Matt's Debt Free Journey

argomatt

Hi all,
I moved to a new house earlier this year, and immediately afterwards needed to spend quite a bit on house bits, which I would normally have saved for, but as all savings were used in the house move, have had to put on credit.  So my challenge is to pay these back as soon as possible so that I can then get on with overpaying the mortgage, I want to get the term down so I am not still paying it when I am 68!
Starting Position:
Argos (11 months 0%)      £536.95                 Monthly payment  £50
Wayfair (11 months 0%)    £470                      Monthly payment £39.24
Furniture Shop (23 months 0%)   £1610         Monthly payment £70
Sainsburys Credit Card (19 months 0%)   £1248     Monthly payment £12.15

I really want to clear each one before the interest free periods end.  My plan for now is to make the payments  above, then when the Argos and Wayfair payments finish, put that money towards clearing the credit card.

argomatt

April Update
Argos    10 months 0%      £486.95   On Track
Wayfair 10 months 0%      £430.76   On Track
Furniture Shop 22 months 0%  £1540 On Track
Sainsburys C/C 18 months 0% £1377.77 Behind

Bizzywizard

Hi Matt,
I have 4 credit cards on 0% interest( between me and hubby) all will finish around October/ December. I few before a few after, but I am doing the same as you. Once once is paid the extra money will go towards the next card. You are doing really well!
Have you tried the 'Debit Free wannabe challenge by xmas 2020' on MSE? You get given a number and post each time you pay off part of your debit. Its kept me really focused and rather obsessed. I cannot wait to pay everything off....I am driving my husband insane as I am keen its all gone by xmas! It might help you to0?
Good luck with your journey!
Wizard

argomatt

Hi Wizard, 
Thanks for your message. It's nice to know someone is in the same position as me, and working at it the same way
I'll look into the challenge, and maybe get signed up for it!  I'm a bit like you with getting obsessed with it, can't wait to start seeing the numbers coming down, but unfortunately can't pay any more until pay day now.
Matt

Sarahwithlove

Have you done a SOA so you can see where your money is going? Also keep a spending diary you will be surprised where you can cut back 

savingholmes

Good luck on your journey

argomatt

@savingholmes thank you
@Sarahwithlove I haven't yet done the SOA yet but I will look into it.  Starting a diary is a good idea, I will get a notebook and do that!

Sarahwithlove

argomatt said:

@savingholmes thank you
@Sarahwithlove I haven't yet done the SOA yet but I will look into it.  Starting a diary is a good idea, I will get a notebook and do that!

Or a spreadsheet. Whichever works best for you. I liked using Google sheets as my phone is always on me so could just add it right away. I'd sit in the car and log it before I drove off. Only took a few weeks to notice some trends and it helped me set my budget. I allow myself a personal spends which can go on eating out, coffee, toiletries etc and seems to be working OK for me. Stops me feel like I'm missing out but also makes me think about if I have enough funds to do everything I want. Sometimes you just have to say no or suggest a cheaper alternative. I love saying how about trying here I have a money off voucher.. Who doesn't love a discount on a meal out? 

argomatt

May Update
Argos    9 months 0%      £436.95   On Track
Wayfair 9 months 0%      £391.52   On Track
Furniture Shop 21 months 0%  £1470 On Track
Sainsburys C/C 17 months 0% £2062.75 Behind

savingholmes

Could you look at upping your income through surveys, receipt scanning websites, cashback sites etc to help you get on track?

Sarahwithlove

I agree, prolific has alot of studies recently and is a quick way to make some money. It soon adds up