Long for the day of no minimum payment!!

Ok so I’m using this forum as motivation to clear my debts. Writing it all down and updating regularly really motivates me. I’m not concerned about them however I have just had a baby and would like to save for a mortgage deposits and holidays/savings for her when I go back to work. I WANT DEBT GONE! I may bore you by rambling on 😆

So here is a breakdown of what me and my partner both owe. (High to Low, the numbers are the order iv sussed to focus on paying)

Joint bank loan ( a car we have purchased ) - £18291.29 (DD) (7)

Partners overdraft - £1500 (1)

DFS sofa - £ (DD) NEED TO CHECK) (6)

My credit card - £700 (2)

Partners credit card - NEED TO CHECK (3)

Store Account 1 - £652.99 - this is buy now pay later (incurs no interest if paid within the year) (4)

Store Account 2 - £49.98 (paid 3 monthly instalments no interest) (5)

Total debt - £ 21194.26

I would like to put some money away for the emergencies so I’m going to start a buffer account for struggle months.

Buffer Account total - £

My plan is to tackle my partners overdraft first ( this makes me feel uneasy). Next I will focus on my credit card and my partners credit card. Then Store Account 1, by the time I start this store Account 2 will be fully paid anyway so I’ll close that. The I’ll pay some additional to the DFS sofa to get that cleared. And finally we focus on the bank loan. By the time I get to this point I would like to be putting all the money we pay on the others split between a mortgage fund, my buffer and my baby G’s savings.

Wish me luck!! X :money:
Loan - £18291.29
O/D - £1300
CC1 - £638.29, CC 2 - £695
Store 1 - £540
Total - £21464.58
Maternity Savings - £320
«13456

Replies

  • Hi and welcome,

    Seems like you have a plan of which debt to tackle first.
    I am relatively new to this debt-free journey but from what people say - it is good to start with SOA so that good advice can be offered.

    Good luck!
  • So calculating everything together exactly this is the actual figures we owe:

    Car Loan - £18291.29
    Overdraft - £1500
    Credit Card 1 - £800
    Credit Card 2 - £700
    Credit Card 3 - £323
    Store Account 1 - £652.99
    Store Account 2 - £49.98

    Total - £ 22317.26

    We have a lot of work to do !
    Loan - £18291.29
    O/D - £1300
    CC1 - £638.29, CC 2 - £695
    Store 1 - £540
    Total - £21464.58
    Maternity Savings - £320
  • Sept Payments -
    Rent - £875
    Council Tax - £159
    Energy - £ 62
    WiFi - £27
    Water - £24

    Phone - £64.69
    Phone 2 - £15.00
    DFS - £26.18
    TV - £17.98
    Gym - £13.99

    Food - £200
    Fuel - £50
    Baby Milk - £42

    Total - £1576.84

    Debt payments -
    O/D - £250
    CC - £47 ✔️
    CC - £323
    CC - £100
    Store Acc - £ 37 ✔️
    Store Acc - 18 ✔️

    Savings - £200

    Other half gets paid Friday with £1200 commission so will be lovely to start us off. This is how I am separating payments , one credit card should be cleared and closed by Friday!! ☺️☺️
    Loan - £18291.29
    O/D - £1300
    CC1 - £638.29, CC 2 - £695
    Store 1 - £540
    Total - £21464.58
    Maternity Savings - £320
  • Wow, that £1,200 commission will make a great start, and how nice to close a card so quickly - you'll race through this!
    Trying to figure out a whole new life. Trying to figure out a whole new budget.
    Divorcing, unclear on final debt total right now, but focusing on building a financial buffer zone.
  • Up early before the baby wakes up !

    Feeling very in control this morning, going to drink my cuppa and plan.

    Today’s to do list :

    Little one has physio at 11 so will be going to that, then I need to pop to Aldi to grab some pasta for dinner tonight. Purses pretty empty untill Friday so I am using everything we have in the freezer/cupboard and just buying 1 or 2 bits to top it up. Meat ball bake tonight :) yum! I’m hoping little one will go down for her long nappy so I can make a start on clearing my wardrobe. I have so much clothing and shoes which I haven’t worn in a year so thought might be worth putting them on vinted/Depop to see if I can get some money for them. And then finish of with some chores which I should of done yesterday!

    Another positive! I submitted a reading to our energy supplier for gas & electric and it’s dropped our monthly payments to £58 instead of £62! £4 saving a month ☺️

    Have a good day all x
    Loan - £18291.29
    O/D - £1300
    CC1 - £638.29, CC 2 - £695
    Store 1 - £540
    Total - £21464.58
    Maternity Savings - £320
  • pidge04pidge04 Forumite
    779 Posts
    500 Posts Third Anniversary
    Forumite
    Your day is off to a great start!
    CC £4,012 left to pay (was £5400).
  • Sounds like you are getting off to a great start.

    In my experience the first couple of months you manage some quick wins (switching energy suppliers, banks, insurance) when these deals are done it's easy to lose momentum...so keep posting it really will help.

    Take care
    SM
    debt consolidated 16/8/18 £9,788.01/£12,618.12 :( (Total debt at LBM 1st Jan '18 c..£19.5k)
    EF/FIT savings £97.24 Other Savings £12.17 House Deposit £4,762.64/£20,000 23.8% :D
  • So today has gone great! Little one has improved the physio was very happy with her progress. And she fell asleep at 12.30 and is still going so I have had time to do my chores and list 9 items on vinted! Let’s hope they sell ��. I was supposed to get pasta from Aldi but noticed we had spaghetti so now it’s meatballs and spaghetti so today has been my first No spend day!! Tomorrow the baby is with her nanny in the morning whilst I clean my mums house she gives me some money for doing it so I may just get to pay that straight off one of the debts at the end of the month! Other half has been great he has taken homemade lunch today and left his bank cards with me( he doesn’t have much self control).

    I’m now sat with a cuppa watching friends re-runs whilst reading other diary’s. Will get out for a walk with the baby when she wakes up.

    Last night before bed my and my OH watched two foxes playing on the grass in front of or house so now he thinks he’s Attenborough and wants to do it again tonight �� the small things in life hey!
    Loan - £18291.29
    O/D - £1300
    CC1 - £638.29, CC 2 - £695
    Store 1 - £540
    Total - £21464.58
    Maternity Savings - £320
  • edited 18 September 2018 at 6:59PM
    LadyonamissionLadyonamission Forumite
    46 Posts
    edited 18 September 2018 at 6:59PM
    The above has been written wrong.

    So whilst drinking my tea I had realised I had additional money for the bills this month only £23 so iv divides £11 between my cc and the emergency money

    Feels nice to have a little dent.

    Car Loan - £18291.29
    Overdraft - £1500
    CC1 - £800
    CC 2 - £700/ £11
    CC 3 - £323
    Store Account 1 - £652.99
    Store Account 2 - £49.98
    Savings - £180
    Total - £ 22317.26/£11
    Loan - £18291.29
    O/D - £1300
    CC1 - £638.29, CC 2 - £695
    Store 1 - £540
    Total - £21464.58
    Maternity Savings - £320
  • edited 18 September 2018 at 4:33PM
    ratraceratrace Forumite
    1K Posts
    Ninth Anniversary 500 Posts Name Dropper
    Forumite
    edited 18 September 2018 at 4:33PM
    So whilst drinking my tea I had realised I had additional money for the bills this month only £23 so iv divides £11 between my cc and the emergency money

    Feels nice to have a little dent.

    Car Loan - £18291.29
    Overdraft - £1500
    CC1 - £800
    CC 2 - £700/ £689
    CC 3 - £323
    Store Account 1 - £652.99
    Store Account 2 - £49.98
    Savings - ££180
    Total - £ 22317.26


    Hi didnt want to read and run, im really glad that you are trying to reduced your debt down as fast as possible but you could wipe £18,000 straight away by selling the car, do you really need an 18k car and only spend £50 in fuel just for it to sit in a car park all day

    sorry i dont mean to sound harsh but i was doing the same thing and got rid of my expensive car and bought a cheap runner, if you sold it asap you would have 4 or 5k debt instead of £22k i cant belive no one has suggested this

    i bought a toyota yaris 1.4 diesel and it has been very very very reliable we have only spent £150 on it this year, its better than keep paying payments every month like i say i did have an expensive car but got rid and it was the best thing i did


    also you want to buy a house and want to save for a deposit, 18k is a very nice deposit if you just put them payments away in a savings help to buy etc....



    sorry if i have come across harsh but im just trying to stop you making mistakes with money that i have
    People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”

    Rat Race
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