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  • FIRST POST
    • AdventureWanted
    • By AdventureWanted 8th Oct 17, 10:10 PM
    • 252Posts
    • 782Thanks
    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 - March 2021 / Dec 2021
    CC1 - £0 / £5,185 1/8/17. CC2 - £6,645.00 / £13,470 1/8/17. CC3 - £10.820.00 / £11,400 1/8/17
    CC4 - £12,610.00 / £13,000 20/11/17
    2018 1% challenge - #1 - 4%.
    PAYDBX 2018 - #29 Pd £605.60 / £12,500
Page 6
    • AdventureWanted
    • By AdventureWanted 8th Jan 18, 9:47 PM
    • 252 Posts
    • 782 Thanks
    AdventureWanted
    Iíve paid £7 to CC2 today and the £130 dd for cc4 has also come out.

    Debt at 8/1/18
    CC1 - £0
    CC2 - £6,910
    CC3 - £10,820
    CC4 - £12,610

    Total debt - £30,340

    Getting closer and closer to being in the £29ks. Have got the dd for CC2 & CC3 still to come out, but will have a look at our budget to see if I can reduce spends further to help me achieve it.

    DH has come home from work tonight telling me about a training course heís been given the chance to go on. It would be good for his career, but costs A LOT and heíd be working reduced hours so Iíd rather he didnít do it. Itís strange that me & DH have such different attitudes to money. He knows we donít have the money in our account to pay for the course, but he has no problem putting it on a cc and subsidising his lost pay with a money transfer. Heís said he can make up some of the pay loss by working extra days, so heíd only have one day off. I feel like Iím always the bad cop, but ultimately I donít want to be in more debt, itís bad enough the amount weíve got. Just wish heíd have even a tiny flicker of a LBM at some point.
    • AdventureWanted
    • By AdventureWanted 10th Jan 18, 10:10 PM
    • 252 Posts
    • 782 Thanks
    AdventureWanted
    Yesterday I did a bank round down sending £9 to CC2 and 34p to the emergency fund. Today Iíve sent 36p to the emergency fund and the £130 dd for CC2 has come out.

    Feel a bit meh about the debts at the moment. DH is still talking about the course he wants to go on and is pretty adamant that as long as he can get on it and it is the price/length of time he thinks that it is too good an opportunity to miss. Iíve set myself targets for this year in terms of debt reduction, but if he does the course Iím not sure theyíll be achievable at all

    Had a get together with a friend today which was lovely, although stressful before she arrived as the house was messy. Spent 45 minutes manically tidying up and it still looked messy. Going to have to try harder to declutter the house and find a place for all our stuff. One of the biggest culprits is DHs paperwork. We donít have an office and currently lack cupboard space to house it all, so it just stays in the corner of the dining room in boxes/bags taking up space. It would be lovely to be able to invite friends over without the manic clean beforehand!! I think I need to be more organised and try and spend a set amount of time each day doing a bit of tidying/decliuttering.

    Anyway, enough feeling sorry for myself

    Debts at 10/1/18
    CC1 - £0
    CC2 - £6,771
    CC3 - £10,820
    CC4 - £12,610

    Total debt - £30,201
    • AdventureWanted
    • By AdventureWanted 12th Jan 18, 8:01 PM
    • 252 Posts
    • 782 Thanks
    AdventureWanted
    Iíve had 2 lots of cashback become available for payment so have transferred just over £11 to my bank account from top cashback and Quidco, which Iíve subsequently paid off CC2. Balance is now £6,760. Looking forward to the end of the month when this balance will be under £6,500.

    DH has done another days extra work today and is planning on another in the early part of next week. Thatíll take him to 4 extra days already this month. Hopefully he can average at least 2 for the rest of the year, as this will help us with the debt reduction.

    Iím hoping to have a sort through of our finances again either tonight or tomorrow to figure out exactly where we stand with all our money, including the business. Need to take another look at our budget and see if there is anything we can do to reduce some categories. Our gas & electric dd is due to go down by £10 from next month, which will be good. Just need to make sure my meter readings are up to date and then do another comparison, as we had one of the money saving expert energy emails the other day saying we could save by switching.

    One thing I have been rubbish at doing recently is meal planning. I really need to get back into the habit of doing this, as it really helped keep our food bill down. I think Iím going to try to make a couple more vegetarian dishes, as we most probably eat far too much meat. I had a look earlier at the jack Monroe website and found a recipe for 12 hour rich lentil Ragu which I thought sounded nice. Theyíd got it costed up at 29p, which I presume is a per person cost?! Im pretty good at cooking from scratch, but could do with varying the meals I make. Most of them have minced beef or sausages in! I have been slightly better recently at using a smaller portion of meat and upping the veggie content.

    Iíve currently got our food budget set at £300 for 2 adults and 3 kids (DC1 eats the same amount as me, DC2 eats about half an adult portion and DC3 eats a small bowlful). The £300 budget includes nappies for DC3 and night time pull ups for DC2, as well as all toiletries. Not sure if this is a good price or if it can be cut by much, so will keep an eye on it and see if by eating more veggie meals the food bill decreases. At the moment we pay for the Tesco delivery saver and have our shopping delivered, but not sure whether when the prepaid period is up to cancel it and start going to Aldi instead. (We pop to Aldi every month to buy DC2s pull ups as they are so much cheaper compared to the branded ones). Itís certainly easier having the shopping delivered compared to taking all 3 DC to the supermarket, although a trip to Aldi hopefully wouldnít be as costly as Tesco as they have less toys to tempt the DC!
    • AdventureWanted
    • By AdventureWanted 15th Jan 18, 3:46 PM
    • 252 Posts
    • 782 Thanks
    AdventureWanted
    Have made a couple of payments to CC2 since I last posted. So debt now looks like:
    CC1 - £0
    CC2 - £6,650
    CC3 - £10,820
    CC4 - £12,610

    Total debt - £30,080

    CC3’s dd is due to come out around the 21st which will take me into the £29ks. Really pleased that it will be under £30k by the end of the month.

    No news on DHs course. Feel a bit in limbo about it, but have decided that there’s no point stressing about it at the moment.

    DH has been trying really hard to work extra hours recently. This month he has worked 4 days extra so far and he’s said he’ll try and work at least 1 if not 2 more before the end of the month. It’s hard when he does work extra days as we don’t get to see him as much, but it will definitely help our finances lots.

    Still haven’t got round to doing the meter readings and comparison. If it’s stopped raining I’ll head out in a second and do it whilst it’s still fresh in my mind..
    • jwil
    • By jwil 15th Jan 18, 4:12 PM
    • 7,923 Posts
    • 23,208 Thanks
    jwil
    So close to the £29ks!

    It's hard about the course, but if it will benefit long term it's probably worth it. So frustrating though when things undermine debtbusting plans!
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 17th Jan 18, 7:33 AM
    • 252 Posts
    • 782 Thanks
    AdventureWanted
    Thanks Jwil. The course will benefit long term as there will be a lot more job opportunities, but like you said it is so frustrating.

    Today I have rounded down the bank accounts and sent £1.38 to the emergency fund (this is the pence round down from 2 accounts) and £5 to CC2.

    Emergency fund is currently at £305.45. Have been putting £150 in a month for the last couple of months, so should get this past my desired £500 balance in March. Might then reduce the monthly payment and send the extra £50 to the cc.
    • Storm89
    • By Storm89 17th Jan 18, 9:36 AM
    • 125 Posts
    • 159 Thanks
    Storm89
    I've not read this diary for a few days but just popped on to check and I really like the idea of rounding down the amounts on the bank accounts to allocate the payments elsewhere. Good luck on getting into the £29ks !
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