Pay off £15k by 31/12/2009

cheekymonkey20

Just done a template of what i want to achieve in jan, done it for the remaining months too... copy and paste it to word and rejig it if you want.

January 2009

AIM = £1165.88

Date
Description
Amount
Total






31st January 2009 Balances

Halifax Credit Card - £

MBNA Credit Card - £

Mint Credit Card - £

Abbey Overdraft - £

NatWest Overdraft - £

Mum - £

NatWest Loan - £12,325.13

TOTAL - £


1st January 2009 Balances

Halifax Credit Card - £27.99

MBNA Credit Card - £827.00

Mint Credit Card - £669.22

Abbey Overdraft - £152.83

NatWest Overdraft - £185.31

Mum - £2,500.00

NatWest Loan £12,482.39

TOTAL - £16,844.74

cheekymonkey20

Right i have started a blog which i will update every day and use it as my diary.

http://cheekymonkey.sosblog.com/

Wish me luck!

RedDino308

Hi Everyone,

Thought I ought to post something since I'm member number 2

First of all can you put me down for £18K. I'm already paying off £1,000 a month :eek: so need to find another £6K over the year.

I spent most of last year sorting out all the big savings - mobile phones, credit card juggling and the like.

This year I want to finesse things a bit to squeeze the extra few pounds out that I need. The things I have done so far (or have planned) are.

1 Open a savings account with a decent interest rate

2 Only pay the minimum amount on my 0% cards and save everything else in a savings account to earn some interest. This has the added benefit of providing a safety net if the credit crunch bites really badly. Ballpark calculations suggest that this could raise £200 in interest.

3 Subscribing to the two magazines that I buy monthly. It's only a saving of £13 but far better to have it in my pocket.

4 Get back onto eBay. Raising £20 a week should be doable and works out at £1K for the year.

5 Get an AMEX cashback card via a cashback web-site. That should be £30ish for signing up and say £220 over the year for just day to day expenditure.

Well I make that £1,463. Only £3,537 to go!!

Ummm, that's it for now. Guess I need to set up a spreadsheet to work all this out in detail.

Regards

RedDino308

pink1310

i like your blag a excellent idea you are so organised.just a few questions what would be best paying minumum payments on the credit cards and extra money save it then pay it off in one go?And my loan which i havent included i havent got a idea how much it is i kept putting it to the back of my head if i go into the bank and ask will they tell me?omg it may be more the 8k now but confident i will get it sorted.
nicx

RedDino308

Hi Pink,

Re. minimum payments - it depends on the interest rates...

If you are paying more interest than you get from saving then pay as much as possible from the cards.

On the other hand if the cards are at 0% then you may be able to make some interest by paying the minimums and saving the rest.

Of course this second approach requires discipline in that...
a You mustn't just go and blow your savings. If there is any doubt in your mind about this then better not to take the risk and simply pay of the cards.

b Keep a close eye on when the low percentage rate deals end so that you get best advantage from it.

Regarding the loan there is lots of advice floating around on things to do with them.

RedDino308

cheekymonkey20

I find spread sheets the best.

Start back at work tomorrow, and have my one to one next week for the years expectations so have it all ready for my boss.

RedDino308 - is there anything else that you can save money on, eg. mobile phone contracts, maybe sell the freebees, quidco do mobiles.co.uk with £40 cash back, and do wii's with wii fits for a £35 per month 18 month contract and new mobile, and deliver it with the phone!

Just about to update my blog before jumping in the bath, early night, gonna go to bed put a film on and probs fall asleep watching it, but dunno, might read my sales book in the bath lol! Get a head start on the sales year! ;P

sillylittlejill

Hi

Can I join??

Me and OH are going to move out of our privately rented flat back in with my parents again in an effort to get debt free and save as much money as possible. Once I start working again, which WILL be before the end of January, we will be earning around £21,000 together and am on a £6000 budget this year so will have around £15K spare hopefully to pay off debts and save up.

We will be selling all furniture etc that we don't need at parents and will use the savings we get this year to start again next year in a better place. Moving over to Newcastle/Sunderland (undecided as of yet!) next year so near a nice big ikea to spend savings!!

well that is mine and OH's situation in a nutshell so hope to speak to you guys soon xxxx

cheekymonkey20

Hey Sillylittljill... welcome and good luck.

I have just paid off my halifax credit card. my oh had a bit more money in his account than he let on lol and transfered it to the bills account so rather than wait till 16th decided to pay it now YAY!

THATS ONE DOWN!

Gonna see whether i can email halifax and get a low balance transfer rate and transfer my Mint and MBNA credit card to them, will have to see whether or not i can get a balance increase first though, it used to be £3450 but they reduced it to £750 But im not too sure, as i have 3 credit cards at the mo... one now with nothing on, and 2 with high balances mint 669.25/800 and mbna 827/1000, which would be better for my credit score?

xxx

RedDino308

Hi Everyone,

Thanks for the thoughts.

I really gave T-Mobile a hard time last year and got my contract down from £35/month to £5/month (now £4.90) with 3 months free. That deal still has 3 or four months to go but I can renegotiate on it then.

Did have a good weekend though - got my Buildings and Contents insurance down by over £300. It was the last "biggie" we needed to get sorted.

CheekyMonkey - how is your credit rating. It may be worth applying for the Virgin 0% card. 16 months interest free and minimum payments are only £25 a month.

RedDino308

pink1310

morning everyone,
ive had a good weekend money wise.ive had my purse for 4 days £20.00 note and ive not spent it.trying to walk different ways than walking past a shop and urgeing to buy a magazine.still feeling happy and confident i will do it.im haveing a ebay day at the weekend im off work so that should be fun.been to the bank i have £33.00 till pay day but i have £48,00 going in from wining bingo.And thats going in a pot.
how is everyone.?
nicx