my challenge

Sweet_Pea_2

Good luck Jamie, I enjoy reading all your posts here and on O/S, you seem so organized!
Keep up the good work.

JAMIEDODGER

another 29.56 today guys........ebay sales!!!!! woohoo barclaycard is now down to £300.00!!!!

bank_of_slate

Way to go Jammie!!!!!
Good for you.

I bet the lenders HATE this site because guess what guys...now together, we're costing THEM money!
...Linda xx

lottie26_2

well done , jamiedodger :T :T I have paid loads off my cc this month and also got rid of my next account altogether you really feel like running up tho the bank and sticking fingers up at them I'm so pleased to be cracking my debt problems and can't wait till I've paid them off.
the only trouble is i've become so tight I don't think I'd want to spend the money when I enventually have it to spend. :rotfl:

JAMIEDODGER

thanks lottie, its just an amazing feeling keep reducing it like this. beginning of january i paid off my next account, i have now written to them (sent recorded) to close the account. i am hoping to have paid off barclaycard by the end of february, as its my next one to clear!

i know what you mean about not wanting to spend anything...im getting really bad at this lol i dont want to buy anything i dont HAVE to xx

JAMIEDODGER

paid off £200 to barclaycard today!! feels great!!!!

Queenie

:T That's absolutely FANTASTIC, Jamie :T :T :T

moo842 wrote:

what is the pay yourself principle??

Put simply, it's a Direct Debit that you set up to be paid just like any other bill.

When you are struggling with debt and every penny is difficult to find, let alone stretch, we often forget those "blind" expenses, which creep up on us unaware and kick us when we're not looking.
Many forget to make a contingency plan for those items such as repairs, wear and tear on items we already have, decorating/DIY needs etc., etc. If they come and bite you in the bum when you least expect it, you will then be tempted to incur another/more debt to cater for the emergency.

By paying yourself first, this will provide you with a cushion for those times. By treating it as a regular "expense", you soon forget about it being available and it doesn't get swallowed up on fripperies. Oh, and as a bonus, in the right account, it earns you a little bonus in interest too.

Once you are debt free - you can then pay yourself first but divide it into two groups: 1 for emergencies and 1 purely for savings.

In addition, it's important to have a small amount of money allocated on a regular basis as "me money".
Having no money to spare for the odd treat for yourself is very difficult when you are working hard to pay off debts and meet your financial commitment and can leave people feeling frustrated, deprived and needy. So, a small amount allocated as "me money" is a healthy preventative measure from that feeling of deprivation. Even if it's only £1 it's a £1 that is there just for *you*.

ozzyfan_2

just wanted to say well done jamie :T

your posts are really inspiring & its obvious you have totally set your mind on clearing your debts asap - thats brilliant

thanks for keeping us motivated :j

lottie26_2

Well done jamie for paying 200 more off your doing great, my next cc payment will be on the 10th

James240

Go jamie_dodger!!!


just sorted out my finances and going to stick to a budget now worked out what with the £239 amonth thats coming off my loan i can over pay another £300 and so pounds a month more if i stick to my budget and dont waste my money like a fool :T