Tidying up the mess

PositiveBalance

enthusiasticsaver wrote: »

The positive balance is great

*Curtsies*


Why thank you!

pidge04 wrote: »

A m a z i n g !
No overdraft!

I’d be tempted for the next quick win but it was instant gratification that got me into the pickle I’m in so ....

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

DrSpendLittle wrote: »

Yay! :T:T

I think its a great idea. As Enthusiasticsaver says, you've got the discipline, you've kept the discipline and you seem very likely to stick to your goal and 2020 debt free date. Little treats along the way are very rewarding and motivating. Enjoy booking and looking forward to your holiday - you've earned it!

True dat! :T

BabyStepper

PositiveBalance wrote: »

*Curtsies*


Why thank you!

:rotfl::rotfl::rotfl::rotfl::rotfl:

BabyStepper

I have some bad news. There has been a change in bus timetables. My long journey that already takes forever (and leaves me grumpy and in tantrum mode when the buses are late) has just been extended by 1.5 hours. I test ran the new timetable this week and safe to say, it doesn't work. Travelling this way is just not sustainable any more (it was barely manageable to begin with) so we're going to need a car.

This means we will need to pause the debt repayment until we have fully paid for one so I need to change my plan. If I'd had a tenner for every plan change I would be debt free by now. I'm trying to stay optimistic (OH is so excited it's untrue) and realise this is just a bump in the road, and that debt freedom will come to me, just a bit later than hoped.

The Barclaycard will not be paid off at the end of this month. The extra £1,220 left after minimum payments will go to the new car. £115 of this was supposed to be going to the holiday fund, but as part of the holiday budget was for car hire, the holiday expense will also reduce by about £200 so this doesn't matter yet.

Our budget is £2.5 - £3k so a further ££1,280 - £1,780 to find (no more than a further 2 months debt repayment money). We're looking for the longest MOT and road taxed car we can find. We haven't decided whether to try and pay insurance upfront or put it in the monthly budget. We will need to start saving for repairs etc so the car pot will need a regular payment. Any thoughts about how much this should be? Also, residents parking to pay for (not sure how much this is) and breakdown cover to buy.

I'm hoping this will open up opportunities to us that we don't currently have that could help with the debt. i.e. making sure we go to Lidl every time for shopping and not to the local much more expensive supermarket.

I think I can keep on top of all this. How and when we buy the car will depend on when we find the right one. We have a 0% cash transfer offer from one of our current cards that would cover the expense. Otherwise we will keep saving the debt money until we have enough. I don't want to use the emergency fund, this is a planned spend. I may need to do the journey a few more times yet by public transport, but it helps to know there is an end in sight.

Our debt free date is pushed back to the end of May/start of June 2020. This will be 2 years since we started our journey and I am really learning something about being patient.

I'm off to write another post about all the things I've learned so far, at the end of year 1.

Debsnewbudget

Car tax is not transferred on the sale of a car, it now belongs to the person not the car so you will have to buy it as you buy the car.
Mine is just £20 per year, so always check the amount of car tax payable for each car you view
Even though mine is just a small amount I pay it by direct debit as then I know its been paid as you no longer get the tax disc in the window to remind you.

in_need_of_direction

There tend to be good cash back offers on breakdown cover and it’s also worth checking for insurance

warby68

I'm sorry you can't stick to your plan but just look how the car is being costed out and you aren't going mad, just looking for something that will do the job. It sounds like a car is a need not a want now so don't get too down about it will you? Also don't forget to factor in cost of fuel v bus just to keep on top of budget.

Your timescale for debt repayment is still brilliant overall.

I'd be tempted to get the car quite quickly if you have available credit - the new bus journey sounds as if it might wear you down quite easily and there is no real extra cost if its on an interest free deal.

I know the general advice for debt free wannebes is to save up for things but you have a particularly aggressive debt repayment level and are doing so well, I think you can be a small exception. I really don't think you need to slog yourself to death on the bus now you have finances so much under control

BabyStepper

Debsnewbudget wrote: »

Car tax is not transferred on the sale of a car, it now belongs to the person not the car so you will have to buy it as you buy the car.
Mine is just £20 per year, so always check the amount of car tax payable for each car you view
Even though mine is just a small amount I pay it by direct debit as then I know its been paid as you no longer get the tax disc in the window to remind you.

No tax discs? No tax transfer? Wow, it really has been a while since I've been a car owner. Thanks for this. Invaluable.

BabyStepper

warby68 wrote: »

I'm sorry you can't stick to your plan but just look how the car is being costed out and you aren't going mad, just looking for something that will do the job. It sounds like a car is a need not a want now so don't get too down about it will you? Also don't forget to factor in cost of fuel v bus just to keep on top of budget.

Your timescale for debt repayment is still brilliant overall.

I'd be tempted to get the car quite quickly if you have available credit - the new bus journey sounds as if it might wear you down quite easily and there is no real extra cost if its on an interest free deal.

I know the general advice for debt free wannebes is to save up for things but you have a particularly aggressive debt repayment level and are doing so well, I think you can be a small exception. I really don't think you need to slog yourself to death on the bus now you have finances so much under control

Yes, budget for petrol as well as for repairs. Thanks for this.

I keep reminding myself that the plan was very ambitious and pulling it back is not a disaster.

BabyStepper

in_need_of_direction wrote: »

There tend to be good cash back offers on breakdown cover and it’s also worth checking for insurance

I've just been reading up on Martin's tips for buying insurance. 4 comparison sites then mess around with your job title and then check for cashback. I've dug out my no claims letter after I ended my last insurance.

Cashback on breakdown cover, noted.

I've also just discovered I'm not in a restricted parking zone, I don't need a permit. Win!

BabyStepper

Just read that paying monthly for insurance is really just taking on a very expensive loan. Need to pay outright.