Pay off as much as you can in 2013 challenge

suzitiger

Hello guys, I would like to join please. I need to make sure all my totals are correct before I do a target, I have been a little bit Ostrich lately but hoping it won't be too bad! looking forward to 2013 with you all!! :j

Tiglath

Can I ask if people are going by the actual payments they make regardless of interest charged on balances, or by the amount their debt reduces? Are you aiming for example to pay a total of £12k or reduce your outstanding debt by £12k?

rising_from_the_ashes

Tiglath wrote: »

Can I ask if people are going by the actual payments they make regardless of interest charged on balances, or by the amount their debt reduces? Are you aiming for example to pay a total of £12k or reduce your outstanding debt by £12k?

mmmm good question!

I found this at the start of last years thread .... http://forums.moneysavingexpert.com/showpost.php?p=48922483&postcount=3

Tiglath

Thanks - I rather like that approach and the comment about seeing how much money has been wasted. It'll be interesting to see the contrast between how much I actually pay and the lesser amount by which it reduces my total debt. That should spur me on.

So, re-announcing my cumulative figures so far - I've actually paid out £1583.91 so far, and I will update throughout the month as I make each payment. I have my own records of how much my total debt is reducing each month which I put in my sig.

Tiglath

Painful though it is, I've got up early on payday and paid out another £600, bringing my total for this month so far to £2183.91.

welshdreamer71

£386.50/£2863 after another £5 PAD, but ooooooo its getting so hard im desperate for a new party dress lol

leictina

suzitiger wrote: »

Hello guys, I would like to join please. I need to make sure all my totals are correct before I do a target, I have been a little bit Ostrich lately but hoping it won't be too bad! looking forward to 2013 with you all!! :j

Added!

Don't forget to let me know your target in the new year...

Good luck with your debt busting...

leictina

Tiglath wrote: »

Can I ask if people are going by the actual payments they make regardless of interest charged on balances, or by the amount their debt reduces? Are you aiming for example to pay a total of £12k or reduce your outstanding debt by £12k?

rising_from_the_ashes wrote: »

mmmm good question!

I found this at the start of last years thread .... http://forums.moneysavingexpert.com/showpost.php?p=48922483&postcount=3

Tiglath wrote: »

Thanks - I rather like that approach and the comment about seeing how much money has been wasted. It'll be interesting to see the contrast between how much I actually pay and the lesser amount by which it reduces my total debt. That should spur me on.

So, re-announcing my cumulative figures so far - I've actually paid out £1583.91 so far, and I will update throughout the month as I make each payment. I have my own records of how much my total debt is reducing each month which I put in my sig.

This is entirely up to you, some people total the payments they make some record how much their debt has reduced by.

Thanks rising from the ashes for the quick response

I personally am recording how much my debt reduced by as i find this more motivating (always nice to see the balance start to tumble:D)

As you appear to have decided to total up your payments - let me know if you want to alter your target....

NewLeaf_2

I thought I had joined this already but clearly not!

£0/£15,000

suzitiger

Thanks for adding me :-) Yes I will be declaring how much I am paying in total but not taking the interest that gets added off my total if that makes sense. I think it is a good motivator to know how much money you are wasting on interest. This year I have managed to shift debt around a bit to reduce interest paid and it has really helped. I can't wait for most of my debt to be gone this year!