The amazing shrinking debt!

dreamdreamer

Paid another £50 more than intended on the loan this month as was feeling down about not being able to pay off the £800 - so upped it from £350 to £400.

Total debt now £3931 - which bumps me over 75%!!! Three quarters there!!

lucielle

You are going great guns. This year is your year!!!
L

dreamdreamer

My spending analysis for March:

Monthly Income Details
Monthly income after tax................ 1564.2
Other income............................ 400
Total monthly income.................... 1964.2

Monthly Expense Details
Mortgage.................................... 550
Council tax............................. 143
Electricity............................. 32
Gas..................................... 34
Water rates............................. 30
Mobile phone............................ 32
Groceries etc. ......................... 222
Other travel............................ 13
Entertainment/Spends........................... 198
Loan Repayments......................... 695.15
Total monthly expenses.................. 1949.15


March Summary
Total monthly income.................... 1,964.2
Expenses (including HP & secured debts). 1,949.15
Amount left after debt repayments....... 15.05

Pleased with that! Kept in my £200 entertainment budget.

PollyBanwell

Well done day dreamer - you are doing do well! Keep this up and you'll be debt free befoere you know it!!!

dreamdreamer

Thanks Polly! I can smell the victory now! Hehe.

Our main reason for wanting this debt gone so badly is that we would like to start a family - this has been my main incentive. We started talking about it and I realised I couldn't afford to be on maternity leave with these debt repayments. That hold over my life had to go! We had a long chat about our plans last night... now the end is in sight.

We have come to the conclusion that our plans to build up a maternity fund to lessen the blow of my lack of income are a bit unnecessary - my pay will drop by £400 a month for 9 months off - but I'll be paying more than that into savings once the debt is gone so all I'll have to do is stop paying into the savings while I'm on ML - seems pointless taking from the maternity fund then putting back in the savings pot! We've even decided I might have 12 months off (a £650 drop) if we build up a little nest egg beforehand!

We're lucky in that OH's work has extremely subsidised childcare that, thanks to the low rates and my shift work, would cost us £180 a month if we both work full time! And my work is VERY flexible about part time and flexi-hours etc. I can pretty much work when I like! We will be able to afford for me to drop down to 24hrs a week if the fancy took us, but I suspect I'll stay full time.

I'll feel so priviledged to be in that position, but I'll have worked bloody hard to get there so I'll damn well enjoy it ! :rotfl:

dreamdreamer

I'm really struggling this month thanks to an unforeseen expense. My bike was stolen last night from work (3rd bike nicked in 6 years!), and given it's my only means of transport since I sold my car, it had to be replaced. It's not worth claiming on the home insurance (it was old, and not very expensive to begin with!) so today I bought a replacement. Cost me £150 that I did not have to spend..! Have worked out that after all bills I now have £175 for the month, and there's a full 4 weeks before day! OH is going to have to pay more than his share towards the groceries this month me thinks! Doubly annoyed because I was going to get my haircut this month (only have it done about twice a year) and now will have to carry on looking like a shaggy dog for another month!

dreamdreamer

I haven't been on the boards much recently. I'm still plugging away at my debt and I'm still desperate to be rid, but I guess I'm sick of money controlling my life. And discussing it day in and day out has made me feel a bit weary about the whole thing. It's been a long time since money wasn't a constant worry in my life (since I turned 18, basically, thanks to uni, then debt!). I started a bit of a weight loss regime a couple of weeks ago and I've decided to focus my energy on that for a bit and try and get some oomph back in my life, which feels like it's become a constant cycle of work/pay off debt. 2 years of 60+ hour weeks and no holidays taking their toll I guess. So I've been following my little regime, and making a real effort to meet up with friends, catch up with people etc. I'm quickly learning that a coffee and chat at each other's houses is just as satisfying as a night out/meal etc and we don't have to spend money to enjoy each others company. Probably that we're all getting older is a factor too!

jwil

Sorry to hear about your bike, and yes it can be so exhausting constantly thinking about money.

You've done brilliantly though and you are getting close to the end, so a bit of a break will probably be really good for you to get your energy back.

Good luck with the weightloss!

chevalier

don't let the spendy elves get to you now!

You are doing really well. You only have 5 months to go to your debt free date. how cool is that.

chev

dreamdreamer

Lol trust me if the spending elves came anywhere near me at this stage I'd beat them to death I think!

Feeling a bit more upbeat today, amazing what the sunshine does for you. Been out in the garden weeding and mowing and then reading. Glorious out there. We're having a BBQ tomorrow and my best mate and her fiance are coming over, been a while since I spent any proper time with them so really looking forward to it.

Also feeling better having booked A HOLIDAY!! Well, mother in law has booked a holiday, to Rhodes, at the end of August. For us, her, my sister in law (+ boyfriend) and brother in law. Seriously looking forward to it. The three boys can go off and jetski and windsurf etc and me and the SIL and MIL can just lie on the beach ALL week :cool:. Ah yeah!

So, in preparation for this the healthy eating regime is in full swing (5lbs lost in just under 2 weeks) and I've booked some more overtime. I've worked out I can overpay by:

£700 end of April (5 x OT already booked) + £300 normal payment
£700 end of May (5 x OT already booked) + £300 normal payment
£400 end of June (dependent on 2 shifts in May, hopefully more) + £300 normal payment
£400 end of July (dependent on 2 shift in June, hopefully more) + £300 normal payment

I'm also hoping to get the £500 I leant my dad back around July so if I get this my debt on 25th July will be.... £148!! If I can just find 2 more shifts between now and the end of June I could be debt free by August! It would be brill to go to Rhodes with no debt hanging over me. We leave on 24th and I get paid at midnight on the 24th so spending money can come out of the next pay packet with the money I would have spent repaying debt. What a way to spend the first paypacket since I was 18 that's completely and utterly MINE!

Even if I don't manage to book any more overtime between now and Sept I'll hit my debt free date of 25th September. YAY! :j:j