The "Pay ALL your debt off by Xmas 2012" challenge - PART 3!!!

lemonpopsicle

SpagBol wrote: »

Yes, we seemed to hang around 20% for AGES! We have done loads of overtime and freelance work that is all being paid at the moment so that's why there is a big push now. We are waiting on a bit more but I don't think we'll get the extra 3.3% to make it a third paid off. In any case, with all the interest we still owe more than 70% so I'm not that bothered. I want to start the next challenge with £43k owing, then 1% will only be £430 rather than £580!! :eek:

The meerkat profit is amazing!! Well done :T:rotfl:

I'm probably being thick but I make your total remaining £40570 so 1% is £405, or am I mistaken?

SpagBol

lemonpopsicle wrote: »

I'm probably being thick but I make your total remaining £40570 so 1% is £405, or am I mistaken?

No you are right if I'd been keeping up with interest etc. that would be my new total but I've gone for the [STRIKE]totally kidding myself[/STRIKE] method of just recording the amount paid off. The amount owing is on a different spreadsheet and we paid £4k in interest and charges this year :eek::eek::eek: so actually have only paid off £13.5k ish but that depresses me too much to think about

Next year everything will be either 0% or 6.9% so not much interest. This year we have had 20-odd% CCs and 19% ODs which should be gone by Easter :T

lemonpopsicle

Ah I see Roll on Easter

SpagBol

lemonpopsicle wrote: »

Ah I see Roll on Easter

Abso-bloomin-lutely :easter_ba :rotfl::rotfl:

Really trying not to wish my life away but it's terribly difficult!!

fallenwiccan

SpagBol wrote: »

Abso-bloomin-lutely :easter_ba :rotfl::rotfl:

Really trying not to wish my life away but it's terribly difficult!!

The way this year has flown it'll be Easter before you know it :eek:

SpagBol

fallenwiccan wrote: »

The way this year has flown it'll be Easter before you know it :eek:

That's very true! In 2 years we will be looking forward to a DF Xmas (hopefully!) :T So I am looking forward to that but my children are growing up far too fast so also want to stop the clock. Will just have to have another

choclover

SpagBol wrote: »

No you are right if I'd been keeping up with interest etc. that would be my new total but I've gone for the [STRIKE]totally kidding myself[/STRIKE] method of just recording the amount paid off. The amount owing is on a different spreadsheet and we paid £4k in interest and charges this year :eek::eek::eek: so actually have only paid off £13.5k ish but that depresses me too much to think about

That's what I've been doing too SpagBol, but I'd prefer to see it like that so I know how much of the debt I've actually paid. Also even though I'm bit of a spreadsheet geek, numbers aren't my thing and I think I would get totally confused if I started to include the interest paid also. Not only that but would be highly depressing for my total owed figure to include interest that had not yet been charged _pale_, makes me sick just thinking about it

lemonpopsicle

Another little fleabay sale to add to my safety pot makes £75 / £1000. I'm beginning to wonder whether £1000 is enough, what do other peeps have for emergencies, I've never had an emergency pot x

fallenwiccan

lemonpopsicle wrote: »

Another little fleabay sale to add to my safety pot makes £60 / £1000. I'm beginning to wonder whether £1000 is enough, what do other peeps have for emergencies, I've never had an emergency pot x

I think the advice is 6 months of bill payments. I went for 6 months salary as I thought that'd be safer but I haven't put any in for a few months. Starting again in the new year.

SpagBol

lemonpopsicle wrote: »

Another little fleabay sale to add to my safety pot makes £60 / £1000. I'm beginning to wonder whether £1000 is enough, what do other peeps have for emergencies, I've never had an emergency pot x

I've never had one either! What is it for? If it is for the odd car emergency or takeaway if you get stuck late at work I would think £1k would be enough, yes. If it is for everything for example exploding boilers or covering salary in case of redundancy then a couple of months salary has been mentioned on the forums before. I intend to have a fund/account with all the car, birthday, holiday etc. money in for year but paid by monthly amount. So I would look at the SOA, add up all the incidentals and send a monthly payment. There should be enough in there to absorb an emergency if you then paid more after if that makes sense (I am notoriously poor at explaining myself in type!).

choclover wrote: »

That's what I've been doing too SpagBol, but I'd prefer to see it like that so I know how much of the debt I've actually paid. Also even though I'm bit of a spreadsheet geek, numbers aren't my thing and I think I would get totally confused if I started to include the interest paid also. Not only that but would be highly depressing for my total owed figure to include interest that had not yet been charged _pale_, makes me sick just thinking about it

Oh goodness! It will be about £1.5k next year for us :eek: That's without the mortgage interest which is about £800pcm too :eek::eek::eek: