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

jakes-mum

OK well during our free meal out last night DH and I did a good bit of finance talking and I did actually ask him if he thinks im stingy (I hold all the money in our family) he said on the one side no as he knows I would never take the money if I didnt need it for our family . . which is true, but he also said he hated having no money and it annoyed him that I only pay money into my ISA not his. Well I do this because my ISA is emergency money, his ISA well if theres anything in there he will find something to spend it on for himself

Well after a good talk we have decided to open single accounts with our joint account bank where I will standing order £10 a month (as we still have lots of debt but it will go up when we are clear) I will aslo have a savings account that I sanding order £20 a month as I am trying to get DS into a non catchment area school and if he does get in I will have to pay £75 a term for th bus :eek: so am pre-empting this cost

What do people think to this plan?

NOTE: I just realised I didnt make 'hold all the money' clear. I meant we both have cards to the account but I do all the bill paying and he asks before he takes money out of the bank its a bit like babying him but its the only way to keep us afloat

ashleighsalem

So after 2 stressful phone calls to the dreaded spanish bank (snitty complaint letter to be written:mad:), I have paid off my loan and an extra £195 to the cc. So new total is
#100 2553/5701 45%

This has brought my DFD forward 2 years to Dec 13, so still plenty to work towards to be debt free xmas:T

his_missus

:wave:Morning all!

Not been on here for a few days and it's just taken me an hour to catch up on posts!

Hope you all had a good Christmas, sorry to hear some of you had stressful times, especially mf0u

My Christmas was quite nice, not too eventful and managed to catch up with most of my family and friends. Back to work today, first time I've ever had to work between Christmas and New Year, now I've got a grown up job :rotfl:

No debt busting has happened over Christmas and I think I may have overspent a bit, waiting to see how my bank looks once all my DDs go out at the start of January before I panic BUT I'm not hitting the sales this year either - I don't need anything therefore I'm not going to buy anything

Keep debtbusting xxx

PS to whoever it was who said they didn't like NYE - I don't either! I only stay up til midnight to keep DH happy then I go to bed, usually cursing all the fireworks for keeping me awake :rotfl: Haven't like NYE since the novelty of staying up late as a child wore off.

shrekkiegirl

:beer:hello everyone..........well thats Christmas over, just New Year to come then its getting on with serious debt busting........paid another £45 off, not much but intend to really go for it in the new year. hope you all have had a great christmas. i am now looking forward to 2012 as i know i will get as debt free as i possibly can, due to the support from everyone on here.

#044 371/9230

recurrent-ostrich

jakes-mum wrote: »

NOTE: I just realised I didnt make 'hold all the money' clear. I meant we both have cards to the account but I do all the bill paying and he asks before he takes money out of the bank its a bit like babying him but its the only way to keep us afloat

If its any consolation that's how we work it too. Once we are financially more stable WITHOUT the massive debt, then we'll have pin money to spend as welike, currently we can't afford it. Hubby doesn't like that he can't just randomly buy me a surprise, but that's how it goes at the moment and we can't afford an extra £20 a month each for pin money. If you afford the tenner a month each, then go for it!

theposhbint

Hello everyone, :wave:

I love this dip inbetween Christmas and New Year, gives me chance to sort my spreadsheets and get my savings goals in order for the next year. The children are with nanny today so I can zoom ahead

Mini payment for me, the rounding up is helping me at least make a small payment every other day, be it pennies or pounds its all good.

So my total to date is ... #64 £279.09/£13,210.36

It's looking like I'm not going to pay off as much as I'd hoped for Jan, I miscalculated bonuses plus I wanted to do some extra freelancing work but am finding Freelancer harder than I thought, seems you have to price yourself really low to get awarded anything. Does anyone have any tips?? I did have a look at peopleperhour but havent signed up as yet (note to self: really need to set up an afternoon to devote to this).. so eBay it is until that all gets off the ground.

Savings were mentioned, and its got me thinking.. we literally dont have any for emergencies. However saying that the only real things I can imagine happening are appliances breaking down or the car. All household things/pipes, drains, etc are covered with Homecare/British Gas so thats not a worry. Its only the car I'm thinking I could do with a fund of its own 'just in case'. Hmm, will sort that

Anyhoo, my personal mini challenge for Jan is to get my barclaycard account down to £1850. Wish me luck!

DorsetGirl_2

Is your DS going to secondary next September jakes-mum? Mine is too and we are dreading March 1st when we find out where he will be going. Hopefully we will get our first choice _pale_

DorsetGirl_2

theposhbint wrote: »

Anyhoo, my personal mini challenge for Jan is to get my barclaycard account down to £1850. Wish me luck!

I will join you and try and get my Virgin CC down to £1850 too - Good luck

rictus123

Well i cannot wait to get debt busting!! So much ideas about how to bring in extra income for it and really looking forward to having about 90% of income entirely upto me what i do with it....as i will be flat out saving every single penny! Really though should banks be allowed to dish out £15k of credit to a 20 year old? My choice to take it on though and it will help generate extra income for the next 3 or 4 years so all worth it in the long term. I may start a blog about paying off £13,500 debt while saving £15,000 in the one calandar year..whats everyone elses thoughts?

his_missus

jake's mum - my mum always held the purse strings, in fact dad didn't open his own account until about 5 years ago when he was 60. Every week, she would give him "pocket money" like she did us.
Most of our bills go out of DH's account, leaving him some spends and I pay for the gas/leccy, petrol and food, leaving me some spends.

You've really got to do whatever works for you best