Adi's debt free diary!

adiwood

Hi all,

My name is Adrian, I am 26.

About a year ago, I bought a new car putting some of it on an interest free credit card. I then went to the USA which went onto the credit card and so have built up some debt.

Currently this stands at

Credit Card 1 - Interest Free - £1893.00
Credit Card 2 - [STRIKE]£765.31[/STRIKE] Now £730.17 11/10/2010
[STRIKE]Credit Card 3 - £136.32[/STRIKE] Cleared 05/10/2010 although paid off using Overdraft!
Overdraft - currently at £300 but will end the month around £700.

My car is on a loan at £5000 which I pay £195 a month over 30 months. Because this is managed I am not going to include this in my debt plan.

I have the following plan for the next 15 months.

October - Overdraft - remain above - [STRIKE]£700[/STRIKE] 831.32
November - Overdraft - remain above - [STRIKE]£500[/STRIKE] 631.32
December - Overdraft - remain above - [STRIKE]£400[/STRIKE] 531.32 (to account for xmas)
January - Overdraft - remain above - £331.82
February - Overdraft - remain above - £131.82
March - Clear Overdraft
April - £200 off credit card 2 (which will be about 650 by then)
May - £200 off credit card 2
June - Clear Credit card 2
July - £200 off credit card 1 (which will be about 1200 by then)
August - £200 off credit card 1
September - £200 off credit card 1
October - £200 off credit card 1
November - £200 off credit card 1
December - Pay off credit card 1

I have written out a budget and aim to stick to it. I will obviously be making minimum payments (or what I currently pay) on the credit cards so they will fall over time.

By 2012 I want to be debt free so I can concentrate on my mortgage again!

I will write up a SOA so you can see where I am and any savings I could make!

Already doing well this month, so hope I can get ahead of this!! :-)

05/10/2010 EDIT - Have updated my plan for adjust to paying off credit card 3.

Sessie

Welcome to the Board!

You sound like you've got a good plan there - just keep in mind that things crop up unexpectedly (happened to me the other week, had all my "upcoming expenses" written down and then the car went in for MOT and came out needing a new catalyctic converter at a cost of £800! This has set my plans back a bit but won't put me off sorting things out).

I let that get me down for a couple of days but then told myself I'm not psychic and these things are sent to test us!!

So if something gets in your way, take it in your stride and keep walking til the air (and everything else!) is free!

Good luck!

x

adiwood

Hi,

Yes - I have a budget for stuff I don't know is coming - around £100 a month.

I have my MOT next month, although it is a fairly car and under warranty so hoping there won't be anything that needs doing. Fingers crossed!

Thank you!

adiwood

Can't believe how far down my thread was already - so much activity on here!

I have realised today that I forgot to pay my ground rent for my flat - to look after bins, garden etc so will have to add another £650 to the debt amount!

This amount I will budget for, but not pay until they actually demand it.

adiwood

Just paid the £55 in from my penny jar! :T

adiwood

Decided that since I have budgeted £800 for the overdraft this month, and I am nowhere near that yet I will count all I have in the bank account as repayed against it and then reduce the amount paid throughout the month as I spend.

Bit weird trying to record debt on the overdraft as it changes alot.

adiwood

Spent another £23 on groceries however used all my sainsbury's points so it was reduced to £9.04.

Hopefully I will have enough to last until mid month now and did bulk buy fabric conditioner - £4.

angelicmary85

Hi Adi!

Glad to see you've started a diary!

For loads of ways to make food go further, what to do with leftovers etc - head over to the Old Style board. The ladies (and I'm sure, gents) over there can turn a can of tuna, a bag of flour and a bag of vegetables into a 3 course meal :rotfl:

There are loads of challenges around aswell - make £10.00 a day, £2.00 coin savers club, No Spend Days (NSD), up your income etc so remember to have a good look around all of the boards as at one time or another, they will come in handy :T

Good luck with your debt free journey!

p.s As a member of PAD, you now have a duty to promote it :rotfl:

ETA - Just realised that you joined before I did...forget everything I've just said as I'm sure you're more than aware of what's on what board :cool:

adiwood

Hi,

Thanks for the encouragement. I have found this a great place just to write about what I have done - helps me letting people know!

Don't worry about writing about some of the things you have mentioned. I am taking part in them but it might help someone else that comes here.

I have smashed my £10 a day (see signature) challenge so now on £20 a day! :eek:

I am pretty sure this is an exceptional month though and will be back on £10 a day next month!

adiwood

Doing a very money saving thing and staying here at work, after I have finished for the day to read all the diaries...saves my electricity :-P

angelicmary85

Glad to see you're saving your leckie!! :rotfl: