Tales from the city

in_need_of_direction

You can do this just as you have moved from 18k to where you are. Think of what your debt position will be at year end.

ani*fan

in_need_of_direction wrote: »

You can do this just as you have moved from 18k to where you are. Think of what your debt position will be at year end.

Thanks INOD. Thinking about what the debt will be at the end of the year is a huge motivator. I've come this far, I can keep going.

Also, when there is no interest to pay, and monthly minimum payments are less because some debts have been paid off, it's amazing how the whole process can speed up. I've heard people talking about this but never actually experienced it until now.

I just need to hang on to my handbag 'cos this is a bit scary, and exciting, and exhilarating!

Igamogam

That is some commitment Ani .........well done for jumping onto the roller coaster.....no letting go now when you go down the steep bits But if you do just smile at the camera dry yourself off - as there is bound to be water at the bottom - and just right back on.....no looking back

ani*fan

Igamogam wrote: »

That is some commitment Ani .........well done for jumping onto the roller coaster.....no letting go now when you go down the steep bits But if you do just smile at the camera dry yourself off - as there is bound to be water at the bottom - and just right back on.....no looking back

:rotfl::rotfl::rotfl:Exactly!

ani*fan

I have worked out the finances and £1,000 is possible with even a little bit of leeway for emergencies. This is good. I need to run a super tight budget between now and the end of October and hope that I've managed to think of everything.

First things first...the furry purrball needs his booster jag, I need new work shoes and it's my sister birthday soon and also father's day. The challenge is on to stay on budget for absolutely everything.

Happy debt busting everyone.

A*F x

ani*fan

I got the new shoes in a sale for £11, seriously under budget :T

The Father's Day pressie and my sister's pressie both came in on budget :T:T They can get posted off this week.

The purrball had his booster which cost as expected :T Plus he is getting used to this new vet since the move which is good.

So far, everything's on track.

ani*fan

I've just updated my signature to show a couple of monthly direct debits that have gone out.

Things are getting tricky regarding the plan to pay off £1k per month. Both me and OH's employers have automatically enrolled us in the pension plan. Anyone else had this happen? It means we will lose cash at the end of this month and my employer has not even told me how much. We can cancel and get a refund, but we're also thinking a pension would probably be a good idea. We're not quite sure what to do so thinking about it.

Other than that, everything has been quite quiet. I forgot to budget for car parking so that's having to come out of my monthly slush fund, not so good. That'll teach me.

Onwards to another debt busting day. Have a good one everyone.

joeyjimbles

Well done, you sound so focused. And maybe instead of a nice round £1K overpayment you have to have an £850 or whatever overpayment monthly and an attempt to make/find/save the extra £150, or accept that it will take a month longer. Either way you will still be rid of it sooner by doing something to make it go away.
You are doing really well, planning and budgeting - I hope, no I know, that you will really enjoy that holiday.

hiddenshadow

ani*fan wrote: »

Both me and OH's employers have automatically enrolled us in the pension plan. Anyone else had this happen? It means we will lose cash at the end of this month and my employer has not even told me how much. We can cancel and get a refund, but we're also thinking a pension would probably be a good idea. We're not quite sure what to do so thinking about it.

Assuming it's the standard auto-enrolment that's being rolled out, there's info here: http://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics/automatic-enrolment/how-much-do-i-and-my-employer-have-to-pay

By default you should be contributing 0.8% of your pay and your employer/the government will match it, bringing it up to 2% total. You can opt to contribute more but it's voluntary.

You're probably best off finding out from your employer what their plan is - if they have any extra matching it's worth upping your pension contribution to get that full advantage.

misstara

I decided to join my company's pension scheme 3 years ago as opposed to just going with the auto enrolment. As I was approaching 30 with no pension scheme, I figured that the more money I put into a pension the better. The scheme that my company offers I put in 4% and my company puts in 7.25%. So roughly £183 goes into a pension every month but I only pay £65ish towards it and as it comes off my pay before I get it, I don't miss the money. Definitely worth finding out what your employer offers.