2019 to be my year

soupy600

hi everyone,


Even though I've signed up to MSE just over a year ago, it's only this last week or so I've been more active on the forums (even if it's just read them most of the time lol) So my goal is to reduce/remove my credit card debit of £4180 and increase my saving for a deposit to get back on the property ladder currently about £4500. Hoping 2019 will be my year to get myself back on track.


After reading some of your great threads I thought it might help to create my own debt diary. Hoping what I’ve done my help other or at least give them ideas on how to improve their debt and at the same time hopefully receive some advice on where I’m going wrong or how I can improve with my journey. So here goes…


Incoming and out goings.With all my set outgoings (rent/mobile/gas/electric etc) I had another bank about so I have set up a direct debt for each item to go into that spare account and then the bills come out of this one. I felt that having this set –up for each one they are easier to track and change if required. Think my next step is to find out what I’m spending the rest of my money on petrol/food etc



Debit,
Ok so the only real debt I have is my credit card currently sitting at £4180. This was previously spilt between 0% card and another. So I opened up a new 0% and transferred all the money onto that for easier control and 0% off course. I’ve set up to pay £80 a month to try an clear most of this before the 0% runs out but at the same time save for a mortgage deposit. (It may be better to clear the card before this but will see nearer the time.
I’m now left with 2 credit cards both with zero balance, one I would like to keep (tesco card) for point and in case I ever need to use it so I don’t affect my 0% card. What should I do with the other one? I had thought about keeping it for offers but I’m I best to just close it and get rid?


Bank Accounts?
Ok so as said before I have a separate account for all my direct debits but wheres the best place for my savings? I’d had a mortgage before so the help to buy ISA is out, I not keen on the fixed ones in case something happens and I need access to it. I may have read it wrong but also thought about changing my bank accounts for a better deal but thought that was a band idea if buying a house?? Maybe thinking of just asking my current bank to see what they could offer.


Extra income
So as well as trying to spend less I’ve looked at ways to get extra income. There’s not much overtime in my current job but have started taking it where I can even if it means a weird hours. For example coming in on a Sunday from 4:30-8:30/9. Also doing some of the following

• Claiming back tax- uniform tax
• Claiming PPI
• Using cash back sites when buying online
• And just start doing the surveys.
• Vouchers- tesco’s

I’ve also created a spread sheet I’m hoping to keep up to date and check each week to help me keep on top of everything and to remind me of ways I could earn or ensure I keep checking the likes of my Tesco vouchers or ensuring I don’t slip back.

ImpulseSpender

Good luck on your journey!

PurpleUnicorn

Good luck.