We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Countdown from £28k...

Options
191012141594

Comments

  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    edited 15 June 2020 at 4:27PM
    Options
    Past the hump in the month. Another two weeks until payday and then I’ll get rid of another two cards. 

    Bank account about £450 in the black so tempted to pay a bit now since my overdraft is 0%.

    No real benefit to doing that but no cost either.

    Just feel the need to be doing something to give some instant gratification.

    Work is quite quiet at the moment so the days are long and boring.

    How do people cope with the lulls in the month? I usually fiddle with my spreadsheet but it’s set until the end of the year now...from next month I’ll divert more money into LISA and commit the rest to the debt until it’s gone.

    Must resist the urge to splurge. Need to purchase some bits for my bike to get it running again but that’ll go on the BA credit card I pay in full each month and I’m waiting to be able to buy the parts. Then I can distract myself with cycle rides and focus on that.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320

    <br>

  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    edited 17 June 2020 at 6:41PM
    Options
    A quick check in to keep me on the straight and narrow...

    Debt now at £15,232.15 as a couple more DDs have come out. Every little helps, right? :lol:
    £500 DD for Barclays comes out in 6 days and then payday...

    BA Amex bill (my main spending card that I pay in full for the points) for the month is £691.26, so down a bit on last month when it was £735.16 but it was £600 the month before, so still a bit of progress to be made there. Regardless I can still afford to clear more than £2k a month but this is somewhere I can make a bit more progress. This statement has included a few purchases I have purchased for myself as birthday gifts earlier in the month. Have another birthday coming up on the 28th, for which I'll spend around £30 but hoping that the next statement can creep down a bit further. I think I'll start reporting on this spend too just to give some more accountability and awareness.

    Once I've fixed up my bike (likely £150 spend), I should be able to limit my spending back to just groceries if I'm strict. Won't have another birthday for a while. I'm probably spending about £100 net on buying fragrances at the moment due to boredom (included in the AMEX bill), which is a bit of a waste...I've been selling them on again to recoup funds on ones I don't like and there are some I will eventually be able to spin a profit on (Some rarer vintage ones) but for the most part it's pretty pointless when I could put that £100 into debt/savings.

    Think I'll go through some things and see what I can sell at the weekend, just to keep me occupied. Realised I still have the box for an expensive watch I had stolen (one of the prompters for the LBM as it wasn't insured at the time). That will fetch somewhere between £50 and £100, also gets rid of a legacy from my less financially responsible days :lol: 

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320

    <br>

  • Sarahwithlove
    Sarahwithlove Posts: 2,158 Forumite
    First Anniversary First Post Name Dropper
    Options
    It's so easy to let bad habits and splurges creep back in. That's one of reasons I like YNAB as it's easy to see what you have budgeted for the amount going down whereas when you pay it on a credit card it's harder to keep track. Could you keep a spending diary alongside using the card to help you keep more focused on avoiding unnecessary purchases 
    *Dad loan - £5300 - £1700
    *Virgin Credit Card - £3552.50 - £0
    *Barclaycard - £0

    *Total debt - £1700*

    *Sinking Fund - £2000/£3000*
    *Emergency Fund -£50/£2000

    *Debt Repayments Pot - £0/0*

    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    edited 17 June 2020 at 7:05PM
    Options
    It's so easy to let bad habits and splurges creep back in. That's one of reasons I like YNAB as it's easy to see what you have budgeted for the amount going down whereas when you pay it on a credit card it's harder to keep track. Could you keep a spending diary alongside using the card to help you keep more focused on avoiding unnecessary purchases 

    Yeah, a spending diary is a good shout. Another thing I could do is every time I resist an unnecessary purchase, stick it in my ISA as a bit of positive reinforcement. Will see how things go.

    I could probably do with setting up seperate pots in a Monzo or similar but to be honest my spending isn’t crazily out of control, it’s just me nitpicking to an extent and the risk is limited as I do check the app regularly, pay it in full every month and have a £1000 limit.  Plus it is nice to have the avios for when we can travel again. Should have more than enough for a free return flight to somewhere in Europe.

    Will start making a note of my spends on here regularly for a bit of accountability. Also gives me something to do in terms of debt busting in the quiet weeks, even if it’s recording non-spend days.

    One issue is I don’t have a fixed budget for groceries as I’m not the one responsible for them, I just volunteer myself to go shopping every now and then in lieu of paying rent. When I know I haven’t spent much yet I sort of see the non-spend as spare money. So just need to overcome that mentality.

    Thanks!

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • IrishSean
    IrishSean Posts: 397 Forumite
    First Anniversary First Post Name Dropper
    Options
    I agree this month in terms of boredom has been worst for me since March: absolutely dragging. I got credit club & experian both updated, no changes to offers, equifax & clearscore usually a bit more generous, will see in 6 days (now 5) how it factors in my much lower credit utilisation. 
    I need to start selling stuff I have as well instead of filling evenings catching up on movies I haven't seen. Homeschooling now on wind-down. Need direction in July or the summer will be a borefest, lol. 
    Keep at it Ryan its going great👌👍💪
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Options
    IrishSean said:
    I agree this month in terms of boredom has been worst for me since March: absolutely dragging. I got credit club & experian both updated, no changes to offers, equifax & clearscore usually a bit more generous, will see in 6 days (now 5) how it factors in my much lower credit utilisation. 
    I need to start selling stuff I have as well instead of filling evenings catching up on movies I haven't seen. Homeschooling now on wind-down. Need direction in July or the summer will be a borefest, lol. 
    Keep at it Ryan its going great👌👍💪

    Haha - it’s comforting to know it’s not just me.

    I’m going to start selling some things next week I think. Starting with the watch box and maybe some of the fragrances I’ve bought recently.

    Just had the job interview. Went ok but they’re interviewing a lot of people from different analytical backgrounds so shall see what happens.

    Spent a bit on shopping last night but it’s the first time in a while (£25 on some food, including steaks for dinner later). 

    Having a bit of a family party tomorrow (my uncle is coming over for the first time since lockdown) so will no doubt spend a bit on some decent wine/beers.

    Have a good weekend all!

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Options
    Spent about £90 this weekend. £40 on birthday presents for a birthday next weekend and £50 on groceries and wine etc. No more than expected in the circumstances.

    Should hear back re: interview next week and also payday week (if not early the following week but should be Friday).

    Planning a camping trip with a few mates on the 11th July now lockdown is easing slightly, so will have a few expenses associated with that (need to buy tent etc. Plus beers and food for an overnight trip). But will pay for this out of the usual spends, get the cheapest tent I can find to help the money go further. Will be nice to catch up with people properly and escape home for a bit! Will watch the spends closely in the meantime and see what items I can sell to recoup a bit of the spend. Still plan on clearing the usual £2k, maybe a bit more. Thinking I’ll probably clear the M&S and MBNA cards in full which will mean paying about £2.2k on debt before the next payday at the end of July. Will work out if that’s affordable properly on pay day but my preliminary calculations suggest yes.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Options
    Barclays DD went out to day, another £500 down. Quite a big milestone has been reached as I'm now below £15k remaining...

    New balance is £14,732.15

    Will clear another £1200 or so on pay day, when that comes, which'll take me past halfway.

    £15k is quite a big moment since at peak my debt was up above £30k - just before my true LBM. It only crept lower because of having a deposit returned, which went towards my overdraft. Have got a nice sense of achievement but still a long way to go...

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • mrsmoneypenny90
    Options
    Well done on hitting that huge milestone. Being under £15k must feel so great. Keep up the good work 🙂
  • IrishSean
    IrishSean Posts: 397 Forumite
    First Anniversary First Post Name Dropper
    Options
    WD Ryan!

    💪💪💪

    You can update in a while and prove or disprove the adage that the first £15k is the hardest!

    At least you have more room now to play around with minimums & chuck more at any aprs that might change. Might even be a bit left over to treat yourself for another milestone👌

    Wed is a big day on my journey; equifax updates so will see what offers that might bring. I've paid off £2700+ since March but waiting for it all to be recognised by lenders has been a bit tiresome. Am glad i've been fortunate to not have missed payments or defaults over the years, waiting 6+ years for lenders to stop 'punishing' i'd find tough.

    Still, DFW will arrive at some stage. My OD is maxxed (is a 0%) but i've 1500 in savings and paid £1098 in bills so can't be too hard on myself; it'll have balanced again by Aug. Better than crcrdit carding or dd'ing the likes of rates & car ins. Like I used to (car ins. Apr is stupid dear too). 

    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
Meet your Ambassadors

Categories

  • All Categories
  • 344.6K Banking & Borrowing
  • 250.6K Reduce Debt & Boost Income
  • 450.4K Spending & Discounts
  • 236.8K Work, Benefits & Business
  • 610.6K Mortgages, Homes & Bills
  • 173.8K Life & Family
  • 249.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards