Lightbulb Moment

coxj2901

It's payday today so I've just phoned the bank and reduced my overdraft by £250 :j

Here is a quick update on some of the other things that we've got going on!

1. Our ebay items have nearly all ended now and we've raised about £150 which is pretty good :rotfl:

2. My wife has got a job interview on Friday for 7 hours per week at a local school :T

3. We've got some furniture to put on ebay and a load more clothes so we'll start putting that on over the next few days.

I have read "The Richest Man in Babylon" and "The Richest Man in Babylon for Today" over the last few days and one thing struck me as I was reading it.

One of the main principles in the book is to save 10% of your income so that it can earn money for you. (Pay yourself first before anyone else)

It doesn't make sense to me to save at ~ 6% whilst I have debt @ 10%+ but what did get me thinking was that one of the reasons for paying yourself first is so that you have a pool of money to take advantage of opportunities that come your way? It's definitely got me thinking

Rgds, John

piglet6

Hi John - long time no speak...:D I've not been posting much lately (thanks to work! :rolleyes:) but I'm glad to see you are still chomping away at that debt! :T

Well done on the overdraft reduction, and congrats on the Ebay profit. :beer: Good luck to your wife for Friday - I'll keep things crossed for her! :cool:

Have to admit, I've not read the books you mention, but I am guilty of trying to keep a little bit in savings even though I still have debt (we are now on 0% debt-wise, but I did keep a little even when we were still paying interest - it just made me feel better and the small amount of interest we paid on our debts was outweighed by the feeling of relief I had knowing that in an emergency we had a little bit to play with...:p). Sensibly, though, if you are paying a lot of interest on your debts, its not worth keeping money in savings - better to clear some money off the cards and know that you have space on the cards for an "in case of emergency" situation, rather than keeping the cards full and paying interest while keeping money in the bank for a rainy day...

Keep going, John - we're all with you!

Piglet

trulymadlydeeply_indebt!

Blimey! Just come across your thread and read it from start to end - couldn't help myself LOL!

You're a changed man. You've gone from umming and aahing at the start (re car) to the position you are in today where every penny matters - well done, not only to you but also you your wife who has also embraced the changed.

Keep up the good work - I'll be watching!

coxj2901

Quick update from me.

My wife has been offered a job at a local school which she has accepted and started today. It's 7 hours per week and will bring in around £200 per month which we will be able to throw at the debts.

:T

Rgds, John

gallygirl

What great news, congrats to Mrs C :T :T :T

coxj2901

We've had the paypal funds cleared into our bank account today so I've phoned the bank up and reduced our overdraft by a further £200. :j

Rgds, John

Little_Miss_Winner

Well done John your are doing sooooooooooooooooooo well!!!

jorodgers62

This is actually the first time I have posted at all but......

I just wanted to say...wow how brilliant are you. I have read through your diary from the start today and I am so impressed and motivated after reading your story.

My debts are quite small now especially in comparison to yours but I have reached a point where they need to go, and your methods are great.

I'll continue to follow your progress. well done to you both.

Jo :T

piglet6

Just catching up on your news again, John... Well done to Mrs John for the new job (fab news - £200 a month is great! :j) and congrats on reducing the overdraft again!

Keep up the good work...:D

Piglet

coxj2901

I've just phoned the bank up and reduced the overdraft bya further £200 so it's below £3,000 now!

However, my credit card balance is creeping up (I am in the process of switching as much debt as I can onto the 0% card) I need to be very motivated to do this sucessfully!

Rgds, John