Clearing my debt

Little_Miss_Winner

Sooooooo, no time like the present (being thursday after all), go and get ya' camera!:rotfl: :rotfl:

EagerLearner

Well done on your lightbulb moment! That's the way to do it - don't have savings if you have expensive debt - once you realise that you rarely go back...

Maybe the spreadsheet in my sig can't help you - someone used it to track debt repayments rather than a saving pot - maybe that'd work for you? Of course you can also track saving pots too....

Plus the monthly 'frills' tab helps you see where the money 'dissapears' to every month...

xzibit

Pot, excellent idea, I have taken the pics already and will put them on this evening when I get back from work! It's getting through the "I may need that someday" stage that I'm having trouble with lol.

EagerLearner, cheers for that, I will have a look at it, and hopefully it will help me keep track of my spendings.

david_hellier

According to my calcs you have £145.20 per week to spend on anything. This excludes any savings. I would suggest you abandon saving for a house until you have cleared the loan. Also interest rates are set to rise over the next year so it's not a good time to buy.

Write £145 in a little note book each Monday and keep track of what you spend. Avoid using credit cards. Pay off the loan with your savings and possibly renegotiate a higher repayment level.

The figures are:



income weekly monthly
self 1222.01
partner







total 0.00 1222.01
282.00 divided by 4.33

282.00 total weekly income

spend weekly monthly
rent/mortgage 100.00
council tax 0.00
elec 0.00
gas 0.00
water 0.00
secured loans 0.00
TV licence 0.00
fines 0.00
mobi 30.00
car ins 31.30
petrol 80.00
bank loan 251.50
cc 100.00

















total 0.00 592.80
136.80 divided by 4.33

136.80 total weekly spend

Start= income - spend = 145.20 per week

xzibit

David, I have worked it out slightly different, as now I do not need to pay off the credit card, as I have done it! :j

So I have worked out that,

Incomings
£1222.01

Outgoings
£251.50 loan leaves me with £970.51

£100 rent
£30 mobile
£31.30 car insurance
£80 petrol leaves me with £729.21

£729.21 / 4.33 = £168.41 a week spends

If I pay the planned £400 a month overpayment on the loan, I am left with £329.21

£329.21 / 4.33 = £76.03 a week spends which will be enough.

I only tend to spend money at the weekends, and I reckon I normally average out spending about £30-£50 a weekend. If I find after a month or too, that it is unrealistic, I can always give myself an extra £20 a week or so, but I think I should be able to stick to it!! So I am going to get my little notebook out, and limit myself to £76 a week, and write down everything I spend, so I don't forget about anything!