Mr and Mrs K's New Journey to a Debt Free Life.

AlexLK

Sunday 22nd February, 2015.

Dear Diary,

Over the past few days I've managed to save about £50 on the yearly car breakdown cover renewal through shopping around and Quidco. In realising it does not pay to be loyal, my next quest is to try to get my utility bills as cheap as possible, whilst I know this will mean paying this through direct debit (I'm just billed quarterly at the moment), after an initial search it should mean a saving of in the region of £250 per year.

Much to my surprise I have managed to keep records of my finances up to date and save a little more money this week. My wife has also managed to pay a good sum towards the remaining debt on her credit cards and if she carries on at this rate we'll both be debt free by the end of April.

Yours Faithfully,
Alex.

Ali-OK

Good going on all fronts Alex :T:T

The surprising yourself is a great positive too

AlexLK

Thanks, Ali.

It is indeed a positive, for the first time I'm beginning to think more optimistically about my finances and the ever looming management of more responsibility. I now just need to be a little more organised in other areas.

AlexLK

I've just submitted my totals for the savings (save 12k in 2015 challenge) and cannot quite believe I've managed over £3,000 for February. Admittedly, it's been a very good month but it's more the fact I've stayed disciplined, only buying things for the business which will make more money than spending the £3,000+ on myself.

heartbreak_star

Awesome news. I don't even earn £3,000 a month *chuckle*

I am so pleased you're feel more optimistic

HBS x

maman

AlexLK wrote: »

I've just submitted my totals for the savings (save 12k in 2015 challenge) and cannot quite believe I've managed over £3,000 for February. Admittedly, it's been a very good month but it's more the fact I've stayed disciplined, only buying things for the business which will make more money than spending the £3,000+ on myself.

That really is excellent progress.:T
May I ask how seasonal your work is? It's just that the post Christmas months are often quiet in many businesses but not in yours. Is this usual?


I know I've been encouraging you to save for a financial buffer after being in debt for so long but have you firmed up any plans for the money? House Renovation perhaps? When MrsK has cleared her own debts in a month or two will she be contributing or is she still set on a new car?

gallygirl

Great stuff Alex, well done :T.

AlexLK

heartbreak_star wrote: »

Awesome news. I don't even earn £3,000 a month *chuckle*

I am so pleased you're feel more optimistic

HBS x

Thanks, HBS. The money saved is not from the main business.

I'm more optimistic about the finances and really trying not to default to negativity regarding everything else, it's very difficult and I've had a few bad days this week.

maman wrote: »

That really is excellent progress.:T
May I ask how seasonal your work is? It's just that the post Christmas months are often quiet in many businesses but not in yours. Is this usual?

I know I've been encouraging you to save for a financial buffer after being in debt for so long but have you firmed up any plans for the money? House Renovation perhaps? When MrsK has cleared her own debts in a month or two will she be contributing or is she still set on a new car?

The money I save is nothing to do with my main furniture business, it's whatever I've made from other things (not counting furniture / music teaching). In January I managed only just over £500, so I'm aware it's not going to be a £3,000 month every month. The furniture business is a somewhat seasonal and these first few months of the year are usually a bit slow.

Currently, everything I make from furniture, music and others is reinvested back into the main business. Personally, I see £1,000 per month which helps me not to spend as everything that comes out of the business needs a paper trail.

My wife doesn't know what she wants to do yet, only that she doesn't want to be constantly wasting money and wishes to pay off the remainder of our mortgage. I still don't know what to do about the house, unfortunately.

gallygirl wrote: »

Great stuff Alex, well done :T.

Thank you.

AlexLK

Just found that I'm 37.27% of the way to my savings target this year already. I believe to be on target I only need to be at 16.67%, so very pleased with this.

Yes, I didn't know this until seeing the spreadsheet on the "Save 12k" thread ... perhaps it's not worth spending money on my son's education after all. :rotfl:

Iwillsucceed_2

Hello Alex,
Looks like you are on the right path with debt and savings!! :beer:

Anyway, there is no way I could ever accept living with my husband's parents regardless of them having a beautiful house in the south. I will pack his suitcase and send him to live with them and keep my children at home

Have a lovely weekend.