Can I clear a debt a month??

ehallett

Snaggles wrote:

Hi Emily! Haven't been around as much recently (finally got over the morning sickness enough to go back to work - it's amazing how much going to work impacts on your social life!), so I've only just caught up with your thread.

Sorry to hear you have been unwell, but it's fantastic news about your sister. When is the baby due? I can sympathise with her feeling sick & tired, the first few weeks of pregnancy can be awful, but worth it in the end!

Take care, and best wishes to both you and your sister xxx

Hi Snaggles

The baby is due on 30th June. My sister is ok at the moment, just feeling really tired with it all. She's going for a 12 week scan soon to put her mind at rest.

I'm sure the baby is a girl and we have nicknamed it 'Little Em' as it's just a little embryo at the moment - I'm now know as 'Big Em'. I know this baby will be ok because my dad is up there somewhere taking care of us all as well as Joshua.

I'm pleased that you've gotten over your morning sickness, take care of yourself though and don't over-do it. :A

Emily x x

Snaggles

ehallett wrote:

Hi Snaggles
I'm sure the baby is a girl and we have nicknamed it 'Little Em' as it's just a little embryo at the moment - I'm now know as 'Big Em'. I know this baby will be ok because my dad is up there somewhere taking care of us all as well as Joshua.

That's lovely Emily, it brought a tear to my eye (it doesn't take much, with all the extra hormones I've aquired at the moment lol). Your family deserve the happiness that a new baby will bring, after the heartache you have all faced recently.

I know you are going to be a fabulous Auntie, your caring, fun and generous nature comes across in every post.

Here's to a happy 2007!!

ehallett

Good morning everyone

I decided last night that I needed to work out a way to clear my debts again - my clear a debt a month plan didn't work (well I cleared 3 debts using it) so I have worked out a more realistic plan.

I'm going to scrap the overdraft clearing for now.

I am now attempting to answer around 100 questions on AQA per day which is not as hard as it sounds if I break it down into 10 lots of 10 .

This means that I will earn around £1,000 per month extra that I can just throw at my debts (I know I have to pay tax on my earnings, don't worry ).

So I sat down and worked out a rough schedule in which I could pay my debts off. I have worked out that at the latest, I will be debt free by December 2009 :j :j - I haven't worked out exact figures so I reckon it will be a lot earlier than this.

I will start in January when I will get the money that I earn from AQA this month.

My first target is my Barclaycard which has got around £380 on it. When I pay this off, I will be saving the minimum payment of £11 per month.

Once I have paid this off at the beginning of January, I will cancel the card. I will then go on to my next debt and how much it is and what month I will pay it off in.

For the first 5 months of next year, I will be able to clear a debt every month which will just be the smaller ones, then I will be clearing one every few months depending on how large it is.

I have not included my overdraft in the plan as the money that I save from not paying off this debts each month will build up in my account and therefore it will be clear by the time I have paid off all my debts (or sooner hoperfully). I will cut it down as I go so it doesn't build up again.

Also any money left over from my AQA earnings (like the £600 that will be left over from paying off the Barclaycard) will come off the overdraft.

When I clear one debt and move on to the next, I will get a more accurate figure of what I owe and then adjust my debt free date accordingly.

So there is my new plan. I feel very motivated now as I have never actually worked out a date in which I could be debt free before. I know it's 3 years away but I think that I could achieve this before that date. I have not included any little windfalls I have which will hopefully get me there quicker.

I better go and answer a few questions before I go to work :j :j

Emily x x

alidadas

I have just sat here and read through your whole thread!!!

Good luck with everything Emily. I'm so impressed with what you managed to pay off this year and I hope you do well with your new plan.

Will definately keep an eye on this thread for more updates!

ehallett

alidadas wrote:

I have just sat here and read through your whole thread!!!

Good luck with everything Emily. I'm so impressed with what you managed to pay off this year and I hope you do well with your new plan.

Will definately keep an eye on this thread for more updates!

Thank you :A - I bet that took you a while to do!!

By the way, my sister is going for her first scan on Wednesday next week and I'm going with her so I will let you all know how 'Little Em' looks

Emily x x

justruth

Have you tried the snowballing thing (I can't remember how to get there, but you'll find it on google) It makes it easier to prioritise your debts according to APR and gives you an accurate debt free date. Takes some of the guess work out. I had assumed that a seasoned MSE-er such as yourself would have already done that.

More importantly best wishes for Wednesday and saying hello to little Em

ehallett

justruth wrote:

Have you tried the snowballing thing (I can't remember how to get there, but you'll find it on google) It makes it easier to prioritise your debts according to APR and gives you an accurate debt free date. Takes some of the guess work out. I had assumed that a seasoned MSE-er such as yourself would have already done that.

More importantly best wishes for Wednesday and saying hello to little Em

I have worked it out using the snowball thing once ages ago but I think I prefer to have a rough estimate as I know that December 2009 is the latest I will be debt free but I will probably be debt free before then. It kind of keeps things interesting for me and keeps me more motivated (if that makes sense).

Thank you for your best wishes regarding my sister's scan :A - I have Wednesday off every week but it seems to be a 'hospital day' for me now!! I've got to have a Glucose Tolerance Test this Wednesday to check for Diabetes (very unpleasant - have to have 1 every year) and then next week I'm going to see Little Em for the first time! It's a good job that hospitals don't scare or bother me at all

Emily x

jenchin66

Emily, well done on what you have achieved so far. You are an inspiration:T

ehallett

:j :j :j :j :j :j

I'm getting really excited now - Christmas and the New Year is well and truly on the way now :snow_grin :santa2: :snow_grin :santa2: :snow_grin

I've spent most of the day at the hospital today and that is my last appointment (hopefully :rolleyes: ) until the next year - so even though my arm is killing me (they took 9 tubes of blood from 1 arm :eek: :eek: ) and I am knackered from being prodded and poked all day long, I am glad that I can see Christmas on the horizon now.

I am seeing 2007 as the year that everything will change. I am going to get everything sorted and in place before 2007 (need to sort my paperwork out, de-junk my room, work out how to use my time more wisely etc etc).

Time for a fresh start and a chance to put this whole year behind me. So it's time for my New Years Resolutions for 2007:

1. Earn at least £1,000 from AQA per month to put towards my debts
2. Clear all my clutter and paperwork and keep it this way.
3. Stop procrastinating - if something needs doing then I will no longer put it off and just get on and do it.
4. Keep to my debt clearing plan to ensure that I will be debt free by at least 2009.
5. Do a good deed every day - what goes around comes around!

Merry Christmas everyone and a Happy New Year (I know it's a bit early )

:xmassign: :xmastree:

TallGirl

Emily I just wanted to add one more thing to the list for you:
6. Claim your bankcharges back

It really isn't that difficult and certainly worth it. Just think it might clear your overdraft or certainly make a dent in it.