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  • FIRST POST
    • AdventureWanted
    • By AdventureWanted 8th Oct 17, 10:10 PM
    • 166Posts
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    AdventureWanted
    Adventure wanted, but first we must rid ourselves of debt
    • #1
    • 8th Oct 17, 10:10 PM
    Adventure wanted, but first we must rid ourselves of debt 8th Oct 17 at 10:10 PM
    Iíve ummed and aahed about starting a diary on here for a couple of months, but have decided that it is a good way for me to keep track of how our debt reduction is going and hopefully on those dark days when it feels like weíre getting nowhere I can remind myself of how things have improved.

    Anywho, Iíll give a brief overview of our life/debt.

    Iím a Mum to 3 Kids. Hubby is self employed and I Home educate the older 2 Kids. In August I finally had enough of our debts and decided to do something about it. After reading lots of diaries I downloaded ynab and took control of our budget. Our debts are due to a car loan, house repairs and mostly a lack of control over finances so monthly spending got out of control and we didnít really have much to show for it.

    As at 1 August (LBM) our debts were:-
    CC1 - £5,185
    CC2 - £13,470
    Cc3 - £11,400

    All of the credit cards are 0% and will be balance transferred to new 0% cards if we havenít paid them off at the end of the 0% deal.

    The future -
    We would love to travel. Firstly weíd love to visit every county in the uk and then travel further afield to the likes of Canada and Australia. Hubby and I regret not taking the opportunities to see the world pre children, but are now very keen to share these adventures with our kids.

    Weíd love to move to our forever family home, although we have no idea where in the country this would end up being in!

    And more than those above weíd love to have savings for our childrenís futures and not waste the extortionate amount of money we do each month on debt repayments.

    Iíll post my current debt situation post LBM in the next post.x
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
Page 4
    • AdventureWanted
    • By AdventureWanted 28th Nov 17, 4:01 PM
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    AdventureWanted
    £5 payment made to CC1 today. Balance is now £1495.

    Goal for December -
    * Get CC1 balance below £1,000.

    Will be mulling over my goals for 2018 in the next few weeks. Top of the list will be an emergency fund, although I will need to reduce/get rid of CC1 & CC2 before the 0% ends in July.
    • AdventureWanted
    • By AdventureWanted 29th Nov 17, 9:28 PM
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    AdventureWanted
    Woohoo it was pay day today. I love pay day as it means I get to pay a larger sum off the debt. Today i sent across £325 to CC1. Cannot wait to be debt free and have all those debt payments Iím currently making as savings for adventures/the future.

    In other news a 4 night holiday we booked pre LBM has gone down in price by £100, so weíve been refunded this. DH thinks we should spend it on meals out, as weíd previously already spent it, but Iím not sure I want to waste it on food! Itís nice knowing that we have more spending money than I originally thought and will be nice to not worry too much about money. (Although I donít intend on going nuts and wasting money).

    Debt at 29/11/17
    CC1 - £1,170
    CC2 - £7,150
    CC3 - £10,940
    CC4 - £13,000

    Total debt - £32,260
    Debt at 1/11 - £35,163 (paid £2,903)
    • AdventureWanted
    • By AdventureWanted 30th Nov 17, 4:19 PM
    • 166 Posts
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    AdventureWanted
    Yesterday was a NSD as DH had to borrow my car, so we stayed at home all day. Today has also been a NSD, taking it to 9 NSDís for the month. I didnít make the 11 that I wanted but Iíll try and achieve it next month.

    Today Iíve paid £130 to CC4. The dd for this isnít due to come out until 10th Dec, so Iím glad I made the payment manually today. Is nice that the balance has finally moved!

    So month end round up:-
    Debt at 30/11/17
    CC1 - £1,170
    CC2 - £7,150
    CC3 - £10,940
    CC4 - £12,870

    Total debt at 30/11/17 - £32,130
    Debt at 1/11/17 - £35,163 (paid £3,033 this month! )
    • Pauper1
    • By Pauper1 30th Nov 17, 5:24 PM
    • 287 Posts
    • 2,357 Thanks
    Pauper1
    Just came across your diary and wanted to say that you've done amazingly! You've paid off so much since August!

    We are hoping to HE our DC as well (depends on my MH really) so I've been reading those bits with interest.

    Good luck with the rest of your DFW journey. I've subscribed
    DMP start 1st May 2014 - £22,850 £39,349.41 Original DFD from Stepchange 6th Sept 2039... Aiming for 1st Nov 2026
    Priorities changed, sold our house, going through the settlement process and hope to be debt free by Christmas 2017
    • jwil
    • By jwil 1st Dec 17, 12:00 PM
    • 7,810 Posts
    • 22,400 Thanks
    jwil
    That's an amazing amount paid off, well done You are nearly into the £31ks
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 3rd Dec 17, 10:09 PM
    • 166 Posts
    • 589 Thanks
    AdventureWanted
    I’ve had such a busy weekend. We are off on holiday tomorrow (only mon-fri), so this weekend has been spent catching up on the mountain of washing. I didn’t realise I was getting behind until DC1 said he didn’t have any pants! He’s such a monkey though, as he gets changed at night and seems to hide his clothes either under the bed or on the landing somewhere!! We are 90% packed for tomorrow, just the final bits to grab in the morning. Not sure who is more excited about the holiday, me or the kids. DH had the day off today and it has been glorious. He looked after the DC so I was able to spend all afternoon packing, putting away clothes, putting washing on and sorting through DC3s drawers to remove 9-12 month clothes and put 12-18 month away. I know this sounds like such a dull afternoon, but it has been fantastic to achieve so much in a day and also to have a little bit of time on my own!

    Anyway on the money front not much has changed. Made a small pad of £7.70 to CC1 taking the balance to £1,162.30. Tomorrow the dd should come out making it just that bit closer to £1000.

    I’ve been thinking lots about debt payments and emergency funds the last couple of days. CC1 & CC2’s 0% deals both end in July. CC1 should be paid off by March, but I’m pretty sure we won’t be able to pay CC2 off on time. My latest thoughts are to balance transfer CC2 nearer July and then try and get a decent emergency fund together. DH is self employed and it is slightly concerning that we have no savings, so if he wasn’t able to work for a few weeks we’d be pretty stuck. The problem is that I really hate being in debt. Everyday I open ynab to update it and the figure is always there reminding me of how far we have to go. Saving £2500 would be brilliant, but in a way it feels really odd to do so when we have the debt and I guess I think that if needed we could always get a money transfer to help with any money issues. Obviously I know this isn’t how I should be dealing with it, as this is pretty much how we got in this mess to start with. So basically I’m not sure whether to throw all of CC1’s payments at CC2 when it finishes or to use that money to get a good EF. Would love people’s thoughts on this.

    I’ll be awol next week, but hopefully can update before we go tomorrow.
    Last edited by AdventureWanted; 03-12-2017 at 10:29 PM.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 3rd Dec 17, 10:19 PM
    • 166 Posts
    • 589 Thanks
    AdventureWanted
    Just came across your diary and wanted to say that you've done amazingly! You've paid off so much since August!

    We are hoping to HE our DC as well (depends on my MH really) so I've been reading those bits with interest.

    Good luck with the rest of your DFW journey. I've subscribed
    Originally posted by Pauper1
    Hi Pauper Thanks for stopping by my diary. For me HE has been the best decision for us. DC1 did reception and yr 1 at school before we were brave enough to HE, but Iím so glad we did. Itís defintiely challenging at times having the kids with you 24/7, but it is also so rewarding and the best thing is seeing DC1 & DC2ís relationship getting stronger. DC2 always wanted to play with DC1 after school, but he was never really interested, however now they are always playing together and really have become really close friends not just siblings.

    I hope you make the right choice for you. Remember even if you do send them to school you always have the option to HE later on. Likewise if you HE you donít have to do it forever, school is always there as a back up.x
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 3rd Dec 17, 10:25 PM
    • 166 Posts
    • 589 Thanks
    AdventureWanted
    That's an amazing amount paid off, well done You are nearly into the £31ks
    Originally posted by jwil
    Thanks Jwil. Have been looking at our spends for this month and with Christmas we will save money on DC1&2ís swimming lessons, as well as not having to spend quite so much on fuel, as many of the kids clubs are ending until Jan, so Iím planning on paying off that money weíve saved to CC1, so fingers crossed should be in the 31s tomorrow and hopefully around £31500 by the end of the Dec.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • PurpleFairy26
    • By PurpleFairy26 3rd Dec 17, 10:31 PM
    • 1,935 Posts
    • 12,984 Thanks
    PurpleFairy26
    Hey AW just thought I'd give my views.... well done on the debt repayment in such a short time. on the EF point, I know what you mean about getting rid of debt, however, what you don;t want to do is ever have to use the CC for an 'emergency' if you can help it. So building up, even a small EF is well worth doing. When we had some cc debt still, we started £30 a month, after a few months moved it to £50 and then £75. When we are finally DF I'll be increasing it further.

    If it helps, I used a 'NET' position, so I took my EF off my total CC, therefore it seemed to help, IYSWIM.

    It was amazing how quickly it built up, meaning if you needed a new fridge, vacuum etc... you wouldn't have to slash CC payments that month, you could just dip in your EF.

    Hope it all works out for you . Purps.
    • AdventureWanted
    • By AdventureWanted 5th Dec 17, 7:18 PM
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    AdventureWanted
    Hi Purps, thanks for stopping by and for the advice. I think Iím definitely going to set an emergency fund target for next year.

    Thought Iíd do a quick post to update finances. Luckily have got a good phone signal so can still check my bank whilst on holiday. We went out for a fantastic lunch today which was pretty expensive (£54), but luckily itís covered by the £100 refund we got back when our holiday price reduced. Will be going out for a meal Friday, but have £25 vouchers towards it, so hoping that we wonít go over the £100 this week. If we do I have another £150 in the holiday account, but was hoping to use this towards a holiday next year. Holiday has been brilliant so far - lots of walking and DC1 & 2 have been doing lots of biking. In other news both need bigger bikes, as they really are getting too small. Hopefully there might be some second hand ones up for sale soon.

    Yesterday I made a pad of £81 to CC1, as well as the £50 dd coming out. Today Iíve been reevaluating the budget and have managed to pay an additional £32.30 off CC1 meaning the balance is now £999

    Debt at 5/12/17
    CC1 - £999
    CC2 - £7,150
    CC3 - £10,940
    CC4 - £12,870

    Total debt - £31,959
    Debt at 30/11/17 - £32,130 (paid £171 this month)

    Really pleased to be under £1000 with CC1. Hoping to have this paid by end of Feb/beginning of March, so that I can then start to reduce CC2.

    Plan is to reduce CC2 to around £5,500-£6,000 by July and then hopefully get a balance transfer. Iíll then concentrate a bit more on getting a decent emergency fund in place.
    • AdventureWanted
    • By AdventureWanted 5th Dec 17, 7:22 PM
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    AdventureWanted
    Current goals (hoping to achieve by end of Dec 2018):-

    • Debt below £20,000 (currently £31,959)

    • Emergency fund of £3,000 (currently £151)
    • jwil
    • By jwil 6th Dec 17, 6:01 PM
    • 7,810 Posts
    • 22,400 Thanks
    jwil
    Glad you are having a good holiday! Well done on getting CC1 below £1k

    Good luck with those targets for next year
    "If you can dream it, you can do it". Walt Disney
    • enthusiasticsaver
    • By enthusiasticsaver 6th Dec 17, 9:26 PM
    • 4,851 Posts
    • 9,164 Thanks
    enthusiasticsaver
    You are doing well on reducing the debt. An emergency fund is essential really for getting you out of the mindset of using credit for any unforeseen expenditure. The amount to aim for initially though depends on circumstances and I think the amount of debt and income level is also relevant. I think though in your circumstances I would be prioritising the debt reduction over a larger emergency fund so maybe aim for £500 initially as the cost of maybe a large car repair and then look to increase to £3k later on in the year.
    1 week to go until early retirement. 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
    • AdventureWanted
    • By AdventureWanted 9th Dec 17, 9:36 PM
    • 166 Posts
    • 589 Thanks
    AdventureWanted
    You are doing well on reducing the debt. An emergency fund is essential really for getting you out of the mindset of using credit for any unforeseen expenditure. The amount to aim for initially though depends on circumstances and I think the amount of debt and income level is also relevant. I think though in your circumstances I would be prioritising the debt reduction over a larger emergency fund so maybe aim for £500 initially as the cost of maybe a large car repair and then look to increase to £3k later on in the year.
    Originally posted by enthusiasticsaver
    Hi, thank you for the advice. Iíll continue throwing most extra cash at debt and paying £150 p/m into emergency fund. Hopefully I can add a bit extra here and there to EF to get it to £500 and then later £1000 asap.
    • AdventureWanted
    • By AdventureWanted 9th Dec 17, 9:59 PM
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    AdventureWanted
    So yesterday we got back from holiday, quickly unloaded the car and then dashed back out to go on a Christmas train ride we had booked. It was amazing. The DC absolutely loved the train ride, especially when they saw Father Christmas. I absolutely love this time of year - it really is so magical.

    Holiday was just what we all needed. The weather was bitterly cold all week, but we still managed to walk about 5 miles everyday. DC 1&2 got to ride their bikes most days and DC2 is now really good at riding. The next step will be taking the stabilisers off. Was really nice spending the week as a family, especially as DH has been doing lots of extra days of work recently. Now all I need to do is tackle the mountain of washing and finish unpacking!

    Spent just under £50 whilst away, which Iím pretty happy with. Would have been nice to spend less, but we had budgeted for it so it isnít a major problem.

    Checked the bank accounts today and transferred car savings, home ins, Home ed subscription savings to their relevant savings accounts. Is really reassuring to know that I have money set aside already for the bigger bills. Whilst checking the home ed subs I realised that I had budgeted for tennis lessons this month for DC1&2, however the next payment isnít due until Jan when itíll be monthly dd isnít of paying for 3 months up front. Trying to decide at the moment whether to pay it off CC1, put it in the EF or keep hold of for any last minute Christmas purchases. Will sleep on it and see how I feel tomorrow. Whilst moving money in my account I paid £9 off CC1 today, taking the balance to £990.

    I canít wait for CC1ís balance to be under £500 and then to be able to get rid of it altogether. In a way itíll be daunting when it has gone (I know this sounds a bit silly!) as CC2ís balance is so much bigger and Iím not sure if itíll be achievable to pay it off before the 0% ends.
    LBM Aug 2017. DFD - May 2021 / Dec 2021
    CC1 - £971.00 / £5,185 1/8/17. CC2 - £7,020.00 / £13,470 1/8/17. CC3 - £10.940.00 / £11,400 1/8/17
    CC4 - £12,740.00 / £13,000 20/11/17

    1% challenge - 80%. PAD challenge - £2,581.77 (since 13/9/17)
    • AdventureWanted
    • By AdventureWanted 10th Dec 17, 10:25 PM
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    AdventureWanted
    Just realised Iíve been a bit rubbish with recording NSDs. Yesterday was one as we didnít leave the house.

    Today has been a busyish day. Had to nip out this morning to collect a Christmas present Iíd ordered from Argos. Got there to find that theyíd had a system error and my item had no longer been allocated to me in store (even though Iíd paid for it and had confirmation it was in store ). Luckily they had it in a different store, but was frustrating as it meant driving out of my way to collect it. On the plus side we were given a 10% off voucher for our trouble. Managed to pop to the supermarket and get some essentials whilst we were out, so hopefully wonít need to go shopping for another week now. Really want to use up some of our freezer food before the next big shop, as we seem to be hoarding food again!

    Have purchased a few more Christmas presents today, so I think bar two presents I am done. Will be getting a voucher of some kind for one, and then thought maybe something for the garden for my parents. Not really too sure what to get them. Thought about getting them some bird boxes for their garden as they havenít had many birds this year, but not too sure. My parents both suffer with depression/anxiety so would be nice to get them something that could help, but not sure if theyíd use it. Bought my Mum one of those adult colouring books before, but donít think sheís ever opened it. Maybe a jigsaw would be an idea....

    Am hoping that DH will get all the presents out tomorrow so I can check over what we have got and start wrapping. I have an awful feeling that the number of presents is going to be ridiculously large. Donít know what it is about Christmas but I always have that desire to buy more. DC3 is only 13 months and has absolutely no idea what Christmas is or is bothered about presents, and yet I keep having to stop myself from buying more presents just because DC1&2 have more gifts. The 10% voucher we were given today hasnít really helped. I have been toying with the idea of getting a Nintendo switch as a family gift for the past 6 weeks, but havenít bought it as we already have a PS4 & Xbox 360, and itís really expensive. Iím glad I havenít bought it, but find my resolve slipping at times (especially when weíre given a 10% voucher). I really need to try and stay strong and not buy anything else for Christmas (other than the remaining 2 gifts). At the end of the day the more stuff I buy the more things Iím going to have cluttering up my already cluttered house!

    In other news, paid £5 off CC1. Balance now £985.
    • AdventureWanted
    • By AdventureWanted 11th Dec 17, 8:03 PM
    • 166 Posts
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    AdventureWanted
    Yuck what a miserable day today (weather wise that is!). My brother has been sending me lovely photos of all the snow he’s had at his house, which looks beautiful. Where we are we’ve just had rain - lots and lots of rain, sometimes mixed with a bit of sleet.

    Today CC2 & CC4s £130 DDs came out and I also made a very small £2.50 pad to CC1. So the debt now stands at...

    Debt at 11/12/17
    CC1 - £982.50
    CC2 - £7,020.00
    CC3 - £10,940.00
    CC4 - £12,740.00

    Total debt - £31,682.50
    Debt at 30/11/17 - £32,130.00 (paid £447.50 this month)
    • jwil
    • By jwil 12th Dec 17, 12:24 PM
    • 7,810 Posts
    • 22,400 Thanks
    jwil
    No snow here either.

    Well done on those payments I know what you mean though about just having a big total left to reduce. It can be overwhelming, but you will get there! Why not break it down into smaller targets?
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 12th Dec 17, 1:44 PM
    • 166 Posts
    • 589 Thanks
    AdventureWanted
    Smaller targets is a good idea Jwil. I don’t think I can pay all of CC2 off by July, but i think I’ll try and split the balance into 2.

    Pads made today;
    CC1 £7.50
    CC2 - £21.00

    CC2 was so close to being under £7k so I couldn’t resist the extra pad. With Christmas coming up we’re less likely to have as many days out, so have used some of my pocket money & our days out budget. So so happy that CC2 is now under £7,000.

    Debt at 12/12/17
    CC1 - £975.00
    CC2 - £6,999.00
    CC3 - £10,940.00
    CC4 - £12,740.00

    Total - £31,654.00

    Latest goals
    • Pay £975 off CC1 - 0% ends July
    • Pay £3,999 off CC2 - 0% ends July

    Will concentrate on paying £3,999 off CC2 by July when the 0% ends. Hopefully I can achieve this, which will then leave £3,000 to be balance transferred in July.
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