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Countdown from £28k...

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  • IrishSean
    IrishSean Posts: 397 Forumite
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    WD Ryan!

    I'm in a different boat, I know with debt all but paid down. That aside my savings goals are struggling for the same reason; Tesco, £20,£30 shops which include essentials and 'wee extras'. 

    May in one sense was better as I went full on with the homemade bread and bought fresh milk which I froze; after meal planning for the month, it kept me out of the shops A LOT.

    (And away from what my kids calls the Corona-zombies😂)
    This is a great strategy for getting the No Spend Days up. For you this will really help. Also batch cooking with chicken on the bone, mince, slo cooked briskett for stews etc. Really brings the meat bill down. I'm trying to get motivated to mix the likes of lentils with mince for even healthier and cheaper cottage pies, chilli con carnes etc. That's the next goal!
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • IrishSean
    IrishSean Posts: 397 Forumite
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    Home made bread and home grown salad (for plated salads) will be useful for when the weather really improves here. We're having a winter storm in the North of Ireland at the minute so food planning feels more autumnal than Summer, lol
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • monetxchange
    monetxchange Posts: 552 Forumite
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    Ryan, you've been smashing it!

    I'm currently thinking about my next step home wise. Staying with family during lockdown, but usually live in zone 6 plus a drive which costs me around £300 a month travel. Want to buy somewhere in zone 2/3 that's walkable or bikeable to work. Was the plan for this autumn before the pandemic hit.

    Was originally looking into shared ownership too, but some of the ones I look at are so expensive on the rent and service charge, which is essentially money thrown away. If you can hold out longer and get a bigger deposit saved, you may be able to buy full. I'm aiming for a £35k deposit saved, but at the moment all my spare cash is going into my tax bill fund due to work being quiet with everything happening. Got £17k equity in my houseboat, if I can hold out another year would be more like £25k. I know how tempting it is to go full steam ahead, but we can maybe encourage each other to hold out until we've got as much as possible?!

    Good luck as you go forward. Truly amazing work so far!
    Debt Free: 06/03/2020 Highest Debt: £37,514
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    edited 24 May 2020 at 6:56AM
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    Thanks for the replies.

    Irishsean, thanks for the tips re: cooking. I’m actually living with family at the moment so not in charge of meal planning etc. I’ll occasionally  do the weekly shop but with a list. My spends are mostly a high frequency of smaller shops like milk, bread, the condiments that have run out, bbq food etc. Plus the wine/fizz/beer of a weekend, snacks like olives/cheese. Lunchtime snacks for kids etc. It’s basically my contribution in lieu of rent but I’ll usually pick up extras that aren’t required, like any meat I see on offer or wine for the rack. The frequency has increased in lockdown as everyone is home a lot more, it’s also an excuse for me to get out of the house so I’ll always volunteer. I’ll pop out for a few things (milk and bread) and come back with about £25 of shopping every time, so can easily cut it down while still contributing. Will try and be a bit more budget savvy this month.

    Another birthday at the end of June although will be missing my annual big weekend for my birthday (usually about £200 all in but would’ve been more now I’m not in London). Tempted to buy myself something for my birthday but I’ll stick some money in savings instead.

    Monetxchange - thanks for checking in. Seems we have a similar longterm goal. I’m also keen to live a walkable/cyclable distance from work. It makes such a difference to quality of life. Early in my money saving journey (Before the LBM) I moved further out (Kingston) and I dreaded the commute plus the lack of buzz. I used to be in a flatshare with a mate at London Bridge and loved being able to trek to work in 20 minutes. The rent wasn’t actually too bad, though the issue was 2 mates in their 20s who had both just come through messy break ups and the associated partying and lifestyle. Eating out most nights, eating out or takeaways on weekends, bouts of retail therapy. Enjoyed it but gosh was it expensive and I wouldn’t want to live like it again. Believe in enjoying life but balance is key, that’s why I’m focussing much more on my career now. Great that you’re so far along in the quest for a deposit. Hopefully you’ll be in a good position early next year when things might be back to normal. Already noticing rental prices have fallen sharply in London, so maybe prices will become more accessible, though help to buy always attract a premium...

    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
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    I think I need to better monitor my own monthly grocery bill, i've just noticed the £500 towards household rates of £822 due in June (what you in GB call council tax) has 'disappeared' from my May budget 😱

    Ryan Its great you don't have full rent or mortgage at the minute as you can see that debt pile tumble each month💪

    As monet x change said you are killing it at the minute! Keep up the amazing work👍😀


    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    edited 24 May 2020 at 11:29AM
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    IrishSean said:
    I think I need to better monitor my own monthly grocery bill, i've just noticed the £500 towards household rates of £822 due in June (what you in GB call council tax) has 'disappeared' from my May budget 😱

    Ryan Its great you don't have full rent or mortgage at the minute as you can see that debt pile tumble each month💪

    As monet x change said you are killing it at the minute! Keep up the amazing work👍😀



    Haha, yeah, I think everyone is spending a lot more on groceries at the moment. I still need to make use of the starling account to have seperate savings pots for things like car maintenance...do you do that? It’s something I’ve been meaning to do for ages and probably the next step for me.

    The good thing is I’ve got out of the habit of going for fast food. Pre-lockdown I was still going for a mcdonalds/KFC a few times a week, particularly when hungover or commuting and not having time for dinner. Even though the drive thrus around here have opened again I’ve only been once in 2 weeks (KFC and didn’t actually enjoy it). Every cloud...

    Definitely appreciative of the lack of rent, owe the family massively for that. Without that I’m sure I would be sitting in a flatshare in London with £30k debt still...it’s a lot easier to commit when you can see a change each month even pre-lockdown when I was only clearing about £1k a month after interest.

    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
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    Kfc is my hangover go-to, lol.
    Going to try to be good for the next few months; Sat has always been our takeaway night but I did a beef curry  few weeks ago and a chip, pea, onion curry with a tub of chinese curry paste so it was identical to take away but a fraction of the price. 

    I need to go full slim for the summer now to save the ££ and feel more match fit for going back to work (whatever that will entail😂).

    I'll keep checking out your diary as the total comes down. You'll have a big party when it's cleared 👍
    Admin for Tilly Tidy to £1825 DFW challenge: 2021
    Rolling Total for 2021: £970
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
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    edited 26 May 2020 at 10:28AM
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    Have just cleared the final £103.40 of interest accruing balance from my Tesco card as I had some spare cash before payday. Will then pay a chunk from Barclays on payday at the end of the week. Have also reduced the DD from £80 to £30 (min is £25) as it is on interest free until February 21, there’s only about £600 left on the card now. Thinking I’ll add £50 to another card (MBNA or M&S) or transfer £50 a month to savings instead. Need to have a think about which, since I’m now well ahead of the interest curve.

    Starting to go through a bored phase again, which is when the temptation to splurge kicks in. Have bought a few samples of cologne lately (one of my vices used to be collecting cologne but I sold most of it to clear debt a while back). On the plus side, samples are far cheaper than a full bottle, so it’s minor in comparison but it is still a needless spend that I’ll nip in the bud. I’ve probably spent about £70 on them this month (they’re quite high end), of which £30 of spend was from prepaid MasterCards I earned through surveys. Got plenty to try over the next month or so now, so time to close that door. It’s purely driven by boredom...it’s lame but I actually look forward to picking which to wear every morning...

    Ive started to exercise more to try to combat it. Work this week will be a good bit of structure/distraction. Also need to hit the job apps harder but it’s tricky when it’s so nice out as just want to be outside...

    Have seen non-essential businesses are due to reopen on 15th June. That’s invoked a bit of anxiety about lockdown ending sooner than I’m thinking and a return to higher costs for commute etc. holding back the debt clearance again. I guess it’s a good thing that I’m thinking like that...Of course, it is a bit of a double edged sword from a general mental health and independence point of view.

    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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    ryanm8655 said:
    Have just cleared the final £103.40 of interest accruing balance from my Tesco card as I had some spare cash before payday. Will then pay a chunk from Barclays on payday at the end of the week. Have also reduced the DD from £80 to £30 (min is £25) as it is on interest free until February 21, there’s only about £600 left on the card now. Thinking I’ll add £50 to another card (MBNA or M&S) or transfer £50 a month to savings instead. Need to have a think about which, since I’m now well ahead of the interest curve.


    Which one has interest free due to end first? I'd pay that. If its the same then I would go with whichever has the least so you can clear it quicker. Its a nice feeling clearing a debt! 
    *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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    ryanm8655 said:
    Have just cleared the final £103.40 of interest accruing balance from my Tesco card as I had some spare cash before payday. Will then pay a chunk from Barclays on payday at the end of the week. Have also reduced the DD from £80 to £30 (min is £25) as it is on interest free until February 21, there’s only about £600 left on the card now. Thinking I’ll add £50 to another card (MBNA or M&S) or transfer £50 a month to savings instead. Need to have a think about which, since I’m now well ahead of the interest curve.


    Which one has interest free due to end first? I'd pay that. If its the same then I would go with whichever has the least so you can clear it quicker. Its a nice feeling clearing a debt! 

    MBNA ends in August (currently pay £100/month and has about £900 remaining) but was planning to clear that in full at the end of June payday anyway, hence considering the M&S card, which expires in November and has about the same left. I guess it doesn’t make much difference which I choose. Will go with the MBNA just in case something freakish happens that prevents me clearing MBNA in full next month (e.g. car exploding or something).

    Thanks!

    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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