Moneysavers SOA (I need some help guys!)

Lucy1982_2

Hi Olive.

I don't think I made myself clear.

The debt repayment amount is what I pay intotal each month across my debts, it breaks down like this:

Lloyds 1 - £242.82
Lloyds 2 - £101.85
Store card - £100 (or £125 final payment)
Bed - £22.67

Once I pay off my store card I wanted to pay £50 a month off each of my OD's, but I do see your point, I just seem to struggle with the OD attached to my current account, it never seems to go anywhere!!

The £50 is towards car maintance and tax. It's not a huge amount, but every little helps.

I hope that makes a little more sense.

shell_girl

Hey Lucy,

I dip in and out of your diary and on the whole you seem to be doing really well!

Your SOA seems fine to be honest, and I can't see where you could make any more savings.

At the end of this month you'll have wiped another debt! Yay!

You can then put a nice big line through that one and give yourself a pat on the back.

I wouldn't worry about the A & L overdraft- it's at 0% so until it starts costing you anything concentrate on your Lloyds O/D and your bed payments. Your bed shouldn't take too long to pay off and then it's another line.

It sounds to me as if you've hit 'The Wall'. Keep plugging away and it will get better.

In the meantime, is there ANYWHERE else you can go at lunchtime other that Sainsbury? I read your diary and I've noticed that you mention them a lot lol.
If not, how about having a chat with your boss and seeing if there's any chance you can work through lunch some days and finish an hour earlier? Then try and keep Sainsbury to a once a week treat, or only take the exact amount of money you're happy to spend with you (so much the better if it's nothing lol!)

You'll get there hun- you know you will. Then think of all that extra cash you'll have to yourself when you've paid it all off!

Big hugs x

CharliesAngel

Hi Lucy 1982

I'm sure you've come a long way since your moment of truth! Look back on it and smile...

Your budgeting seems to be fine, I was going to suggest you can get breakdown cover alot cheaper than the RAC, being a lone girly myself I got Green Flag for £30 a year.

I save £35 a month for my car for the worse case scenario which was last year, 4 new tyres, brake discs, pads, full service, MOT and tax. I was even left with change!

I also think the overdraft isn't going anywhere because you don't have spare capital as it's all going to repay debts - once you start paying things off this should gradually 'go away'.

Sainsbury's is the most expensive place I've ever been for 'lunch'! Made the mistake of going in there a couple of weeks ago and spending 6 quid on a manky sandwich and some fruit lol..

Stay positive... we'll all get there in the end

CA x

Lucy1982_2

I do really, it's a love/hate relationship!! There isn't anywhere else to go and otherwise I just sit at my desk. I think the key is to stop taking any money out with me. That way i can't spend it.

I think I have hit 'The Wall' and I know that things will get there eventually. I just need to cut my spending and slowly try and get the Lloyds OD down, once the store card has gone it's the one with the biggest APR. But I'm not sure how's best to do it.

Is it worth paying the £100 a month into savings (while trying to save money each month) and then when I have enough pay it into the OD and cancel it? OR should I just pay the £100 off it at the end of each month?

sammy115

Just wanted to say how well you are doing Lucy and keep plugging away. Rome wasn't built in a day. Not sure it was even built in a year!

CharliesAngel

It looks like you'll be paying more interest on the overdraft than you'd get on your savings so I'd go for the £100 a month off the overdraft option....

oliveoyl

Ah, gottya.

The £400 Lloyds OD is costing you around £6 a month, the A+L one is costing you nothing... I wouldn't even pay the A+L OD off until the end of the 12 month 0% period.

Can you make any extra money to help with repayments, then savings... overtime, mystery shopping, second job, surveys etc....

shell_girl

Ok- the Lloyds O/D is attached to your current account yes?
Is this where your wages go in? If so, how about if you just call them each month on the day you get paid and ask them to reduce your limit by £50? This way you're technically paying off £50 each month without the risk that you'll go back into it at the end of the month.

Also- I've just noticed that your Lloyds 2 will be paid off in 4/5 payments! Fantastic! So... month after this one how about doing the same with your bed that you've done with your Style card- pay it off in one foul swoop? You'll have the 'spare' £100 from your Style card, plus the usual £22- you only need to find an extra £36.65 and that's that one gone! I bet you could find this if you avoided taking your purse to Sainsbury for a couple of weeks

tara66_2

Hi Lucy
This is my first ever post. Can't advise you but just wanted you to know I love your thread and am really impressed with how much you have achieved. I've found it inspiring. Was really pleased all went well when you went to meet the b/f's parents as well.
Just keep going x

lynzpower

Are you ebaying and mystery shopping too? Have you tried to join in on focus groups? SOme of these can pay really well- altohugh hard to get hold off.

Why not join in on one of the challenges, i saw batgirl started a tenner a day one, which even if you can only manage a week, thats the bed almost paid off.