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Adventure wanted, but first we must rid ourselves of debt

edited 30 November -1 at 1:00AM in Debt Free Diaries
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  • AdventureWantedAdventureWanted Forumite
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    Morning,

    Have had a quick bank round down and managed to pay £1.67 off CC2 taking it to a rounded number and £2 off CC1. It’s funny how much I enjoy making these payments each day, although I do have to show restraint every day in not paying off too much and blowing our budget!!

    Today was going to be a manic day with lots of travelling between climbing class, the dentist and then swimming lessons. However this morning the kids climbing class has been cancelled, so not only is my day less busy, but we’ll get refunded £13!
    LBM Aug 2017.
    CC1 - £0 😁 / Was £5,185 1/8/17. | CC2 - £0 😁 / Was £13,470 1/8/17. | CC3 - £0.00 😁 / Was £11,400 1/8/17. | CC4 - £6,646.60 / Was £13,000 20/11/17 | DH CC - £0.00 😁/ Was £16,798.59 31/3/18[/i] | DH Car - £9,730.00 / Was £10,350.00 1/1/20.
    Challenges
    2020 1% challenge - #1 - 41% | PAYDBX 2020 -#29 Pd £4,943.40/ £12,000 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • AdventureWantedAdventureWanted Forumite
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    Today I’ve paid £3 to CC1 and a gigantic £2 to the emergency fund! Although, I’m pretty pleased that I’ve actually got various savings accounts. Our emergency fund currently stands at £260. It will take quite a while to get to the recommended £1000 emergency fund, but hopefully I’ll be able to reach this level before we need to use it. Luckily we had the boiler replaced last year (it was condemned during a boiler service 2 weeks before my due date with DC3 :eek: luckily a very nice boiler man took pity on us and rescheduled work to fit a new one) and it’s just been serviced, so hopefully we won’t have any big costs this winter.

    The £3 paid to CC1 takes the balance to £4,190. I need to pay £1,070 before the beginning of January to clear the 0% balance which will be expiring then.

    I have been looking at our budget for the month and I currently have £170 left in my grocery budget. I’ve got some frozen meals from batch cooking in the freezer, so hoping that even with top up shops and maybe a few extra ingredients for meals I can have some money left in the account. Now the question is whether to pay the additional money (if there is any) off the credit cards or save the money for food at Christmas. I guess I’ll have to wait and see (and hope and pray) that the grocery balance is under budget.

    Goals for the rest of 2017
    • Pay £1,070 off CC1
    • Get emergency fund to £600
    • Reduce grocery budget to £280 p/m (currently budgeted £325).
    LBM Aug 2017.
    CC1 - £0 😁 / Was £5,185 1/8/17. | CC2 - £0 😁 / Was £13,470 1/8/17. | CC3 - £0.00 😁 / Was £11,400 1/8/17. | CC4 - £6,646.60 / Was £13,000 20/11/17 | DH CC - £0.00 😁/ Was £16,798.59 31/3/18[/i] | DH Car - £9,730.00 / Was £10,350.00 1/1/20.
    Challenges
    2020 1% challenge - #1 - 41% | PAYDBX 2020 -#29 Pd £4,943.40/ £12,000 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • jwiljwil Forumite
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    Great news about the remortgage!

    The additional bit is technically your highest interest debt, so in theory would be the one to concentrate on paying first. However as your 0% deals are ending soon, I'd focus on those first and then try and do something more long term with the mortgage bit once they have been cleared.

    Good luck with the goals!
    "If you can dream it, you can do it". Walt Disney
  • AdventureWantedAdventureWanted Forumite
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    jwil wrote: »
    Great news about the remortgage!

    The additional bit is technically your highest interest debt, so in theory would be the one to concentrate on paying first. However as your 0% deals are ending soon, I'd focus on those first and then try and do something more long term with the mortgage bit once they have been cleared.

    Good luck with the goals!

    Hi Jwil,
    Nice to see you here. Thanks for the advice. It is nice to have someone else’s opinion on it. Hopefully the mortgage interest rates won’t increase too much before I can reduce the debt or at least balance transfer it.x
    LBM Aug 2017.
    CC1 - £0 😁 / Was £5,185 1/8/17. | CC2 - £0 😁 / Was £13,470 1/8/17. | CC3 - £0.00 😁 / Was £11,400 1/8/17. | CC4 - £6,646.60 / Was £13,000 20/11/17 | DH CC - £0.00 😁/ Was £16,798.59 31/3/18[/i] | DH Car - £9,730.00 / Was £10,350.00 1/1/20.
    Challenges
    2020 1% challenge - #1 - 41% | PAYDBX 2020 -#29 Pd £4,943.40/ £12,000 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • AdventureWantedAdventureWanted Forumite
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    I’ve had a lovely day today. It started off well with DC3 sleeping better during the night and then sleeping in until 7.45 which is unheard of! Just arrived back from a day out at my parents. Is so lovely spending the day with them and for the kids to see their grandparents. Also got given a hot meal at lunchtime which is a major bonus, as I don’t have to cook tonight! :dance:

    Today I’ve paid £59.95 off CC1. I purchased some gifts from very which are on a buy now pay in 9 months, so have transferred the amount which is budgeted for in ynab and when the 0% ends (or possibly before) I’ll transfer the money from my gift savings account to pay it off.

    Debts at 14/10

    CC1
    0% ends Jan - £1,010.05
    0% ends Jul - £3,120.00

    CC2
    0% ends Mar - £2,523.00
    0% ends Jul - £9,880.00

    CC3
    0% ends 2019 - £11,170.00

    Should be able to pay the Jan balance off on time and then hopefully can reduce the March balance a bit before balance transferring.
    LBM Aug 2017.
    CC1 - £0 😁 / Was £5,185 1/8/17. | CC2 - £0 😁 / Was £13,470 1/8/17. | CC3 - £0.00 😁 / Was £11,400 1/8/17. | CC4 - £6,646.60 / Was £13,000 20/11/17 | DH CC - £0.00 😁/ Was £16,798.59 31/3/18[/i] | DH Car - £9,730.00 / Was £10,350.00 1/1/20.
    Challenges
    2020 1% challenge - #1 - 41% | PAYDBX 2020 -#29 Pd £4,943.40/ £12,000 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • HappierdaysHappierdays Forumite
    154 posts
    Hi your plans sound great! Welcome and good luck :)
  • AdventureWantedAdventureWanted Forumite
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    Hi your plans sound great! Welcome and good luck :)

    Hi Happierdays, thank you for your post. It’s nice to have people on this journey with me.
    LBM Aug 2017.
    CC1 - £0 😁 / Was £5,185 1/8/17. | CC2 - £0 😁 / Was £13,470 1/8/17. | CC3 - £0.00 😁 / Was £11,400 1/8/17. | CC4 - £6,646.60 / Was £13,000 20/11/17 | DH CC - £0.00 😁/ Was £16,798.59 31/3/18[/i] | DH Car - £9,730.00 / Was £10,350.00 1/1/20.
    Challenges
    2020 1% challenge - #1 - 41% | PAYDBX 2020 -#29 Pd £4,943.40/ £12,000 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • AdventureWantedAdventureWanted Forumite
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    1,000 Posts Second Anniversary Name Dropper
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    Goals for the rest of 2017
    • Pay £1,070 off CC1 made another PAD today. Was only a small £2.05, but as they say every little helps. Since making up my goals I’m now up to £62 paid.

    • Get emergency fund to £600 Currently at £260

    • Reduce grocery budget to £280 p/m (currently budgeted £325). Have sorted through the freezer today to see what we have in and have decided to batch cook a load of meals. Just done a large online shop which takes my grocery bill for the month to £246.74. This included a couple of boxes of nappies & a lot of milk which we’ll freeze. Hoping that we can last through to the end of the month now or at least we will only need bread and maybe some fruit.

    Wish DH would have his LBM soon. He would like a new car and told me this morning that he thinks we should get one now. It’s strange as he is well aware of the level of debt we have, but he just doesn’t seem bothered by it. He thinks I’m being really unreasonable saying no to a new car (second hand car, but new to us), as he wants a nicer, more comfortable, nicer looking car and I have the car that I’ve always wanted. Have told him I’ll have a think again in January once we know how much tax he’ll have to pay, but really hoping I can delay it without him being to stroppy!!
    LBM Aug 2017.
    CC1 - £0 😁 / Was £5,185 1/8/17. | CC2 - £0 😁 / Was £13,470 1/8/17. | CC3 - £0.00 😁 / Was £11,400 1/8/17. | CC4 - £6,646.60 / Was £13,000 20/11/17 | DH CC - £0.00 😁/ Was £16,798.59 31/3/18[/i] | DH Car - £9,730.00 / Was £10,350.00 1/1/20.
    Challenges
    2020 1% challenge - #1 - 41% | PAYDBX 2020 -#29 Pd £4,943.40/ £12,000 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • AdventureWantedAdventureWanted Forumite
    1.4K posts
    1,000 Posts Second Anniversary Name Dropper
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    Managed to round down our bank accounts today and pay £1.45 off CC1. I’m finding making a payment a day quite addictive, although it is hard at times to think about the whole month and not make larger payments thereby throwing my budget out!

    I have been reflecting on our debt free journey today and although the debts will take quite a long time to be paid off, I am pretty happy with the direction things are heading. It is so nice to look at my bank accounts and actually see savings there. I just keep imagining what life will be like when we’re debt free. So much money at the moment is paid to debt, that it will be great to have this going towards savings so that DH can take a couple of months off work so we can travel.
    LBM Aug 2017.
    CC1 - £0 😁 / Was £5,185 1/8/17. | CC2 - £0 😁 / Was £13,470 1/8/17. | CC3 - £0.00 😁 / Was £11,400 1/8/17. | CC4 - £6,646.60 / Was £13,000 20/11/17 | DH CC - £0.00 😁/ Was £16,798.59 31/3/18[/i] | DH Car - £9,730.00 / Was £10,350.00 1/1/20.
    Challenges
    2020 1% challenge - #1 - 41% | PAYDBX 2020 -#29 Pd £4,943.40/ £12,000 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • jwiljwil Forumite
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    Making a PAD every day is so addictive, and it's amazing how it all adds up in the end!
    "If you can dream it, you can do it". Walt Disney
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