Debt free by 30? 6 months to go!

loumac

Well this time last year saw me having my LBM after 3 years with my new OH of spend, spend, spend...including a trip of a lifetime to New Zealand and then onto our wedding. We needed to save for our honeymoon and wanted to clear debts associated with the two big events!

I started by joining the '10 in 10' challenge and loved the support provided by everyone and the focus it gave me in updating my monthly payments. As you can see from my signature that proved to be very successful.

However, we still have £9858.14 of debt left on a loan, a credit card and a loan from the in laws. I've set the very optimistic target of being debt free by 30 in order to then start saving for a deposit for a house. My birthday is June 9th which doesn't leave me long but you have to aim high...! :cool:

I thought a diary would help me to stay focussed to here I am already wittering on! Feel free to comment, advise etc or just read and ignore!

Good luck to anyone else with their own new years targets...;)

loumac

Well I've got the ball rolling as have now paid some direct debits on debts!

Have paid £200 to my in-laws, £181.94 to my loan and £232.95 on my credit card.

Plus I've not left the house all day so I haven't spent any money. Well officially! I was cross to notice that some online purchases I made over christmas have only just gone out of my account. Hmmm...bad planning there I think.

I have not however done anything else I'd planned for today as have had various visitors. Oops.

So school work to do before back to work tomorrow, tree to take down, dog to walk and dinner to put on....

But at least I feel positive about my finances. :cool:

CommitedToChange

just a quick hello and good luck - nothing wrong with reaching high, as long as you don't beat yourself for not making it - you've done incredibly well so far - well done.

I

loumac

Well it was back to work today so not much to report on the finances front. ..

I teach year 4 in a primary school in Birmingham and was back today for teacher training. It always helps to have that day to get your head into work mode before the children are all back.

Have been home for half an hour and have just had a quick walk with the hubby and the dog. Now time for some dinner and then more school work ready for tomorrow.

At least it's been a NSD. And I may have the chance to set up some lift sharing for work which could save some more pennies to pay off the debts! :T

Muffin86

Hi loumac! I have subscribed to your diary! can I ask what the 11 in 11 challennge is, also well done on your debt so far! my birthday is also June so hopefully we can both be in much better places financially by then! xxx

loumac

Muffin86 wrote: »

can I ask what the 11 in 11 challennge is?

Hi Muffin! Looks like we're both reading each others diaries. Nice to have a friend. :rotfl:The 11 in 11 is to try and pay £11k off in 2011. I joined '£10k in 2010' last year and found it so motivating to report in on my progress and see how everyone else was coming along. I've kept it on my signature to remind me of what I can achieve when I set my mind to it.

As for today, nothing to report on payments. Another day back at work, children added to the mix today so am already shattered. I forget how tiring working is when I've got used to my holidays.

Main job for the evening (after marking 60 books!) is to look into mortgages. I discovered last night that my mortgage deal finishes in February and I need to investigate what to do next.

I'm currently on a 2 year fixed deal of 4.59%, the letter says if I don't change I'll go onto the standard variable rate which at the time was 6.50%. The current SVR is 2.50%! Ha! How things have changed...! But what to do for the best...?!?

loumac

So here's a random add to my diary...

...just searching through DFW nerd club thread as wanted to add myself and instantly recognised that a name on the thread could be my sister.

This may not sound like much but we've not spoken in 2 years, but I could tell from the tag it was probably her and then read some threads she's started and knew from the comments that it must be.

Sad to think we're both on the same debt free mission but we can't support each other.

I also know through family members she's just had her first baby. Sending her love and happiness through the internet.

Muffin86

Hi Loumac,

After a day or two at work it seems like the holidays never took place doesn't it?

Good Luck with your challenege, I'm a member of the pay as much as you can in 2011 challenge and I have set a target of £10, 000 Also what a shame about your sister, but at least you have some comfort that you can support her and watch her progress through MSE xxx

loumac

Well isn't it only when you're writing a diary that you realise how nothing exciting happens in your day.

A busy day at school today, but very productive. I wrote a list this morning and it helped me to be so much more organised. I love lists! Love crossing things off them more though. Still more to do...I knew I should have done something over the christmas holidays.

I am really glad it's Friday tomorrow too. I'm looking forward to the weekend as I have yet another long list of things to do. Mostly contacting lots of companies about my name change following getting married. Oh and looking into a new mortgage. Hmmmm....what else? I really should write my lists down!

I'm also restarting some 1-1 maths tuition on Saturday which should be a nice weekly £25 towards a debt or two.

Will be a challenge to stay home and maintain the no spending thing though...

mum2one

sorry abou the family situation, maybe 2011 could be the yr and u join back the fold as they say.

Sounds like you've well with all the debt repayments etc, and the extra teaching, def a gd little earner, and all helps on the debt front x

loumac

... but can I manage to keep it a no spend one!

I'm so glad that it's Friday, I've been working through all my lists for school and am feeling reasonably organised. I still have work to do over the weekend but I feel back on track for a normal week at work next week. I'll write a new list in a bit...

On the way home I popped into my folks and my dad surprised me with reminding me that he owed me £30 and then handing it over. :T It's in my purse and I need to try and be good and go and pay it into the bank in the morning so I don't fritter it away. However, my dog is having physio at 8am (I know, I know!!) and that's £55 so I need to juggle how I'm paying what as we get to claim that back from the insurance eventually.

I've also got tutoring tomorrow at 11 and that's £25 so it would be nice to pay that into the bank too!

Between doggy physio and tutoring I need to get some insurance quotes, investigate new mortgage deals and phone a few companies to arrange changing everything into my married name. Hmmm...this is already sounding like another list!

For tonight I'm just waiting for chicken and sweet potato all being cooked by my lovely hubby. Will check back in later to read everyone elses diaries and threads and think of some more money saving plans for the weekend. :cool: xxx

ps - thanks mum2one and muffin86 for your comments about my sis.