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*sigh* this may take a while

edited 19 September at 8:55PM in Debt Free Diaries
951 replies 87.1K views
13468996

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  • ohdearhowdidthathappenohdearhowdidthathappen Forumite
    796 posts
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    In other news, my husband has been told the company are paying bonuses this year, although not what percentage. In the last few years, they've been £5-7k (after deductions) so we're hoping for similar this year. Whatever he gets will go straight into the debt repayments.
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £100 per month minimum.
  • mark55manmark55man Forumite
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    That sounds good. Very strong willed if you can move it all across to pay down debt.

    You could try to use some of the lump sum to "stooze" ie to rest it in a 5% interest account / regular savers and then pay the balance at the end. But if you haven't actually paid it off the card the temptation will be to find another purpose. That's my downfall
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    My aim is to overtake £zero from below and zoom a long way past
    Weight - 1/1/2020 - 121kg : 21/11/2020 - 93Kg - YTD:-28kg, Sep -8kg, Oct -6kg, Nov -3kg
    Start of Year Debt @ 31/12/19: CC:[email protected]% - Car:[email protected]% - Mortgage:[email protected]% = £145K
    Debt Year To Date - (End Nov): CC:£[email protected]% - Car £[email protected]% - Mortgage: £[email protected]% = £113K

    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K 2019:£16K 2020 (YTD): -£32K
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
    11.2K posts
    10,000 Posts Seventh Anniversary Name Dropper I've been Money Tipped!
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    In other news, my husband has been told the company are paying bonuses this year, although not what percentage. In the last few years, they've been £5-7k (after deductions) so we're hoping for similar this year. Whatever he gets will go straight into the debt repayments.

    That would be a massive help. Will you spread it over the Virgin, Tesco and your family loan or are you targeting one or the other? Alternatively is it easy to do a lump sum repayment on the car HP as that is the one currently costing you interest?
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • ohdearhowdidthathappenohdearhowdidthathappen Forumite
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    If we try and put it into an account, we'd spend it, especially with so much stuff left to do around the house :(
    The first £4k will go to the family loan, much as I've lumped it into one figure, we owe both sets of parents money... my mum is the one we pay monthly and my husband's dad is happy to get as and when repayments. Both parents are retired and much as they're not putting any pressure on us, we're trying to keep the momentum up on paying them back.
    Anything over that will go on the virgin card.... the tesco card is 0% for another 2.5 years. The car HP will have to wait unfortunately.
    He should hear the percentage soon and he gets the bonus in his February pay back :beer:
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £100 per month minimum.
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    10,000 Posts Seventh Anniversary Name Dropper I've been Money Tipped!
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    That makes sense to target the family debt and the Virgin card then.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • ohdearhowdidthathappenohdearhowdidthathappen Forumite
    796 posts
    500 Posts Name Dropper First Anniversary
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    Doing some decorating again today, decided to 'make good' a few walls that had been affected by build; one had had a radiator moved, one had been blocked up and plastered, another had a steel put in and plastered etc etc… we already had brushes and rollers, but had to buy paint which was £30. By the time I'm finished today, the downstairs will be completed in terms of painting, which is worth the spend in my book :D

    I've been investigating the childminding business further and I'm 95% sure that it's the way I'll go. My radiography registration remains for 2 years, so I can return to it if I really feel the need. Definitely feels like the time to try something new... I only need to bring in £700 per month to cover what I take home from radiography. I've got the local council's childminding support lady coming round next week to look at my paperwork and setting to see how best to grow the business. My husband is very keen as he currently has to work around the children as much as me on the days I work... as he's very senior, this is often frowned upon, so it would make his life much easier too
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £100 per month minimum.
  • crunch_timecrunch_time Forumite
    1.4K posts
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    Very exciting! Hope your meeting goes well!

    Crunch x
    19/8/19 vs now Current Total debt £14,188 Savings £2757
    Overdraft £1600 vs £1050
    HSBC1 £1900 vs £3868
    HSBC2 £4100 vs £3730
    Virgin 1 £3050 vs £2800
    House stuff and improvements £4460 Virgin 2 £2740
  • mark55manmark55man Forumite
    5.7K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    go for it - affordable (I hope) reliable childcare makes the working world go round. Not just helping yourself but helping a stream of mums and dads (mainly mums I would suggest) in your community
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    My aim is to overtake £zero from below and zoom a long way past
    Weight - 1/1/2020 - 121kg : 21/11/2020 - 93Kg - YTD:-28kg, Sep -8kg, Oct -6kg, Nov -3kg
    Start of Year Debt @ 31/12/19: CC:[email protected]% - Car:[email protected]% - Mortgage:[email protected]% = £145K
    Debt Year To Date - (End Nov): CC:£[email protected]% - Car £[email protected]% - Mortgage: £[email protected]% = £113K

    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K 2019:£16K 2020 (YTD): -£32K
  • ohdearhowdidthathappenohdearhowdidthathappen Forumite
    796 posts
    500 Posts Name Dropper First Anniversary
    ✭✭✭
    Thanks for the encouragement both of you :-)

    I’m actually thinking of trying to offer more flexible options... a lot of childminders only do 8-5.30 and charge retainers in holidays, limited flexibility for shift workers etc. The local school’s breakfast club doesn’t open until 8 and shuts at 6 and it’s a bit rubbish. Definite gaps in the market...
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £100 per month minimum.
  • mark55manmark55man Forumite
    5.7K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    being flexible is always good

    not sure about retainers - if they are what everyone does you would be leaving money on the table not to do that, but it would grate with me
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    My aim is to overtake £zero from below and zoom a long way past
    Weight - 1/1/2020 - 121kg : 21/11/2020 - 93Kg - YTD:-28kg, Sep -8kg, Oct -6kg, Nov -3kg
    Start of Year Debt @ 31/12/19: CC:[email protected]% - Car:[email protected]% - Mortgage:[email protected]% = £145K
    Debt Year To Date - (End Nov): CC:£[email protected]% - Car £[email protected]% - Mortgage: £[email protected]% = £113K

    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K 2019:£16K 2020 (YTD): -£32K
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