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

happytails

Is it sad that it excites me that in 30 months we will have atleast £500 more a month to spend/save without getting a payrise in that time. That will be when the loan is paid off and the car/CC will be long gone. :j Though maybe with any luck we might be able to get the loan paid off early, might be able to shave 6 months off it.

How is everyone doing so far in March? x

Broke_Kitty

It isn't sad at all, that is the day I am living for too, down to the exact same amount! For me it will mean being able to leave the parental home and pay my own rent, which is very very exciting for me indeed.

fedupandskint

It's not sad at all to think in that way. I already think in that way!

I have an extra £240 per month to put towards savings and debt repayment. In 6 months time I'll have a further £274 to put towards the debt repayment when a loan is paid off, leaving one final loan to tackle which by that time, I'm planning to pay off in 2 years instead of 25 years.

I have repaid 9 % of that loan so far, onwards and upwards!

sonas_baby

Hello, can I join please.
my percentage are
Debt 1 £49
Debt 2 £7
Debt 3 £68

I would also run a savings as debt 3 has charges for overpayment so feel better if I save up a lot before putting it in. That would be £65. At the moment I work out my net worth on the 22nd of each month so will work out my percentages at the same time. I just like to see a positive figure somewhere

milky1991

Can I join please.
The debt I'm currently working on is my AA credit card and balance today is £3584 so my 1% on this is £35.84 but I'm going to call it £36 for ease of counting

I've managed to reduce my debts overall since Xmas by nearly £1000 which is 8% of the total debt. but any overpayments are going on the AA card starting today

Trixxibell

Thought I would give an update no member number yet (I understand your busy OP)

Littlewoods =100% reached in February (1% = £6.00)
CC = 64% paid since January (1% = £21.00)

Paying as much as I can before interest gets added each month is saving me a fortune. :-) thanks for the 1% idea it's really helped me! I've become obsessed with my little chart :-)

allybee101

I rang Eon today and getting my credit refunded - £173.79! They're also reducing my D/D by £17 from April so I will be putting that £17 towards my debt as well.
The £173.79 will be added to the pot I already have (I pay off my overdraft in chunks). With the addition of some backpay that's arriving this month I will hopefully reduce my overdraft by another £500 at the end of March.
I calculated how long it would take to pay off my overdraft if I just put away 1% every month and it has spurred me on to keep topping up my 1% pot with extras.

Welcome to all the newbies and good luck with your challenges- the 1% challenge is the best debt-buster I've used!

braddy970

Some debts I didn't include in my percentage bit have made me feel good paying off... Loan - £405.90/£405.90 - 100% paid woop.. paypal £280/£280 - 100% paid.. overdraft £750/£750 - 100% paid woop.. been working on my smaller debts then I have more to pay towards the bigger ones. These are the next to go...
loan : £200/£360.00 – 1% = £3.60 – 55.55%/100%
(total paid £200)
Mc: £174/£694.90 – 1% = £6.94 – 25%/100%
(total paid £174)

This will free up an extra £274 a month once they are paid that I can use towards others x

milky1991

Payday today so whilst there is money in my account I have paid my first 1% off the CC

Now to see how much more I can pay off it over the next month

happytails

Hi all,

Nothing to report here money wise ! Been a bit splurge happy this weekend but it has been my birthday!! And its our first month off from the £1k a month debt busting we have been doing for the past 6 months.

Sarah x