Biting the bullet

savvylondoner

Thanks @Naomim - perhaps you're right! Maybe I'll reward myself once a month - but have been tempted by a few blow outs and managed to avoid them. Glad it's not just me. 

Naomim

Oh you're definitely not alone there!  just remember to factor things in;  like peoples birthdays... will there be a night out you don't want to miss? It's about balance really. Some people manage to live very frugally and pay off huge chunks of debt very quickly, some of us take the scenic route and enjoy the view a little more. It depends on your life circumstances and your plan of where you want to be.

Thee's no right or wrong way but you need to find what is best for you.  

Naomim

ryanm8655

Well done on your progress so far. You’re doing great. Clearing off 10% in such a short time period is impressive.

My advice would be to keep it up. Make the most of this unusual time to put yourself in the best possible position before things go back to normal and temptation returns.

savvylondoner

A little update... I can't believe how careful I've been this month, yet still am set to spend my whole monthly salary by payday. Shows how far beyond this I was normally going, just responding everything that had been paid off each month. I wanted to post my LBM balance (26 April) VS now to show myself that this is still worth it. I really want this gone quickly but know it's a longer game than that!

Virgin was £700, now £0
Natwest Loan was £1570.31, now £1275.48
Natwest CC was £1966.35, now £580
Barclaycard was £2067.41, now £1989.45
Paypal was £2650.01, now £2605.28
Lloyds CC was £3763.34, now £3700
AMEX was £6879.31, now £7112.39

I can't wait to start tackling that bloody AMEX....

EssexOstrich

Well done, that's amazing progress!! It's scary to see how much we all either waste or overspend isn't it. It's definitely a good time to have a LBM

Naomim

You've done brilliantly! I think this is a good thing to keep posting reminders of how far you have come from where you started. 

Has the Amex gone up due to interest charges?   Are you snowballing the payments or have you just been concentrating on them in a particular order?  Also have you looked at zero budgeting?   Basically, every penny has a job. With the help of your SOA work out all your day to day bills, work out what you need to future budget for and what needs paying in terms of debt.  Account for every penny you earn every month. Give it all a job.  I have a Monzo account as you can have one with no overdraft and set up pots for budgeting.  I currently have 15 pots on the go from Emergency Fund (£40 a month) to a Take That Ticket Savings pot (£10 a month) 😊. It means my money is being put to good use.

Keep posting.

Naomim

savvylondoner

Naomim said:

You've done brilliantly! I think this is a good thing to keep posting reminders of how far you have come from where you started. 

Has the Amex gone up due to interest charges?   Are you snowballing the payments or have you just been concentrating on them in a particular order?  Also have you looked at zero budgeting?   Basically, every penny has a job. With the help of your SOA work out all your day to day bills, work out what you need to future budget for and what needs paying in terms of debt.  Account for every penny you earn every month. Give it all a job.  I have a Monzo account as you can have one with no overdraft and set up pots for budgeting.  I currently have 15 pots on the go from Emergency Fund (£40 a month) to a Take That Ticket Savings pot (£10 a month) 😊. It means my money is being put to good use.

Keep posting.

Naomim

Turns out I didn't see these replies because I hadn't bookmarked my diary! Yes, I have Monzo and starting to use pots for holiday and car. EF is elsewhere (£200 so far...) 

I am snowballing, and ready to get Natwest CC to £0 next week  

I've been tracking every bit of spending this month through Monzo and have stuck within what I earned for first time in god knows how long. Next step is to look at the categories and see where I can cut slightly. 

AMEX went up because of interest and an online shopping order that hadn't come out yet. BUT the online shops have stopped and Aldi is now the norm.

Managed to shave £160 off CCs over past week - not as much as I'd like but it's something. Pay day next week, and some big chunks ready to pay.

savvylondoner

Feeling impatient today. Payday on the horizon but nothing to pay off with and desperate to get those CCs down!

savvylondoner

Natwest CC paid in full today - 2 gone, 5 to go...

savvylondoner

From 26 April, here is my current standing... I'm so desperate to get this done. 

Virgin was £700, now £0
Natwest Loan was £1570.31, now £949.69
Natwest CC was £1966.35, now £0
Barclaycard was £2067.41, now £980
Paypal was £2650.01, now £2654.12
Lloyds CC was £3763.34, now £3600
AMEX was £6879.31, now £6800

It's a big dent paid, but need to keep going. Another 10 months and I could get through it all!