The 1% Challenge - 100 ways to make your 1%

tattycath

Hi all. No 24 checking in I've fallen off the wagon.
I need to get back on it ASAP. I owe £1400-catalogue. It might be slightly less-waiting for a statement. So I'll set my new 1% at £14.
I intend to have it paid off within 6 months if possible.
I have listed some stuff on eb@y this weekend-fingers crossed for some sales. I also have £17.60 to claim on topc@shb@ck-when I remember.

k30lly

I've sorted out all my balances tonight, and now this months minimum payments have cleared so I know exactly how much I owe, and interest rates (something I've never really looked at in much detail before). It's a scary amount given I'm only working part time.

I'm hoping to get the debt down a bit and then switch things around as I empty credit cards so that I can take advantage of interest free deals.

Anyhow, I need to tackle only one debt at a time (highest interest rate first) so here goes....

NEWBIE!!!! Please can I have a number for this challenge based on the following amount;

Debt of £1,073.42, 1% = £10.73

That is a C1 card - with a ridiculous interest rate of 34.08%

I sometimes get a bit of cash from selling sites, and I have some little brown wage type envelopes ***skips off to locate and write my %s on them

Good luck to all

braddy970

Hi everyone, most of my balances will be updated this morning with interest and charged etc grrr back to the starting block but payday tomorrow so I will feel better once I make everything look back on track, increased my basic wage from £500 to £885 for next month which I will get on 4th march so going to use the extra and whats left over from this month to tackle my halifax overdraft, once that's finished I will have £45 extra a month and then those extra payments to chuck at something else, thinking I might work on my barclay card which is my next small one but mbna is 0% until july 2015 so my minmum on that is only £25 and £1 interest I think. So putting my head down and cracking on with it

happytails

Afternoon all!!

We've got 87.5% saved so far, thats £4900/£5600 :beer: We've got 25 days left to get the remaining 12.5% Luckily we get paid the day before but got £449 coming this month from CHB, cashing in phones/ipads and my friend paying me back. If we stay in budget it should be relatively easy going (she says!)

sarah x

GreenSaints

Hi All,

Hope everyone is doing well.

I had a few more eBay sales so I made a small payment today. My new total is:

Member #198 £5,678.83/£8,731.92 (65.04%)

I am only £46.39 away from making my student loan under £2k! So tempted to just pay that off, but trying to pace myself!

Have a fab Monday

marshy1985

#87 checking in!!!
I've been saving my tips for a month from work and have £105 in there, and £66 in my PayPal account so my total is......... (drum roll please!)
7.7%
I also have 20 items on eBay at the moment that end on Wednesday so that will be a few more % hopefully!!!

Knittage

Hi,

I've been a little bit of a lurker for ages and ages. I've been using a lot of the ideas and methods put forward by this group, and have been making quiet headway since last year.

I went back to work, after being a stay-at-home mum for 8 years. Only part time, but with a supermarket, which has a 10 % employee discount on all shopping as a perk. I earned around £500 every four weeks, and worked out that we saved about £12 every week on our shopping.

I also benefited from reduced car rescue fees, car insurance, and even a holiday package - another £250 over the year.

We've sold lots of stuff on e*ay and FB.

And we aggressively snowballed everything we could.

I've used Microsoft money to manage our overpayments, and online banking to pay off parts of debts as soon as cash came in, so the percentages all got a little esoteric for a while, eg. 3.4563% iyswim.

But all in all, this has been just the most wonderful and debt-saving-est group I have ever silently participated in!

So, to declare 14,798.86/15,750 in 12 months. Approx. 94%, I think. Somewhat pleased (hell, ecstatic!)

And one of the main reasons I was going to ask for a number is that we still wanted to pay down our mortgage, and obvs reach 100% on our debt above. However, we just accepted an offer on our house, which is slightly less than the asking price, and about £7k more than we thought we would get, and that will put us debt-free for the first time in 11 years.

We are going to take a break and rent for 6 months, allowing all the credit agencies to register that we should have a different credit score. And then we will look into buying again, but with a more than healthy deposit, and one cash-back based credit card.

Thank you so much for being so inspiring, every one of you!

Helen

Knittage

Oooh, and I am quitting my job to go back to being a full-time mum! Hurray!

braddy970

Hi all, was payday yesterday :j:j, withdrew my £50 cash for spends and change to last the week, if that's all we use and we should as it's a busy weekend with work we will have £80.76 to put towards some more payments. I have made debt 2 up to 5%.. aiming for 10% before the end of the month thats £160 extra, and also want 10% for debt 3 so another £90 to find for that..Worked out this months minimums and set myself a challenge to help achieve these fingers corssed:p

Trixxibell

Hiya,

Haven't got member number yet but here's my update :-) (I've split my debts up)

CC = 10% in over payments (£210)

Cat = 34% paid (£204)

Student Bursary = 1% (£11)

It's getting there 1% at a time :j