Pay off £20,000 (ish) by Xmas 2008

taxi73

Well done everyone you are all doing great...nothing to report at the minute for me...will be able to make inroads soon.

mizmir

This looks like the challenge I need! Have posted about my debt paying/new career change plans in another thread but it boils down to needing to earn/save/find £2K a month for the next two years. Not sure it is going to be possible but will have a go (will include what we can save out of two salaries so might be doable).

Anyway that would mean £16K by Christmas 2008 - eek! :eek:

Please can I join in - not too late?!

ps hi taxi :hello: - a familiar face - is ages since I have posted!

taxi73

Hello you!!!!...where have you been?...course you can join in...great to see you back xx

mizmir

taxi73 wrote: »

Hello you!!!!...where have you been?...course you can join in...great to see you back xx

Thanks! Just been really busy with work and have not had time to keep on top of things. That's really why I want to make the change - not that I mind busy but this has been every waking hour and it is taking its toll

Am definitely ready to choose quality of life over money - but sadly can't yet afford too! So am back and determined this time to sort this once and for all!!

taxi73

That's the thing we have just learnt ....got to have some life and balance during this debt busting lark...good luck

kizzykizzywizzy

Hi everyone - welcome to the newbies:hello:
you'll find this a great place to keep you on the straight & narrow, this thread along with pap/moozies what have you spent & the thrill of updating my signiture, really helped me & now is still helping me to save some money for a rainy day as hubbys wages dropping in July, want to move house & who knows what may happen & would like not to have to worry about things anymore - if thats possible..........& I need a goal to aim for
Great News about your van guesty
Pollydaydream £20 is £20 less you owe, better than being minus £20! Anyway, you've helped me & loads of others by starting this thread in the first place, so you've probably helped pay off thousands:T

callyh21

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 921
Partners monthly income after tax....... 980
Benefits................................ 355
Other income............................ 0
Total monthly income.................... 2256

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 495
Management charge (leasehold flat)...... 0
Council tax............................. 105
Electricity............................. 50
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 50 -i have just switched online to talk talk from bt saving £2 per mth line rental and getting myself free local and international calls!! so saves me approx £25 pcm
Mobile phone............................ 50
TV Licence.............................. 27
Satellite/Cable TV...................... 65
Internet Services....................... 18 -I have just switched to talk talk and get this FREE!! Saving £18 pcm
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 18
Car Insurance........................... 105
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 35
Childcare/nursery....................... 540
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 12
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2090

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly.. .APR
GE MONEY LOAN..................4100......79........8.2
LLOYDS TSB LOAN................4700......106.......7.9
LLOYDS TSB OVERDRAFT...........2470......27........17.3
CAPITAL ONE CRED CARD..........250.......25........34.9
AQUA CREDIT CARD...............400.......25........33.9
HALIFAX ONE CREDIT CA..........900.......30........27.9
Total unsecured debts..........12820.....292.......-

Monthly Budget Summary
Total monthly income.................... 2,256
Expenses (including secure debts)....... 2,090
Available for debt repayments........... 166
Monthly UNsecured debt repayments....... 292
Surplus(deficit if negative)............ -126

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total Secured debt...................... -0
Total Unsecured debt.................... -12,820
Personal net worth...................... -9,820

I am changing to freeview at the end of the month which will save us another £65 pcm. I am also going to do a menu plan for each weeks tea in advance and stick to £50 pcm which will save another £100 a month any change from the £50 will be put in an xmas pressies saving jar!! :T

Any one got anymore tips??

hypno06

Hi guys, and welcome to the challenge Mizmir!

I am now back from France, and can get re-focused on the challenge.....

I am a woman on a mission :rotfl:

taxi73

Welcome back Hypno!!!

hypno06

taxi73 wrote: »

Welcome back Hypno!!!

Thanks!! I will be doing the number crunching over the next day or so, and will plan my next course of attack in the quest to pay off £20,000!