NEW - pay off £20,000 (ish) by Christmas 2009

FrankieM

Our monthly payment has come out so another £1000 for me....

Earthstrong

Hi all,
£246.00 paid off last few days, my overdraft and cc is now cleared with Lloydstsb, only one cc left with just under £4000. Will update my signature later, still chipping at the debt, although not paying off as much as I would like. I have left one of my jobs for a while because child care was getting too much of a hassle.
Keep going everyone..onwards and upwards!

jonnyboy80

Just paid £34 off my post office credit card this morning..hoping to break £1000 later this week!!

miss_corerupted

Just sitting here signing up to cashback sites so i csn do daily clicks. I'm also going to sort my piggy banks later. The money is doing me no good sittning in ther. I hope to have at least £50 fingers crossed

magni

My total capital paid last month was £645.80. Off to update siggy:j

mummy2mygirls

paid a extra £150 of my CC today as its what i would of spent on water and council tax this mth!! so thought i would pay it towards the cc....

So new total is now £2532 so over 1/4 of the way there

brizzledfw

Another £150.00 off what is a luckily a 0% card. Feels good to post these baby steps - keeps me going as with the snow outside would be really easy to spend money on stuff I don't really need.

Laters

anh1904

To pay off £20k in a year is £1666 per month right?
I pick up under £2500, and my mortgage is over £900, which added to child maintenance of £400 means I'll need to find additional income.

Are those aiming for £20k and above actually trying to do so by increasing income, or just from existing income and tightening of expenditure patterns?

Inspirational as some of it is, I struggle to see how I can get anywhere near that figure.

Floxxie

Hi anh1904

Reduction of expenditure and a major increase in income.

I remember reading several challenges where I just couldn't believe the amount of money some people were bringing in (not including salary). Having now given it a go myself, I can now see it does work but does require motivation and commitment.

Give it a go!

Floxxie

Uniscots97

anh1904 wrote: »

To pay off £20k in a year is £1666 per month right?
I pick up under £2500, and my mortgage is over £900, which added to child maintenance of £400 means I'll need to find additional income.

Are those aiming for £20k and above actually trying to do so by increasing income, or just from existing income and tightening of expenditure patterns?

Inspirational as some of it is, I struggle to see how I can get anywhere near that figure.

I thought the same (a few years ago now) when I joined and I saw what people were throwing at their debt. For me its a mixture of reigned in expenditure (and keeping a spending diary) i.e. not wasting money on a takeaway (for price of a takeway I can feed myself for 2-3 days!) and making extra money elsewhere whether this be:- click through sites, ebay, amazon, surveys etc. Every little does help, I know it sounds cliched but its true. Even an extra penny paid off is a penny you won't pay interest on.