My Debt Clearing Strategy

boltneck123

I still need to finish my signature, it was just a quick mock up to see it on a regular basis, I am not that fussed about it being extremely detailed.

Yes the overdraft has become the priority now, I cannot keep going backwards and forwards with it, it has to be gone completely, so I at least feel like I have some money (of course it is reserved for debts though)

Right then changing my mind about that spare £100ish, if by next pay day it has not been used for some annoying unforeseen expense, it can go toward the overdraft. Then August 7th will be full pay day, but £400 straight out of that to joint account for next mortgage payment and bills.

Leaving me with roughly £800/£900 to play with that month. Picking up an extra day this month another, just remembered so that will be extra £100 in August, forgot about that over time . I think I will try to fit an extra I can in before the cut off on the 31st of July.

Thanks.

ValHaller

boltneck123 wrote: »

Yes the overdraft has become the priority now, I cannot keep going backwards and forwards with it, it has to be gone completely, so I at least feel like I have some money

Staying out of your overdraft is an immediate indication that financially you are coping with the here and now. The rest is history - and if you are managing a little more than minimums on that, then you are on the up albeit slowly

fyggy

boltneck123 wrote: »

Well I get paid 2 weeks out of 4, I work a week on then have a week off (unpaid), I took my holiday when it would have been my week on, this is unpaid. But I drew my holiday fund to make up the shortfall, however after the tax man had his way and my student loan repayment, I was left with £50 for essentially a weeks pay. So because I had that week off, this pay day I will get my weeks pay prior to my holiday, am I making sense?

Clear as mud I get it. Interesting way of pay.

Going to my GF's student flat in Lincoln for two nights and out for a meal at Ask (got a 25% off voucher), drinks and maybe the cinema, going to get her a gift out of that budget as well.

Thanks for your words of encouragement .

Nice. Sounds like a good plan. Enjoy

boltneck123

I will have my overdraft free day, and when that comes, to celebrate I shall spend no money! , to ensure I start to get above it .

I am getting so much more tightfisted, people have even called me a "Skint flint" lol I think it was recently, not heard it before. So obviously I am making some progress if it showing, when I used to be very frivolous with money.

Thank you fyggy I cannot wait for it .

boltneck123

Hi all,

so been paid and had a lovely time with the GF over the last couple of days. Did not not seem to get any tax back, in fact I think I actually got taxed, so it will be interesting to see my PaySlip. Budget still works though, not as much left in the pot, but oh well, I am getting much better at being frugal.

Getting a little bit annoyed that TextBroker haven't given me my rating yet, but hopefully this will happen, all in good time.

From my last posts, my main goal now is to clear my overdraft after a shift in focus from Valhaller's words of encouragement.

However this is going to take a few months, and in that time I am trying to formulate a plan to help me reduce my interest on my car finance or have no interest at all, and enact this plan, getting that paid off ASAP once the overdraft has gone.

I was thinking about these 'super balance transfers' with 20 months interest free credit cards and paying off the finance and then shifting monthly payment to that card and extra payment if I can. Or use a 0% card on purchases to make the payment to settle the car finance, would this be seen as a purchase? If I was to call Santanda and say "hey want to clear car loan, take it off this card...blah blah" ?

Not so sure on this at the moment, obviously as well it would be ideal to pay it off on one card, but I am not so sure I can get the credit limit so it may have to be on 2 or 3 and ill split the monthly payment by however many cards i use and pay it down on all of them at the same time?

Won't be doing any of this until I have moved into my new place, got change of address, etc etc.

Thoughts anyone, anyone tried to do it like this before?

Thanks.

boltneck123

I am over here now

https://forums.moneysavingexpert.com/discussion/4703827