Debt-free in time for my wedding challenge

lucy271981

I have rather ambitiously decided to try to become debt-free by August 23, 2008 - my wedding day! :j

I currently have credit card debts of just over £4000 and it is these that I want to pay off completely by then. I have taken the first step today by transferring all my debts from my M&S More Card and Egg Card to a Natwest Credit Card which has 0% on balance transfers for 13 months so that should save me quite a bit of money.

I earn about £1450 a month and will need to put just over £300 a month towards paying off the debt. After I've paid the mortgage and bills (£700), this leaves me with about £450 for my monthly expenses including petrol (approx £140 pm), groceries (approx £120 pm), going out and budgeting for any bigger purchases like things for the house and Christmas presents... not much when you think about it (eek!)

Thought I would start a thread to see if anyone is in a similar boat! Help and support much appreciated thanks

James240

hey this is fantastic news and well done on starting on the path to being debt free


If you post up a SOA we might be able to help u save even more money which u could use to pay off ur debts

Yorkielass

Sounds like a great challenge. Are you paying for the wedding/have you got a budget for that - would hate to pay off all your debts and then be landed with loads more afterwards

lucy271981

We are very very very lucky in that my parents have offered to pay for most of the wedding including the most expensive bit - the reception.

However my fiance and will be paying for our rings and honeymoon, so we will need to try to save up for these. I'm looking into the idea of requesting 'honeymoon vouchers' from guests, as we already have our own house. Have started a thread in the 'weddings forum' to get help with this!

I am really hoping I won't need to take on any more debt my budgeting and money-saving wherever I can!

lucy271981

James - sorry to be naive but what is an SOA? More than happy to put one up if you think it will help!

floss2

Statement of Affairs - see Southern Scouser's newbies thread....

What about your dress, are you buying that or have you been given a budget by your parents?

Fortheloveofmoney

Oooh I'm in the same boat as you!

We're getting married in Oct 2008 and my current debt free date is Aug 08. I am absolutely determined to pay everything off before the wedding and have a little left over.

Thankfully the wedding expenses are already covered thanks to an investment my OH took out years ago.

lucy271981

It's nice to know others are in the same boat! I have actually already bought a dress - and it was an absolute bargain. My fiance saw an advert for a wedding boutique closing down sale so I went along and picked up a gorgeous dress for £80 - £135 including underskirt and alterations! It should have cost £700. My parents had budgeted around £500 for the dress so they're delighted! Just can't put any weight on now... )

tsharp

I just got married a couple of weeks ago - most of bills met by inlaws.

We asked guests for honeymoon money, raised about £1400 in total, which should pay off the lionshare of our trip to Japan in March....

lucy271981

Okay here is my current SOA:

I earn £1450 p/m and OH earns £900 - and we contribute £650 and £400 to the Joint Account respectively each month to cover household bills based on our earnings.

JOINT ACCOUNT DIRECT DEBITS
Mortgage £576.67
Council Tax £93
Buildings and Contents Insurance £20.49
Gas and Electric £60
Water £26.66
Sky £38
Broadband (AOL) £20.48
BT Phone Line Rental £11.50
Calls (Talk Talk) £5
Mobile Phone £25
Pet Insurance £14.25
TV License £11.61
DFS Sofa Credit Loan 0% £43.45
Loan from parents £75

PERSONAL ACCOUNT DIRECT DEBITS
Chartered Institute of Marketing membership £12.09
Dental Care £5
Car Insurance £32.31

OTHER REGULAR EXPENSES (monthly)
Food shopping £160
Diesel £160
Egg credit card 100
M&S More Card £125

DEBTS
Credit Cards £4000 (just transferred to 0% for 13 months)
Loan from Parents (to pay for home improvements) £7500 no interest
Student Loan £8000
Mortgage £103,000

Any tips/guidance/advice welcome! )

Yorkielass

Well done for getting the SOA done Lucy, with the food shopping do you each pay £160 each out of your own bank accounts or is that £160 out of the joint bank account?

What about other car expenses such as tax and mots etc?