Mr2's DFW Diary

Mr2_2

1st installment

Lightbulb date - 11th February 2007

Quickly got over the shame of posting our soa on site when we saw the support and inspiration available through doing so.

Woke up on 12th feeling better than we have done for ages and got to work. Listed debts on snowball calculator to find that we will be debt free by August 2007. Not bad when we owe £66k!!!! Determined to get free before then though.

Using advice given here we have begun a budget book and are going to start detailing our spending from now on.

Applied for a M&S credit card and were accepted so we can transfer the £12500 we owe Virgin (where we are paying more in interest than the minimum payment every month) which means for the life of the balance we get 3.9% interest which should reduce the amount of time it takes to pay that one off considerably.:j

Planned week's menu using things in freezer/cupboards reducing grocery bill to £12 for essentials.

Emptied 'coppers' jar to find £25 which is now in the bank.

Listed 3 things to sell on ebay.

Feel like this is a reasonable start and also think things will get better from here on. Facing up to it is the hardest thing now we've done that we feel so positive and determined.

Thanks again for the support and good luck to all.

Skint_Catt

Agreed it's a good start - but how on earth are you getting rid of £66k in 6months???!!! Didn't see your SOA, sorry!

Good luck and keep at it! :T

Catt xx

lynsayjane

well done mr2, thats an excellent start though i'm presuming debt freedate is a typo? aug 07? that'd be very impressive!

keep on at it and we'll all keep an eye on you!

xx

elantan

yep looking good mr2 think you will beat your snowball date no probs ..

Mr2_2

Looks like my good mood got a bit carried away!

For August 2007 read August 2012. Only 5 years out.

Still feel positive though. Especially as I've just re-calculated our snowball using the new interest rate for the credit card and the interest paid between now and 2012 has reduced from £14k to £9k - just by changing from one card to another.

Yeee haaaaaaaa

ancasta_2

Well done on starting this

hypno06

Hi, and glad you have got an achievable date.

We are snowballing too and I spend a fair bit of time working out different scenarios

For example, we have worked out that if we sell £50 a month on ebay, which is not asking too much given the amount of junk we have, then that brings our DFD forward by a whopping 6 months!!

If OH does an extra shift overtime each month in his second job, which again is doable, then that is another 6 months we can shave off!

Even if he just does 2 hours overtime in his main job every month, then we can bring it forward by 1 month.

I am self employed so a little more difficult to work mine out, but basically if I can bring in one additional client each month, that is another 6 months closer to being debt free.

The snowball calculator is a great tool for seeing just how much of a difference we can make. When I was deciding whether or not to cancel my cleaner,it was the snowball calculator that told me that my £100 a month would achive a DFD of almost a year sooner - too good an opportunity to miss! Similarly, when I changed my phone provider over, saving £15 a month, this went straight into the snowball calculator to see what a difference it makes!

The only thing is though, that you have to actually pay this additional money to the debts otherwise the calculator will be misleading and you will find yourself well out!

Good luck, and keep on snowballing!!

1_step_closer

I must admit I saw the aug 07 bit and was well impressed! My DFD is 2013 sometime, at current rates!