The big challenge - pay off £20k by Christmas 2010

kissjenn

Hi Hypno,

Am I too late to sign up?

Not sure how to show mine. I am debt free except my mortgage and will rack up about £80k in renovation costs this year.

So current mortgage (interest only) is £130,000 + £80,000 renovation = £210,000 due if I take no action other than borrow money from the bank. So goal is to try and stay at £130,000 mortgage and absorb as much of the £80,000 as I can this year by cutting costs wherever I can and saving money into a builders pot.

Makes my goal - dear lord - £80,000 this year. Will now go and sit down with a stiff cup of tea.

KJ

mark55man

hi hypno - starting from 1/1/2010 I would like to be £20K better off.

That means around £12K off cards and £8K in saving. My measure will be no credit card debt and a saving balance

My complicating factor is the extension we have starting in January - I plan to keep that separate (funds already locked away), but that may be optimistic.

mark55man

OK done a bit of thinking - and I will split this two ways £10K of outside of work income (focussed on £100 - £10000 thread), + £10,000 of household savings / work related income

Current plan - Savings/Work:

* Savings - Bin Gym - £600
* Savings - Downgrade Main holiday - £2000
* Work Related - Overtime/Bonus - £3000
* Pay rise/promotion - £2000
* Extra GC Challenge savings - £100pcm = £1200
* Other Savings TBD (£100pcm) = £1200

Current plan £10K outside of work income
* OH extra tutoring - £40pw = £2000
* OH Craft Sales = £1500
* Weekend Car Boot Sale with DD1&DS1 = Electronics focus = £1000
* Ebay accumulated junk £10 a day = £3600
* TBD £2K

hypno06

Hi Guys - I hope you are all having a good Christmas!

For those who want to join, and who have not yet got a number, I will allocate numbers over the next few days, but of course you are welcome to take part!

Happy Debtbusting!!

mel19632

Final payment of month and year of £899. Takes my total for the challenge to £1,956

starnac

mel19632 wrote: »

Final payment of month and year of £899. Takes my total for the challenge to £1,956

that's an excellent start to the new year and the challenge. well done mel :T

chops22

Minimum payment of £91.13 came out for Bcard. Thats 3.08% paid....long way to go!!

InaPickle

chops22 wrote: »

Minimum payment of £91.13 came out for Bcard. Thats 3.08% paid....long way to go!!

Don't knock it: that's 3.08% further along than you were beforehand. If you pay that off just under 35 times, you will have hit your target!

starnac

InaPickle wrote: »

If you pay that off just under 35 times, you will have hit your target!

what a lovely way to look at it pickle

InaPickle

starnac wrote: »

what a lovely way to look at it pickle

What a loooooong way to look at it!

Still, it's true, in its own way.