Elmer's moneysaving mission

ElmerFudd

So far so good. Not spent anything beyond that needed for bills, food and travel. Taken packed lunches into work and managed to avoid the temptation of coffee etc out. I've not found any shrapnel (or roadkill as others have put it) but I am keeping my eyes peeled constantly.
I'm not entirely sure how to progress with things with regard to the overdraft or the Lloyds card. Once I have spare time I'll work out which is the cheapest spend. Not looking forward to spending £20 a month for the privilege of being in my overdraft each month. I'll know in the next few days though exactly how much the fees will be with the Lloyds card. Whichever is higher will get paid first.

ElmerFudd

I've just redone the snowball calculator and it looks like I am looking at a possible DFD in November 2015. Bit depressing still really, but I guess it's better than the May 2016 I was getting a number of months back.

The Lloyds bills arrive in the next few days so I should have a better idea on the sort of fees they will charge me.
Although I am tempted to pay off all the small Lloyds card off I may well end up focussing on the last overdraft or the Barclaycard. I have worked out on the snowballing that paying the Lloyds off now will only save me 2 months. It's just that I need the encouragement of getting rid of another debt.

LianneH

the snowball calculator and other advise on here is good, but I think you have to couple this with what also motivates you as an individual. So maybe paying off the small Lloyds card will give you a lot of motivation, yet also saving you 2 months?

ElmerFudd

That's true. I have worked out the overdrafts APR is now about 12%, while the old Lloyds is 22.4% so I will focus on the old Lloyds - despite the fact there is a larger Lloyds one at 24.9%. This will take me a good few years to pay off though so I won't even consider pumping the extra money into it yet until I have some of the little ones cleared (even though paying into this one starting now would bring my DFD closer).

On the plus side found 4p today!! Since I haven't spent anything above and beyond what I budgeted for I am up 4p!

ElmerFudd

Paid in £100 to the old Lloyds. Seems my minimum payment for my new Lloyds has shot right up to £340 a month. This should be doable as I was planning on paying that (and more) anyway. Trouble is the interest is crazy, so it will now only be dropping by only £140ish a month. I really need to find another 0% deal.
I've also decided that any extra money will be going to the old Lloyds rather than the new Lloyds. As soon as that is paid off I will be focussing on the overdraft, then the Barclaycard, and then finally onto the new Lloyds.
I think that's the only way I'll be able to deal with this.
On a positive note the loan will be paid off by September so should have another £190 odd to go toward the debt. Just seems so far away til DFD right now.
Also I have not spent more than has been planned and have kept to a budget for the last 2 weeks. Long may it continue.
I must be strict and pay at least £100 each month on the old Lloyds. I'm tempted to pay it off sooner but I need to be careful.

LianneH

Hey Elmer, looks like you have re-focused and came up with a plan! £712 should be a good target and then a good motivator when its paid off. I was always tempted to pay off stuff in big lumps but all i found is that i ended up overspending on my "living" budget and the overall debt wouldnt come down.

I'm down to my last wee hurdle and hope to be DF soon, im so excited - nervous too, if that makes sense!!

ElmerFudd

The other reason why I am concerned is that until recently I was getting offers for 0% deals, that I couldn't take up. Now I have a little money in the bank available to hit the card with the deal no offers are forthcoming. Guess I'll just plug at it, and eventually (end of 2015/ beginning of 2016) it will all get paid all being well. At least I'll have a minimum of 2 debts paid off this year (loan and old Lloyds), perhaps even the overdraft.
Congrats on being at the last hurdle. I can totally understand being nervous. I'm worried that once I have everything paid off I'll slip into my old routine again. I plan to start a saving pot then.

Based on the snowball plan I have the following targets to meet:

1. September 2012 should be my last payment on my loan
2. October 2012 should be my last payment to old Lloyds
3. January 2015 (should try and get this date closer) - last payment to new Lloyds
4. March 2015 - last payment on overdraft (may pay this off before the new Lloyds)
5. Dec 2015 - last payment on Halifax
6. Jan 2016 - last payment on Barclays

Dates are the last date possible based on what I will be able to pay in. Anything extra at the end of the month will be going toward the first debt I can overpay to.

Looking forward to the challenge. Wish me luck!

LianneH

you were probably getting 0% offers before as it was before xmas and trying to get you into more debt eventually! Could you maybe call one of the better cards and see if they can offer you something?

yeah, im trying to get a savings pot sorted but I think I might already be spending it in my head! lol

Wishing you lots and lots of luck!

ElmerFudd

Very true. They do like driving me into debt after all! I'll give Barclaycard a call and see if they have any deals going (they can only say no!).

chevalier

Well done on getting the debt down as far as you have. What about your OH? Can they get a 0% card to transfer some of this debt onto?

Are they onboard with the debt, can they up their income?
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