Pay ALL your debt off by Xmas 2014!

32b3in2013

amr547 wrote: »

i've decded i'm going to try and pay off my insurance in one go this year! it will save me £30-40 a month which is not to be sniffed at. will allow me to make additional payment elsewhere. i don't know if i'vve already said this, my mind goes a-wandering sometimes

Defo do this if you can manage it. I pay annually and you can just pay and forget about it.

Don't forget cash back too

I know it won't suit everyone but at the beginning of each year, I write down all expenses for the year, including car tax, mot, insurance, parking permit as well as non car stuff like Christmas and birthday presents and internet security etc and see how much it comes to. Then I divide that figure by 12 (months) and set up a monthly standing order from my current account into a savings account, then, when the payment is due, the money is already there. It also means, that if I see a deal on a suitable present, I already have the money in the savings account and I just mark it on a spreadsheet that that money has been spent. The only problem with this is the first year of doing it was hard for me because everything was due by the end of May. But now I have changed the time I need tax by buying 6 months rather than 12 months to move the date away from May. This year, the money left from last years savings is still in the account, so all that money will be there for the next lot of bills. You can also make a change to the MOT date by having it done early, so eventually the bills will be more evenly spread. (Hope this makes sense)

I realise that that money (£150 a month for me, well it is actually £136ish, but I rounded it up to £150 in case I over spend on presents) could be used as extra debt payments, but the car stuff and all the other things I use the money for still need paying for, even whilst I am paying debts off.

recurrent-ostrich

amr547 wrote: »

moving up in the world, n&ddle now has me at a 2 out of 5 rating:rotfl:

I've never checked before, so just signed up -I'm 3/5 -ooh, get me! :rotfl:

Raggydoll85

amr547 wrote: »

moving up in the world, n&ddle now has me at a 2 out of 5 rating:rotfl:

what are they?

Also a little payment again so i am now on

#022 £114.27/£4363.58

amr547

32b3in2013 wrote: »

Defo do this if you can manage it. I pay annually and you can just pay and forget about it.

Don't forget cash back too

I know it won't suit everyone but at the beginning of each year, I write down all expenses for the year, including car tax, mot, insurance, parking permit as well as non car stuff like Christmas and birthday presents and internet security etc and see how much it comes to. Then I divide that figure by 12 (months) and set up a monthly standing order from my current account into a savings account, then, when the payment is due, the money is already there. It also means, that if I see a deal on a suitable present, I already have the money in the savings account and I just mark it on a spreadsheet that that money has been spent. The only problem with this is the first year of doing it was hard for me because everything was due by the end of May. But now I have changed the time I need tax by buying 6 months rather than 12 months to move the date away from May. This year, the money left from last years savings is still in the account, so all that money will be there for the next lot of bills. You can also make a change to the MOT date by having it done early, so eventually the bills will be more evenly spread. (Hope this makes sense)

I realise that that money (£150 a month for me, well it is actually £136ish, but I rounded it up to £150 in case I over spend on presents) could be used as extra debt payments, but the car stuff and all the other things I use the money for still need paying for, even whilst I am paying debts off.

nice, thanks! i have so far got it down to around £275 but no cashback available. will continue searching to see if there are offers with cashback...!

We definitely need to do the presents/car thing. next week we need to pay for the MOT (£55), my car tax (£20), OH's car tax if the car passes MOT (£125) then any expenses for the actual car... we have had 3 birthdays this month and it's OH's birthday next week too, plus we need to renew our tenancy.

Next month there are 2 birthdays and my car insurance is due, April my sister's birthday (although I got her present in the sales :money:) and OH's insurance due!

minicooper272

I agree with 32b3 - I do this too - I put aside £120 a month for car/emergencies (insurance, repairs, broken phone), and I'm hoping that will build up a decent buffer over time.

I also put £30 a month into a separate account for presents. It doesn't quite cover it some months, but at least it softens the blow (especially come December)

amr547

cheers me dears! definitely worth doing... honestly I'll be so glad when when this month is out of the way!

marliepanda

Valentines Weekend is over, and managed to get another £20 onto my CC as I was treated to my lunch yesterday as I drove!

Was thoroughly and utterly spoilt by my boyfriend. The shopaholic in me is very lucky to have him to stop me feeling the need to treat myself now!

Hoping to get to £1000 by the end of the month but I think I'm going to fall short by about £20! Never mind, initial estimates had me making it to £1000 at the end of March so I'm still ahead! Hope I can keep steamrolling these debts at the rate I am!

Currently #77 £830/£5300

I know I'm updating small amount but I find it so motivating seeing my percentage go up and posting on here helps me keep track!

Martha

minichick31

Quick one from me....:j

098 £678.54/£5500 12.34%

amr547

ah bloody heck, roll on friday ! all our worries will be over after 3pm on friday haha.

now only have around £30 to last me this week. should be fine... i only need petrol and electric, and a bag of kale...

marliepanda

Just got a call about extra work in March, super chuffed! That means I am putting out a BIG aim for March. I want to reach £1000 by the end of February (there or thereabouts!) and I would LOVE to pay off at LEAST £800 in March (hoping for £1000 but thats maybe a stretch too far!)

I'm getting so INTO paying this debt off, I can't wait for it to be gone and to throw that same vigour into saving too!