Pay ALL your debt off by Xmas 2014!

Pablosammy

happybunny86 wrote: »

I've been using the You Need A Budget method so I have smaller buffer built up for unexpected payments. I was concerned I should be spending this money on paying off debt at first but I've found it helps me to relax and the possibility of unexpected costs and to be more confident budget all of my wages into a bucket so they all have a job to do. Previously I'd budget and leave behind money for 'what ifs' but some how they always got spend on something.

Completely each to their own though.
Everyone has a different system.

I really need to try YNAB, I only ever hear good things about it.

Longships

Another Friday, another payday! But only one more now until work finishes for the winter :eek:

£151.94 off the CC today.

amr547

Only a week until OH's payday and a week and a half til mine:j still very much in the green which I like.....

Got my gas and electric summaries yesterday. At the old house we paid £1080 for gas and about £500 for electric, per year. At this house we have paid £431.95 for gas and £494.12 for electric for the year. Not a bad saving!

Pablosammy

happybunny86 wrote: »

I've been using the You Need A Budget method so I have smaller buffer built up for unexpected payments. I was concerned I should be spending this money on paying off debt at first but I've found it helps me to relax and the possibility of unexpected costs and to be more confident budget all of my wages into a bucket so they all have a job to do. Previously I'd budget and leave behind money for 'what ifs' but some how they always got spend on something.

Completely each to their own though.
Everyone has a different system.

Wow! YNAB is going to completely change the way I think about my bank balance. I've just spent a few hours setting it up. For the first hour I could not get my head around the 'give every dollar a job' mantra, but I think it's just clicked.

I need to build up my buffer before overpaying my debts, but as my current account pays 3% interest I'm fairly comfortable with that.

For the purposes of this thread, I'm going to offset my bank balance at the end of each month against my debts so I know when I'm level equity. But this has given me a whole new goal - having cash available in advance! That's one for 2016... :rotfl:

Thank you happybunny for the inspiration

happybunny86

Pablosammy wrote: »

Wow! YNAB is going to completely change the way I think about my bank balance. I've just spent a few hours setting it up. For the first hour I could not get my head around the 'give every dollar a job' mantra, but I think it's just clicked.

I need to build up my buffer before overpaying my debts, but as my current account pays 3% interest I'm fairly comfortable with that.

For the purposes of this thread, I'm going to offset my bank balance at the end of each month against my debts so I know when I'm level equity. But this has given me a whole new goal - having cash available in advance! That's one for 2016... :rotfl:

Thank you happybunny for the inspiration

It does take a while to get your head round but it helps you start putting money aside for things you know come up later down the line. I get paid every 4 weeks so it's taken me a long time to get where I need to be with it but think I'm there now. It has helped me to also not feel so guilty about having some treat money to spend which I struggled with before. The job for the money is to be treated so that's what I do with it also helps me not to go on benders. Before I'd think stuff it and buy something then think well I've blown the budget now I'll spend what I want. It makes me realise there's a total pot of money it's not infinite and I need to find where the extra is coming from!!

Getting a month on front would be real progress for me but I'm the same as you in terms if need to get the debts paid off before I have that luxury. It's an awesome idea though.

I have just paid off 3 more debts today totaling £484.07 which leaves me £1k left to go. I'm really going to try and get this gone by the end if January. I should have had it done by the the end of this year easy but my eye has been off the ball with moving house and a few other costs. I'll get there though

Pablosammy

Thr best thing about giving every bit of cash a job is that you can hypothetically have £10k in the bank (yeah, right!), and not feel recklessly rich. Comfortable, yes, but well in control. That approach is going to be a revelation for me, as previously every time my bank balance looked healthy I'd end up impulse buying something stupid, hence why I'm here now!

happybunny86

Pablosammy wrote: »

Thr best thing about giving every bit of cash a job is that you can hypothetically have £10k in the bank (yeah, right!), and not feel recklessly rich. Comfortable, yes, but well in control. That approach is going to be a revelation for me, as previously every time my bank balance looked healthy I'd end up impulse buying something stupid, hence why I'm here now!

That's a much better way of putting what I meant about a blow out... Balance looks healthy, buy something, realise everything else I need to pay for... Oops!

amr547

the bulk of my payments come out between the 15th and 18th of the month, so i am pretty upset to be saying goodbye to my bank balance shortly:rotfl:

GunWharf

#174 here reporting for duty. This months loan has gone out so the update figure is......


£14979 / £27890


Have a good weekend all!

amr547

Right then to update my total:

011: £3632 / £6000