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

kirtsypoos

I'm at 36% currently, although I managed to sort out 2x 0% Balance Transfers so I'll have a different amount when that goes through.

blubella

Another 1% for me...now on 4%

LionessInWinter

Another 1% down, now at 80%

Rosa21

I have finally managed to pay 2% off my credit card due to working overtime, banking loose change and receiving a payout from topcashback.

Onmyway2

This may seem like a stupid question but why do people buy empty perfume bottles?


Thinking of joining but have 2 CC and 2 SC to pay & don't know where to start.

Sa1sysoo

Onmyway2 wrote: »

This may seem like a stupid question but why do people buy empty perfume bottles?

Other than looking pretty, I'm sure I read somewhere that you can get some brands refilled for free.

With regards to where to start, usually your best bet is to pay of the highest interest one first. Unless your debt is all interest free? If that's the case, I would suggest paying down the one that is due to run out of interest free period first. That's how I've prioritised.

hth

LionessInWinter

Another 2% paid, now at 82% paid off of cc debt paid. Once we pay this, the next one to tackle is a loan.

Island.girl

Hi can I join please I have a cc with £3000 to pay off and i need this motivation i'm paying the minimum but that's all i need to focus and this is exactly what I need

HornetSaver

I've been working on a variation of this, as I'm working on paying off a bit of existing debt and saving up a house deposit. I've factored the debt repayment into my overall savings target, so that at 14% I'll have hardly anything in the bank but will be debt-free. I've divided my 1%'s into two-week time periods rather than balance targets, the reason being that there are some periods where I know I will save less or indeed lose money (MOT, insurance renewal, council tax date), and I have compensated this by tweaking my targets for "normal" 1%'s so that the end goal remains the same. I've also tried to budget for worst case scenarios on the car-related ones, any surplus should hopefully cover unplanned car repair costs at other times of year.

Given the numbers and timescale involved I don't want to put my targets up on this thread (partly because it's primarily a saving rather than debt repayment target, partly because my normal 1%'s are typically hundreds of pounds and the projected 100% date is December 2019).

But it was this thread that inspired me to approach the problem in a structured, realistic, trackable way, and the results so far have been unbelievable. I cannot recommend this approach highly enough, and a huge, HUGE thanks to those involved in starting this thread up and keeping it going.

Breaking the target down into trackable, manageable chunks has completely changed my attitude to money. Combining this challenge with a twice-a-month analysis of what I've spent and how continuing to spend like that would affect me in the longer term has been an absolute game-changer in terms of how I manage my finances. For instance, finding a combination of savings worth £5 per week now, and sticking to those changes, would mean an extra £1000 or so at the end of the four-year term (taking into account that while I'm already 7% in, interest would more than compensate for that).

fizzyvimto

Bit of a set back this month due to car troubles. An unexpected expense but I'm really pleased that I've managed my money well and as a result I was able to pay for the repairs without resorting back to a credit card. :j

I managed to pay £420 off this month.
£1426/£6000 = 23%