Facing reality

in Debt Free Diaries
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  • SarahwithloveSarahwithlove Forumite
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    lucielle said:
    Gosh that's great doing the sit ups and squats.  Well done on the weight loss
    L
    Thanks I have had to take a break from sit ups as hurt my back but doing some arm raises with mini weights instead. Hoping I will be able to go back to sit ups but just seeing how my back is and taking it on a day by day basis. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £4400
    *M+S Credit Card - £579.95
    Total debt *£5375* £11,416.71


    Emergency fund/Sinking Fund - £1500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • t2rryt2rry Forumite
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    amazing work @Sarahwithlove - I've been talking about getting healthier and losing the c*vid -10lbs since xmas.  Never found the motivation to get started though to be honest.  I'm hoping the looming spring/summer/end of lockdown will give me a spur soon, reading how well others are doing definitely helps too!!  
    Debt Free
    £10k Emergency Fund

    2022 Plan:
    1. House - Rooms Complete 5/12
    2. Additional Savings £6,000/£10,000
  • SarahwithloveSarahwithlove Forumite
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    t2rry said:
    amazing work @Sarahwithlove - I've been talking about getting healthier and losing the c*vid -10lbs since xmas.  Never found the motivation to get started though to be honest.  I'm hoping the looming spring/summer/end of lockdown will give me a spur soon, reading how well others are doing definitely helps too!!  
    Thanks. It helps that my housemate is doing it along side me so less temptation to be naughty and someone to motivate me. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £4400
    *M+S Credit Card - £579.95
    Total debt *£5375* £11,416.71


    Emergency fund/Sinking Fund - £1500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • joedenisejoedenise Forumite
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    Well done @Sarahwithlove.  I think you did the right thing.  You can use what you were paying monthly to the CC to top those pots back up.  Definitely celebrate the win and focus on the savings pots going forward.

  • gymgirl11gymgirl11 Forumite
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    I’ve just caught up on your diary, Sarah. Well done on paying off your credit card, reading your diary it sounds like you made the correct decision for you and will definitely be a weight lifted off your shoulders. Congrats! 
  • SarahwithloveSarahwithlove Forumite
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    joedenise said:
    Well done @Sarahwithlove.  I think you did the right thing.  You can use what you were paying monthly to the CC to top those pots back up.  Definitely celebrate the win and focus on the savings pots going forward.

    Thanks that's what I'm thinking. It will also give me chance to adjust to the new budget with all the monthly bill increases coming up over next few months. I've had my council tax through and that is going up by £6 a month. Still debating whether to call them and switch to over 12 months instead of 10 to help spread the cost more. Should get my new water bill this month and April and May see service charge free months whilst I wait for the new bill for that to come through. It went up by 40p last year so more of same would be nice. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £4400
    *M+S Credit Card - £579.95
    Total debt *£5375* £11,416.71


    Emergency fund/Sinking Fund - £1500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • SarahwithloveSarahwithlove Forumite
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    gymgirl11 said:
    I’ve just caught up on your diary, Sarah. Well done on paying off your credit card, reading your diary it sounds like you made the correct decision for you and will definitely be a weight lifted off your shoulders. Congrats! 
    Thank you I feel much better about the decision now that I have written down about it. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £4400
    *M+S Credit Card - £579.95
    Total debt *£5375* £11,416.71


    Emergency fund/Sinking Fund - £1500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • ParkypParkyp Forumite
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    That’s great you’ve cleared your credit card, only your dad to go but he’s happy with your current payback agreement so credit card payments can go to pots or sinking fund.  I prefer 10 months council tax I like having the extra two months to treat myself to something for me or the house it’s a nice wee bonus, whereas I don’t think you’d feel the benefit as much as a reduced monthly payment. Well done on your weight loss to 👏👏 x
  • mark55manmark55man Forumite, Ambassador
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    well done.  I know this is naughty old school thinking, but if you have a lot of car expenses at this time of year, I would be tempted to keep the CT at 10 months, effectively you are saving a bit of a buffer so you have a bit of slack in the budget for the two CT Free months at the start pf next year.  I know a grown up managed budget shouldn't need that sort of logic, or a post christmas boost, but maybe lets not go full speed ahead until you've settled in to it all

    Also your only debt now is to your dad, so as a fully paid up lender from the bank of mums and dads I applaud that as way more than a half way step - and although I know you take that debt extremely seriously, and its still hanging over you a bit, once you only owe family, then I think that's a different place to be 

    I wouldn't think about accelerating that repayment just yet, as you focus on savings and EF that can wait
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    Having a break from objectives but will be back in the room soon :-)
    At 01/03/22: Weight-loss 1/20kg, Steps 341k/3000k (64K above target)
    Total Debt 02/22: £44.7K -- Mortgage Neutral Pot:£36.0K/£83.7K - EF:£3K/£10K

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