Driving Down Debt

ThatKiss

Side gig paid up in the early hours so that was transferred straight to CC3. Under £1500 to go now, with direct debit on this account to come out next week.

Only six weeks until I’m completely free of card debt (temporarily - until the car is refinanced!)

ThatKiss

Ha! Got my dates mixed up. Direct debit came out today. It’s the statement that’s next week!

Motoring on!

ThatKiss

Payday! Just over half the remaining balance paid off, with a minimum payment DD and side gig cash to follow mid-month, which means this card will definitely be paid off next payday 

This month I need to review my current account benefits to see if a switch would be worthwhile, since HBOS are due to increase their prices once again. I suspect the answer will be yes.

ThatKiss

Still not looked at the bank accounts so I need to do that today or tomorrow, or at least start doing so.
A side gig paid up today, so that has been transferred straight to credit card, and the more regular side gig pays out next week. Once the direct debit for the current statement comes out, I’ll be under £250 left to pay off this final card and can start saving for the car balloon payment

ThatKiss

I should add that the closure of CC2 has shown up on my Credit Karma credit report so everything is on track and being reported. Sure I’ll not miss the three points it knocked off my fictional credit score 

ThatKiss

Hiya! Quick update ahead of payday tomorrow. Been working from home since last week but the nature of my job means this is not an issue so continuing as normal, albeit some activities are being postponed until there’s more clarity.

I’ve resubscribed to Amazon Prime, mostly for the telly, but also so I can have things delivered (contact free) where possible - for example I had some non-urgent medical things delivered yesterday which means I don’t have to go to the supermarket for these and am stocked up for at least a month. That they were cheaper than the supermarket by a long way is a slight bonus! I also did a stock up on beer, but still looking to have CC2 cleared tomorrow.

A slight negative, had to have some building repairs done at the start of the month and didn’t have cash on hand to pay it up front so did a smallish money transfer from CC1 which will be cleared next month.

Like many others, circumstances may lead to some short-term frugality on my behalf and I realise I’m lucky in this regard. Although I don’t have much in the way of savings yet, I’m much better off than many at the moment. That’s luck, pure and simple, but hopefully I can find ways to help others in the weeks ahead, be it using more local businesses, corner shops etc, or donating to food banks.

These are trying times for us all - stay safe, and where possible, stay at home.

ThatKiss

Monthly update time! As expected, there were savings to be made due to lockdown, though keeping stocked with beer has been an unexpected expense  

The small money transfer I made last month to pay for building repairs has been paid in full, and I've been using CC2 as a spending card which I've also cleared; that's a good feeling!

My next financial goal is to pay the balloon payment on my daily car, due start of August - I need to check the exact date. The plan is to save hard up to July to have cash on hand to pay a portion, and take out a money transfer from CC1 for the balance (2% fee, interest free for 9-12 months seems to be the regular offer so cheaper than a loan). I'll then look to pay the money transfer off over the next 4-5 months, which then leaves me with just the mortgage!

ThatKiss

Forgot to mention in the above update that I did a couple of further financial management tasks over the last week or two:

 - Opened a Marcus account to hold my emergency fund/car savings
 - Rejigged my budget to take account of the new financial year, and credit card minimum payments having dropped off - allowing me to drop some extra funds into the new account.

I felt a kind of relief at seeing some money in savings again for the first time in 3-4 years and I can see a light at the end of the tunnel in terms of having just the car and mortgage outstanding now!

sassman

Well done! Light at the end of the tunnel is the best type of light whilst on this journey.

ThatKiss

Payday update - no credit card payments at all this month though I have a small purchase that will show up and be paid off in next months bills. 

Up to nearly £1400 towards car balloon payment and by the end of July I’m aiming to double that.

No other great excitement at the moment. Debt-busting is kind of in limbo until I make the money transfer in July!