My second-to-LAST wannabe diary

joedenise

As you are good are not touching funds set aside then it makes sense to not pay all the overpayment and keep some as you definitely need an Emergency Fund in case anything crops up - and it will if you've spent your Emergency Fund! Always does when I do that. I'm in the process of rebuilding it again at the moment.

Denise

t2rry

Thanks Denise!

Definitely! We've been lucky so far this year, after a few expensive things cropped up last year, but you know as soon as the buffer is empty, something will crop up! I definitely think i'm more buoyed by seeing savings increase rather than debt reduce. It's nice then seeing it paid off in massive chunks, rather than chipping away. I guess it means i see the impact to full effect.

So far, I should be exceeding that £1,060 target for paying off this month. Including additional money I have paid off (unplanned) or additional I have been able to save, I should be nearer £1,280 for the month. Whether Ipay that all off a CC now, or keep it locked away to pay off another day, I am still pretty chuffed with that

t2rry

Last week of the month, which means payday is in sight.

Bills all in, so all payments made and we've managed £1,046.33 off for the month. I'm happy with that. I had previously thought it might be nearer the £1280 mark but we decided to use the excess for clothes for the kids, which they are both in need of as both outgrowing their current sizes at the same time. Such is life with kids! But they are now kitted out for the forseeable, so that's good.

Anyway, any month over £1k off debt I consider a good one. September is holiday month, so I'm not sure how that will go, definitely won't be an over £1k payoff but we will do our best and hope for a reasonable pay off.

t2rry

My last comment was entirely wrong about September - it will be a massive payoff month as one of the 0%'s is up so some of the cash set aside will be used up to pay that off - £4,200 to be exact. Unless I've got it wrong and that won't come out in the bill until October, but the end date is before September's bill date so I'm sure I'm right.

Just goes to show how little I think of the money I shove in savings accounts as actual available money!!!

joedenise

Well done you! At least you've been saving so you can pay off the CC before the CC starts charging interest.

Denise

clearmydebts

That big payment in September will make a huge dent in your debt. Well done!

t2rry

Man that signature change feels good!!!!!

t2rry

Looks like a great dent now, and much more manageable totals across the three cc's. I am struggling with budgets for the rest of the year though, I must admit. We are having a holiday this month. Whilst cheap for a holiday, they always add up, don't they? One meal out for 4 of us can easily make a massive dent in holiday pennies, and since we won't have another break until next year, inevitably we always end up feeling like we shouldn't limit ourselves as to what we can or can't do because of budgeting too tightly.

BUT I have to just remember the bigger picture. We don't want to live always for tomorrow, and my word do we all need a break, even the kids have been non-stop nursery since our last break in May. It's a lot. So long as I remember to keep doing what we're doing, this time next year we will be on the home straight to ridding of these cc's once and for all. Then my plan will be to save save save until we have a really good buffer, before we even think about letting up.

We're definitely in the best position in terms of long term prospects and sustainability in debt repayment now than we have ever been before, though my work contract is a temporary one, if I am extended as I hope and expect to be, I will benefit from a big jump up in wages the year after next. By that time, we should be debt free and the extra can be for our future benefit and for maybe doing some of the things we've always put off, or have simply never let ourselves consider before.

Just need to keep plodding on, whilst not forgetting to live, for now!

clearmydebts

t2rry wrote: »

Man that signature change feels good!!!!!

Amazing stuff! Well done to you

t2rry

Another month, another bunch of signature updates - it looks like a little step backwards but the gains on the first CC are outweighed by savings I have put away, going again on the basis of needing to prioritise paying off 0%'s when they end, rather than reducing 0% balances that are around for a long while yet. The main addition onto the CC is something major for the house too, so is a long term investment, and is something we've been putting off for years but that now is crucial to prevent future problems.

To be honest, if someone told me we'd have paid off £4,000+ in the last 6 months of this year, I'd have taken that, so everything from here on out is a bonus. I guess what I'm saying is I'm happy with how things are going and we still have an end date for these credit cards of 2020, which is amazing