Debt Free by '23

edited 30 November -1 at 1:00AM in Debt Free Diaries
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  • SarahwithloveSarahwithlove Forumite
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    It's so easy to go over that's why I use my YNAB religiously. How do you usually budget? 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £3600
    Total debt *£3600* £11,416.71


    Emergency fund/Sinking Fund - £2500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • MidsHollieMidsHollie Forumite
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    Thanks @Sarahwithlove
    i usually plan my budget on an excel spread sheet, and then transfer the total of groceries, fuel and eating out over to my monzo card. 
    One problem I do have is that I sometimes pay for infrequent expenses out of this money, but then don’t take that money back from my sinking fund. 
    But the bigger problem I have is budgeting £50 for eating out and already having spent £60 half way through the month! I think part of it is will power, and part of it is not checking my budget before I make a plan or buy something. 
    I’ve tried ynab in the past, but don’t love it. I wonder if I need to use my monzo a bit more effectively 

    https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1

    True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000



  • SarahwithloveSarahwithlove Forumite
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    Could you give yourself a better eating out budget? It might slow the repayments down but if you're struggling to stick to it then it's obviously not enough for you. I have a general spending allowance for myself that eating out comes out of along with any extras I want. Mines £100 a month and I find that doable. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £3600
    Total debt *£3600* £11,416.71


    Emergency fund/Sinking Fund - £2500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • edited 30 September 2020 at 9:47PM
    MidsHollieMidsHollie Forumite
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    edited 30 September 2020 at 9:47PM
    Well, about £100 less spent in September when compared to August, which I positive, despite commuting costs rising. 
    Here is my breakdown:
    Groceries 130.56
    Fuel 135.54
    Gifts 9.95
    Eating Out 67.09
    Car 0
    Entertainment 0
    Other 52.96
    Clothing 0
    Work Food 23.45
    Other Transport 95.6
    Work food is down, but really not as low as I would like. I've found a way for other travel to drop a little too for next month. 

    This pay day period I am flying by the seat of my pants a little bit. I should get paid on Friday, but, who knows?! I've managed to pull my EF and annual spends in to my current account to make sure direct debit day is ok, and then hopefuly I can send the money back to it's savings pots once it arrives. It has meant that I have been spending on a credit card, which I will really try my best not to in October. 

    I've manged 9 NSD's, which is fairly good, but could do better. I'll aim for 13 in October. I also think that my passiveincome might go from £0 over the summer to what itwas last winter / spring, which will mean my debt payoff can probablydouble again most months. That will make me very happy! 
    A small win this month has been being content with unexciting meals. I seem to have got the habit of having a fancy salad for lunch and then a proper meal at dinner. I've been trying to switch it by having "a meal" at lunch, and then having something simple like beans on toast for tea. I think this has contributed to my grocery spends reducing.

    October Goals:
    - 13 NSDs
    - No Credit card spends 
    - Less than £18 on work food

    https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1

    True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000



  • alt80alt80 Forumite
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    @MidsHollie did you seriously spend £130 for the month on groceries? How?
  • MidsHollieMidsHollie Forumite
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    @alt80, apparently so! I must admit, it surprised me too. I will tell you, at the start of the month I thought for a week that I might be unemployed, so I was very frugal at times! Also bear in mind there is only one of me, but I do have a partner who when we stay together (most weekends and sometimes during the week too) we share the costs.
    But I did it from using what I have in. 
    Some examples of this: 
    - chickpea and spinach curry: I used frozen butternut squash, spinach and tinned chickpeas I already had in, and the rice was in the cupboard too. I just had to buy and onion and a pepper I think for this. This fed me for about 4 meals.
    - toad in the hole: sausages from the freezer, gravy pot and batter ingredients from the cupboard. Just bought some veg to go with it. I’m greedy sometimes, so this was only two meals! 
    - all this week I’ve had beans on toast or a sandwich for one meal per day. Bread has been from the freezer - mostly home made sourdough or yellow label bread, and then a tin of tuna, half a big tin of beans, some cheese, that kinda stuff. Not hugely healthy but easy. 
    - main meal this week has been roasted veg turned in to a pasta sauce and served with pasta from the cupboard. 
    - breakfasts have been yoghurt and granola mainly. 
    Grocery low points: using the out of date Huel that I had left over from a time when I used that. 
    Grocery high points: chicken from the butcher, home made orange and almond cake. 

    Cooking from scratch and batch cooking really helps me keep costs low. I don’t really mind having the same meal three nights in a row. It helps me not to buy ‘something quick’ on the way home that no doubt will also be something expensive. I also don’t eat a huge amount of meat. I’d rather have less meat and have great quality and really enjoy it when I do, that have cheap meat that I don’t enjoy. 

    Take a look on the freezer and the cupboards. Try and make some meals in October that use up some of the lesser used things. I’m planning some bulgar wheat and cous cous meals because I have so much of that stuff!

    https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1

    True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000



  • SarahwithloveSarahwithlove Forumite
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    I have done the same recently and it's helped me reduce my shopping bill by £50 a month. I'm very impressed with yours though as that's even less. Well done. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £3600
    Total debt *£3600* £11,416.71


    Emergency fund/Sinking Fund - £2500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • MidsHollieMidsHollie Forumite
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    A week in to the month and my spends sit at £107. My transport has been a little higher than hoped, but my groceries are low. I could do with watching my work food and eating out spends, as I get a little wrapped up in the ‘let’s get posh coffee’ mentality when I really don’t need to. I’ve spent on my credit card a bit last month and this month. I’m stopping that now though, and need to pay it off. I’ll be getting a £100 refund which will go straight to it, and then with my next pay, should pay it all off. And then the aim will be no more credit card spends. 
    Really keen to keep my spends as low as possible this month! 
    Will do some more batch cooking at the weekend, and can now make soups for work which are low cost and healthy too. 
    Keep looking at the account as desperate to pay off more debt. I could, and actually that would take my debt down to very very close to the £10000 paid off mark, but my work is a bit up in the air and I’d hate to pay some off just to rely on credit again later..... so instead I just keep logging in to my banking apps and looking! It’s a bit ridiculous really! 

    https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1

    True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000



  • MidsHollieMidsHollie Forumite
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    I got paid and so paid off the credit card. Although I did use it to buy something saved for and budgeted for yesterday, I can pay that off today or over the next couple of days. Then I really hope and will try my best for that to be the last time I use it in October.
    Still got the itch to pay a chunk off the debt to get my total paid off over the £10000 mark. I think I might pay off a little bit so that at the end of the month when my regular payments come out it takes it automatically over that point. Once I hit the £10000 mark, there will still be over £22000 to go. It feels like such a huge amount, but I feel like I’ve got here pretty quickly despite some challenges. Even if the challenges continue I will still make it, but if life gets a bit easier then it will speed up again. I think after the £10000 the next mile stone will be only having £20000 left, and then after that the big celebration will be being half way! That will probably be early summer next year I think, so will have to keep pressing on with each 1%

    https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1

    True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000



  • edited 12 October 2020 at 8:49PM
    mark55manmark55man Forumite
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    edited 12 October 2020 at 8:49PM
    Hi there just found your diary - you are right in the middle of it aren't you a big amount paid off, but a big amount still to go.

    I love how good you are at managing your spends - that has been my eternal weakness.  To be fair we have 6 adults and young adults all the time at the moment, and that gets complicated to manage, but over the years its a fortune leaked away

    Good work, and I know it will be a slog, but what's 2 and a bit years compared to the the rest of your life - and I bet your frugal skills will pay dividends when you are paying yourself in savings, rather than paying off others in debt  

    ETA: PS I'm also hoping to be debt free by '23 (DFW and MFW) so we'll be here together for a long while :smiley:

    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    Weight 30/09/2021:97kg - YTD: +0.5kg, Trips to tip: 08/52 - Rooms Decluttered: 0.5/4 - Sep Steps (L:Av:H):(614:4862:21872)
    Debt 01/01/2021:£107.5K -- YTD:[email protected]%:£2.8k - Mortgage Neutral Pot:£16.8K/£90.6K - EF:£4.5K/£10K
    Debt Reduction 2018:£20K 2019:£16K 2020:£37.5K 2021 Reduction @30/09/21: £35.5K (£107.5K-Mortgage - CC3 + MN_pot + EF))
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