6 grand in 6 months - my personal challenge!

cottage_retreatist

OK - so since my mini-breakdown on Friday I am picking myself up and brushing myself off. I have a tendency to run at things full-throttle and put my all into them but as people have said - its not a quick process and I need to slow myself down.

So - I have recalculated all our intakes and outgoings again and have set up a new strategy to take us into 2014! :eek:

It looks like this:
250 to savings per month:
- 150 to MOT/Car Tax (220 per years for road tax, 260 for renewal of insurance and est 400 per year/this year est. for MOT) and train costs to visit family
-100 (50 e/a) to OH and me in independent savings accounts (this can be used for treats but best to leave alone for xmas spending)
- oh to have his fun money cut to 150 instead of 300 - shouldn't really affect him and better to have the money in savings than spent flippantly

200 to food per month:
- 100 from my wages (at end of each month) into second bank account only for food/daily expenses
- 100 from his wages (15th of each month) into second bank account
- I need to start doing my monthly batch cookings again to support this

Debts:
- increase minimum payments on credit cards each month - double the payments from 45 to 90 and from 80 to 160 etc. to help tackle some of the stupid interest on them
- repay the small c-cards I had paid off then spent on :mad:
-the one we are keeping - pay off but make sure if we do use it for nights out we repay in full at then end of each month to help bolster OH's credit :rotfl:
- focus on PDLoans until January 2014 then start to snowball credit cards - the PDLs are the major defaults on our credit files so best to knock them off first so they're the first to drop off at 6 years! :mad: bl**dy PDLoans!!!!!!!!!!!!!!!!!!! :mad:

Subscriptions:
- cancel OH's subscriptions to experien and equifax and sign him up to Noddle (i did this yesterday for me)
- cancel sky TV unless they offer us a deal but I'm happy to quit it (keep line and broadband tho)
- cut OH's O2 bill from 45 p/m to 11.00 sim only p/m
This will save us a cumulative 100 per month so we can have that as the basis for the savings :j
- no more smoking! E-cigs going well so far, I haven't had a real once since yesterday morn at 8am although i did have a major headache last night but could have been wine hangover!!! - estimates this could save us 200 minimum per month so that also supports savings contributions.

Finally:
- this means our debt-free day will probably move backwards rather than forwards so estimated again for December 2014!!! :mad::(
but - if it means we don't crack then a few extra months after the last 3 years don't really impact too greatly!
- time also to start a spending diary to make sure we're sticking to our budgets - looking for a spare notebook in the drawer right now!!!!!

So there we have it!!!
3 year plan to follow!!!!!! . . . . . . . . . :j

cottage_retreatist

Ok so following on from the monthly plan this is the long-term plan to work towards:

December 2013 - debt to be at 12 grand

January 2014 - last PDLoan paid off - start to snowball credit cards
From January 2014 - start to put extra 100-200 to savings p/m (this would act as our move-out buffer as we are on a rolling 1-month contract living here)
Around August 2014 - start trying for a mini retreatist
December 2014 - DEBT FREE!!!!!:T

January 2015 - go on holiday and/or shopping spree!! :cool:
Jan 2015 onwards - start saving for a house deposit
Early 2015 - move out of London and rent a house (preferably a cottage) until we can get accepted for a mortgage :eek:

December 2015 - who knows!!!! :rotfl: - preferably will have 12 grand or more for a deposit at this point but its a long way away to speculate on the Housing market, especially with our defaults on our credit reports!!!!:mad:

debtfreewannabe321

I do love a plan! I'm also saving to move out of town into the country My time scale is before i'm 40 (6 years!!) obviously i'd love it before then though i'm hoping to be DF this year or early next year so every spare penny will be saved then if i can get dh on board (need to nag so regularly to keep him on board too *sigh*!)

Glad you're in a better frame of mine now though, keep on

fed_up_with_debt

What a great diary. I love that you've included the downs as well as the ups. You've done so well to get to where you are now.

Igamogam

I have dipped in and out of your diary and have enjoyed reading it - even the bits when you had fallen off the DF wagon - its all a roller coaster this debt busting business and you will hear this said a lot on this forum in one guise or other the debts didnt appear over night so getting rid of them is long term too. You seem to have a really sensible head on about it all and I admire your enthusiasm and tenacity Have you thought about joining some of the challenges on here? Payment a Day is my favourite - just makes debt busting a little more interesting!!

cottage_retreatist

Igamogam wrote: »

I have dipped in and out of your diary and have enjoyed reading it - even the bits when you had fallen off the DF wagon - its all a roller coaster this debt busting business and you will hear this said a lot on this forum in one guise or other the debts didnt appear over night so getting rid of them is long term too. You seem to have a really sensible head on about it all and I admire your enthusiasm and tenacity Have you thought about joining some of the challenges on here? Payment a Day is my favourite - just makes debt busting a little more interesting!!

Hey Igamogam!! It's lovely to hear from people who have read my diary and enjoyed the downs as well as the ups (so far!!) :beer: Sometimes even writing on here it can feel like a lonely journey - and as you say a stupidly long one.

I just suggested the sealed pot challenge to the OH and he said - is that where we take all the labels off the tins in the cupboards and make it a surprise :rotfl: haha!! I'm going to have a closer look at all of them and see which would suit us!

One personal challenge though - its day 3 of being on the e-cig and so far no real cigarettes - i'm a vaper!!!!! Much better than a vapist i think!! :rotfl:

I'm deffo tempted by NSD challenges though - keep watching this space!!!!!

Once again - thank you! xx

cottage_retreatist

fed_up_with_debt wrote: »

What a great diary. I love that you've included the downs as well as the ups. You've done so well to get to where you are now.

fed_up_with_debt - thank you very much for popping by!!!!! :beer:

I glad you enjoyed my diary! It's a hard slog but I'm determined to knock this so I can finally live my life!!! :money:

Fingers crossed & good luck with your journey too - i'll be watching (in a non-creepy way! haha!!!!!)

xx

Igamogam

cottage_retreatist wrote: »

I just suggested the sealed pot challenge to the OH and he said - is that where we take all the labels off the tins in the cupboards and make it a surprise :rotfl: haha!! I'm going to have a closer look at all of them and see which would suit us!

That made me laugh! I am intrigued by your ID name by the way.................are you hoping to retreat to one??

cottage_retreatist

Igamogam wrote: »

That made me laugh! I am intrigued by your ID name by the way.................are you hoping to retreat to one??

hey igamogam!

When I started my profile all those years ago we lived the dream in the countryside in a cottage but now we're back in the rat race due to the debts spiraling out of control :mad: and the aim is to return to the idyll of countryside living once debt free!!!!!

We tried to live the dream with no assets behind us - but I've learnt the hard way!!!! This time we'll do it properly!!!

Hope that helps?
xx

Igamogam

Interesting - just being nosey!