Luckycharm's debtfree and self-sufficiency journey

earlyretiredish

Hi Luckycharm! Phew, thought I'd lost this thread. First time I've been on here and had to register. I would like to recomend Topcash back website for utilities bonus for changing to Scottish Power, currently offering £120 to change to dual fuel. Done it 3 times now! Shhh...I commend you for your perseverance in reducing your debt. Mine is frozen and paying a token £1 a month on each of my loans and credit card debts since 2005. Not got to the stage of feeling I will ever be in a position to repay them...but have attatchments to the property so they will get their money eventually...

earlyretiredish

I also wanted to ask 'matched betting'??Surely these gambling sites do not allow you to take out more money than you put in. Isn't it a bit of a risk? Thanks Jean

Luckycharm_2

Hi earlyretiredish

Thanks for dropping by. That sounds like a good deal with Scottish Power. What's dual fuel? Does it mean changing gas and electricity? Cos we don't have gas here. I'll look into it though.

Not sure what you mean about matched betting. There's no risk involved unless you make a mistake. Even then, if you notice it in time the big boys on the matched betting thread will help you fix it. Do you do matched betting? It's very easy money for very little work.

Token payments to your debt are better than nothing. What have you tried to raise your income?

NAEFAGS

HI just popped in to say hi looking good i must get back into the swing of it no sitting on my butt!!

take care xx

Luckycharm_2

Hi everyone. Thanks for dropping by. It's good to know I'm not talking to myself!

I've been thinking about some of the difficulties that have caused me the most stress money-wise lately. Being self-employed is good but difficult when clients pay late. I was thinking I should save up a pot of a month's wage to sit in the bank so that I know all the bills are covered even when payments are late. There have been days when I've been on the phone almost in tears trying to find out where my invoices are and why they've not been paid. I need a strategy so this doesn't happen.

Also, I don't think I've ever had a working budget. My outgoings don't really include anything like birthdays or haircuts or even road tax. I just try to deal with them as they come along. I'd like a more realistic budget so will work on that today.

Anyway, I need to keep thinking...

Luckycharm_2

Ok, so I think I have 2 different priorities now.

1) to pay off the debt

2) to save up a month's salary as a cushion

I know the debt costs money in interest every day and that I shouldn't really save while paying it off, but I think I need that security. So, I've dusted off my old ISA account which has nothing in it and will be making regular payments into it along with paying off the debt.

By the time I've saved up enough, I will hopefully have paid off my overdraft at that useless bank and also a good chunk off their CC and will be able to transfer the cash to our current account, close the current account and the ISA and be on my way to paying off the CC.

I'm hopeless at planning. I really am. I just hope this works.

Luckycharm_2

Have just had 2 clients cancel on me for this week and another invoice which is going to be paid late. This leaves me £223 short for January's bills.

I'm hoping to be able to withdraw £125 from my matched betting account later today. Since I'm using some of the MOT money as my MB pot, hopefully I'll be able to raise £100 within the next week or so.

On the plus side, I checked my ISA and it has £6.76 in it. :j I'm going to add this total to my signature as the start of saving up a month's wages. Only £1,493.24 to go!

Luckycharm_2

Just totted up the Christmas spends and have managed to come in £30-ish under budget. Yey! :jAll I have to buy now is veggies for the Christmas dinner and that can come out of the food budget. No problem.

£30 added to my month's wage pot. Gets the ball rolling.

I'm off to do some cooking. Ready meals to be put in the freezer for this week and also a cake and some biscuits.

lucielle

Yum I'll bring some wine and be offical tester.
L

Luckycharm_2

I'm struggling to tear myself away from my diary! I've had a few other ideas.

I'm going to try and keep a matched betting pot of around £400. It's linked to my abbey account which has a £450 overdraft. If I can pay off £50 of the overdraft, I can then continue to use this account for matched betting transfers and when I've used up all the free bet deals, I'll withdraw the pot and pay off the overdraft with it. This means I don't have to worry about the overdraft, other than the interest I'm being charged. After that I'll close the account. The nearest branch is quite far away and costs £1.80 to park within walking distance which is hopeless.

Not a bad idea, I think.