The "Pay ALL your debt off by Xmas 2012" challenge

kerri_dfw

Just been sat in a meeting at work trying to work out how many pots I need so that I don't have to make lump sums from wages when it comes to car tax, insurance, service, mot, birthdays, xmas pressies hahaha. I need about 6 or 7 different pots but it'll be nicer to do it that way than go "GAHHHHHH!!!" when the bills come in at their irregular intervals *claps*

HelenPie

kerri_dfw wrote: »

Just been sat in a meeting at work trying to work out how many pots I need so that I don't have to make lump sums from wages when it comes to car tax, insurance, service, mot, birthdays, xmas pressies hahaha. I need about 6 or 7 different pots but it'll be nicer to do it that way than go "GAHHHHHH!!!" when the bills come in at their irregular intervals *claps*

OH and I have been running a separate pot for the car for a few years now. One bit of advice though - try and put in more than you need for the first year to keep ahead. Unfortunately, the big chunks tend to come before the end of 12 months so you haven't quite built up the funds in time! (e.g. you aim for £600p/a so £50p/m but big bill after 5 months means only £250 in the pot.....) Hope that helps and makes sense.....

H x

kerri_dfw

HelenPie wrote: »

OH and I have been running a separate pot for the car for a few years now. One bit of advice though - try and put in more than you need for the first year to keep ahead. Unfortunately, the big chunks tend to come before the end of 12 months so you haven't quite built up the funds in time! (e.g. you aim for £600p/a so £50p/m but big bill after 5 months means only £250 in the pot.....) Hope that helps and makes sense.....

H x

Thanks Helen, I've just paid the car tax and insurance is currently on a monthly basis. I've pooled my pots together as HSBC wouldn't let me have extra ones so I now have to put in £155 a month (this is based on £500 insurance but I currently only pay £340) so hopefully have more than enough for everything My pots are:
birthdays (£50 x 6) (£300)
xmas (£50 x 6) (£300)
car insurance (£500)
car tax (£200)
car MOT (£55)
contact lenses (£110)
car service (£300)

mf0u1098

:xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree:
:snow_laug Only 389 days until we are DEBT FREE!!!! :snow_laug

:xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree::xmastree:

mf0u1098

rubywhatashmoo wrote: »

Wow mf0u1098 that is AMAZING!! Just think - when you get next years bonus you might be able to keep it and buy yourself some actual champagne!!

mmmmmmm champagne mmmmmm...:D

mf0u1098

loubie_lou wrote: »

I'm good thanks, SO TIRED, just worked three weeks aaaaaaaaaaaaaaah! (i am a live in carer!) so very hard work.

Trying to meticulously plan my christmas shopping. TBH can't really be bothered so cash point here I come

How are you btw?

xx

I'm doing ok I guess, thanks. I don't know how you can do it being a live in carer! When my grandparents were very ill (at separate times) they came to stay with us and it was simply exhausting and there were 5 of us to help! Muchos respect :A xxx

mf0u1098

loubie_lou wrote: »

We're not allowed to swear on here but that is effing fantastic!! :T:T:T:T:T:T:T:T:T

xx

It just goes to show how much money I kept throwing away!!! It's frightening really that this is the kind of money I used to just spend without thought. I know my bonus is in there but it's still a sickeningly large figure. At least I'm channeling it into the right place now...OFF MY DEBT!!!! :D:D

It also helps that I'm now on a decent salary and live at home... I couldn't be doing this if I'd continued to live on my own or if I hadn't got this amazing job. xxx

Maddie57

HI

Just added up my total debt and it is £28,729.16

I am away to form a plan of attack and read through this thread thoroughly to get some ideas.

thanks
Maddie

floridafairy

Would love to join this please, Would like to try and clear all my debt next year which is £11241 :T

Fedupofbeingindebt

I'd love to join if possible. I had my first LBM this time last year and started the year with all the best of intentions. Sadly my hard work all fell by the wayside in the summer and I've been struggling to get back on track. Thankfully, I'm starting to see the error of my ways again and have recently had my second (and hopefully last!!!) LBM.

I've got around £9k of debt and am going to through everything I can at it in order to put a huge dent in it.

Good luck to everyone!!!