New here, feels like confessional :-(

hypno06

Hello, the olympics thing in the signature is the Olympic challenge that we are running on this board - basically we set ourselves a target to raise a certain amount of money from "extra effort" in 6 months. This could be ebaying, doing extra mystery shopping, matched betting, car booting, anything really, as long as you are concentrating on raising cash in some way other than what you were doing before.

There is a thread on it that is always on or close to the first page of the DFW board, so pop on over and have a look. There is likely to be another challenge when this one ends, so start looking for ideas!!

Glad the snowballing appeals to you - I find it a real motivator and it does show that there is, indeed, light at the end of the tunnel.

blackangeluk

Hi,

I did mean to include in my lengthy post (sorry!) about food and petrol. DH works from home and I get the train so our petrol is about £60 a month. As for food, until about 4 weeks ago I was happily spending £100 - £120 a week at Tescos, I have since gone to Aldis and my food bill is now roughly about £250 a month which is a huge saving.

Re money diary, have bought one and have diarised since Monday everything I have bought and also the most important - why. So far this week I have spent £4.65 on my train fare. It is true though that writing it down makes it seem really real and makes me think about what I'm spending. I think if I give myself £120 a week for us to live on and anything left pays off debts or I put in savings for thos "just in case" days. What do you think would be better?

I have also returned to the snowball calculator and if I increase my payments when my childcare costs reduce I could be debt free by - JUNE 2009

:T

findingmyownway

Well done for posting

Just a quick note about mobile phone contracts - you both seem to be on high monthly payment plans but if you phone them you will be able to reduce this - even if you are still in-contract. Usually the lowest is tariff is around £20-25/month which would make a difference off your 2 high bills. It doesnt affect the date when your contract is up for renewal, just the tarif you are on until then.

Ytaya

Generally speaking, don't save when you have debts. The interest on your savings is much less than the interest you're paying on your debts, as a rule.

To give you an idea of the impact even small quantities can make, go back to the snowball calculator and up your monthly payment by £5, then look at the total interest payable. It's surprising how much difference even small amounts can make! Your leftover cash will be better used paying off your debts

boo2905

Hiya

I see you've realised how addictive Snowballing is :rotfl:

LookingAhead

Just caught this thread and wanted to wish you well.

I was very impressed you took the day off to sort through things and take action!

Good luck to you....36 months is a lot more palatable than 70 months eh?

blackangeluk

Thanks for all your positive replies, I really wish I had posted here earlier.

Today after obsessing over the snowball calculator (Again!) I applied for a 0% for 12 months credit card re the Natwest Debt. According to the calculator I can pay the Natwest Debt off in 12 months, and even sooner if I move it. I have a couple of cards up in Sept and Dec and so I will start looking to move them in a few months. One thing I have made a huge mistake on in the past is spending on cards I have transferred balances to and not taking account of the extortionate interest I have paid.

My spending diary is a work in progress. Had to go out with parents last night for pre-arranged meal for anniversary and I shared a starter and pudding with DH and we left early to cut cost of babysitter, I also didn't drink. It cost us about £45 for the whole night but last week I would have probably forked out £70. I have also used food from fridge to bring into work today. I only aim to spend £4.65 today and that is my train fare!

Also sat with DH who was not fully aware of the extent of our/mine debts (esp credit cards), he was very good and immediately starting looking around for ways to save and also whether he could better his salary. He has today applied for a job that is a substantial increase on what he is on now and a successful interview would mean no debts in a year. We also took down some fairly expensive stair gates which we no longer use to sell on ebay :rotfl:

I am feeling so positive and recharged, even the £130 car bill hasn't upset me, as I will have to stay in for the weekend and spend less on shopping etc to draw it back. My only wish was I had done something about it sooner.

Thanks for all the advice and I will be reporting here daily :-)

blackangeluk

Me again!

I have had another lightbulb moment re the cheques from MBNA that came in the post and started this whole realisation - I have just had a look at them and it says on the cheques anything accrued with the cheques is interest free until May 2008. We have £6,900 credit available on this card, it currently has nothing on it at all.

I've never used a credit card cheque before, but I assume I could pay off the majority of CC4 which 0% interest is due to finish in Sept 07? I know I would be paying it off a little early but it may be the case the cheques are offering a limited offer. Are there any drawbacks with the cheques? Obviously I would never use the card and would just pay it back.

Is this a good way forward to avoid paying interest from Sept onwards?

I have applied for 0% on Capital One for the other Natwest with interest on so I could potentially have most of my cards interest free until at least Dec 07?

sammy115

If they are 0% (check carefully) then why not put OD1 OD2 catalogue and next on there. They are usually high interest. If not put the two cards with 5% on 0%. I am sure in sept 08 you could get another deal if you kept up your payments.

emzig123

Heya, I 'm not sure about the cheques but just wanted to say I am very impressed with how much you've done!