Debt Free In 50 Days

Super_Poo

Ha, I didn't plan that title, but it worked out pretty well, if I may say so myself.

Anyway, hello. Even if nobody bothers replying to this, I think that this will help me achieve my aim.

More often then not, I’ve been on top of my finances.

But recently, due to many reasons that I won’t expand on, I’ve gone a little off the boil. Not drastically, but I find myself getting lazy, and want to get on top of it.

So I’m going to keep a short diary here, with the intention of saving of £8748.00 by 31st December, 2011.

I earn £1319 after tax and my out-goings are manageable. I’m slightly embarrassed to admit that I only pay £100 rent and the only bills that I have to consider are £96 for my car, £40 for my mobile phone and £38 towards my student loan. I belong to the gym and that costs £16 per month.

In a typical week, I spent £20 per week playing football four times a week and I won’t be giving this up.

I just have to manage my lifestyle. I’m partial to spending to the odd unnecessary purchase and waste money during lunch at work.

My current situation is as followed…

Bank 1 -£109.00
Bank 2 -£340.00
C Card -£454.00

I also owe £400.00 to my parents, however, by the next pay day, I suspect this will amount to £500 due to unavoidable (no, seriously) expenses that are short term (a funeral contribution and transport to a course that ends on 5th December).

In total, I therefore owe £1403 and I want this to be £0 by 31st December, 2010 which is more plausible then it might seem on first view.

I’ll break it down in post two.

Super_Poo

Whilst financially it doesn’t make sense to pay back my parents first, morally, it does so I do intend to pay them off on 25/11.

After some Overtime, my wage will be £1409.

Overdraft £490 - £919
Parents £500 - £419
Rent £100 - £319
Car £96 - £223
Phone £40 - £183
Student Loan £38 - £145
Gym £16 - £129
Charity £13 - £116

Now, I’m allowing myself £116 + £50 overdraft for my December pay. I have a night out planned from months back (train and hotel paid for and am allowing myself £50 for that night).

Come the next pay day, after a strict month of not going out – I’m going to make the most of the Xbox and Blu Ray player and have nights in with the guys – my debt will be a £50 overdraft and £494 on the credit card. After the same debits, come 31st December I should be £179.00 in credit.

Given the time of year, it will be pushing it, I know, but what I haven’t mentioned is that I intend to do significant overtime that will raise me at least an extra £150 and the course that I mentioned in the first post (that finishes in the start of December), will allow me to walk into a job that pays £40 for three hours in the evening.

Anyway, I intend to update this regularly. Any words will be appreciated but not essential! All the best and wish me luck.

Super_Poo

As for how I intend to raise £8748 by 31st December 2011, it's because I intend to have zero debt on 1st January 2011.

My wage minus all the debts I've previously listed, plus allowing myself £300 per month to live on (which excludes overtime and the second job that I start as of December 2010), that'll leave me with £729 to save per month.

£729 saved for 12 months amounts to the rather strange £8748 total.

jwil

What a great target Super poo (and a great name ).

I think owing money to family is much harder than owing it to businesses, so whilst it may not make financial sense to pay it back first, it certainly makes emotional sense!

Good luck with it!

beanielou

Love the username!

Super_Poo

Cheers guys. The username is completely random, I just needed the loo and wanted to stay anonymous what with me putting up personal information. Guess I'm a little weird too, haha...

Anyway, off to a bad start. Unfortunately, my suit doesn't fit and as I mentioned above, I have a funeral to attend next week so I had no choice but to purchase one. I could have perhaps spent less then £140, but it's not just any old funeral, it's a very close member of the family.

Other then that though, in the two days, I've spent an unnecessary £2.20 on lunch but that figure is normally around £7/£8 so it's not all bad.

Thanks for the comments.

Super_Poo

Serious set back, I crashed my car. Meh... only a small crash so it'll be economical long term to avoid the insurance route. Short term, sigh, my target might be way off.

Also had to put a tenner on my Oyster card.

Other then that though, it's great! Ha...

jwil

Oh no, sorry to hear about your car, hope you were ok.

Super_Poo

I'm alright thank you.

I get paid on Thursday, and I've left it slip a little making matters harder for me. I am selling one or two bits on eBay though that I hope will help out.

Will update around Thursday sometime.

Super_Poo

So, I've been stupid. And I booked a weekend away. No justification, no nothing. It was dumb and I know it.

So, come 31st December, I'm going to be -£121.00 and that's only if I spent nothing between now and then (and that won't happen) because I haven't been disciplined.

I'm disappointed in myself so I've decided I have to sell, sell and sell. So my music collection of 500 vinyl records is in the process of being put on eBay. That should more than cover the -£121.00 and even leave some left over to save.