The journey to financial independence.

Cream_Tea

To get in the zone I've completed my first OP since little one arrived. £114 off the CC. Feeling smug although still a long way to go.

CT

Cream_Tea

Bit the bullet and applied to transfer the balance of one of our CCs that is no longer 0%. Fingers crossed I'll be successful.

If I am successful with this CC when can I apply to transfer the other balance to another 0% one?

CT

greent

Cream_Tea wrote: »

Now the big spending on the not so new now house has finished I feel I have the space to think about our money and make a plan. Since buying and renovating the house and buying a car we have £26,809 in debt. This is is between loans and CCs. I have graded the debt from highest interest to the 0% CC and will focus the overpaying to the most costly and pay the minimum on the others.

I'm going on Mat leave again in December and thought wouldn't it be lovely if one cc and father in law loan was paid off by then but it was not realistic. So the new plan is to have it cleared in the next 12 months which would leave us with only the 0% CC and the car loan which I'd like cleared in the following 12 months.

Plan going forward:
Look at possibility of moving other CC to 0% one.
Look at possibility of generating extra cash.

Hope everyone's well and now I feel I have time to get back to it I hope I'll be reading all about your successes and inspiration.

CT

You snuck that in the middle of a long post - congratulations! xx

CathT

You have been busy CreamTea, congratulations.

You sounds focused on the debt repayments, with consistency the amount soon comes down.

Cream_Tea

Thank you greenT and CathT. It was a pleasant surprise. I was working out my mat leave dates this week and It's coming round very quickly!

Bad news, 0% CC application declined so will wait and apply to another company in the future. Any advice on how long to wait? According to money saving expert I had 90% chance of getting the cc and my credit score is the top end of good at 951 so not sure why I'd be declined. All I can think is that I Successfully applied to transfer balance to a 0% cc just under three months ago but that wouldn't affect it would it?

I have paid off another £31 off one of our CC with some money left in our account. DH gets paid weekly o a Friday so I'm going to pay any spare money on a Thursday night off the CCs. I've also asked DH to add his tips to this as well. Although they aren't regular as he's a hgv driver, probably one a week he gets £20 from a job and that would make a fab dent in our debts over time.

I'm looking at ways to keep my spending down although it's not easy meeting up with friends and having a toddler with soft play and play groups etc. The obvious cut back is not spending on drinks, which I've started this week and it wasn't too painful.

CT

Cream_Tea

Since the cc has been declined I'm determined to get the one with the interest on it paid asap so found another £12. I think I'm back into the MSE addiction :j

Plans to trim our outgoings:
Bring lunch to work each day (DH and I)
Not eat / drink out the house when on play dates with little one and our friends (just me)
No take always (DH and I)

CT

CathT

Do you have any existing cards with no balance that might have a transfer offer? That's how I tend to do mine. If you can't do that definitely prioritise the highest interest rate and shuffle over any money you can.

Cream_Tea

CathT There is available balance on the CCs but not at a better rate as they're all out of the 0% transfer window so I will leave it for the time being.

I've got a spendy weekend next weekend as we are going away with the family for 5 days for a wedding. We need to hire a car, pay for airport parking and spending when we're away. I'm back in the zone now so it's annoying to know a week with no progress is on the way but needs to be done. Plus it's the only holiday we're having this year until next summer so best enjoy it

I've paid £114 off the most expensive CC and have put £96 away to pay back the loan given to us by my father in law. It feels good but will be the last one for a couple of weeks now.

I'm looking forward to the worst of our debt going because then I can't get back to OP the mortgage the real reason I joined here!

I had win tonight, as DH was coming home he called to say sod it let's have Chinese for dinner so I said I'd do something at home. I quickly nipped out and before he was home managed to make him a stirfry which is one of his fave meals for £6 rather than the usual £30 we'd spend pigging out on takeaway. Also have enough for lunch tomorrow!
Now off to meal plan for the next few days so we can have another good week.

CT

Cream_Tea

-Food shop done to take us up to our holiday.
-Outfit for wedding bought and from a supermarket so much cheaper than I'd expected (£28 compared to the £50+ I'd braced for)
-Applied for a new mortgage which will save us a nice amount if it's approved, should hear by Tuesday.
-changed phone contract. Saved £2 a month for a better phone and more internet allowance. This was much needed as I have to top up my internet probably every second month at great cost.

Feeling very tired today so, night all.

CT

Cream_Tea

Mortgage renewal approved which will save us £143pm it is on the cusp of the 5 working day deadline to be actioned so I am unsure whether it will commence from 1st August or September.

We've discussed it and we'll use the £143 we'll save to OP the mortgage. This will be a fantastic feeling after a year off OPing.

CT