1 month since my LBM

notes

Well its 1 month since my LBM. i.e. every payday im going to record in signature how much paid off. Once my salary is paid in each month, any remainder will be placed onto outstanding debts.

This month i paid off over a grand in debts. Now where was this money going before ? Just wasted on day to day spending - amazing isnt it ! How can you waste that much !???!!

Anyway i had a 100 quid of ebay sales in that so not sure i can keep it up every month, but i do have nearly 200 quid from quidco to come. This coming month should be cheaper now ive reduced sky, electric, was 40 quid mobile but now PAYG and spend about 4 pounds last month so contract wasnt worth it. But i have bike insurance this month so its all swings and roundabouts next month. But going to work to 700 and then month after back to my 1000.

Debts will be paid off in no time at this rate.

So thanks to all of you!!! If you all keep me motivated my debts paid off and if i really kept at it id be mortgage free as well 60 K in 5 to 6 years !

Couldnt have changed my lifestyle without you lot :beer: . Ill post a new SOA over weekend to see what i have missed. Hopefully someone can help me further.

spaghetti_monster

well done! that's amazing progress!

calleyw

Well done

just wish I had a £1k spare a month to help over pay my mortgage Never mind such is life I don't even earn 1K a month LOL!!!!!!!!!!!!!!!


All the best and keep at it as the slog is the hardest thing.


Yours


Calley

notes

cheers for replys.

QUOTE
just wish I had a £1k spare a month to help over pay my mortgage Never mind such is life I don't even earn 1K a month LOL!!!!!!!!!!!!!!!
UNQUOTE


i dont usually have that much spare. Only since i sold a few things and cancelled near enough everything. its amazing how many direct debits and subscriptions you can build up over years and forget about. 10 pound here 50 pound ther etc etc it all adds up very quickly.

I live in a studio flat, an hour away from london. so mortgage is small. Also no children or gf. Cat got run over couple of years ago. So no others to feed !
Out of the house for 13 or 14 hours per day at work / 1hour commuting each way which i do on my motorbike to keep costs down.
Thats why i have such a large excess. But my salary is quite poor for london.
People who work in london know how expensive it is i.e. 3 quid a coffee etc etc the list goes on. It soon adds up and you may as well be on a lower salary somewhere else in country. But now im not spending, it certainly makes a difference.

Doubt ill be able to go the long haul for mortgage but it just goes to show what we can achieve.

Toomuchdebt

Well done-that's very impressive!

dudleyboy

Excellent progress! Well done!

Verbatim

Well done on a brilliant start.

Am I missing something or are you paying off MORE on the 0% card and less on the one with interest, albeit low rate?

Is this because the 0% card is about to revert to an appalling rate? Otherwise you'd be better off paying the card with the highest interest rate off first. That way you'll be debt free sooner and pay less interest overall.

notes

Verbatim.

Your right i am paying that off as only 5 months left on it at 0%. Although i should really pay of the other its just feel better clearing this first. I wasnt sure at first that id be able to clear it before end of 0% but now realise i probably will. but at least this way will be out the way then. besides if something happened between now and 5 months then i would otherwise still have mbna card go up to extortionate rates.

And if went really pearshaped would only have 1 creditor to deal with.

calleyw

notes wrote:

cheers for replys.

QUOTE
just wish I had a £1k spare a month to help over pay my mortgage Never mind such is life I don't even earn 1K a month LOL!!!!!!!!!!!!!!!
UNQUOTE


i dont usually have that much spare. Only since i sold a few things and cancelled near enough everything. its amazing how many direct debits and subscriptions you can build up over years and forget about. 10 pound here 50 pound ther etc etc it all adds up very quickly.

I live in a studio flat, an hour away from london. so mortgage is small. Also no children or gf. Cat got run over couple of years ago. So no others to feed !
Out of the house for 13 or 14 hours per day at work / 1hour commuting each way which i do on my motorbike to keep costs down.
Thats why i have such a large excess. But my salary is quite poor for london.
People who work in london know how expensive it is i.e. 3 quid a coffee etc etc the list goes on. It soon adds up and you may as well be on a lower salary somewhere else in country. But now im not spending, it certainly makes a difference.

Doubt ill be able to go the long haul for mortgage but it just goes to show what we can achieve.

Sorry I did not mean to detract from a great job you have done in paying off £1K. As that is good.

I have nothing to sell apart from husband who is crippled with pain at the moment anyone want him :rotfl: He not worth anything as he is not getting paid any money.

Like you apart from cutting off the telephone and broadband and sitting in the dark and sleeping and never eating not sure how I can save any more money. So do understand that after the intial rush of cancelling everything the slog happens and that is hard slow work.

Just lucky have got a interest only payments on the Mortgage for the next few months. This will give us a breathing space.

Well hope you continue knocking the debt on the head.


Yours


Calley