
    It's fine to add things if you need to so long as they stay with the categories - that helps avoid you missing the important stuff while you're fretting about less important stuff. It really is a great idea when you're feeling bogged down - an old boss taught me that trick, along with the method of making sure the person giving you workload is clear about any particular order it needs to be done in - ie "So you want me to do A and to do B - which of those would you like me to address first?" - that way the person with the expectations is setting their own priority. I've used both for years as and when needed! Try to avoid the list straggling on forever with bits being added too - set yourself a time frame after which you write a new one - so perhaps once you;'re half way through Friday it's time to write a new list with the outstanding stuff on it - anything still o Friday's list becomes priority - that is also a subtle psychological boost as you KNOW you'll get some bits crossed off nice and fast too.

    Great idea to have a set day when you just focus on DS and that's your family time too!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£842.87 (12/02/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • DebtFreeDuo
    • By DebtFreeDuo 7th Feb 18, 5:01 PM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Thanks for popping by with more tips EH, I will be taking them all on board and will use them going forward. Here's to a super organised Duo!
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 7th Feb 18, 9:54 PM
    • 3,391 Posts
    • 21,423 Thanks
    HairyHandofDartmoor
    I make lists in a notebook and put stars next to the most urgent items. Sometimes I write the urgent things in capitals so they jump out at me. I add tick boxes and that incentivises me as I love ticking things off .
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = £818/Emergency Fund 2 = £0/Loss of Income Fund £0
    • DebtFreeDuo
    • By DebtFreeDuo 8th Feb 18, 2:33 PM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Received my contents insurance renewal through, increased by a little over £10 which works out at around a 13% increase on last year! Shopped around and have increased my cover to include personal possessions outside the home, total cost was £5 more than my renewal which is great when it includes the extra cover. I went through TCB and received £28 so in actual fact it is £23 cheaper than my renewal. Total cost around £70 and paid in full.
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
    • Nicnak
    • By Nicnak 10th Feb 18, 8:05 AM
    • 827 Posts
    • 4,627 Thanks
    Nicnak
    How did your list get on? Did you get through it ok?
    Any nice plans for the weekend?

    31% gone is amazing. That is almost 1/3. xx
    September 6th 2017 - Updated 21st January 2018
    Credit Card £0 now: £1649 Tesco Loan £7500 = £11.20 Consolidation £15,000 = £14,547 Total = £25,330 £16,207 36% gone EMF #252 = £500/£1000
    Sealed pot challenge #589
    Pay off all your debts by Christmas #170
    • EssexHebridean
    • By EssexHebridean 12th Feb 18, 12:41 PM
    • 8,479 Posts
    • 45,256 Thanks
    EssexHebridean
    Good work on the insurance - there are times when it's worth paying a little more for a lot more value aren't there and it's tricky to balance that out among the frugal stuff, it's to easy to slip into the "cheapest is always best" mindset but that doesn't always apply 100%.

    Hope you had a great weekend!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£842.87 (12/02/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • DebtFreeDuo
    • By DebtFreeDuo 12th Feb 18, 8:40 PM
    • 777 Posts
    • 4,023 Thanks
    DebtFreeDuo
    Sorry been away a little bit, I will update the list in a second Nicnak. I had a wonderful weekend with DS, we went for a lovely walk in the woods.

    Yes EH, sometime you do get what you pay for and I felt like it was a bargain.

    In other news I have managed to sell something that I received as a freebie for £140, add that to the money I have waiting to come through TCB and that £400 is almost covered!
    Debt free by Christmas 2018 #004: 2419.69/7445.69
    £2018 in 2018 #25: 210.41/2018
    SPC 586
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