Russell's 'New Leaf' Spend Less, Make Money, Pay off Debts Diary

minniepoos_2

rustysmart wrote: »

Last night I discovered the snowball calculator

It's great isn't it - like you say, a real eye-opener. For us it was pretty scary, as we knew we were in trouble, but didn't know quite how long it would take to get back on track.

Still, at least you have some savings to put towards it all, and I think the satisfaction of knowing you've cut your debt dramatically outweighs the knowledge that you now have no savings. Once all the debt is gone you'll soon be able to build your savings up what with all the surplus money you'll suddently have each month!

There is no right or wrong though, it's all about what works for you

rustysmart

Thanks mini - you speak true words of wisdom

It was such a good feeling to log on to my HSBC account today and see 0.00 credit - amazing to think a 'credit' can be counted as having £0!! The A&L Overdraft will also be cleared at the end of the month too so I may even have a little drink to celebrate!!

Loved playing with the snowball calculator - wish I had found it sooner, especially when I had my two loans in addition to the other debts - I would be really interested to see if I did the right thing paying off my loans early or not.

Happy moneysaving, things are looking good for you too

Herewego

Any debt being paid off early is good news.
Have a drink on me :beer: and keep up the good work

Cloudy456

Hi I've just read through your diary having just recently joined and I can't believe how much progress you've made in a short time! Very motivating so thanks for that, I was feeling very flat just now (see the last entry in my own diary if you enjoy rants about gas bills!) but reading threads like this makes me see its worth the uphill slog - can't wait until my signature shows something like yours!

rustysmart

Thanks Herewego and Cloudy456, always great to get feedback/motivation from fellow moneysavers.

I'll certainly have that drink Herewego - CHEERS!

Cloudy456, thanks to for the kind words - moneysaving has not been easy for me, I've been in debt ever since starting uni (10 years ago). The biggest debt released was obviously the sale of my car which I was in a fortunate position to sell. Other bits and bobs have come from selling anything that sits still too long - as my cat is asleep me at the minute she could end up on ebay soon !

rustysmart

Crikey I didn't realise I had been so quiet on here lately!

Just to report that I have not fallen off the wagon and that it is pay day tomorrow!! Yay!! Will update more when I can think of something worthwhile to put!

rustysmart

Just a quick update before I leave for work - this morning was payday and as a result I have now paid off my overdraft!

Will update my signature later with all the details, but basically that now just leaves my credit card (which I've just transfered to a new 0% for the next 15 months!).

Have a good day everyone

rustysmart

I couldn't resist a quick signature update whilst I am on my lunch break at work. Whilst I do not have the exact figures to hand, I have put a rough estimate of what I owe.

The best news (can't really call it an update as I've posted this already!) is that as of tis morning I have paid off my A&L overdraft - that is now both overdrafts cleared this year saving around £25 a month in interest.

Future target is my credit card (currently on 0%) which will take a while to pay off, but I am not too worried about that as I'm not directly being charged.

As I now have a bit of money for 'myself' (yes I know I still owe on my credit card), my wife and I are saving up for a long haul holiday next year - around Easter. This will be really nice for many reasons, but mainly because I won't be feeling the pressure of saving up with such limited funds.

rustysmart

A proper signature update!!

Not much different to the previous post as I roughly knew what I owed and where.

Here's to a sunny moneysaving weekend!!

minniepoos_2

Wow - your signature is looking pretty damn good! Massive WELL DONE from me!

Good idea about saving for a holiday too - it's so nice to have something special to look forward to, plus by then you'll be debt free and won't have a care in the world