"The best way to get something done is to begin"

Non_compos_mentis

Jude,

You are absolutely right, it only gets spent only if there is a need for it. The budget is the upper spending cap rather than a target spend if that makes sense. So for example, September/October generally isn't that expensive for me but November/December is generally very expensive for me, the aim is to be "saving" from my spending budget and rolling it over to the month of need.

NCM

Non_compos_mentis

Payday next week!! I have been itching to pay down the debt for the last couple of weeks but I don't have the cash. However, I have the next best thing to cash - standing orders! So I have set up standing orders to pay down the priority debts for this month - the overdraft and the high interest bearing balance on the first Barclaycard. On the rest of the cards I will be paying minimum plus an extra amount (anything between £5 and £100).

After the SOs go through, the summary will be the debt will be just over £33k (unless something goes wrong, and this month is very much the exception rather than the norm in terms of the ability to pay off so much of the debt). This compares with the total debt on 30th Nov 2013 being a shade over £38k.

• Natwest Loan [STRIKE]-£365 [/STRIKE] £0
• Natwest CC 1 [STRIKE]-£959 [/STRIKE] -£933 (0% till Feb 2014)
• [STRIKE]Barclaycard 2 -£1,448[/STRIKE] -£1,348 (0% till May 2014)
• Barclays 1 [STRIKE]-£2,520[/STRIKE] £0
• Natwest CC 2 [STRIKE]-£2,618[/STRIKE] -£2,516 (0% till April 2014)
• MBNA [STRIKE]-£5,261[/STRIKE] -£5,160 (£787 0% Nov/14; balance 6.9% LOB)
• Family loan 2 -£5,281 (0%)
• Barclaycard 1 [STRIKE]-£7,438[/STRIKE] -£5,928 (£6064 6.9% LOB; balance at 18.9%)
• Family loan 1 -£12,120 (0%)
• Total [STRIKE]-£38,010[/STRIKE] -£33,286

Domayne

wow NCM it looks like your doing brilliantly so far!!
and only 5 days to go til payday! Yay! :j
I bet it will be a great feeling to see it go down by so much next month and will only help inspire you to keep pushing on!

Non_compos_mentis

Thank you Domayne.

It is a fantastic month, but it is an exception rather than the norm. I will need to keep remembering that. I will also need to remember that the ride won't always be so smooth.

For now, I can enjoy it!

Countdown,
Countdown to Payday,
Countdown to debt payoff time.

Countdown,
Countdown to Payday,
Countdown to debt payoff time.

I am so happy,
I want you to be happy too.
I am so happy,
And I want to share the secrets of happiness with you.

Countdown to Payday.
5 days.
Countdown.
4 days.
Countdown to Payday.
3 days.
Countdown.
2 days.
Countdown to Payday.
1 day.
Ah, it's Payday!

Non_compos_mentis

This post is going to demonstrate how sad I have become and the fact that I desperately need to get a life... under 50 hours to go... tick tock tick...

I know some people keep a track of NSDs, usually I am not one to keep track of it as I tend to spend in bursts... but given it has been 5 days and counting thought I would make a note of it... still on track in terms of my budget as well...

I desperately want to try to start "paying myself first"... given the debts, can't really do it the way it is supposed to be done but I can at least try to save from my spending money...

catriona79

Non_compos_mentis wrote: »

This post is going to demonstrate how sad I have become and the fact that I desperately need to get a life... under 50 hours to go... tick tock tick...

I know some people keep a track of NSDs, usually I am not one to keep track of it as I tend to spend in bursts... but given it has been 5 days and counting thought I would make a note of it... still on track in terms of my budget as well...

I desperately want to try to start "paying myself first"... given the debts, can't really do it the way it is supposed to be done but I can at least try to save from my spending money...

Pay yourself first is something I want to start doing too.
I've kind of started a savings pot for car repairs (£60 a month) and insurance and I also have a regular saver to which I deposit £300 a month. It's a start. I've just been reading about the concept, since you have mentioned it. Interesting. Will have to have a think. Obviously at the moment it's all about debt repayment for me, but also having some money set aside...
Thanks for the idea:beer:

Non_compos_mentis

Hey Catriona,

You are very welcome! Pay yourself first is one of the best ideas going if you 1) have not got expensive debt and 2) can be disciplined enough to do it. Seems like you are already using a variation of PYF by having the regular saver.

It is a real shame that my work place do not have a "save as you earn" scheme. SAYE is an extremely easy way to save, just like pension savings. Once you get used to it you hardly notice it.

I will start breathing a bit easier once I have cleared the loan, overdraft and the 0% credit cards - most of the 0% deals are coming to an end within a month or two of each other. I may start some sort of regular saving whilst simultaneously tackling the LOBs on Barclaycard and MBNA.

NCM

LAM2011

Love the title of your diary and helloooo

I haven't yet got to the stage where I pay myself regularly but I do allow some treats. 2 months ago I had my hair done properly. Usually I just trim my fringe lol. I am still obsessed with saving every penny and paying into my loan.

love your countdown poem - I sometimes still find myself wishing my life away from pay day to pay day

Non_compos_mentis

Thank you LAM, and welcome!

The title of my diary reflects my true personality - I am the Emperor of Procrastinators!

I am extremely impressed with what you have achieved in the last couple of years.

My biggest worry is that I will fall into the typical human comfort zone and take my foot off the paddle. I think I already have one foot there, particularly if my attitude is "I will start breathing a bit easier once I have cleared the loan, overdraft and the 0% credit cards - most of the 0% deals are coming to an end within a month or two of each other." :mad: I want to continue saving zealously once I am debt free.

My countdown poem is a modified song (countdown to Christmas party time)

I look forward to seeing you clear the last £7k asap and then when you start paying yourself first.

Non_compos_mentis

Arggghhh!

I have just had an email from MBNA informing me that my limit has been increased from £5,600 to £8,600. Don't know if that is good thing or a bad thing!?! I don't intend to get more credit but there are four considerations going through my mind - two positives and two negatives:

1. My debt utilisation ratio improves;
2. MBNA are known to regularly give 0% offers - may help me save money by shifting the Barclaycard 6.9% debt;
3. My debt availability ratio worsens; and
4. My debt to income ratio worsens

Any thoughts?