It's time to deal with it...

Bobbino

Yeah i had a look at the snowballer, but until i manage to find out the APR's on my credit card debt it's a bit hard to use...

Danni-R

Hey, If you look over on quidco or the banking forums part they often pay you £50 or something to open an account with them. Might be worth it as you need a new account anyway and the more money the better!
Any luck on the APR's?
Danni

Bobbino

Danni-R wrote: »

Hey, If you look over on quidco or the banking forums part they often pay you £50 or something to open an account with them. Might be worth it as you need a new account anyway and the more money the better!
Any luck on the APR's?
Danni

Yeah, i typed them into google I.E. "x% a month = APR"

and then where banks and stuff had posted their rates in monthly % and APR it came up with both...so i just copied from there...

i have it in a text file at home saved with some snowballing i did last night...

by the looks of things, if i use £500 of my income to pay for bills i.e. two phone bills and my Credit Cards/Vodafone debt, i could be debt free by Nov 2008....

if i put all the extra money i make... So from taking surveys (i've started doing this on 2/3 sites) matched betting, and i'm going to apply with a couple places to be a mystery shopper, as i can hopefully do that on weekends or evening, then that amount should come down...

Also gonna save all my £2 coins and other random loose change i accumulate and pump that into my debts/living costs/saving for holiday (I have to take 10 days of my annual leave at one time (would be 2 working weeks and 3 weekends so 16 days total), I'd like to do something with this instead of sitting on my !!!! at home for two weeks...

Started saving piggy points, and also signed up to Quidco, so any purchases i make will be through quidco, and going to try and see if i can rack up points on pigsback, so this should hopefully go towards presents for xmas, birthdays that sort of thing...

uhm what else?

Oh, i started a spending diary last night.... going to do it for 2 months and i'll post it once a week...

Can't really think of anything else...

EDIT: And then i thought of something else! lol.
i sent my old phone off to Envirophone the other day, and they are offering me £50 quid for it, so i'll decide what to do with that later... i might use some of it to treat myself, and i have a HUGE DVD buying habit, and i've decided that i'm not going to spend any of my wages on this though, just what i can make in addition to my wages, and then still try to cut down (Hairspray is out on DVD on the 11th, and i HAVE to buy it...lol)
Also doing a clear out in my room, as firstly there is loose change everywhere...so there should be a few quid knocking about, plus going to sell some old computer parts, and my digicam that i've used twice in a year... (bought it for £450 so should get some money for it on eBay)

Danni-R

Good effort! I still havent done my spending diary, dont think I can handle the shock! With the snowball calculator its great to see the date coming closer and closer when you re-jiggle the finances and if you have more to pay off one month it'll make a big difference in the long run.
Danni

Bobbino

Danni-R wrote: »

Good effort! I still havent done my spending diary, dont think I can handle the shock! With the snowball calculator its great to see the date coming closer and closer when you re-jiggle the finances and if you have more to pay off one month it'll make a big difference in the long run.
Danni

Yeah the spending Diary is a shock... the 30/31st and 1st are always a bad time though, and 99% of my DD's will be coming out on these days, Half my paycheque is already gone and i haven't even dealt with Mint or GE Money yet...

hopefully if these two companies will allow me to just pay off my over limit this month, and then resume normal payments next month it should be alright...i won't hold my breath though.. If they do let me, then i will be able to resume normal payments next month, and be well on my way!

Bobbino

Hi guys!

So i snowballed all my debt and it popped out a debt free date of Jan 2009... This is if i use £500 a month to pay for all my bills and debt so with bills of £75 a month until May 2008, and then 50 a month after that (for my phones)

i can put £425 towards my debt, and £450 (after may) towards it a month.

That'll leave me with £351 (ish) a month to pay for pet food, lunches, and other random stuff....

Thats not including any money i make extra on top...

i tried to do a more Accurate SOA too, with other costs like Xmas and birthdays in there.

Monthly Incomings:
My salary - £1,000 (Around £836.08 after Tax and NI)
Total - £836.08

Monthly Outgoings:
Phone (Orange): £50.00
Phone (3): £25 (Until May 2008)
Smokes: £100 a month (There abouts)
Food at work: £80
Xmas: £12.50 (£150 a year or so (Large family))
Birthdays: £5 (£60 a year (I rarely buy birthday gifts for anyone but close family))
Pet Food: £40
Petrol: £20 (i've forgotten this twice!, i pay my friend £20 a month to get to work, as i cycle to his and then get a lift to work...i work quite far away from where i live)
Total: £332
+ £425 on Debt repayment.

Over all Total: £757

Left over per month: £79

So this gives me a little lee way...
I didn't include new clothes, as i rarely spend money on new clothes... i have so many i just don't bother. Also going to try and reduce the amount i spend on food at work and Smokes... No chance i'm going to give up smoking... but if i switch from marlboros to something cheaper, or start smoking rollies again, i bet i can drop that amount by a fair bit..

we'll see how close my spending really is to this after my first month spend diary is done though

i know the £79 a month should go towards paying off debt, however i'm quite happy with the debt free date of Jan 09, it's like starting off the new year in a good way, plus i'm going to do whatever i can to bring that date forwards by making more money on other projects...

Oh, and speaking to a collegue, at work it seems like Average pay rise in my company after passing probation is around %30 Which will put me onto £15,600 a year.. but i won't hold my breath for that, it's just nice to think about, and to think of how much faster i can clear my debts with the extra money..

Now... to eBay!

Danni-R

Hey, the new SOA looks good. I thought you were going to cancell the Orange phone thing or reduce it down. I've read the full new SOA and £150 isnt that much for xmas when you think about all the extra food and drink. Just a thought. Well done and keep up the good work!Danni

Bobbino

Danni-R wrote: »

Hey, the new SOA looks good. I thought you were going to cancell the Orange phone thing or reduce it down. I've read the full new SOA and £150 isnt that much for xmas when you think about all the extra food and drink. Just a thought. Well done and keep up the good work!Danni

Gonna keep the Orange phone, as i desperatly need a phone, it's pretty vital to my life, and this contract has everything i need (f.y.i. i send about 2,000 to 2,500 texts a month). REmoved the internet add on i had though, so that should reduce it a touch..

cancelled my phone insurance too late, so i had to pay for it this month, but won't next month..

and for xmas, all i have to buy is gifts, i still live at home with my parents, and they sort all the food and drink out... Though i usually buy a few bottles of wine (i have a deal somewhere for 12 bottles for £40... alot of cash, but worth it i think) not sure where i put it though.

Working kind of within budget this month... i have about £90 leftfor the rest of the month...but my bills were a touch higher this month because of clearing over limits and fee's and such.. Should work out to be alright

krayzechick

Bobbino wrote: »

Edit: If forgot a couple things... as always... Most of my debt was racked up while i spent 18 months working at a cinema...for around £6,000 a year...
I'm now in a much higher paying job (£12,000) a year...with a pay rise coming in december... In december... Well January after xmas i will be able to devote much more of my income to managing my debt.. the pay rise will be quite substantial as i will no longer be on probation anymore, not sure entirely what my pay rise will be, but should put me to around £15,000+ a year at best guess.

payrises are usually about 2.5% ...so on 12k a year this is about £500 a year after tax. about £50 a month =/

where did you get the £3000 figure from? Coming off probation doesnt usually constitue a payrise?



*edit*

Ah okay, I just read your other post!

krayzechick

Bobbino wrote: »

Gonna keep the Orange phone, as i desperatly need a phone, it's pretty vital to my life, and this contract has everything i need (f.y.i. i send about 2,000 to 2,500 texts a month). REmoved the internet add on i had though, so that should reduce it a touch..

Orange 'Dolphin' plan is £30 a month for unlimited texts (up to 3000), 200 mins (500 mins if you pay £35 pcm). Check to see if you're entitled to any discounts for being a previous customer. thats usually 5%. They usually offer 10% off if you work for certain companies (corporate discount).

I got mine reduced to £25 a month

basically I never pay more than £25 a month!! ...I usually send 2500 texts a month too.

No where can beat the deal either!