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A Budgeteers Quest to be Debt Free & Mortgage Free By 40

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  • jwil
    jwil Posts: 22,031 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Well done on clearing a debt, one to go now, woo hoo! :T :T :T :j :j :j
    "Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee
  • DedicatedDFW
    DedicatedDFW Posts: 4,234 Forumite
    jwil wrote: »
    Well done on clearing a debt, one to go now, woo hoo! :T :T :T :j :j :j

    Ta jwil :D
    CC1:T £[STRIKE]2531[/STRIKE] £1460
    MORTGAGE OVERPAYMENTS: £10575.20 Target £12,100
    MF Date: [STRIKE]August 2042[/STRIKE] May 2035
    Declutter 1000 things by Xmas 2015! 53/1000
  • DedicatedDFW
    DedicatedDFW Posts: 4,234 Forumite
    Hmm... doing sums... :think: I worked out that if i budgeted for my spends and paid all borrowed money back this month and paid off target 6 in full that without paying anything else out i'd have some money left over to pay towards target 7 - i then arrived home to the gas and electric bill :eek: So i am trying not to replace the vacuum cleaner until i can try and get a good deal. I sold an item for a decent price yesterday so what with the bit i have left over i have decided to declare a £100 paid off target 7 - which will mean when i get to my next payday that the overdraft can't be beyond £1400 - its the only way i can work it out as its the account i use all the time ;)

    Spends i don't *think* are extortionate - £40 a week with an extra £50 thrown in this month as i'm having my hair done :eek: The £40 a week is for things like the little treats i sometimes buy to perk me up, my carboot spends if i find something i like, my lunch or a coffee if i desperately need to get out of the office and cheer myself up etc. The thing is i've been going out treating myself to the odd item here and there anyway, plus i've been going to the carboot or buying a nice lunch as a comfort meal :o The difference is this time that i'm setting a budget. The biggest spend can be the carboot which is only if i find something i want and then if i do its at a huge saving anyways so i think £40 is quite a reasonable figure. Obviously anything not spent off this goes to the debt so a bit of an incentive there too.

    Hope everyone has a good day - got to dash - loads to do before my appointment x
    CC1:T £[STRIKE]2531[/STRIKE] £1460
    MORTGAGE OVERPAYMENTS: £10575.20 Target £12,100
    MF Date: [STRIKE]August 2042[/STRIKE] May 2035
    Declutter 1000 things by Xmas 2015! 53/1000
  • jwil
    jwil Posts: 22,031 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I think it's sensible to have a frittering budget. Once it's gone it's gone then.

    Can you not reduce your overdraft each month? You could go in/online at payday and reduce it to a level that covers what you've paid off.
    "Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee
  • DedicatedDFW
    DedicatedDFW Posts: 4,234 Forumite
    jwil wrote: »
    I think it's sensible to have a frittering budget. Once it's gone it's gone then.

    Can you not reduce your overdraft each month? You could go in/online at payday and reduce it to a level that covers what you've paid off.

    Hi Jwil - i could do that but i am not going to cancel the overdraft facility - for me, without any savings this overdraft will be my cushion so that i can have access to funds should anything become that urgent! i obviously don't want to get into debt again once its paid off but it is a very flexible lending option should the need arise (although it hopefully won't come to that ;) *fingers crossed*)

    Also in reducing the overdraft each month i'd have to pay a fee to do that anyway which will be more than the interest i'm paying now and i am also still pushing to clear it next month - i don't want this hanging over me over the next 12months which is a realistic repayment option given my income and outgoings etc.
    CC1:T £[STRIKE]2531[/STRIKE] £1460
    MORTGAGE OVERPAYMENTS: £10575.20 Target £12,100
    MF Date: [STRIKE]August 2042[/STRIKE] May 2035
    Declutter 1000 things by Xmas 2015! 53/1000
  • DedicatedDFW
    DedicatedDFW Posts: 4,234 Forumite
    Hairdressers:~ Saved £8 = £8 to target 7 (round up to £10 for ease)


    Gas & Electric:~ Saved £5 = £5 to target 7

    Petrol:~ May have saved £5 - will confirm Sunday

    Grocery:~ OVERSPEND £11.20 - will be calculated as a monthly thing as the overspend was down to needing to replace lots of things - tootpaste, tinfoil, kitchen roll, toilet roll - and now have enough to last more than a week. i also bought some hair stuff that i *have* to use and it was less than half the price - can't believe i only bought 1 :( but i'd already worked out that the shop was getting a bit more expensive than i'd like :o
    CC1:T £[STRIKE]2531[/STRIKE] £1460
    MORTGAGE OVERPAYMENTS: £10575.20 Target £12,100
    MF Date: [STRIKE]August 2042[/STRIKE] May 2035
    Declutter 1000 things by Xmas 2015! 53/1000
  • DedicatedDFW
    DedicatedDFW Posts: 4,234 Forumite
    Nicely taking me to 90% paid - i knew there was a reason i didn't get the bottle of wine i really wanted ;)
    CC1:T £[STRIKE]2531[/STRIKE] £1460
    MORTGAGE OVERPAYMENTS: £10575.20 Target £12,100
    MF Date: [STRIKE]August 2042[/STRIKE] May 2035
    Declutter 1000 things by Xmas 2015! 53/1000
  • You have done really well with the overpayments.

    Is target 7 the last debt?
    Mortgage, draw down Sept 2014: £222,000

    Now: £173,229
  • InaPickle
    InaPickle Posts: 5,968 Forumite
    1,000 Posts Combo Breaker
    Hi Dedicated!

    I read more than I post due to time restrictions and you still blow me away, but since you are so near to your debt-freeness, it seems like a great thing to keep hurling cash at the comparatively teeny-weeny debts. You won't know what to do with yourself once they are all gone...forever! :D

    You're ace, you know. Start giving yourself some more credit!

    P.S. Hope your hair is nice! :)
    Please call me 'Pickle'
    No More Buying Books: ???
    No More Buying DVDs: ???
    NMB Toiletries ??? and I've gone back for my Masters at the University of Use Ups!
    P
    roud to be dealing with her debts 1198~

  • slowlyfading
    slowlyfading Posts: 13,429 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You're doing so well :j
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
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