Just another DFW diary - Mizmir's progress

mizmir

Have been reading the diary threads - what a great way to keep motivated! I've only been here a day - am I allowed one too? If so here it is...

It all starts today - I worked out my SOA and posted that on another thread - lots of great advice and food for thought - so thank you for that.

Since then I have managed to get a balance transfer for my two highest credit cards down to 2.9% - at least for the next 6 months. AND when I did my snowball calculation I discovered that the balance still owing on the car loan is actually less than I thought - so our overall debt is already down to £27,485 - reduced by over £500 already!

We have a spending diary at the ready - hopefully will find out what is really happening. Will keep you posted!

taxi73

Course you can have one..welcome to the dfw ...I started mine yesterday as well...it does help seeing things in black and white...you seem to have everything in hand....I look forward to reading it

alidadas

Thats great news Mizmir re the lower interest rate credit cards.

From your snowball calculations whats your current debt free date?

Have you got anything you could sell on ebay to raise a bit of extra cash to put towards your debts? Or perhaps do a car boot sale once the weather is a bit nicer?

mizmir

Hi

Debt free date is scheduled as September 2010 - but I'm determined to bring that forward! Will have a search for things to eBay and start working on a budget.

Psykicpup

Hello & welcome!

mizmir

Day 2 on the road to debtfreeness. Sandwiches are made and I am taking drinks with me to work. The spending diary is throwing up some interesting stuff - since we started it on Sunday we have between us spent over £200! :eek::eek::eek: I'm hoping it has been an unusual week (my niece was 21 and I had an overdue invoice to pay for something taken out a year ago) but I am beginning to wonder if our problem is rather too many 'unusual weeks'!

Will keep it going and just doing that will hopefully reduce our spending as we think about it more.

So to recap so far we have:

• Added up our debts and put them into the snowball calculator - current debtfree date is September 2010.
• Done an SOA and got lots of great advice about how to trim things down.
• Arranged a balance transfer from our two cards at 15.9 and 14% to one at 2.9% for the next 6 months.
• Started taking packed lunch.
• Started a spending diary (on Sunday)

Next steps:

• Work out a budget and plan the week's meals.
• Look out stuff to put on eBay.
• Check if we can get a better mortgage deal.
• Check current status of mobile phone contracts, car insurance and broadband and make notes to get better deals as soon as we can without penalty.

For now though better get to work. Note to self: try not to get too addicted to MSE!

mizmir

Not a bad day today - spent £6.65 on a prescription (need that every 2 months - note: add that to my SOA) and 50p on a bar of chocolate. Guess I didn't really need the latter but it is an improvement over buying lunch, coffee etc during the day! Once I've been shopping will take my own chocolate as well.

Just taking advantage of the 10p listing day on eBay - have put up a book (1st edition) which I hope will sell and am just sorting through a few more bits and pieces. Trying to find some higher value stuff but am struggling a bit.

Feel like we have turned a corner this week - starting to take control again. Don't imagine it will be easy to clear nearly £30K but I'm determined to do it - and sooner than September 2010! Right - off to create a signature - looks like I need to join some challenges!

mizmir

OK - I have a plan. Well a challenge to myself really. I really want that DFD to be sooner than September 2010 so I am going to aim to overpay my repayments by £100 a month. To do that I am going to have to save the money from my budget or make it as extra. If I can do that every month my DFD will be 6 months earlier in March 2010. Let's start there.

So money saving - budgeting, OS stuff, freebies. Money making - eBay, Quidco, may try matched betting. Will let you know how I get on.

For starters - have listed over £100 worth of Buy it Nows on eBay for 50p. Let's hope they sell.

taxi73

Well done mizmir...looks like you're getting you're teeth into this one...sheer determination and I'm sure you'll get there.It's amazing how much money we can fritter away day by day without giving it any thought..a spending diary alone is an eye-opener..I've also been surprised at how much I was spending on household shopping p/w..I had that much in I'm now living off freezers and cupboards..well done on coming up with your plan

plzhelpmesave!

well done, really inspirational start! keep the guns blazing.........

Nuclear_Tom

What a great start.

I find setting small, clear targets great motivation....