Pay ALL your debt off by Xmas 2013

LoveaDove

Hey everyone! Hope you are all keeping warm and that nobody got blown away in those gales earlier!!

Just trying to put together new saving aims ready for the next challenge. Not sure how I will go about a figure, as there are several things I want to save for, which are required at different points of 2014... but it would be good to consider a figure to track on here that will take me up to December next year...hmmmm, may be I need to think more long-term. Like savings towards a house deposit, which will take a couple of years. :think:

Looking forward to seeing the final scores on the doors for Christmas 2013 :T

Keep going everyone!!

SpagBol

32b3in2013 wrote: »

Great news Spagbol. How is baby?

He is utterly gorgeous I would post a pic but haven't uploaded any to my laptop yet! Eeek! On the ever-increasing to do list...

minicooper272

LoveaDove wrote: »

Hey everyone! Hope you are all keeping warm and that nobody got blown away in those gales earlier!!

Just trying to put together new saving aims ready for the next challenge. Not sure how I will go about a figure, as there are several things I want to save for, which are required at different points of 2014... but it would be good to consider a figure to track on here that will take me up to December next year...hmmmm, may be I need to think more long-term. Like savings towards a house deposit, which will take a couple of years. :think:

Looking forward to seeing the final scores on the doors for Christmas 2013 :T

Keep going everyone!!

If it helps you, I currently have two savings accounts - the one I record on here is my house deposit fund.

I have another savings account which I use to put aside money for the interim things and emergencies.

All my accounts have become confusing though - I have:

main account, where my wages get paid, rent & bills come out
allowance account, where I transfer my spending money for the month (for fuel, food, general)
savings 1 - deposit fund, hard to access so I can't be tempted to use the money
savings 2 - easier to access, for everything else
I also have two money jars for bits of change in the house, but they never have much money in them.

I find it hard to keep track of savings 2 - without my spreadsheet I don't know how much money is for emergencies and how much is for me. I don't want to accidentily spend my MOT savings on a holiday, so might have to introduce savings 3 next year!

LoveaDove

Thanks minicooper - Lots to think about!!

I can't get by without my spreadsheet!

I think having a Difficult to access Savings a/c or an Isa is a good idea for my long-term savings. I need to think about how much of a deposit I am aiming to save.

I really need to make use of my second current a/c as the balance is currently 0, with no overdraft (temptation). At the moment all of my wages/ bills/ fuel money etc... goes in and out of the one account (the one that has a little overdraft- just incase!) so I think having an 'alllowance' account is a very good idea and will definitely make for less blurred lines between bill and general spending money. I have online banking for both, so moving money should be easy.

I can see how it further becomes complicated when then having to further divide your savings pots as you've mentioned. I may set up a couple of Easy access online savings accounts to separate the car maintenance/ tax/ MOT business from trips/ holiday.

Feeling a little more clear minded about where my finances are going- so Thank you for your help!!

minicooper272

When I say hard to access, I mean it takes 3 days for the money to transfer so it gives me time to think about it and possibly find another way to pay. My general savings transfer immediately.

amr547

i have 1 main account and 2 savings, one is a 40 day access home saver account unless i take out a mortgage with that particular bank then its instant :P

parsniphead

Sorry everyone I completely forgot to update on payday.

Payment this month of £285

#23 £5199.50/6500 - 70.99%

Need to update the snowball as well - oops.

minicooper272

Parsniphead you've sold yourself short - you're at 79.99%, which is fantastic!

I've been saving up my expenses for the year so I could get a nice lump this month, but there was a glitch that meant my request didn't register and I won't be getting them until January now . However, my line manager said that he is requesting a pay rise for me next week, so hope that will take effect in January's pay! :j

amr547

there's too many babies around, and the clothes are too cute, want.

parsniphead

I have just been mooching on the first page. So many people have paid off in full which is really encouraging.

I have no spare to pay off any more this month so my final figure is done. I really can't wait to get started next year as this is the only thread/challenge I have stuck to.

Thanks everyone and happy Christmas to you all.:beer::T