New Life Pending.....

[Deleted User]

Thank you - fingers crossed you're right. There's no point in being angry at our past decisions, all we can do is do better now that we know better.

Iwantanewlife

Hey All

So just got my payslip, annoyingly £72 down tax code has finally changed over so must be a claw back from that. Have re done my budget to reflect, luckily i was in credit with sky so have a saving there so been pretty easy to shave off the missing money. Fingers crossed tomorrow will all go to plan and my figures are correct!

My only worry is I have a real busy month entertainment wise, im going to a big event on Saturday and then away again for the weekend at the end of the month. Im hoping to shave some off my food bill as i have plenty of meat etc and then use this for wine money!

Anyway, tomorrow i will do a bill round up, hopefully this month will see some real progress in my debt busting mission!

Iwantanewlife

Monthly Round Up

Pay day is here.... Budget needed a little bit of tweaking as i put the monthly payment for the tv licence in my budget as opposed to the quarterly which is what i actually pay, anyway after that little hiccup ive moved some bits around and it seems to fit. I still have some DD to go out so im praying!

Debt round up:

Loan : £526.84!!!!!!
CC1: £1360.99
CC2 : £417.61
CC3 : £176.47
Paypal : £205.16

Emergency Fund: £435

Total : £2687.07 Paid off: £881.25

Im really pleased with this, it feels good to be safely below the £3k mark, however, it has really shown me just how much difference the shocking interest rates make.

I have been working off a zero pound budget, so therefore there is no spare money left to throw at this debt. Therefore my plan is to save as much as i can from food and sell sell sell. On Sunday I am going to clear out the garage, i know i have the two baby seats to sell but im going to see what else i can find.

I did a snowball calculation yesterday and it gave me a debt free date of November 2020, that seems really far away for the level of debt i have, so im going to re look at this later and see what i can move around to get this closer. The good news is the b&*(ard loan should be gone in 3 months.

Im feeling a bit better about Christmas, ive managed to squeeze some savings into the budget to give me a couple of hundred pounds (i have 20+ people plus a 6 year old to pay for).

I was wanting some opinions, do you think id be ok to stop at £500 for my EF? i was just thinking that could be extra money to throw at the debt, or do you guys think it would be more sensible to carry on and reach £1000?

Anyway, Happy Friday All! xx

[Deleted User]

Looking good! Is there anything you can do to reduce the number of people you buy for for Christmas? 20+ people sounds like an awful lot!

We only buy for our parents, our son and our nieces and nephews. We don't do presents at all with friends or siblings as everyone was tired of paying out all this money for no reason. Some people I know also do a secret santa in the family so everyone just buys for one person.

It's up to you what you do with your emergency fund, I think it would be sensible to stop at £500, then kill the loan off, then top the fund up to £1000 and then tackle the rest of the debt. This is only because of your ludicrous interest rate.

But it depends on your circumstances. If you don't have a car, for example (I can't remember if you do sorry), then that's one less liability. Same for if you have pets or not (I just had £580 vet bill that killed my EF )

And again if you own your house or rent - as things like broken down boiler are covered by landlords but obviously something you pay for in your own house.

So I'd weigh up the risks for yourself and go from there.

chelseablue

I currently have £1,000 saved in my EF while I'm paying off my credit card

I'm a homeowner so if anything breaks in the house I have to sort it out so I'm keeping it at £1k for now

Moneywhizz

I think you should definitely stop at £500 for the emergency fund and get the loan paid off as soon as you can. You have brought it down so quickly and will be saving so much in interest because of that. I'm sure you won't be waiting till November 2020 to be debt free. You are doing so well.

Iwantanewlife

Moguline wrote: »

Looking good! Is there anything you can do to reduce the number of people you buy for for Christmas? 20+ people sounds like an awful lot!

We only buy for our parents, our son and our nieces and nephews. We don't do presents at all with friends or siblings as everyone was tired of paying out all this money for no reason. Some people I know also do a secret santa in the family so everyone just buys for one person.

It's up to you what you do with your emergency fund, I think it would be sensible to stop at £500, then kill the loan off, then top the fund up to £1000 and then tackle the rest of the debt. This is only because of your ludicrous interest rate.

But it depends on your circumstances. If you don't have a car, for example (I can't remember if you do sorry), then that's one less liability. Same for if you have pets or not (I just had £580 vet bill that killed my EF )

And again if you own your house or rent - as things like broken down boiler are covered by landlords but obviously something you pay for in your own house.

So I'd weigh up the risks for yourself and go from there.

Haha it does seem a lot, but we are an incredibly close family (im the eldest of 5, and my mum is the eldest of 4), we spend the whole of the period together Xmas eve one house, Xmas day another and then finish off at boxing day. I cant cut people out of this list, but it is something i am far more aware of now so need to make sure i save throughout the year next year!

I do have a car but its expensed apart from fuel through my company so no maintenance costs. My house is rented so thats sorted too. No pets either.

Thanks for your pointers it really is appreciated! x

Iwantanewlife

chelseablue wrote: »

I currently have £1,000 saved in my EF while I'm paying off my credit card

I'm a homeowner so if anything breaks in the house I have to sort it out so I'm keeping it at £1k for now

thanks for stopping by, i hope you are well! that sounds complexly sensible.

Iwantanewlife

Moneywhizz wrote: »

I think you should definitely stop at £500 for the emergency fund and get the loan paid off as soon as you can. You have brought it down so quickly and will be saving so much in interest because of that. I'm sure you won't be waiting till November 2020 to be debt free. You are doing so well.

Thanks MoneyWhizz, hearing a cheer on from others means so much, i honestly dont think i would of stayed so determined without it!

Im going to take your advice, stop at £500 and throw everything to get that November date pushed forward! x

[Deleted User]

Iwantanewlife wrote: »

Haha it does seem a lot, but we are an incredibly close family (im the eldest of 5, and my mum is the eldest of 4), we spend the whole of the period together Xmas eve one house, Xmas day another and then finish off at boxing day.

To be honest, that sounds like a lovely Christmas! My whole family is in Germany and OH's family usually work Christmas, so it's usually just OH, DS and I. Although this year, we'll also have a newborn ha!