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Debt Free December 2023
DebtFree2023
Posts: 36 Forumite
I think Debt Free December 2023 has a lovely ring to it! It is also when the fix on my mortgage comes to an end so I would love to be free of all credit card and overdraft debt by then so we can 'start a fresh with our finances'. Our baby will also be just starting school and our finances should be better due to reduced childcare costs so we can plan for the future. (Ahem Disneyland!)
So there it is, there's the plan and I am going to get this DONE! No more overspending and worrying about it later.
Step one admit I have a problem....I can stick to budget for a week or 2 and then I am silly and undo my hard work and then my debt somehow goes up and not down. Part of this problem is I try and pay too much off sometimes and then get myself in a pickle in my overdraft.
Here's the extend of my debt issues
- The Credit Card he knows about - Virgin Money £925, £430 of this interest free until 31/01/2020 and £520 interest free until 31/03/2020. Not too concerned on this one, its my debt but its on my husbands card. I've promised him I will clear it with my annual bonus in March which is normally £1000-1300. Will continue paying £25 a month and then clear in full in March.
- The Credit Card he doesn't know about - oh the biggie - the one I loose sleep over - current balance £4200. Direct Debit currently set up for £100 a month, interest free for another 23 months. I have next to no chance in getting this cleared before the end of the interest free period but by setting myself a debt free by Dec 2023 I have a good chance of getting this done and I'm always receiving balance transfer offers so sure I could move it to another interest free at the end of the term so will try not to worry. Debt Free 2023 will need to clear in 36 months which is £116.67 per month. Will look to amend the direct debit to £125 per month and work the rest of the budget around the credit card.
- Overdraft - I recently reduced my overdraft from 5000 to 500 I think I am around -£350 but as I get money from my husband on the 1st and I get paid mid month its sometimes difficult to actually tell what my overdraft debt is. My overdraft is interest free until October so time to sort this out. Will check my balance on the 30/31st and use this as my overdraft debt figure. Assuming I'm worst card £400 overdraft interest free until October 2020 gives me 10 months to clear ... so £40 a month in the budget for overdraft costs.
- Next Directory - I owe £28.99 will hold off clearing this until christmas as some relatives have got my next gift cards and i have checked and can use this for payment, So will see if I get a gift card I can pay off first.
- Studio - £20.96 I'm on a 6 month interest free plan with a direct debit of £10 a month so not concerned regarding this one. Just need to get my overdraft under control and stop overspending!
Next steps
1) Amend Direct Debit on the Biggie credit card to £125 per month. Work the budget clothes/groceries etc around paying £125 a month to CC and £40 a month to overdraft.
2) Update balances and rework finances to ensure everything is on track at the end of the month before hubbys money comes in.
3) Have a weekly spending allowance with Monzo and leave all the other bloody cards at home!! Stay on track and get this done!!!
ITS GOOD TO HAVE A PLAN! :T
So there it is, there's the plan and I am going to get this DONE! No more overspending and worrying about it later.
Step one admit I have a problem....I can stick to budget for a week or 2 and then I am silly and undo my hard work and then my debt somehow goes up and not down. Part of this problem is I try and pay too much off sometimes and then get myself in a pickle in my overdraft.
Here's the extend of my debt issues
- The Credit Card he knows about - Virgin Money £925, £430 of this interest free until 31/01/2020 and £520 interest free until 31/03/2020. Not too concerned on this one, its my debt but its on my husbands card. I've promised him I will clear it with my annual bonus in March which is normally £1000-1300. Will continue paying £25 a month and then clear in full in March.
- The Credit Card he doesn't know about - oh the biggie - the one I loose sleep over - current balance £4200. Direct Debit currently set up for £100 a month, interest free for another 23 months. I have next to no chance in getting this cleared before the end of the interest free period but by setting myself a debt free by Dec 2023 I have a good chance of getting this done and I'm always receiving balance transfer offers so sure I could move it to another interest free at the end of the term so will try not to worry. Debt Free 2023 will need to clear in 36 months which is £116.67 per month. Will look to amend the direct debit to £125 per month and work the rest of the budget around the credit card.
- Overdraft - I recently reduced my overdraft from 5000 to 500 I think I am around -£350 but as I get money from my husband on the 1st and I get paid mid month its sometimes difficult to actually tell what my overdraft debt is. My overdraft is interest free until October so time to sort this out. Will check my balance on the 30/31st and use this as my overdraft debt figure. Assuming I'm worst card £400 overdraft interest free until October 2020 gives me 10 months to clear ... so £40 a month in the budget for overdraft costs.
- Next Directory - I owe £28.99 will hold off clearing this until christmas as some relatives have got my next gift cards and i have checked and can use this for payment, So will see if I get a gift card I can pay off first.
- Studio - £20.96 I'm on a 6 month interest free plan with a direct debit of £10 a month so not concerned regarding this one. Just need to get my overdraft under control and stop overspending!
Next steps
1) Amend Direct Debit on the Biggie credit card to £125 per month. Work the budget clothes/groceries etc around paying £125 a month to CC and £40 a month to overdraft.
2) Update balances and rework finances to ensure everything is on track at the end of the month before hubbys money comes in.
3) Have a weekly spending allowance with Monzo and leave all the other bloody cards at home!! Stay on track and get this done!!!
ITS GOOD TO HAVE A PLAN! :T
Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND
)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND
)1
Comments
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Just updated the budget planner - weekly allowance to cover anything thats not bills and petrol is £125 per week. (£100 on a Tuesday for groceries and £25 on Fridays for fun money). This will increase in March by £25 per month when the unsecret virgin card is paid off and in October by £40 per month when the overdraft is clear.
Bit of an eye opener.Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0 -
Next steps 1) Update direct debit for the biggie credit card to £125 per month 2) Reduce 'fun money' standing order from £50 to £25 per week. Will look at this tomorrow.
Night all xxxUnsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0 -
Right CHRISTMAS IS DONE!!! Now to tackle the damage.
I was going to set up a direct debit for £125 a month to my credit card but cant change it from £100 - £125 online so I have paid £200 from my interest free overdraft and will leave the direct debit at £100 a month. Will be clear in 40 months. It's interest free for 23 months so £100 x 23 - £2300. I will receive around £1000 I can pay off in March 2021 (March 2020 already earmarked for unsecret credit card). Which will leave me with £1200 to clear, which shouldn't be too difficult a balance to transfer to another interest free credit card. WINNING!
I have just worked out what I need to pay off my overdraft taking into account all expenditure between now and pay day (only a few more days) and it's -£589.17.
I really wanted a birchbox subscription for christmas which is £10 per month + P&P and I have maybe gained a few pounds over my target weight at slimming world. As a reward for bringing myself back into the black on my overdraft I will sign up for birchbox. I do have some returns to complete worth around £50 and £50 given to me to treat myself so should be less than £400 once I've taken that into account.
I have also been donated lots of clothes for my daughter and given lots of clothes as Christmas presents for her and my son so shouldn't have to buy any clothes for a while.
Lots of new toys and games so shouldn't have to go out too much (and who does in January anyway).
Will recheck the budget now, see if I can make any cutbacks anywhere and get cracking on my clear overdraft goal. #wantthatbirchboxsubscriptionUnsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0 -
Good luck debtfree2023! Wishing you well on your journey
BigdreamsDebt 0/6960 Dec 190 -
Just checked and rechecked the budget with a £150 per week allowance which I know I can stick to my interest free overdraft will be cleared by May so will be able to treat myself to a Birchbox subscription for my birthday. Really hoping I can get it cleared before then though so will ensure I am only spending via Monzo and will attempt to only spend £125. £75 weekly food shop, / £25 petrol/ £25 other items clothes fun money etc. 75/25/25 will attempt for January and beyond. If I can manage on £125 per week (1 adult 2 children) then I will be back to black by March.
I have an expected payment of £100 from nationwide refer a friend so hoping that comes in too to get me to where I want to be. (Overdraft clear and birchbox subscriber)
#BirchboxhereIcomeUnsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0 -
!!!!!! I've just realised I put a few things on buy now pay later on paypal and studio account. Grrr why did I do that!
I've increased my overdraft with Nationwide from £500-£750 so will get these bits cleared.
Total on paypal buy it now 38.50 so overdraft now £627.57. !!!!!!Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0 -
Just cleared the studio balance so interest free overdraft now up to £648.53.
Found I had £4.87 in quidco so withdrew that.
Interest free overdraft balance now £643.66. Now to check next credit account and then I am all set and can repair some damage.Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0 -
Just checked the Next account. Balance was £29 (kids christmas pjs), bought the size up so hopefully they both fit them next year. Got a £30 next gift card (well that was lucky). So that's paid for.
Total overdraft balance for December 2019 -£643.66.
Going to put close down all these credit accounts on my new years resolutions and start getting in the black. Really want to get those rewards for being debt free Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0 -
Off to bed with a clear and focused head. I know what I need to do and now I need to do it. Just finished writing a list of 101 things I want to achieve in 1001 days too. 2020 is going to be a goood year! Dayzeroproject.com
Night all... xxUnsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0 -
Listened to Lunch money Martin podcast yesterday and watched Martin's money saving show last night. Head in completely in the game and ready to get this debt moving!
Have called my energy company today as realised they havent taken any money for a few months, set up a direct debit and updated the budget planner on the monthly payment.
Realised the savings account I have my child benefit paid into is at a dismal rate so opened a new savings account and changed the payment details with child benefit people.
Set up the 1p Savings Challenge via Monzo. Horray does all the hard work for you and cleared my Tesco credit card down to 0.
Getting closer to bonus time (March) looking forward to seeing the back of the unsecret credit card and having a spare £25 per month!
The overdraft doesnt seem as bad as I thought so I'm hoping the balance will be black or nearly black at the end of the month.Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND)0
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