Sorting out the mess 'past me' got me in to, for a happier 'future me'

FOMO_overspender

Thanks both - I think it was just one of those months! Feel much more motivated this month and so much happier having already saved for Christmas this year. Here's to hitting that 35% mark soon! 

FOMO_overspender

Checking back in! Almost done all of my Xmas shopping and it looks like I will come in under budget 🥳 This is definitely a first for me. Just a few bits for mum and a Secret Santa gift to buy and we're done ✔️ 

I paid off another £250 from my loan last night, as this is one of those months where any money leftover just gets spent without thinking, so I wanted to make sure I paid off the money I had allocated. This takes me to £15,150 on the loan and total to £16,900. I think it also pushes me over the 35% mark paid off too 🥳 🥳 

I have almost £10 pending on surveys to cash out, so that will also go to debt-busting. 

Feeling motivated and starting to think about 2021 goals. 

FOMO_overspender

Little update, managed to pay off another £61 to my loan as came under budget in my weekly spend and also cashed out £20 from surveys. Still not managed to get my secret santa or final pressies for mum, but still have £ in the Xmas sinking fund, so all good. Also, my budget still in place and on track, with no y 'it's Xmas, sod it' moments so far, so that's good! Normally I would have thrown all the rules and budget out the window and now be counting down the seconds until the early Dec pay day!

enthusiasticsaver

All sounding good on budget front. Almost 35% repaid is awesome. 

FOMO_overspender

Can't quite believe it is already end of the year. A very weird year indeed but happy that it kickstarted me to address my debt and get myself in gear with my finances. 

So, here's an update on figures for end of 2020: 

• Loan: £14,075 
• CC: £1,650 (0% until Jul '22) 
• Total: £15,725
• Total % of debt paid off: 40%

So happy to be below £16k and 40% paid off going in to 2021! I have also set up a LISA with £50 a month going in each month, for now. 

Aims for 2021:

• Continue not to add to debt 
• Pay off at least another 30% 
• Build Emergency Fund up to £1k 

Thanks to everyone who has helped, supported and cheered me on already - it's hugely appreciated! Happy New Year! 

Sarahwithlove

Well done on your debt busting last year. Good luck for this year. It's good you are starting to put some money into LISA it will all help. 

FOMO_overspender

Sarahwithlove said:

Well done on your debt busting last year. Good luck for this year. It's good you are starting to put some money into LISA it will all help. 

Thank you! Yes, whilst it’s not lots going to the LISA, it’s a step in the right direction at least.

Start to 2021 has been, well quite frankly really tough. Lockdown feels brutal! 

Managed to make some small overpayments to the loan through surveys, reward payments on my bank accounts and trying to spend as little as possible. So far this has all added up to around £150 paid off the loan. 

 

Total debt is now at £15,574 and hoping to get below the £15k mark at next payday next week. 

Sarahwithlove

That will be a great milestone to hit into the next bracket is always nice feeling. 

FOMO_overspender

Ok, so here is January's pay day update! Total debt numbers are now: 

• Loan: £13,500
• CC: £1,550 (0%)
• Total: £15,050 - so close to breaking through the £15k milestone 

January was a tough month and I probably spent more on impulse purchases, e.g. skincare, make-up, than I should have, so aiming to stop that in February.  Hopeful to get below the £15k this month as still doing surveys (managed to cash out £5 this AM) and hopefully cutting down on my spending will allow for some money to go towards the loan. 

Quick Q, if anyone has any advice, my credit card is offering me a money transfer for 0% until November '21 with a 4% fee. I would be able to transfer around £9k but it would then put my usage right up, however, it would mean I would be paying off a big chunk of the loan off earlier, so saving on the interest (which is 5.99% APR). I am more keen to pay off debt quickest and pay the least amount of % than worry about my credit score at the moment, so wondering whether to go for it?!  I am currently on track to pay off my loan by Dec 22 with all of the interest included and I figured that I could then hopefully get a BT for the remaining on the CC to a 0% card? 

Any thoughts or advice would be much appreciated! For now, I am just ploughing on and not going to make any rash decisions. 

Sarahwithlove

You need to find out the settlement figure for if you clear the loan today so ring up and ask. Then add on the 4% fee and see if that's less then the loan amount at full term with interest to know if it's worth doing.