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Birthday resolution
benedictadams
Posts: 931 Forumite
It's my birthday tomorrow and i have made a birthday resolution
To be clear of one of my debts by each of the following birthdays
so by this time next year i want to be clear off my smallest debt (more likely to succeed by starting off small)
So every month i will be making the minimum payments on the largest two debts and throwing all my money at the smallest debt
Its around £750 at the moment and with the interest it works out to about £70 a month (so with ebay, pigsback, the various survey sites i am on and being far more aware of coupons and free stuff should be possible).
I'm hoping that it will be out of the way earlier than that.
To be clear of one of my debts by each of the following birthdays
so by this time next year i want to be clear off my smallest debt (more likely to succeed by starting off small)
So every month i will be making the minimum payments on the largest two debts and throwing all my money at the smallest debt
Its around £750 at the moment and with the interest it works out to about £70 a month (so with ebay, pigsback, the various survey sites i am on and being far more aware of coupons and free stuff should be possible).
I'm hoping that it will be out of the way earlier than that.
Debt of £6300 cleared in 5 years, now ZERO
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Comments
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Sounds like a good incentive, but just one point...
I know clearing a debt feels great pychologically, and the smallest ones seem the easiest. But it will be more benifical clearing the highest interest ones 1st!
Good luck
Debt Free as of 17/01/2009 Turtle Power!!
EF Challenger #3 £1543.72 / £5000
MFW 2024 #100 £1300.00 / £10,000
MFiT #40 Jan 2025 Target - £99,999.00
Mortgage at 30/09/22 £113,694.11 | Mortgage at 24/01/23 £110,707.87
Mortgage at 21/04/23 £107,701.01 | Mortgage at 20/07/23 £106,979.65
Mortgage at 04/10/23 £106,253.77 | Mortgage at 10/01/24 £105,324.57
Mortgage at 01/04/24 £104,424.73 | Mortgage at 01/10/24 £103,594.980 -
Great idea - and happy birthday for tomorrow.
I had planned to get all mine cleared by my next birthday, but I think I may have to review this due to the fact that I've just taken a job which pays less than I hoped and I don't have time to get a second job (part time student - the idea is that the course will eventually propel me towards well paid work!).
I might have to "borrow" your idea!:eek: What if the hokey cokey is what it's all about? :eek:Official "Bring back Mark and Lard NOW! or else (please)" Member 160 -
Thanksx_raphael_xx wrote:Sounds like a good incentive, but just one point...
I know clearing a debt feels great pychologically, and the smallest ones seem the easiest. But it will be more benifical clearing the highest interest ones 1st!
Good luck
However the interest on the smallest debt is going up on 1st October and will be the highest interest so would like to get this one out of the door first
I may change the order of the next two as both currently have the same interest rateDebt of £6300 cleared in 5 years, now ZERO0 -
Hope that your course gets you the work which you wantMinnieSpender wrote:Great idea - and happy birthday for tomorrow.
I had planned to get all mine cleared by my next birthday, but I think I may have to review this due to the fact that I've just taken a job which pays less than I hoped and I don't have time to get a second job (part time student - the idea is that the course will eventually propel me towards well paid work!).
I might have to "borrow" your idea!
Borrow the idea by all means.Debt of £6300 cleared in 5 years, now ZERO0 -
:bdaycake: HAPPY BIRTHDAY FOR 2MORO!
_party_official dfw nerd club member no 214
Proud to be dealing with my debts!;)
Why is a person that handles your money called a broker?!
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Good luck to you & hoppy buffday!
:heartpuls CG :heartpulsEver wonder about those people who spend £2 apiece on those little bottles of Evian water? Try spelling Evian backward.0 -
Just wanted to say happy birthday for today! Great idea by the way
Hope you had a great day (and got your cake!)
Morty
xGood Enough Club member number 27(2) AND I got me a stalkee!
Closet debt free wannabe -[STRIKE] Last personal loan payment - July 2010[/STRIKE]:T, credit card balance about £3000 (and dropping FAST), [STRIKE]Last car payment September 2010 (August 2010 aparently!!)[/STRIKE]
And a mortgage in a pear tree0 -
Put a bit more from my wages into paying off the debt as well as some ebay cash and am now ahead of where i should beDebt of £6300 cleared in 5 years, now ZERO0
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Go for it! Happy Birthday.Finally Debt Free After 34 Years, But Still Need to Live Frugally
Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS0
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