Debt Free Reward Pot

roxiepie_2

Okay, so I have an idea.

Since having my LBM this March I have clamped down on clearing my debt. Whilst I am enjoying it creep down slowly, I felt I could do with an extra little incentive to keep me going. So this is when I came up with the debt free reward, a sealed pot you add to every time you clear a certain amount of debt. When your debt is completely cleared you can open this pot and use the money to celebrate your new debt-free status!

The key to it is to choose an amount small enough to avoid slowing your debt clearing progress, but large enough (when it accumulates) to use on a small luxury. The very type you would have not been able to indulge in during your debt clearing days. To provide further incentive you could decide now how you’re going to spend it. Or if you don’t want to commit post in a suggestion in every time you deposit some money.

So for example, in my case I have chosen to put away £1 for every £50 cleared. Therefore, I will have £73 by the time my debt is fully cleared. Not a massive amount, but enough for me to do something special. So far I have put in the following suggestions into the pot: take OH out for posh meal, buy £70 cinema pass, blow it all on a new outfit, buy a year’s DVD subscription. I am considering picking one out at random to add to the excitement of it all.

That’s it in a nutshell really!

If you would like to join in please PM me or post a reply, stating how much you plan to save and per what amount. You can also include how much your total pot will come to as well.

Would also like to take this opportunity to say hello to everyone too, you seem a really lovely bunch!


Members:

1. Roxiepie £1 per £50 (£73)
2. SueP19 £1 per £50 (£600)
3. ChocChip26 £1 per £25
4. clarelouise £2 per £50
5. bigmommamuppet £1 per £50 (£1640)
6. keza £1 per £50
7. tirlittan £1 per £100 (£148)
8. sistercas £1.25 per £50 (£100)
9. Miss Piggy £1 per £100
10. Miss Shoes £1 per £50
11. Debt_obsessed £1 per £50 (£613)
12. SilkCutSilver £1 per £50 (£152)
13. Buffthedebtslayer 50p per £100 (£300)
14. Homegrown_life £1 per £50 (£115)
15. Cherisong £1 per £100 (£170)

Feel free to add it into your signature!

dancingfairy

Hi. I think your idea has been done before - I am not sure whether the challenge is still running or not though - there seems to be so many about.
Fab idea though. Maybe if enough people want to start at the same time as you you could have it as a challenge for the second half of the year - maybe starting the 1st July or something.
Anyway
Good Luck
df

Edit - having read the list of challenges thread near the top of this boad I found it - it's called the sealed pot challenge - it does appear to be still going and it looks like there are hundreds of members and I am sure you will be most welcome to join in - or like I said start a new challenge for other people that want to start nowish.

SueP19

Hi Roxiepie

I think I know what you mean, so for everytime I reduce my debts by £50 or £100 or £200 I put a £1 say in a pot for a treat................not to be touched until you are debt free

I am a little confused I have just read the sealed pot challange and it appears that you save as much as you can in a sealed pot til a certain date.................looks like christmas??????????????????

I'm in

My pledge is £1 for every £50 of debts cleared

??????????so what your challange going to called???????

DFRP or RP fund or RP or FRP????????????????

roxiepie_2

Dancing fairy - Hello! Thanks for heads up on the sealed pot challenge. I've had a look and I think the idea is slightly different - it doesn’t run till the end of you debt days, but to Christmas (I think!). does bring up a good point though - would it be practical to run something based on my idea if every one was ending at different times?!

SueP19 - Hello! Thanks for the kind words, as mentioned to dancing fairy, would we be able to set up a challenge, or with different end dates would it not work? Am all new to this! Anyway, if it is workable you'll be the first on the list!

ChocChip26

Hi Roxiepie! I am new to the boards too! :hello:

This sounds like a good idea, I'd like to join in please? I have a few debts amounting to around £2000 in total (will have to add it up properly later). I've tried to pay it off before but always end up spending again & ending up right back where I started!! Am determined to pay this off now once and for all & I think your challenge will be a good incentive!

So I am going to pledge to put £1 in my pot for every £25 of debt I manage to pay off. Not sure what to spend this on but I like your idea of treating my other half to a posh meal out as we don't get the chance to do this very often!

Good luck with the debt-busting!

ChocChip26 xxx

clarelouise

Hi Roxiepie

What a brilliant Idea - I'm in...

I'll put in £2 for every £50 that I clear form my debts...

Clare
x

slig

I think this is different to the sealed pot challenge - sealed pot is any spare change you have, to be opened on a specific date (generally 31 December). This is putting away a token amount each time you clear a certain amount of debt, and when you're debt free you open the pot and use the money for a treat. I really like the idea of picking a treat at random.

I'm not going to take part in this challenge properly as I only have a few months left to go before I'm debt free, but I might think up some ideas for a debt free treat for myself, collect them in a pot, then pick one at random. I like this part of your idea best, it's really good.

Some ideas for my treat pot:

Takeaway
New item of clothing
Some of the books on my amazon wishlist
Beauty treatment

bigmommamuppet

I'm up for this I'll put £1 in for every £50. Making a total of £1640 :T


Hmmm what would I do with that... a nice holiday, new sofa mind you I have awhile to think about it seeing as DFD is 6 years away. :eek:

keza

im in, £1 for every £50 i think

keza

wat does LBM mean btw? xx

slig

keza wrote: »

wat does LBM mean btw? xx

Light bulb moment.