My Debt Diary

lizzyb1812

Well, not counting the windows, how much did your "emergencies" (not just flat-related ones) come to last year? Could you put one twelfth of that away each month - in a high interest saver account so that if emergencies never really came up you would have a nice amount to pay off one of your debts later. Say six months on nothing has come up so you take half of what you've saved and pay off a bit of debt?

It's great to be keen, and you seem to me to have a good attitude to your situation, but a planned emergency fund will actually remove a lot of stress from your life and will not delay your debt-free-wannabee plan by much. Quite apart from anything else when an emergency comes up and you have the cash to sort it straight away you'll get a tremendous sense of achievement from knowing you have planned for it!

And as a final, probably daft thought. At the beginning of the thread you said you couldn't do babysitting to earn extra cash as you were expected to babysit for free for your nieces. Could you at least get a meal from your free babysitting - "oh, yes, Wednesday will be fine - would you mind if I made myself a bit of dinner while I'm there?" - sort of thing

lizzyb

clarab_3

lizzyb1812 wrote:

Well, not counting the windows, how much did your "emergencies" (not just flat-related ones) come to last year? Could you put one twelfth of that away each month - in a high interest saver account so that if emergencies never really came up you would have a nice amount to pay off one of your debts later. Say six months on nothing has come up so you take half of what you've saved and pay off a bit of debt?

It's great to be keen, and you seem to me to have a good attitude to your situation, but a planned emergency fund will actually remove a lot of stress from your life and will not delay your debt-free-wannabee plan by much. Quite apart from anything else when an emergency comes up and you have the cash to sort it straight away you'll get a tremendous sense of achievement from knowing you have planned for it!

And as a final, probably daft thought. At the beginning of the thread you said you couldn't do babysitting to earn extra cash as you were expected to babysit for free for your nieces. Could you at least get a meal from your free babysitting - "oh, yes, Wednesday will be fine - would you mind if I made myself a bit of dinner while I'm there?" - sort of thing

lizzyb

thanks lizzy, some good advice there - I think I need to sit and sift the bank statements again to be sure- I know i have to do something, you are right about the stress, its a long month once youve made all your payments!

clarab_3

lizzyb1812 wrote:

Well, not counting the windows, how much did your "emergencies" (not just flat-related ones) come to last year? Could you put one twelfth of that away each month - in a high interest saver account so that if emergencies never really came up you would have a nice amount to pay off one of your debts later. Say six months on nothing has come up so you take half of what you've saved and pay off a bit of debt?

It's great to be keen, and you seem to me to have a good attitude to your situation, but a planned emergency fund will actually remove a lot of stress from your life and will not delay your debt-free-wannabee plan by much. Quite apart from anything else when an emergency comes up and you have the cash to sort it straight away you'll get a tremendous sense of achievement from knowing you have planned for it!

And as a final, probably daft thought. At the beginning of the thread you said you couldn't do babysitting to earn extra cash as you were expected to babysit for free for your nieces. Could you at least get a meal from your free babysitting - "oh, yes, Wednesday will be fine - would you mind if I made myself a bit of dinner while I'm there?" - sort of thing

lizzyb

Thanks Again Lizzie - In preperation for next months paycheck Ive set up a small savings account. This month im putting in £200 as a starter, then a standing order of £50 a month.

Also planning paying the last of my "one off" arrears so then its time to snowball snowball snowball!

AND Im in for 4 new jobs so far.

clarab_3

Great month for me - first getting the PPI insurance removed from my 2 loans means that my egg loan (which had the PPI preloaded) miraculously shrunk by £1700, and the cahoot one I am no longer paying £65 a month to wasted insurance - its all going to pay off the capital!

So - sig updated down there vv. Finally under £16k which feels like real progress.

This months targets: Start saving! £50 a month for emergencies - would like to have £500 in the bank.
I have a wedding to go to - can recycle an outfit but will need present and spends, its 200 miles away too.
And get a new job!

clarab_3

Time for a long overdue update i think - I've been quiet, but I've been busy!

new SOA -

income £1900

Outgoings:
Mortgage - 470
Council tax - 84
utilities - £55
mobile phone - 20
tv licence - 12
insurance - £12
factors - £30
public transport - 50
food and groceries - 100
parents - £150

total - £983

Debt
Cahoot loan 14.9% balance £7790 - £161.00
Egg Loan 7.66% balance £5820 - £134
Halifax card - 16.9% - £1750 - £60
Capital one - £150 - £12
SAVINGS(:eek: ) - £50

total £417

total outgoings - 1400

balance - £500.

No arrears left. CCJ withdrawn from my credit history. I could accurately describe myself as "comfortable" - but thanks to you horrible lot (;)) I dont think I'll ever feel comfortable with debt again!

Its a long road ahead. I know I'm in this for the long haul, and I also know if i dont allow myself the occaisional visit to my friends/night out I will end up a twisted old baggage so I am going to track very carefully what i spend from my surplus each month and aim to overpay my credit card at the end of each month - once the credit card is gone i will breath a lot easier...

opinions?

clarab_3

Another update...

Good news:
Im on call this week and Ive made £100 so far
I've got an interview for a good job

Naughty News:
I'm going on holiday (my first in 4 years...) and Im so unnaturaly excited its untrue. I'm justifying it as its being paid for with airmiles.:Who am I kidding? theres going to be spends.:o I've 12 weeks to go... I think if i put half of my overtime payments away for spending and half towards clearing my credit card before I go (so its cut up and im not tempted!) it will be ok...