A journey of a 1000 miles must begin with single footstep....

LittleMoog

I think we're going to be about the same Woowoo, I need to update my snowball on thursday (payday :j), but I think we're still 4/5 months short. I'm looking at it as a challenge, and even if I don't make it I won't be far off my target in the new year.

Our original DFD from the snowball calculator was September 2012, and I think it's more likely to be March now, so we'll still have knocked off 6 months and saved lots of interest. We made the decision not to deprive ourselves completely (as it would only make about 2/3 months difference in the end, and we wouldn't be able to stick to it for so long), so we have the same amount of pocket money each month for socialising, buying presents for people, shopping etc, and it's up to us how to spend it. I'm trying to save a bit of mine each month starting from now, to help with christmas.

Woowoo

I'm trying to stay positive Jules, as like you said even if we don't hit it I should only be a couple of months out. I really want to enter 2012 debt free though.

Just trying to remember that you never know what next year will bring, and I have based my calculations on current levels of interest per month and of course this will continue to reduce.

I should enter January 2011 with £11k of debt.

Can't help but feel a bit deflated though, wish I hadn't worked it out now!

Ceniza

My snowball is a whole 16 months over Dec11. So I've got a LOT of catching up to do if I'm going to reach it! But at the end of the day, we can only do what we can do. C'est sera.

LittleMoog

Woowoo have you tried the snowball calculator? All you need to know is the APR, and the minimum monthly payment % for each debt (or fixed repayment for loans), and it will show you which debt to pay first to minimise interest, and a projected DFD etc. It has clever algorithms to calculate the projected interest for you, so as you pay things off the interest added each month is less. It's not exact, but for my things it's normally only out by a few pence.
http://www.whatsthecost.com/snowball.aspx

I'm slightly obsessed by it! You can play around with the figures to see how much difference an extra ££ a month will make etc.

Woowoo

I've spent many hours on there Jules lol!

My main problem is I simply do not earn enough.

I need to clear £916 after interest every month next year and I only take home £1289!

LittleMoog

We're in the same boat, according to my snowball we'll still have £4552 left to pay in 2012, which is an extra £300 a month over the next 15 paydays. That's not counting any bonuses, or handy gifts (Grandma P occasionally sends us a cheque "to keep it away from the taxman" :rotfl:) but it's still a pretty high target over the £700 odd we're already paying each month

Woowoo

I think we should stop depressing ourselves now Jules and remember how far we have come instead

Lemon_Tree

woowoo, i know what it's like to continuously play with your numbers, but just to add a hint of realism, you have done VERY well considering your income.
There are a lot of people who take longer than 2years and a few months to repay half of what you started with!
We all understand how great the need is to be debt free, and the highs and lows that you go through on this journey but you have nothing to beat yourself up about, heavens you even send them 2ps when you find them, it's not as if you're going off on jolly's every weekend and thinking s0d everything.

hope you don't mind my comments, but i do think you're not really seeing how far you've actually come and how much you've achieved and changed along that journey. I'll be your cheering squad whilst you're having a low phase

Woowoo

Thanks Lemon Tree, I have given myself a mental slap - on with the positive thinking!

Lemon_Tree

i'm relying on you to do the same when i wind myself up in the same loop at any stage before my debt free date! lol
best get back to work and earn some more pennies