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Countdown from £28k...

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  • mrsmoneypenny90
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    @ryanm8655 as Dave Ramsey says (Alert- Dave Ramsey convert here 😆) do not buy a house until you are at baby step 4 which is having no debt! Also, don’t feel pressured to conform to the UKs obsession of owning a home until you are ready. You’re doing great! 
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    Thanks for the replies!

    Debt down to £16.8k today as my Barclays DD has just gone out. Will clear another £1200 or so on payday which gets me well ahead of the curve. 

    Should easily be able to clear balances before any of them incur interest. My job is as secure as they come and if I was let go I’d get 6 months pay tax free, which with a career change on the horizon wouldn’t be a bad thing. Though I am grateful to have a job at all given the hardships some are facing at the moment.

    Agree re: not rushing into buying a house. The main reason I started exploring it is because shared ownership is a bit cheaper than renting and I’d rather avoid a flatshare when I move back to London, if I can. But I can afford to be a bit pickier this time around and won’t be so constrained financially if I have no debt. So toying with the idea of just saving until I can afford help to buy in London instead. That’s a long way off though, I just like to muse about the future when bored...

    I’m quite fixated on the debt figure at the moment, will be tough to force myself to save when I’ve only got the lengthy 0% offers to go. But I guess ploughing them down isn’t a bad option. Will have a review at the end of lockdown.

    Heard through the grapevine that the office may be closed until January, so may well be wfh until then. I could realistically be debt free by then...

    Thanks,
    Ryan


    August 2019: £28.8k

    November 2020: £0 (0% interest)

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

    <br>

  • WhySeaEm
    WhySeaEm Posts: 127 Forumite
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    Have read your diary, well done on clearing such a huge amount already! Lockdown will help you do a bit more too (same for me). 
  • Naomim
    Naomim Posts: 3,117 Forumite
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    ryanm8655 said:
    Thanks for the replies!


    Heard through the grapevine that the office may be closed until January, so may well be wfh until then. I could realistically be debt free by then...

    Thanks,
    Ryan


    I'm in the same boat, MrM & I saving £400 between us just not commuting into London every month. I'll happily stay on lockdown as I think I could really make a dent in the debts too..although maybe not quite as much as you! 😂

    Naomim
    Credit Cards NOV 2019 £33,220.42 Sept 2023 £19,951.00 Tilly Tidy 20223/COLOR] Sept £43.71 Here's my diary: A Ditherer's Diary Again
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    Thanks Again for the replies!

    Yeah, saving a fortune on commute but also the entertainment, which has always been my Achilles heel. Not paying rent makes a huge difference, though my grocery spend is creeping up. 

    Credit card bill was almost £800 this month. It’s fine, as I’ve got the space in my budget to still clear £2k off the debt a month but I’m not really sure where it’s going is the concern. A few bbqs where I’ve bought all the meat and booze for 3 adults and 3 hungry kids, a couple of £30 birthdays, a tank of fuel at about £60 (have been going on long drives for space/a bit of independence). Then it’s mostly general groceries, did buy a few treats for family, e.g. £50 on snacks from M&S for a picnic one weekend (did include some fizz and alcohol free beers, plus fancy cheese). Have been drinking most Fridays and Saturdays, which has probably been £25 a week for wine/my poncy craft beers. It’s not a major issue with the lockdown but would like to get it back down to £500.

    WhySeaEm - You just prompted me to read back through my diary and it is quite astounding how far I’ve come, was beginning to accelerate pre-coronavirus but it has certainly had a huge impact as has having the debt on 0%.

    Only a few months ago I was talking about being pleased if I could get my debt down to £16k by August, I’ll be smashing that target on payday next week.

    Shall be subscribing to your diary too.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

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


  • Sarahwithlove
    Sarahwithlove Posts: 2,158 Forumite
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    It's not ideal to be spending more than you wanted but if it gets you through the next few months of lockdown then it's worth it. It's all about the right balance. I'm the same my food budget has increased but if good food gets me through I'll take it 
    *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
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    edited 22 May 2020 at 10:26PM
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    It's not ideal to be spending more than you wanted but if it gets you through the next few months of lockdown then it's worth it. It's all about the right balance. I'm the same my food budget has increased but if good food gets me through I'll take it 

    A fair point. Though the annoying thing is I don’t think my family realise quite how many of the little shops at Tesco I’m doing at £20/30/40 a time, 3/4 times a week ha. As an example, I mentioned the supermarket had some great offers on gin that I almost bought but didn’t as am being budget conscious. It prompted a comment suggesting I shouldn’t need to be. I mentioned my monthly spend card was close to It’s max. I don’t mind, as I don’t pay rent so I feel it’s my duty but do need to scale it back a little (probably just by cutting out the unnecessary extras like fancyish wine and by heading to Lidl instead). I also have a habit of buying reduced meat etc. Unnecessarily, just because it’s relatively cheap, which makes those short trips for a few bits suddenly add up.

    I think family have noted it now as they mentioned if I do pop out for small bits then they’ve got a prepaid card for Tesco I can use (they get 5% discount with prepaid).

    I don’t mind though, just something I need to be slightly wary of as it has gradually crept up. It is a unique time so these spends are bound to be higher in lieu of others dropping off.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

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


  • Sarahwithlove
    Sarahwithlove Posts: 2,158 Forumite
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    I'm the same with me and my housemate. I'm quite good at asking her for money towards the big shop but when comes to small ones where I grab a few bits not so much but it soon adds up 
    *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/
  • joeyjimbles
    joeyjimbles Posts: 2,223 Forumite
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    The other thing that is contributing to your spends going up is that prices have increased wherever you go. There are fewer 3for2 or discounted offers on, many basics or essentials ranges are hard to find and everything has got just a little bit dearer - so that top-up shop that you did pre-covid that was £20 is now £25 or more, add in a bit of shrinkflation and you'll see why it's costing you a bit more. 
    LD 11.24 £1000.00/£645.00         Fn £521                                                   
    Renewal 24 £400.00/£408.00      INS 12.24 £600/£140
    Avch 08.24 £100.00/£070.00       NPt 12.24 £250.00/£089.00
    FD £3600.00/£1800.00                 X24 £1500.00/£1050.00
    Renewal 25 £450.00/£108.00 (24%)    
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    The other thing that is contributing to your spends going up is that prices have increased wherever you go. There are fewer 3for2 or discounted offers on, many basics or essentials ranges are hard to find and everything has got just a little bit dearer - so that top-up shop that you did pre-covid that was £20 is now £25 or more, add in a bit of shrinkflation and you'll see why it's costing you a bit more. 

    That’s a good point. I probably don’t do enough of a consistent shop to notice but have read that, despite inflation falling, prices on fresh veg have gone up a lot.

    On the plus side, I got an above inflation pay rise this year though it’ll probably be the last for sometime unless I switch jobs/careers. Working in the public sector, I usually get a year on year real pay decrease after taking into account inflation. That has bumped up my income a small amount (something like £40/month) but every little helps. Work also keep messing up my pay (an absence wasn’t closed down properly from months ago so the system thought I’d been off work for months), so I’m owed an extra £150 or so this month.

    Need to rebuild my emergency fund as it’s down to about £80 but I’m so keen to get that debt down that I’m finding it difficult, anything less than £2k a month almost feels like failure. Think I’ll restart paying £150/month in to my nationwide (I use it for phone insurance, breakdown etc. At £13/month) to rebuild that, can start by paying in the extra money owed by work this month.

    It’s my birthday in a few weeks, must resist the urge to treat myself to something, ha. Still tempted by a watch but will resist for now. Keep setting myself goals at which I’ll buy one and pushing it back, which I think is sensible. Maybe once I’m debt free and have a half decent emergency fund.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

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


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