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Clearing my debts 1% at a time

in Debt Free Diaries
25 replies 1.5K views
I've been in a dmp since September 18 and am managing to have a little left over some months, I saw a thread from last year about paying 1% at a time, currently I'll be debt free in September 27 and my last negative marker will disappear in may 2026. Hopefully I can pay off 1% at a time which seems more manageable at £250 a time. Here's to saving for the first 1%.
Mfw 2021 565/18901 2y10m to freedom
Dfw 2021 6832/25550 5y10m to freedom
Cc1  0/  7014.79
Cc2 0/4392.53
Cc3 0/3182.64
Cc4 3600/3600 (5085)
L1 0/ 4138.33
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Replies

  • Rud0lfRud0lf Forumite
    25 Posts
    10 Posts First Anniversary
    First 1% will be payed on payday as I have no after-school club fees due to the lockdown, usually this is around £200 pcm so should be able to scrape the extra £50 together.
    Mfw 2021 565/18901 2y10m to freedom
    Dfw 2021 6832/25550 5y10m to freedom
    Cc1  0/  7014.79
    Cc2 0/4392.53
    Cc3 0/3182.64
    Cc4 3600/3600 (5085)
    L1 0/ 4138.33
  • Rud0lfRud0lf Forumite
    25 Posts
    10 Posts First Anniversary
    Mfw 2years 10 months £18336
    DFW 6y 9 months 24986 1% rounded to £250.

    Mfw 2021 565/18901 2y10m to freedom
    Dfw 2021 6832/25550 5y10m to freedom
    Cc1  0/  7014.79
    Cc2 0/4392.53
    Cc3 0/3182.64
    Cc4 3600/3600 (5085)
    L1 0/ 4138.33
  • Rud0lfRud0lf Forumite
    25 Posts
    10 Posts First Anniversary
    So I've played an extra £250 off my smallest debt today, if I can manage to do this every month I found be df by Sep 24 instead of Sep 27. Having recently had a promotion in work I should be able to manage this, outgoings have reduced rapidly because of lockdown but I feel like even when the world gets back to 'normal' there are some things I won't re start. Eg paying to enter races, paying for regular expensive days out when actually the kids love playing together at home in the garden or walking at the beach. I'm also attempting to build some savings as well, all debts have defaulted so no interest. Want them gone forever whilst saving for a new kitchen and a nice holiday when the kids are a bit older. I would love to be df and mf in just 4 years time, in it for the long haul but getting there.
    Mfw 2021 565/18901 2y10m to freedom
    Dfw 2021 6832/25550 5y10m to freedom
    Cc1  0/  7014.79
    Cc2 0/4392.53
    Cc3 0/3182.64
    Cc4 3600/3600 (5085)
    L1 0/ 4138.33
  • RelievedSheffRelievedSheff Forumite
    5.7K Posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
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    Well done on paying that 1%.

    It is a good idea breaking it down into smaller chunks like that.
  • Rud0lfRud0lf Forumite
    25 Posts
    10 Posts First Anniversary
    Well done on paying that 1%.

    It is a good idea breaking it down into smaller chunks like that.
    Thanks 1% down only 99 more to go xx
    Mfw 2021 565/18901 2y10m to freedom
    Dfw 2021 6832/25550 5y10m to freedom
    Cc1  0/  7014.79
    Cc2 0/4392.53
    Cc3 0/3182.64
    Cc4 3600/3600 (5085)
    L1 0/ 4138.33
  • efes_shareholderefes_shareholder Forumite
    1.1K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    ✭✭✭
    the one good thing about lockdown is that its made us re-evaluate what we really need to be spending on and how wasteful we can be.
    I am the same , I'm missing lots of normality and memory making but I will be a bit more selective in the oppurtunities I take up when we are allowed some kind of normality 
  • Rud0lfRud0lf Forumite
    25 Posts
    10 Posts First Anniversary
    Received a cheque for £50 today from m and s bank for not treating me fairly, unexpected and can go towards paying my next 1%. Slowly chipping away.

    Have been reading some of the other diaries and have decided to bake simple things more often so yesterday was spent baking a banana loaf and 24 cupcakes to keep the kids in easy snacks that are fairly healthy. Started getting the food shop by click and collect so the shopping is off the list not grabbing whatever is on offer which I don't need. Also means if the kids need to come along they don't end up picking up extra things.
    Mfw 2021 565/18901 2y10m to freedom
    Dfw 2021 6832/25550 5y10m to freedom
    Cc1  0/  7014.79
    Cc2 0/4392.53
    Cc3 0/3182.64
    Cc4 3600/3600 (5085)
    L1 0/ 4138.33
  • edited 8 February at 8:36PM
    MrFrugalFeverMrFrugalFever Forumite
    221 Posts
    100 Posts Photogenic Name Dropper
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    edited 8 February at 8:36PM
    Good luck, self discipline and sheer determination will do this. It becomes a bit of a bug when you start seeing it really come down, every penny and pound counts!

    why not try the rounding down technique too? Transfer money from each current account that is above the £ down to either an Emergency Fund or your debts. Every time you make a payment or at the end of each day log in to your app and round down :)
    DFW
    As of May 21 - £16,715.64 paid, £7,047.86 remaining to pay

    Rounding down to the £ - daily rounding and transferring to savings - £183.43 saved so far
    Nectar savings challenge this year - £50 (for Xmas shop)
    ‘Pockit’ Cashback from shopping (Sainsburys & Argos) saving challenge this year - £50
  • Jamesyb123Jamesyb123 Forumite
    230 Posts
    100 Posts Name Dropper
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    Well done keep doing what you’re doing, you are doing so well, lockdown has definitely made a lot of us re evaluate what we wasted money on before. It’s good that we can turn negatives into positives. If you enjoy baking keep practicing and maybe it could become a little side business in the future? People are mad for cake!! Good luck :-)
  • beanieloubeanielou Forumite
    76K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    1% at a time sounds like a plan  :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
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