Twinklie returns - debt free by 2020?

OrangeFairy

Hi Twinklie!

You are doing really well with your debt busting!

Boooo to the old house ins- we moved from rented to owning our own new build and I’m sure there will be something we’ve forgotten!

OF x

twinklie

Thanks OrangeFairy. I can't wait to have paid it all off so we can start generating some actual savings. Ideally I'd like to get to 3 months of each of our salaries, but ultimately 6 months worth to feel less worry.


I've had contact from the company re: the old insurance policy. They've asked for some evidence and if I can provide that then I'm golden and should get at least some of it back.


Submitted my meter readings this morning. Is it wrong that I’m super excited to see what our statement says this month? We currently are over £600 in debt to them because of our account not being set up for ages when we moved in. So I’m really hoping we have reduced our usage significantly and have made some serious in roads into it. I refuse to pay it off in a lump though, they don’t rush you pay you back do they! Plus it was their error in the first place.

Anyway, our current DD is for £198 per month, which is fine because the whole time we weren’t paying them we saved the money and have it in an account. But I’m looking forward to seeing the DD reduce at some point to get a true understanding of our bills. Plus we need to be back in the black at some point so I can move when better rates are available.

Was hoping to make a dent in the kids toys and tidy the playroom today. There’s stuff they simply do not need anymore. However, by the time I'd got a few chores done and dropped a slide off at my friends house (toddler one which mine are way too big for) I realised it was swimming! Sooo that's today done! Doh!

twinklie

As of June my current outstanding debt is as follows:
Repayment of maternity leave - was 503.26 / now 188.56
Credit Card - was 598.74 / now 348.74
Tax Credits OP - was 480 / now 280
Loan - was 1,627 / now 997 (I've broken the 1K barrier) :j
Current total debt January 2019 = 3,209 / February 2019 = 1,814.30 (I've broken the 2K barrier too!) :beer:


56.5% of original debt remains.


I will definitely take that!


I'm planning for June to be a fairly frugal month and for us to just plod on with the day to day tasks. However, we have a few busy weekends ahead of us. So need to get organised if we are going to keep food costs down in terms of buying lunches when out. Hopefully I'll be savy enough to make the lunches to take with us rather than buy them - something I'm not great at if I'm honest.

twinklie

Debt to utilities is now down to approx £500, so we cut £100 in a month. Cannot really argue with that. Hopefully another £100 down next month which would have reduced it to £400. Should see me level by the time we hit Autumn I think.

So not only will my monthly outgoings for the utilities reduce, I will have also settled some of my debts so should start to feel a bit more flush.

Spent £72 on the weekly shop this week. Although, I still need to buy our months sack of spuds. Hopefully, we are fairly well stocked now though so shouldn't need much store cupboard stuff for a while.

db2016

following!

would it not be best to use some of the savings built up to hit the highest interest debt? as is the usual MSE advice, what good is 1% interest against 18+% credit card etc?


obviously have an emergency fund by all means, but if theres a realitive security with incomes etc, then paying off interest bearing balances would make sense?

twinklie

db2016 wrote: »

following!
would it not be best to use some of the savings built up to hit the highest interest debt? as is the usual MSE advice, what good is 1% interest against 18+% credit card etc?

obviously have an emergency fund by all means, but if theres a realitive security with incomes etc, then paying off interest bearing balances would make sense?

Thanks for the advice and the follow! The savings I’m making at the minute are for buying some more stuff for the house (perils of a new house - you always need stuff for it). Also, I’m saving for paying off the car tax, MOT and house insurance which are all due between July - October. I want to pay everything in full rather than monthly. Plus we need new alloys for the car, so need to seek a second hand set - one of mine is deformed and the tyre keeps deflating. And the roof needs fixing where we have cracked tiles.

To be fair, my cc is 0% interest, tax credits is 0%, and maternity repayment is 0%. I can’t reduce the payments on the last two. The loan is the only thing that accrues interest and I’m hoping to transfer the payments I used to spend on the others to that to pay it off earlier as they get paid off - if that makes sense.

Also, I like having a bit of a rainy day fund because it stops me getting anxious.

twinklie

Had a NSD today and only spent £2 yesterday for the kids special needs group! :j

Yesterday was the group in the morning, the boys love it and it’s only on every 2 months so we always make the effort. Then we went for a walk in the rain down a path we didn’t know where it went. The afternoon was all about playing with trains.

Today I was feeling really glum. So I decided we’d have a stay at home day. So I did lots of weeding and tidying of the garden. The boys played really nicely in the garden and made the most of the trampoline. We even spent time snuggled up on the trampoline seeing what shapes we could make out of the clouds. It’s was a fab day. I think I appreciate it a little more knowing we are super busy between now and then end of term with school parties and a few other events.

twinklie

OMG. I just found out you can get an annual family pass to our local steam Railway with unlimited train rides, mini train rides, workshop, museum and playground for £30!
Guess what I’m buying DS2 for his birthday (albeit he’s getting it early)!
Trains are life to my pair, so I’m so excited.

twinklie

As of July my current outstanding debt is as follows:
Repayment of maternity leave - was 503.26 / now 125.62
Credit Card - was 598.74 / now 348.74
Tax Credits OP - was 480 / now 240
Loan - was 1,627 / now 871 (I've broken the 1K barrier) :j
Current total debt January 2019 = 3,209 / July 2019 = 1,585.36 (I've broken the 2K barrier too!) :beer:

49.4% of original debt remains.

twinklie

Sooo things have taken a bit of a turn. My car broke down in spectacular fashion and we've had to take a loan out to by a new one.


It's a bit of a nightmare timing wise, but means I'm going to have to re-evaluate my goals and aims I think.


However, the new loan is in hubby's name, so I might just continue as I am with my debts for now. Then lump all our debts together on here in the New Year as part of a new reducing debt challenge. So we can be as minimal debt wise as we can by the time we come to remortgage in just over 4 years.


If nothing else it forced me tofinally update my address with my existing loan company! :rotfl: