Clearing my debts 1% at a time

Rud0lf · 25 January 2021 at 12:24AM

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%.

Rud0lf · 25 January 2021 at 12:28AM

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.

Rud0lf · 25 January 2021 at 12:37AM

Mfw 2years 10 months £18336
DFW 6y 9 months 24986 1% rounded to £250.

Rud0lf · 27 January 2021 at 4:12PM

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.

RelievedSheff · 27 January 2021 at 4:16PM

Well done on paying that 1%.

It is a good idea breaking it down into smaller chunks like that.

Rud0lf · 27 January 2021 at 4:27PM

RelievedSheff said:

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

efes_shareholder · 27 January 2021 at 5:20PM

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

Rud0lf · 8 February 2021 at 8:30PM

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.

MrFrugalFever · 8 February 2021 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

Jamesyb123 · 8 February 2021 at 8:44PM

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 :-)