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

kerri_dfw

Welcome aboard forgottendreams, I have a spreadsheet too, but I think it needs to be more complex as I have no idea where I spend my money other than the d/d's it has on it... oops!

forgottendreams

Thanks Kerri
My spreadsheets pretty basic too... but i dont think im realy for extreme money saving just yet.
Going to gently eeease myself in, and pick up some tips and pointers on the way from the friendly forum.
Im excited now.... funny what a little motivation from other can do!

his_missus

Hi all!

Welcome everyone who's joined up, I know we can do this together:)

Kerri I had a peek at your webpage, they're really cool and so pretty too.

I've started doing a spreadsheet too recently. I write down everything I buy on a daily basis so I can see where my money goes and where I can cut back. I categorise things - fruit/veg, meat, store cupboard, pets, clothes, entertainment etc - it's quite time consuming but I am noticing patterns of spendng now

his_missus

mf0u 1098 please can you update my total in post 2 please when you get time, I misjudged quite how much I owed on my cc:(

My debt as it stands today is:

personal loan (taken out to clear my last lot of debts into one debt with lower interest:o) £3015
credit card (because I stupidly carried on using it:() [STRIKE]£2900[/STRIKE] £3513 checked when I got home, more than I thought:(
catalogue (I always say I'll pay it off everytime I buy something but don't always:o) £55. I'll pay this off next month but I'm starting as honestly as I can in case I don't pay it off.

TOTAL: £6583

Thanks xxx

kerri_dfw

Just had to go spend £2.14 booo, bought 4 crusty rolls (4 for £1, 35p each) for my soup at lunch and onken yoghurt for my museli tomorrow. Will do better tomorrow

mf0u1098

forgottendreams wrote: »

hello i'm new to all this, only posted once or twice in the past, so please be gentle.
You all seem like fun and friendly people.... so i've plucked up the courage and i'm looking to be added to the list.

I think the motivation will be fabby - and will certainly help with my lightbulb moment.
I spend this morning making up a wee spreadsheet to help me with balances - and to show me nice and clearly where my money disappears every month, im determined my hard earned cash will now only be for household needs/fabulous bargains/pay off our debt..... So i think im on the right track to being debt free

My total is - £5854

Think i'll ease myself in until January..... then there will no stopping me once Christmas is over.

Hi forgottendreams and welcome to the team! Glad you've joined us, I'll add you to the 2nd post xxx

mf0u1098

forgottendreams wrote: »

Thanks Kerri
My spreadsheets pretty basic too... but i dont think im realy for extreme money saving just yet.
Going to gently eeease myself in, and pick up some tips and pointers on the way from the friendly forum.
Im excited now.... funny what a little motivation from other can do!

I'm totally obsessed with my spreadsheets too but I'm starting to think that maybe I don't actually need to. I have 2 current accounts: 1) is where my salary gets paid into and all dd's and standing orders come out of, 2) is where I transfer money at the beginning of the month for what I need to live on for the month ie food/fuel etc. This is a set amount per month that I HAVE to stick to. Since this is the case then the money left over from the 1st account is what is going against my debts and this has already been worked out and then any money left from the 2nd account can also go against bills but also any guilt free spending. The way I'm looking at it is that if I am too strict and don't allow any treats then I will fail. I've worked out what I need to save to pay off the debt by xmas 2012 and the rest in the 2nd account is mine. Any extra money earned by Amazon/Ebay etc is just a bonus and will mean that it will be paid off even quicker!!!

I guess what I'm trying to say (but rambling very badly!) is that if you have a set budget per month in another account based on saving a set amount in another then the debt/saving should take care of itself and you don't need to be glued to your spreadsheet! xxx

mf0u1098

his_missus wrote: »

mf0u 1098 please can you update my total in post 2 please when you get time, I misjudged quite how much I owed on my cc:(

TOTAL: £6583

Thanks xxx

Done! At least we've got it all now, better a surprise now than right at the end when you think you've finished!!! xxx

kerri_dfw

mf0u1098 wrote: »

I guess what I'm trying to say (but rambling very badly!) is that if you have a set budget per month in another account based on saving a set amount in another then the debt/saving should take care of itself and you don't need to be glued to your spreadsheet! xxx

I really need to get another account so I can separate out bills and "my money". Will make it so much easier, but which banks to go with? hmmm. Maybe I'll setup all my d/d's to go out of Lloyds as I don't have the card for that anymore and can just do it all online.

mf0u1098

kerri_dfw wrote: »

I really need to get another account so I can separate out bills and "my money". Will make it so much easier, but which banks to go with? hmmm. Maybe I'll setup all my d/d's to go out of Lloyds as I don't have the card for that anymore and can just do it all online.

Hey kerri_dfw, I think there are some great deals to be had on new current accounts at the mo. I know coop were doing a £200 to join, First Direct I think is £100 and there are others. I'm not sure on the monthly paying in limit though so you'll have to check. Might be worth seeing if you can get some free money whilst sorting your finances out to help with your budgeting! xxx