Facing up and cracking on

remote_control

I got accepted for a 0% spend card, interestingly they rang to ask about how my company has been affected by covid. So this has given me some peace of mind and an action plan. Writing it here so hopefully I can stop thinking about it!
1. spend £4000 on new card
2. pay £4000 off cards 2 and 3.
3. Husband apply for a card for remainder of debt 2.
4. Set up direct debits to pay off these two new cards before their 0%s run out.
5. Save £5000 and put it in an isa or similar (something that is sort of hard to access).
6. Hopefully book a holiday!
7. Save for holidays and overpay mortgage. Overpay debt with sales, surveys etc. 

We currently have £4,500 saved for point 5, but don't know if we'll need this to pay off remainder of card 2. This is bonus money we have saved by not spending much for the last year. I didn't pay it off the debt as everything was on 0% and initially I thought it would be good to have the cash there in case covid affected our income.

remote_control

First of March 2021 update:
Debt 1 £2352.24
Debt 2 £0
Debt 3 £9147.98
Debt 4 £0
Debt 5 £2670.56
Total £14,795.80 DFD Feb 2023
Savings: £3,500

remote_control

2. pay £4000 off cards 2 and 3. Paid £1300 off the card that is in husband's name so his credit report looks better when it is time to apply for another card. 
I hate this limbo when there is nothing to do towards the goals. Hope my new card comes today. 

remote_control

So new credit card came and we have put a lot on it and then paid that cash off the 0% card that is about to run out - a bit confusing for you to follow but I couldn't find a no fee balance transfer card. 
Our three debts are now:
£2548
£7847
£3899
So desperate for hubs to see if he can move the £7847 which is in his name. It doesn't run out until May so I'll get on the case on 1st April I think. I'm off to set up the DD on the new card so that it pays off in full before the 0% ends. 
Bits and bobs coming through from surveys but that's about it. Trying to do mother's day on the cheap. TBH focus hasn't been money this week as the children are back in school, it has been on exercise, work and admin. So lovely to do all those things and not be homeschooling/getting frustrated with each other etc all the time. 

remote_control

We got accepted for a 0% card and so we can now put all the debt onto this. It runs for 18 months so we will set up a DD to make sure it is paid off before then. So I sort of feel done with the debt busting, the direct debits will run their course and in 18 months it will all be gone. 
So next I want to build up a big savings pot for emergencies and holidays. I guess I'll channel the debt busting energy to adding to the savings pot. 

Sarahwithlove

That's great news you can always come back to overpaying after you have a good savings pot behind you 

remote_control

Thanks Sarah. I'm inclined to OP the mortgage, one of our mortgages (all on same property) is 2.4%, the other bits are lower. I enjoy OP the debt with a few ££s here and there from sales or surveys etc so I might start doing that with the mortgage. I would love to see that coming down! Our debt DDs are about £800 so I hope to put all that to the mortgage in 18 months time. 

Sarahwithlove

Sounds like a good plan if you are going to be in financially secure jobs 

dreambig19

@remote_control how are you getting on? Hope you are well!

remote_control

I'm just in the dreary bit where I am waiting for pay day..... 
The 0% balance transfer went through and DD set up to pay it off before it comes to an end. So I've sort of stopped thinking about debt. I'd like to get some savings now as we don't have any. I think on the 1st April I am going to open an ISA. I've seen ones where you can get the money out 3 times without being penalised so I might go for that. Interest rates are so rubbish though! But I want it to be slightly difficult to get the money out. Maybe I should go for Premium Bonds!