The Harrys debt-free diary

the_harrys

The thrift club sounds interesting KP, I've not heard of that before. How does it work and who looks after the money?

For this year, I have just remembered reading somewhere that most basic rate taxpayers will get £60 backpay in their September pay packet for the Gordon Brown 10p tax band abolition compensation so that will go straight into my Xmas fund, which stands at £11 at the moment (my birthday/ Xmas savings account). Well, it's a start

Keeping_Positive

One of my collegues set up an account (halifax I think) and we can pay by cash/chq or by standing order each month around pay day. It pays out of Nov pay day. Any interest that is earnt just goes on tins of chocolate for the office. We all put a pound in at the end for the organiser to get her a treat. There needs to be two agree signatories for the account. Its a real help to many in the office.

I have more excess money at the start of the year so work hard from Jan to May/June to pay as much as I can in to help with xmas and the several family birthdays.

carrottopsuk

the_harrys wrote: »

Yes, I know you're right.

I think this will be one of the most challenging things to do: my parents/ extended family are all well off and generous (and have no idea of our financial situation) and I don't want to be mean with my presents, especially for the nieces/ nephews. I did suggest to my sister last year that we just spent a maximum £30 on each others' children but she thought that would be a shame and spent at least £75 on each of mine, although they all have plenty of toys already.

I am sure there's plenty of good advice somewhere on the boards, will have a look later. Note to self: save up monthly next year.

There's a board on MSE especially for Christmas and special occasions, maybe that could give you some ideas...

the_harrys

Our car loan has now gone out for this month and we are on track to have reduced the O/D so it feels great to have changed my signature for the first time. The estimated water bill came, but I called up with my actual reading and they have reduced my monthly payment from £40 to £26!

I did 100 miles for work yesterday and managed just under 45 miles per gallon. I'm getting to be really sad I know, but it's amazing what a difference driving more smoothly/ slower makes (usually 37 mpg on my computer thing on the dash), anything to save a bit extra!

Keeping_Positive

Well done on the petrol saving. I get bored and forget. I do break alot less these days and try to just read the traffic a bit better. Just need to think about speed!

£14 a month saving on water a bonus as well. Are you going to put the "saving" somewhere specific or just merge it in? Would be a useful addtion to the xmas/birthday pot

the_harrys

Thanks KP. Yes, I'll put the £14/ month towards the Xmas fund, that will make £56 extra by December.

DD2 and I have just made her Xmas pressy to the DGrandparents' : DD's home made green tomato chutney from the tomatoes she has lovingly grown this Summer. Unfortunately the frost got to them last week before they all had a chance to ripen (cue tears from DD), so we used them for the chutney instead . That's one off the list (and DDs smile restored). Just got that washing up to tackle now...

Good news on the CC front, OH got accepted for the 0% card so we can shift nearly all of the debt which would reverts to 17% interest next month on to this, giving us another 15 months at 0%. And I'm determined to pay it off completely before this one ends.

GeorgeUK

You've been making excellent progress - well done.

Have you had a look at the snowball calculator to see when your debt free date will be. Always adds a little extra motivayion when things seem to slow down.

Keep up the good work.

the_harrys

George, the snowball says July 2010, so less than 2 years now. I 've had a setback in that my flat roof is leaking and now needs fixing (£600!) but I've decided to sell the car in the New Year so that should more than make up for it.
As it's my car I intend to use all of the money for debt but my OH thinks this is incredibly boring. We have had large credit card balances for so long he doesn't see the urgency in paying them off , but watching the news every night at the moment makes me even more determined.

The £60 extra in this month's pay has gone into my Xmas fund, but must get on with that Xmas shopping.

Keeping_Positive

I agree the news does make me feel nervous about the next ciuple of years so I am looking to save after clearing cc. My loan is a low rate so not urgent to get overpaid.

Good idea about the car. Just get to the money before your DH!

the_harrys

As part of our review of our finances we have now taken out mortgage protection for my OHs salary using the £21 a month saved on water and pet insurance (its £22/ month). Although there's no reason to think he would be any more likely than anyone else to lose his job, we don't yet have an emergency fund to fall back on so it's nice to have some peace of mind now.

The food budget is going pretty well, even made lentil and bacon soup which lasted for 2 hearty meals for 5 at a cost of around £3 , though we're having roast beef, Yorkshire puddings and all the trimmings tonight to balance things out.