Pay ALL your debt off by Xmas 2014!

marliepanda

Got myself very confused this month as bought some things online for my Mum, which has now been refunded and sent my tiny brain into confuseddom!

However, I believe I now owe £140 on my CC which means I have paid off an additional £110 with todays payment...

If its wrong it will be right in 2 weeks so lets just say 110!

so I am now on No77 £2160/£5300

nolongerindenial

amr547 wrote: »

yes same here, well we've not exactly been doing well since we moved but urg :rotfl:nearly there now. next month will be a lot better if i can stay in the green this month!

congrats must be a fantastic feeling :j

I dont get excited at paying debts off, paying the mortgage being self employed I must admit to a fist pump moment last night when I hit the magic £657.10 in the bank...

Absolutely struggling at the minute - every day it feels like im running in treacle, but we should soon have all the adverts on then I wont have time for running in treacle but will try and remember to make the payments on time..

I have already said to my wife, If i have to hold of our last poison debt payment for a few days so I can afford a bottle of Asti and a box of wine and some beers - I will do it as the night I clear this !!!!!!! 22k will be a night I celebrate like I won the lottery!

KoalaTea84

No new payments to report but just wanted to say well done to everyone for chipping away at their balances. :T

I'm finding this thread a really good motivator and I've been more aware of what I'm spending so I can clear my balance for good! :j

Wanna_Bee_Free

I have finally faced up to the fact that I have a bigger amount of debt to deal with.

It's not from buying anything like a huge TV or something cool like that but general overspending and frittering over the last 5 months as I redid my budget to be tighter and I haven't managed to stick to it. When my bank balance gets low I transfer money from my savings account and so this is really an invisible overdraft I've been kidding myself about. So my debt is really £ 4,908.20 & £1,296.23 = £6,204.43 after a small payment of £13 last week.

#100 £503.44/£6707.87= 7.5%

Now I've been paid I'm due to repay another £520 today but am thinking about the amount.

option 1 - I pay £520 today, the budget will be ambitiously tight, possibly even impossible. I may end up struggling to stay in the green at the end of the month. But I am committed up front.

option 2 - I pay £338 today as my overspend last month was £182 and then I try to spend less to make extra repayments but I know my budget is doable based on last month.

option 3 - this one scares me a bit. I pay nothing off now and then pay what's left at the end. But I'm scared I can waste the entire month's repayment. Does anyone else do this? Like Martin said with the money left at the end of the month idea. Possibly too advanced at the moment.

Anyway since you lot will understand what I'm trying to do I thought I'd ask what you think.

Minicooper I know what you mean about those transfers!

Wanna_Bee_Free

I have realised to repay by Christmas I need to find £775 a month - eek!

mossy

Wanna_Bee_Free wrote: »

Now I've been paid I'm due to repay another £520 today but am thinking about the amount.

option 1 - I pay £520 today, the budget will be ambitiously tight, possibly even impossible. I may end up struggling to stay in the green at the end of the month. But I am committed up front.

option 2 - I pay £338 today as my overspend last month was £182 and then I try to spend less to make extra repayments but I know my budget is doable based on last month.

option 3 - this one scares me a bit. I pay nothing off now and then pay what's left at the end. But I'm scared I can waste the entire month's repayment. Does anyone else do this? Like Martin said with the money left at the end of the month idea. Possibly too advanced at the moment.

Anyway since you lot will understand what I'm trying to do I thought I'd ask what you think.

Hey Wanna Bee Free, my own experience when we were saving money for our house deposit was that I would work out my budget at the beginning of the month and then transfer the 'spare money' in to the ISA before any other money was spent. That way we just had to keep to the budget. (I always over spend on food.) :mad: It generally worked and once the money was gone it was gone. It did make things tight sometimes! When we didn't need to save for that anymore the extra money I had been able to save each month disappeared and was fritted away!

I think you have been wise to think about the different options available. I would definitely say don't do option 3! :eek:

Based on what you have said, I think Option 2 might be the most realistic option for you. Get some of that money out of sight and paid off straight away. Then make a sensible and realistic budget that you can stick to. No point making yourself feel all down and stressed about it, as you'll probably just 'comfort spend' and end up in more of a mess.

Remember that £182 has 'debt repayment' written all over it though, it's not there to spend unless you have to. Give yourself a little challenge to try and make sure you have as much of that £182 left at the end of the month, so that you can use it to pay some more of your debt off.

kickuptheasstime

Wanna_Bee_Free wrote: »

Now I've been paid I'm due to repay another £520 today but am thinking about the amount.

option 1 - I pay £520 today, the budget will be ambitiously tight, possibly even impossible. I may end up struggling to stay in the green at the end of the month. But I am committed up front.

option 2 - I pay £338 today as my overspend last month was £182 and then I try to spend less to make extra repayments but I know my budget is doable based on last month.

option 3 - this one scares me a bit. I pay nothing off now and then pay what's left at the end. But I'm scared I can waste the entire month's repayment. Does anyone else do this? Like Martin said with the money left at the end of the month idea. Possibly too advanced at the moment.
QUOTE]



My advice is to go for Option 2 - in an ideal world do Option 1!! Think you should also try to save as much of the £182 as possible to pay to debt at the end of the month

kickuptheasstime

Feeling a bit low at the moment, but loving my daily updates from this challenge - reading everyone's progress helps to keep me focussed, even though I seem to be going through a bit of an emotional lull


I've just got up-to-date with some Onepoll surveys, slow progress but better than nothing I'm sure! Signature updated


Just can't get motivated to do anything right now. I'm on half term, following a stupidly mental term including an Ofsted inspection. Normally, I'm really good at making a list and sticking to it, and I get sad satisfaction from ticking things off - maybe that's where I should start today...


Sorry, a bit of a ramble this morning! Well done to everyone who is making progress - you all keep me going!!


KUTAT x

32b3in2013

kickuptheasstime wrote: »

Feeling a bit low at the moment, but loving my daily updates from this challenge - reading everyone's progress helps to keep me focussed, even though I seem to be going through a bit of an emotional lull


I've just got up-to-date with some Onepoll surveys, slow progress but better than nothing I'm sure! Signature updated


Just can't get motivated to do anything right now. I'm on half term, following a stupidly mental term including an Ofsted inspection. Normally, I'm really good at making a list and sticking to it, and I get sad satisfaction from ticking things off - maybe that's where I should start today...


Sorry, a bit of a ramble this morning! Well done to everyone who is making progress - you all keep me going!!


KUTAT x

I love lists, if I get lumbered with something at work that wasn't on my list, I write it on after I have done it just so I can cross it off!!

All payments made today, my update is in my sig. Off on holiday in 2 weeks, so I hope everyone has a great June.

32b3 x

Jonesy88

32b3in2013 wrote: »

I love lists, if I get lumbered with something at work that wasn't on my list, I write it on after I have done it just so I can cross it off!!

I do this too!

Overpayment made to my car today bringing me to:

#002 £1750/£3500 50% - exactly halfway! :j:j:j