Debt free before I'm 40 snowball calculator says yes

buddiebabe

Well it's been a long time since I last updated and things have been going ok just been plodding along and working away...

The debt situation has changed here is what is currently outstanding

Barclaycard £9600
Barclaycard £1389.15 (mum and dad owe this)
RBS £4700
Very £313.99

Total debt outstanding is £16003.14

This isn't too bad. Barclaycard is on 0% as is very for 12 months and RBS is 6.9% so not much interest being accrued.

The reason I have split it above is that my mum and dad have been given a council tenancy so they had to buy new carpets as it's a new build property and comes with nothing and they are moving from a private rent property.

They could have put this on their credit card but it would have been at 26% interest. I offered to pay using my card which I then transferred to my barclaycard at 0% for 5 months. The money they are saving in rent and council tax will be more than enough to pay this back within the 5 months but as it's in my name I thought I better add it in here.

The very purchase is for a new mattress our bed was relatively new, however, due to the damp and mould problem the base got mouldy. I managed to get a new (well new to us) base from a work colleague for £20 so we thought that would solve the problem however when we lifted the mattress we realised that the damp had spread into the mattress so we have ordered a new one. Which should hopefully eradicate the last traces of damp from the bedroom and also help my back.

At the moment we put away money every week to replace things in the house but have used a lot of it lately so we have a small amount left in this account it's only £5 a week but it's there if we need to get something unexpected. So am going to pay this to very every week instead of putting it into the account so will only be £53.99 short of what's needed so instead of £5 a week I will pay £6 which would be £1.99 short so that's manageable to pay before 0% ends.

Work is getting worse but just having to get on with it. Did some overtime last month so will get this in my wages next week and am also doing some extra hours in shop over next two weeks so will give me a wee bit extra. I was working at the election count last night so will get that money in June so another few extra £s.

I've been using YNAB to manage my money which is working well and I always seem to have a wee bit extra so that's always good.

Based on the new debt figures I've increased what I'm going to pay to the debts to £550 a month which means my debt free date of December 2017 which is still before my 40th birthday :T

I'm contemplating not using all the money mum and dad pay back to pay straight to the debt but to out some into savings which may help us get together a deposit for a new house faster. Then again I want the debt gone too so will see what happens when they pay me back.

As mum and dad are moving we've all been clearing out and selling things that aren't required...so far though I keep frittering away the money from what I've sold and not really doing anything with it so that all stops today! I sold something last night for £1 so I'm going to check all my accounts today and pay everything I need to and then that £1 at least is coming off my debt!!!

I will try and update more regularly but am not making any promises as I'm rubbish at this!

Buddiebabe x

buddiebabe

Oh and just so you all know I still haven't gambled.... :j have been tempted on a few occasions but have resisted :T

sashybo

Hi BB, you've been busy - well done on not gambling. :T

Glad YNAB is working out and £550 a month towards debt is really great too.

If I were you I would pay the money straight off the CC when your parents pay you back and then it's done and dusted. It's just one less thing to worry about.

Magpie100

Really well done on the not gambling! KEEP GOING!

buddiebabe

Hi sashybo and magpie100 thanks for popping in am really pleased with the not gambling especially when things have been really stressful here I've had to fight against it but am winning :j

I've paid £23.99 towards very today and also £29.15 to barclaycard as I hate having odd pennies outstanding

I know that the odd pennies are now outstanding on my share of the debt but the overall total is a nice round number so it's all good!!

I've put £20 away to my savings account today from things I've sold (well I've put it aside as I lost my savings book so reported it lost and am awaiting a new one) but when I was looking for something else tonight I found it :eek: just need to wait for new book to be delivered so I can put it in there.

I also found a £20 note when I was looking through stuff note to self tidy and clear up more often so have added £10 to the savings money and £10 is in my purse to spend if I need it.

I've decided that you are totally right sashybo I am going to repay the money to the debt as soon as I get it but may not pay it straight to the barclaycard may pay some towards bringing down RBS as I'm charged interest on that one.

I've also decided that any money from things I sell is going to be split as follows, half to my debt, quarter to my savings account (towards deposit) and a quarter to a new fund to replace items that I've sold. If I sell a dress I will put a quarter of the money aside towards now clothes when I need them, if I sell something from the kitchen it will go towards something for kitchen when it's needed. It means that I will have money towards new things when they are needed instead of having it try and find money when I might not have it.

Part of me thinks it's silly not to pay it all off the debt but something inside is screaming don't leave yourself short of money as u may need it....

I'm also thinking about doing the same kind of thing with any extra money I get in from overtime (which seems to have stopped) and extra hours in shop (which will stop next week until holiday season) if I pay half to the debt, a quarter to my savings and give myself a quarter to be able to spend on something for me or just to have a wee bit extra cash in my purse then I think I will be happy with that.

The only thing is that when I make plans or if we decide to spend some money on something to try and make things a bit better something always crops up to throw a spanner in the works and I've a funny feeling it's the TV that's going to go next but will worry about that when or if it happens!

Oh I'm supposed to be going to slimming world in the morning but haven't been good all week so might give it a miss depends how I'm feeling in the morning. I've only got 4lbs to go to target so should be more focused but just not feeling it right now I have lost 1st 10.5 lbs so I'm not being too hard on myself

Off to try and get some sleep now

Buddiebabe x

in_need_of_direction

Well done on the not gambling and on the having a plan. I must admit though, I'd be reducing the amount to savings by £4 to get that debt in the 15s

buddiebabe

in_need_of_direction wrote: »

I must admit though, I'd be reducing the amount to savings by £4 to get that debt in the 15s

Hi I have already paid a bit extra to the debts so the outstanding balance is now £15950 I didn't like being in the £16000s either

Well normally I'm off at weekends so go to my slimming world class but as I've been bad am thinking about not going which would mean I probably don't stick to it this week either. Think I just need to go and see what damage I've done get it over with. Instead of staying for the meeting I will come home and get some tidying done before heading to work.... Either that or sit on my butt and play candy crush

Buddiebabe x

sashybo

Hi BB, paying the money off a CC that charges interest would be a good move as long as you have a plan to pay off the original debt when the 0% runs out. :T

I like the plan of half the extra money to the debts and a quarter each to savings for house/things to be replaced. If you know it will keep you paying off the debt then it's a good plan.

Well done on losing all that weight! :j

buddiebabe

Well I bit the bullet and went to slimming world this morning I've put on half a pound so while it's not great it's way better than I could have hoped for. I didn't stay for the meeting but cam home and cleared out my fridge,put a washing on and made a syn free breakfast which should keep me going till I get home from work tonight. Positive size was I didn't need to pay as I had a free week to use for meeting my club ten target!

I now have 4.5 lbs to lose and then I won't need to pay which will save me £4.95 a week so I really need to get to my target. I'm going to aim to do this for the end of June which gives me 7 weeks and would also mean I meet target before I go on holiday on 3rd July. I have two parties this week so am hoping to maintain my weight this week rather than lose as I want to enjoy the parties I will be sticking to it this week on non party days tho!

I've a whole pile of books in the house that haven't sold so am going to take them with me to work today and give them to one of the girls I work with who's always looking for books which will clear some space here. I'm also going to walk to work today it's a lovely day so will get a wee bit exercise and some fresh air whilst saving petrol

Wish the washing would hurry up and finish so I can put it out before work!

Buddiebabe x

buddiebabe

Oh and as I didn't spend my £4.95 on slimming world I'm putting £5.00 towards my debt today :j as it's already budgeted for