Debt free by 40 -- 19 Months and counting

debtfreewannabe321

Brilliant feedback Steph :T it's things like that that make it all worthwhile, knowing you made a difference

Fantabbytastic on the debt killing front! You're on a roll! Well done hun xx

StressedSteph

Argos £395 / Barclays £850 / Next £1972 Littlewoods (£2479) - £831 /
Co-op cc (£1852) - £1339 / OD (£3264) - £2284 / Tesco CC (£5336) - £4486
Virgin CC (£4371)-£2983 - :idea: Nov 2013 £20519 - Aug 2014 £11923.
Sept Goal - under 12.5k Sept £1422.50/ 1k Pay10k in 2014 - 86% paid
YNAB, M Lewis and Dave Ramsey fan


I'm posting my end of month now. I know its early but unless I get a load more Spa bookings, I can't see us affording anymore payments this month.


Really pleased with this months progress


Debt owing now is only £11,923 :j with £1,422.50 paid off against the debt. 86% :T.


Think my October target will be to get under 11k. Too optimistic of me to hope I can pay £1400 off each month.


October - 1k = £10,923
November - 1k = £9,923
December - 1k = £8,923


Starting to get excited now. Slightly nervous around the Christmas period with hubby's work. If he doesn't manage to get a large job that spans over the Christmas period, then he is often out of work for a few weeks. We have been lucky that last few years but we have had it happen. Very scary.


I ordered 250 business cards for my treatments business. Will now get myself a little advert in our village magazine which is only £40 per year. Fingers crossed that may bring in a little extra work.


Got a treatment to do Sunday morning. so another £30 to go towards Littlewoods


Hopefully I will have a couple of treatments next week so I can pay a little more against Littlewoods but nothing is certain so could be it for September.


Hope you all have a lovely weekend xxx

debtfreewannabe321

I know that you might not want to hear this as you're on a bit of a roll with the massive debt payments, but might it be a good idea to perhaps put away £400/500 over October & November so when it comes to December you have that contingency in case DH is not at work. And if he does manage to get it perhaps you could use that money saved to pay straight off the debt OR leave as an emergency fund? xx

StressedSteph

debtfreewannabe321 wrote: »

I know that you might not want to hear this as you're on a bit of a roll with the massive debt payments, but might it be a good idea to perhaps put away £400/500 over October & November so when it comes to December you have that contingency in case DH is not at work. And if he does manage to get it perhaps you could use that money saved to pay straight off the debt OR leave as an emergency fund? xx

Hi DFW,


Hmmm You might be right. My minimum payments still come to £704. But I suppose I could put away the extra and anything extra I earn from the spa or hubby and save it until after Christmas and then if alls ok, Put a big payment against all the debt.


The only different thing is not seeing the totals come down for the rest of the year, but I guess I could delete them off the debts in the "Virtual" world in YNAB, when really they are just sat in an emergency fund.
Think that is a happy compromise, as really want to see the totals going down, but I can still do that in YNAB just not ACTUALLY pay it.


Good idea DFW :T. There really ought to be a badge you can earn for "Great Advice". You were the one who advised me the change banks and now this. You definitely deserve a badge xxx

debtfreewannabe321

Haha it's just a shame I don't always follow the advice I hand out If I did I should think i'd be in a very different situation right now xx

StressedSteph

Morning all,


I had some really great advice from DFW yesterday and have been having a good think about it since.


So.......After mentioning in my diary that hubby can sometimes have a quiet work period in the New Year if he doesn't manage to secure a job that spans before and after Christmas.


DFW made the great suggestion that anything above minimum payments might be better put in another account, just until the new year when we know how work is, and if all is well then I can make a big debt payment then. But if things go wrong, at least we will have money to pay the important bills, like mortgage and council tax etc.


So, what I have decided is, every spare penny will be put in another online savings account I have, just to keep it separate from the home finances to avoid any accidental overspending. I will then "pretend" I have paid it off my bills in YNAB so I can still feel the satisfaction of achieving my goal.


My hubby is a super star so I am sure all will be fine money wise, but it is nice to have it sat there just in case work does dry up.


I will find a way to note it in my MSE signature, so that I can see how much I am paying off debt and also how much is in the savings account.


Does that all make sense?.


My minimum payments are still a disgusting £700 pm, so the most I will manage to save is about £300 plus any of my earnings and surprise extras from hubbys work.


That's the plan........


Got two treatments to do today, so that's £60 into the savings plan. Packing the children off at 10am to different homes as hubby is golfing . Then wont be home till nearly 1pm, which is when my Mr T delivery is scheduled.


Going to be a busy morning......Thought Sundays were meant to be a day of rest

StressedSteph

Argos £395 / Barclays £850 / Next £1972 Littlewoods (£2479) - £831 /
Co-op cc (£1852) - £1339 / OD (£3264) - £2284 / Tesco CC (£5336) - £4486
Virgin CC (£4371)-£2983 - :idea: Nov 2013 £20519 - Aug 2014 £11923.
Oct Goal - Under 11k - Oct £0 / Savings £0 -
Pay10k in 2014 - 86% paid- YNAB, M Lewis and Dave Ramsey fan



So this is my new signature. Don't think I will put the savings off against the individual debts until I ACTUALLY do pay it, otherwise if I end up having to sort it all out again.


I will be taking it off the debt total though as its nice to see that reducing. Think I would end up losing my motivation if I stopped seeing my debt total going down 1k per month.


xxx

misstara

What a great idea from DFW - it will definitely stop you stressing out so much if hubby doesn't have work over christmas and new year.

Loving the signature 86% paid with still over 3 months to go :j you will be well under 10k by the end of the year.

dawnybabes

You're doing fantastic and it's a good idea to have a contingency plan in place, this way you won't be fretting about it and be able to enjoy Christmas. And if he does work you'll be able to make some good overpayments.

Magsnoodle

What a brilliant plan. You will have a great emergency fund available and then if not required how good will the massive pay off be in January/February time?

Have a great weekend.

xxx