Long for the day of no minimum payment!!

Ladyonamission

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:

ramhainn

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!

Ladyonamission

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 !

Ladyonamission

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!! ☺️☺️

Treadingonplaymobil

Wow, that £1,200 commission will make a great start, and how nice to close a card so quickly - you'll race through this!

Ladyonamission

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

pidge04

Your day is off to a great start!

Starmummy

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

Ladyonamission

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!

Ladyonamission

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

ratrace

Ladyonamission wrote: »

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