Day 1 - Taking the First Step

DebtFree2023

Hiya it’s 150 per week This covers groceries, petrol, clothes, presents. Nothing in the budget for saving, emergency fund, Christmas or holidays at the moment once I’ve cleared the credit card il speak to hubby about a joint account and see if we can work out a way forward so that we can start going on holidays etc but for now until o get this £4K + card clear I need to just keep pushing forward.

In 2 years time our nursery bill will go down from 700-250, my hubby’s home improvement loan will come to an end and the mortgage will up for renewal so plan is to get myself straight for then and sit down will hubby and pool our finances. For now will just keep pushing forward he says he can’t give me anymore money until the home improvement loan is paid

Today we ran out of ink on the printer never ends does it!! Haha

DebtFree2023

I have cut the credit card up! No emergency card now and I will not learn my pin for my bills account so now I only have access to Monzo!

I can always transfer from my nationwide to my monzo in a true emergency but that will take time so I have no choice but to now check my balance before using my card. I have removed the credit card from apple pay so I have no choice but to stick to budget now.

I have changed paypal and amazon prime/music to my bills account now so no unexpected suprises on my monzo going forward.

clearmydebts

DebtFree2023 wrote: »

I have cut the credit card up! No emergency card now and I will not learn my pin for my bills account so now I only have access to Monzo!

I can always transfer from my nationwide to my monzo in a true emergency but that will take time so I have no choice but to now check my balance before using my card. I have removed the credit card from apple pay so I have no choice but to stick to budget now.

I have changed paypal and amazon prime/music to my bills account now so no unexpected suprises on my monzo going forward.

Well done on cutting the credit card up! Can't wait for the day to do it

beanielou

Well done on cutting up the CC

DebtFree2023

Just hit my first hurdle of having no credit card....Thursdays are my day off, I had planned to take the little one out and perhaps pick up some bits for christmas and just get out of the house. We've been indoors since the weekend with chicken pox and Im getting cabin fever.

Had my groceries delivered this week and even with a £15 off voucher with sainsburys I spent £65 then playing catch up from last week and all the paypal dramas. I checked my monzo and I only have £15 until tomorrow, my foundation has run out and the petrol light is on. No browsing the shops for us today, we got our puddlesuits, wellies and played in the garden instead. Little one is now down for a nap exhausted from all the fun in the garden.

I will have to get petrol and foundation at some point today as I have to go to work tomorrow but am planning on only putting £20 in (instead of filling the tank) getting a £7 foundation and then owing myself £12. I'm going to have a little hunt around the house for change as tesco lets you part pay in those self service machines so hopefully can bring down the amount I owe myself from £12.

Things have certainly improved since starting this blog. I used to stick it on a credit card and worry about it later but now I worry about keeping to my budget. Big improvements.

Someone mentioned an emergency fund recently and which I havent got. So I decided to amend my credit card standing order to £125 per month. Debt will be clear 01/08/2022 6 months before my mortgage renewal as planned and I am now saving £30 per month into an emergency fund and £50 per month towards a holiday. I now feel less stressed about having no money as I am now SAVING and I will still hit my debt free by 2023 target.

I also plan to increase my direct debit to £150 in March when the secret credit card is cleared with my bonus as I'm currently paying the minimum payment of £25 per month on that card.

The future is looking bright I just need to train myself better with this £150 per week allowance.

Going to look at ways to make some extra cash as well soon. Be lovely to be debt free and be able to spend that £150 a month!

DebtFree2023

WEDNESDAY CHECK IN!

I'm doing okay :-) Starting to get the hang of this £150 a week (100 on a Tuesday and 50 on a Friday) spending allowance.

This week my £100 has gone on groceries from Aldi, some children in need bits for the kids, a new outfit for my daughter (she keeps growing), a christmas present and paying off £15 debt owed from previous week. I am now -£2 in my account so hoping the petrol light doesnt come on until Friday (or even better Saturday when my other half may fill up the tank!) There's a few pound coins around the house and a fridge full of food so technically unless its petrol I wont have to spend any money for a few days.

I've had a clear out and put some bits up for sale one item that we were going to just send to the tip got a buyer for £10 whose collecting tomorrow will put it towards christmas presents or petrol if the light comes on.

I've decided not to go crazy with christmas presents this year now im actually on a budget. I asked my son what Santa brings if hes good and he said 5 christmas presents so I am going with that idea wouldnt want to spoil the magic.

I have made a list of 5 presents for each child and I am checking on the missing ones on the list daily to see if any come down in price. So far I have managed to get some presents second hand (can't even tell) down from £30-10, one in a sale down from £18 to £11, One down from £20-10, and another second hand retailing £24.99 for a fiver absolute bargain! Kids wont tell some are second hand either!

6 presents to go and 6 weeks until Christmas so hoping the others come down in price too or show up on marketplace!

I should get my £100 for refer a friend nationwide this week (hubbys christmas present fund) then another £100 this time next month for referring hubby to nationwide (christmas food/shop).

I did have to take some time off unpaid last week due to my daughter being sick but I'm hoping some overtime comes up next week so I can balance it out.

My secret Virgin credit card is £4350 interest free until June. Natwest are offering existing customers 23 months interest free no balance transfer fee so I have applied and I'm approved so will move my secret virgin credit card to that one. Currently paying £125 per month secret credit card, £25 non credit (will clear in full in March with bonus), £50 savings builder account (emergencies/holidays/next christmas??) and £30 into an emergency fund. My secret debt divided by 23 months is £185 per month so I figure will pay £125 until March, £150 from April and then the following March I should be able to pay a chunk off with my annual bonus which is normally around £1000-1200 but never less than £1000.

Feeling on track :-)

bertiewhite

DebtFree2023 wrote: »

I have just compared my gas and electric with look after my bills and my monthly direct debit is going from £150-£81 per month!! Absoultely amazing. I am going to set up a standing order to my emergency savings account for £61 per month once the first direct debit gets taken as it really does seem too good to be true

Please be careful here - when I last switched (to EON), my DD was halved but this wasn't covering the bills as we went in to winter so now I'm playing catch up.

Is that why you're putting the £61 away?

DebtFree2023

Thank you yes I thought I had better put the difference in savings just in case. I haven’t had the first direct debit yet and I have managed to rework my finances to allow a £50 per month holiday savings and a £30 per month emergency now so will just let the £61 add up in my current account so I don’t fall behind if they do end up increasing my direct debit. Thank for the tip

DebtFree2023

Just checking in... before I am tempted by all these Black Friday 'Bargains'

I am just about managing to stick to £150 a week :-) I would like to go and blow a few hundred on toys for the kids but I am trying to buy 1-2 presents a week out of this budget. I'm working from a list of 5 presents each (plus a stocking)

So far number 1 son has got 2 presents and number 1 daughter has got 4 presents. I have decided to get them both an etcher sketcher after seeing them squabble at nannys so it will actually end up 6 presents each and a stocking.,

I know what I am getting son for presents 3-5 its so tempting to just order everything from argos and pay my credit card off week by week so i know its done but i cut it up haha.

Debt wise all is going well :-) My current account is in credit despite it nearing the end of the month, unsecret debt is reducing by £25 per month with bonus in March to clear in full, thing its about £925-950 now bonus will be about £1200.

Secret Credit Card balance is £4200 and I have £55 in savings. I have set up the direct debit for £100 per month. Need to pay £185 per month to clear withint the interest free period of 24 months but thought I had better start up an emergency fund. Paying £50 a month into savings (not to be touched) then aiming to pay another £30 per month for the credit card. In March il have £25 from the unsecret credit card and should have a few hundred left over from bonus to pay down.

According to my excel spreadsheet if I stick to £150 a week spending money then I will be good!!