Dark Sunday's 6 Year Plan

Scott_Weiland_2

Dark_Sunday wrote: »

Another year gone very quickly... WHOOSH....where did it go...quite scary really.

Another debt-busting year ahead hopefully & the main areas of focus for saving, spending & investing are:

1. Reduce debt by £1k p.m. at least
2. Increase pension contributions from mid year (still unsure by how much)
3. Summer holiday - not had 1 for 4 years
4. 2 long weekend breaks
5. Continue to do budgets
6. Post on here more often

Wouldnt it make sense too maybe take your pension down too the bare minimum until your totally debt free then ramp it back up.

Dark_Sunday

Scott_Weiland wrote: »

Wouldnt it make sense too maybe take your pension down too the bare minimum until your totally debt free then ramp it back up.

Was actually thinking that tonight TBH. When I do budgets in the next few days I'll decide the exact plan.

Scott_Weiland_2

balance it ie interest charged on debts verses say a few months months of paying the minimum

Dark_Sunday

Spent many hours looking at budgets for this year & still being crippled by CC interest. I have too many CCs TBH although most of them are never used but they have balances that are very very slowly being reduced. Would be great to get some 0% Balance Transfers, but when I do the CC eligibility tool on here, "computer says NO". Must have too much debt as there's never been any missed payments on anything ever.

Paying £366 p.m. on CC interest which shall increase to £510 p.m. mid year when the only 0% offer I have expires.

Still some more work to be done on budgets then I'll have a better idea on how much the debt can hopefully be reduced by this year.

Dark_Sunday

The main short-term plan is to reduce the high % APR CCs & hopefully also find some 0% balance transfers. The high APRs are:
CC1 £381 (29.9%)
CC2 £2,467 (20.6%)
CC3 £5,440 (22.9%)
CC4 £7,240 (23.9%, currently 0% til mid 2017)

CC1 Will be clear by end of this month. Shall then throw what I can at CC2, then CC3 & hopefully find some 0% balance transfers by mid year.

salesaddict

You have done fantastically well. I'm subscribing to your diary.

I like your matter of fact posts very much and I too dislike this time of year.

Dark_Sunday

Thanks for dropping in salesaddict.

I'm defo gonna post much more this year for motivation & inspiration. So many great, supportive, non-judgemental people.

Just finalised the budgets & looks like Jan & Feb could be pretty good for throwing half decent amounts at the debt mountain.

Dark_Sunday

The 6 year plan is now realistically looking a 5 year plan & who knows perhaps it can reduce further with a bit of luck & no major unforeseen / unplanned expenditure.

I used to do surveys but found them quite tedious & time-consuming, but I've started again. Logged into Toluna last night & found 2 x £15 Tesco vouchers claimed last Feb. Looks like it took over 6 moths to process & why I had forgotten. Feel very chuffed. Spent already, cupboards & fridge full.

Also on a reduced alcohol intake after the silly season. No midweek drinking allowed at home. For me it's very easy & simple to do. I simply decide no alcohol midweek & I don't have any.

Dark_Sunday

Have 11 CCs but planning to clear & then close but still leaving enough for an emergency fund.

1st cleared today & duly cancelled, so now there's 10 & a more will hopefully follow this year.

11 little Indians & now there's 10

Dark_Sunday

Long month January in terms of money in with payday not until 31st.

Existing CC offering 0% balance transfer for 12 months. Small balance on this CC but clearing at end of Jan. so I'll balance transfer from 20%+ apr card then. Should save approx. £500 p.a. on interest