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

rustysmart

I have become strangely addicted to the competitions board of late. I know that won't get me out of debt, but it's very exciting!!

D-DAY - tomorrow, 'debt-day' that is - I'll update my signature accordingly.

rustysmart

Quick signature update as it's that time of the month again! To date I have paid off £1000 in two months and have also increased my savings from the previously ridiculous £0. If I have done my calculations correctly I will be able to clear one of my loans with my savings next month which not only will be a great xmas present for myself, it will also be an additional £135 a month that can go towards savings/overdraft etc. Things feel on the up, even if the debts are not decreasing as much as I would like

rustysmart

Really need to get on here more often, others who started their diaries around a similar time are well into pages with double figures!!

Anyway, I log on bringing joyous news!! No babies, wedding bells or similar (I've already done the latter and the former is a distant plan at present!!). Last night I paid off one of my loans - and even better, I did it four months earlier than it was due. We're not talking huge amounts here (£540 - which in the grand scheme of things is quite small), but it's the principle of the thing. I've never paid off a loan before, only replaced it with a new (often higher) one. So no matter how big or small, it's a loan that is paid off!!

Not much else to report. Have done most of my Xmas shopping so apart from the odd night out here and there, Xmas 2009 appears to be on a nice budget!!

Thanks guys for the views, readings and lovely comments.

rustysmart

Well I would usually be updating my signature on the 13th, but my MacBook has given up on me! Think it's the power cable, but due to the age of it the battery doesn't last long either. So no update this month, although as I've already noted I have cleared my AA loan this month with some of my savings which is good. I've also been really good so far with regards to Christmas spending so things are not looking too bad. From next month, my next target is my overdrafts. Currently standing at £750 (A&L) and £1500 (HSBC), it will not be easy to clear them, but with £135 a month not going towards a loan I can make a start on tackling them!! Happy Christmas everyone!!

rustysmart

Oh, something I forgot to mention - not sure if Tesco have lowered their min. payment % but they only wanted £80 payment. Although it was very tempting at this time of year to pay the min. I paid £120 which I am quite proud of. I usually always pay the min. payment, but as they have been asking for payments in the region of £120 since I got the card I knew I could afford to pay it, so no excuses really!!

rustysmart

Finally managed to get back on my Mac after paying out nearly £60 for a new power adapter - oh well, needs must.

Updated my signature as a result. Not looking too bad for the end of the year after three months of money saving.

New year will see money 'spare' to go towards paying off the overdrafts which is good. Depending on my situation throughout next year, I can afford to pay off both my overdrafts by the third quarter of next year - will keep you posted as always.

rustysmart

Been thinking overdrafts over the last day. I have two (HSBC=£1490 and A&L=£750). From this pay day (tomorrow) I will have £235 in 'spare' money - made up of £135 no longer going towards loan repayment and £100 from payrise. Think the best way to tackle the overdrafts will be transfer £135 to HSBC each month (bigger overdraft and I no longer use that account) and £100 into A&L savings - whilst it will be used to pay off the A&L eventually, if it's in my savings it will not be 'easily spent' without having to transfer it.

Could 2010 be the year of no overdraft? If it is, it'll be the first year since 2000 (going to uni) that I won't have one!!

rustysmart

Sorry to bang on about it, but I have now set up a standing order to pay off my HSBC overdraft £135.46 a month - no going back now. The best bit is that because I don't use the account, I won't really 'miss' the money going in to it!

On a very different note, X Factor not number 1 - shame, but then I didn't like the song too much. But the Rage song is awful and not christmassy at all!!

rustysmart

Just been doing the sums for January on my little spreadsheet - well, what else is there to do in this cold weather??

Possible end of month debt total could be in the region of £12,400 which will be quite good, especially as some of that decrease is 'optional'. I use the phrase optional because I am paying £42 more than my min. credit card repayment and £235 off of my overdrafts - both of these things would have been unheard of at the start of the year, in fact unheard of even 6 months ago!!

As I'm feeling quite good about this, I've just transferred £40 into my savings - this can be used towards overdraft at the end of the month or is I 'need' it, I'll transfer it back. At least in my savings it is less of a temptation!

rustysmart

Been to the gym twice this week (Body Attack yesterday and RPM today). It's amazing how good I feel after doing the different classes each week. What makes it even better is that 3 months ago I was paying £32.50 and not going, I now pay £22 and going on average 3 times a week!