2020 time to change

Sarahwithlove

EchoB said:

Thanks @Sarahwithlove trying to keep on track! Luckily Covid has removed lots of temptation for me!

December update
L1 £8,250 from £14,396
L2 £11,881 from £15,000
CC 3031

Total £23,162 from £36,815 

37% paid off

Yes I'm the same don't think I would have managed to clear anywhere near as much if covid hadn't happened. 

EchoB

My original was £37815 not £36814 so I’m 38.7% paid off next milestone is 40% 

Ive been selling a few bits and pieces which has really helped bring my number down.

in not sure I’ll be as good at overpayments this month as I have a few gifts to buy. 

Next year I hope I will have Christmas pots built up.

hope everyone is well x

Sarahwithlove

EchoB said:

My original was £37815 not £36814 so I’m 38.7% paid off next milestone is 40% 

Ive been selling a few bits and pieces which has really helped bring my number down.

in not sure I’ll be as good at overpayments this month as I have a few gifts to buy. 

Next year I hope I will have Christmas pots built up.

hope everyone is well x

It's still a good amount to end the year on and you will be in a good position to start 2021 and be able to create a fund for next Xmas. 

bd80s

Woo look at that progress, well done! You're doing so well

savingholmes

Great progress. Finishing the year strong

EchoB

I had a 0% 12 month cash transfer offer on my credit card so I have cleared my loan balance with £8k at 0% I was charged a 2% fee which is less than the interest on the loan.

This is reducing my interest cost and I am confident I can clear this before the interest free period ends.

I will be putting £1k a month aside to clear my credit cards, this is achievable as my loan repayments were £405 per month.

I will have one more repayment taken out in January but it won’t be for the full £405

This might not make sense to everyone but I feel relieved to see the back of the loan. 

Hope everyone is well, I will make sure that I do an end of year update as I feel I have made progress this year!

mark55man

sounds like a good plan, as long as you keep to the repayments and don't use the card.  Good thinking to be always examining if you have the lowest cost of repayment

Sarahwithlove

Sounds like a good plan
Even if you for some reason have to do another balance transfer in 12 months it will still be less interest then the loan. 

EchoB

Year end 2020 position

L1 £0 from  £14,396
L2 £11,589.62 from £15,000
CC2 £3,781
CC3 7,579 

Total debt £23,000 from £37,815

£14,815 cleared in 2020 39% paid

EchoB

Happy New Year!
My goals for 2020 are;
Start building pots rather than having to mop up costs in month.
eg this month I have car costs (new cam belt) and my surplus in month will have to cover it rather than go towards debt.
I am going to start with vet and car pots (car covering insurance/mot/service)
I will aim to put £250 pm in each per month.  

Hopefully I am massively overestimating costs, I might revise these down in June (especially the car one):  For vets fees I want to build up a decent amount as I have so many exclusions for insurance purposes I would like to have £5k sat in case of emergency and self insure properly. However I might not get to that level until I am debt free.

I am also going to build up a pot for my credit cards as they are all 0% currently, although CC2 becomes interest baring in August, so I hope to clear that in full then.

My loan is at 6.9% so I think I am going to prioritise cc2 before starting loan overpayments.

Outside of money I would like to lose 2st this year, so I am going to report that on here to keep myself accountable.