Just another DFW diary - Mizmir's progress

mizmir

Nice way of thinking about the debt repayment - it is good to frame it in terms that mean something particular to you - much more motivating.

Feel free to ask anything about the matched betting - I am no expert - only do the basics but am getting better at spotting good matches and maximising returns. Once you get the hang of it it really is money for nothing!

My plan now is to take whatever is "leftover" on our o/d limit (while it is 0%) after payday and pay it off a debt. That way we still have to tighten our belts to keep within the O/D but we are reducing the debts with interest. Once they're gone we'll tackle the O/D. So tomorrow will have a reckoning....

mizmir

mizmir wrote:

My plan now is to take whatever is "leftover" on our o/d limit (while it is 0%) after payday and pay it off a debt. That way we still have to tighten our belts to keep within the O/D but we are reducing the debts with interest. Once they're gone we'll tackle the O/D. So tomorrow will have a reckoning....

Scrub that - just discovered that our interest free period on the O/D expires this month :mad: Ah well - has been great while it lasted.

New plan. Will pay off overdraft in full with credit card cheque from MBNA which is on 2.9% until June (compared to 7.9%). Then will aim to come in in credit each month and pay whatever is left off MBNA card. In June we will reassess and do some more shifting about. Might also BT some from MBNA to Mint which is 0% until July (but low limit and can't do straight to bank account).

Grrrrh! Anyway at least have some flexibility.

mizmir

Have spent a lot of time over the past few days juggling things and sorting out budgets but I think I have cracked it.

Current debts:
MBNA: £14931.20 @ 2.9% until Jun 2007
Capital One: £8393.37 @ 5.94% LOB
Mint: £1428.00 @ 0% until July 2007
Car loan: £1945.08 (12 payments of £162.09 to go - 9.6% but can't pay early)
DFS: £1807.57 (0% - 23 payments of £78.59 to go)

Have done as much balance shifting as sensible taking account of transfer fees. Overdraft has been cleared with MBNA transfer so now we will keep within a credit balance which will be much easier to manage I think. My snowball has June 2010 as our DFD but am planning to bring that forward as much as possible with extra earnings etc. - would like it to be in 2009!

Have a detailed budget set up with accounts in ING for different longer terms budgets. Have enough in this month's budget to pay my tax bill. Have a spreadsheet where I am recording spending against proposed spending so I can see immediately if we are going over budget anywhere and make adjustments (or if we have extra cash in which case I can chuck that at the debts!).

All sounds a bit military when spelled out but I feel so much more in control.
This debt IS coming down!

Seaxwyn

Well done Mizmir, that is impressive organisation. I'm sure you'll bring your debt-free date forward with that kind of determination.

miggy

hypno06 wrote:

I also got a cheque for £532 yesterday from an old insurance claim that has taken 18 months to finalise and settle. We had almost written it off, so although I am not including it in my challenge total, it feels like money for nothing! Once that clears, I will pay it off a credit card - pick a card, any card!!

Excellent - you're doing famously! I'm very impressed at how much you managed to do this month.

miggy

mizmir wrote:

Scrub that - just discovered that our interest free period on the O/D expires this month :mad: Ah well - has been great while it lasted.

Just in the nick of time! Phew!
You seem to be doing a great job of organising it all, keep up the good work!

hypno06

miggy wrote:

Excellent - you're doing famously! I'm very impressed at how much you managed to do this month.

But can I sustain it? I suspect very strongly that things will slow down for the rest of the year.

Just off to ebay the kids

mizmir

hypno06 wrote:

Just off to ebay the kids

:rotfl::rotfl::rotfl::rotfl::rotfl:

does feel like that sometimes!

mizmir

Well had my first !!!! up on matched betting last night - basically I broke the rules and layed a bet before I had backed it - when I went to back it the bookie had suspended the betting - so I was left with £300 risk at the exchange and no bet to back! :eek: :eek: :eek:

Once I had calmed down I realised that I could back it at the exchange as well - so I am now in the position where if the result I have backed wins I will be £11.90 up and if not I will be £5.97 down - a lot better than £300! In fact I will be clearing £38 on the bet I was trying to make so the loss will bring the profit down to £32 - and i have £25 tracked in quidco for this one - so I am still very much in profit.

But it does show that it is not entirely risk free - it is very safe if you stick to the rules but you need to be careful not to get blase about it! Am going to be very careful to go by the book (excuse the pun!) in future. :rolleyes:

miggy

hypno06 wrote:

Just off to ebay the kids

ROFL! What a great idea!
WRT things tailing off - yes, I know just how you feel. That's the strength of putting things on here, though, isn't it? Sooner or later someone may read the whole thread and in about September you'll get a post asking how much you got for the kids. And you'll get all fired up and ebay your other half to pay off a credit card...