Clearing my debts 1% at a time

Rud0lf

Kitchen has been paid for almost in full mum loaned me £1100 to put towards it, that will be replayed by the end of May hopefully before the kitchen is fitted. I've updated my figures below.

Still waiting for a final price for the rewire as our electrician hasn't been well, we have now removed the light switch but are waiting for it to be properly relocated. 

Had a plumber in to install a radiator and remove an existing radiator rerouting pipe work and replace a valve on another radiator for £220 which I think was really reasonable.

We have also fitted dry rods into all the kitchen walls necessary and have lots left for the last place needed. 

Unfortunately I have slipped a little and bought more things for the kitchen on BNPL, these will be payed off before the interest free period ends though so at least there's that. 

Had a spendy weekend with sister in law but was a lot more restrained than I usually would be, sourced a couple of things on line for a fraction of the price in the spa.

Today will be mostly spent tidying up after yesterday's mess. I did clean it yesterday but the dust will have settled again today. 

Flooring and some patching up of walls are the next jobs to prep for the electrician at the start of April hopefully and then a plasterer after that. 

Everything else is ticking over budget pots are doing well and definitely the best way forward for me. 

Rud0lf

Time for a new mindset, every debt I have individually is relatively small (compared to my original figure of £37000 not including my student loan)the largest is 1649.59 now however they still total 6766.77 which is not small. I need to look at these as a new total so that I don't let them get out of control. 

I am in the lucky position of having a good wage but feel like I've never really been able to feel the benefit of it because I've always been paying off debt in one way and another. It will be so nice at the end of all this to have a proper budget for things like half term holidays for the kids as at the moment it's a case of juggling pots and having to plan activities ahead. It will be great to have some extra money in pots for nice things and to get a little element of spontaneity back.

I still plan to save for retirement but don't have any major plans for it I'm happiest at home and with my family so won't need a massive budget. I'd like to build an emergency fund up to about £20000 before I retire so I know I don't need to worry about anything, I have around 15 years between reaching debt free and hopefully retiring 10 years early so plan to save about £1500 a year which will be easily doable.

I will have two boys to support in doing whatever they choose in adult good whether that is uni or helping with the deposit for a house etc but that is at least 6 and 9 years away so will be saving towards that too. Probably need to save around £3000 a year for that in an ideal situation. 

Even including both of these it will cost less than my monthly dmp payments. Everything else will be used to increase all pots and as and when there is a sufficient amount in each anything left over will go into savings so I never need credit again. All pots are ticking along nicely at the moment and will have enough in them to meet annual costs which will begin to bring monthly outgoings down. Anyway enough rambling and back to cleaning 🧹

Rud0lf

Have done a little bit of shuffling of pots and paid £110 back to mum, still have enough to scrape me to pay day. 

£110/6699.53.       
£6589.53 until df

Rud0lf

4.59 payment to very just to round the numbers down a little and 38.21 pay in 3 has gone out as expected. 2% paid off 98 to go.

Quiet day planned today organising more of the house, need petrol before work tomorrow which is budgeted for.

Football is budgeted for as well as netflix and that's it for the rest of the month

10 days until payday. 

It seems the money saving gods are looking over me, a make up order I impulse purchased has been lost in transit, they can either resend or refund so I've asked for the refund. So should have about £40 returned to my pay in three PayPal. I'll take it off my signature amount when it is received.

Rud0lf

Refund showing quicker than expected so updated my signature, might do a payment a day until payday just to keep myself mindful and not spend more than I need to, £64 not allocated should have some left for an extra payment if I'm careful. Extra payments for the foreseeable will be to mum or very as they are the easiest to over pay, maybe PayPal if a little is left over at the end of the month.

Any extra next month will pay of PayPal as I'm not too far off having that paid.

Rud0lf

I have now paid 3% back in 3 days thanks to the refund, won't be continuing at this rate but it's a good start. Next real dent will be on pay day.

Rud0lf

£2 off what I owe mum today small amount but all in the right direction, still have £57 until payday in 8 days but all bills are paid and dh does the food shop so should have some money left to pay towards debt. I'm so impatient at this point in the month, full of good intentions but not a lot to do except keep my money in my purse. 

Youngest will need school trousers in the next couple of weeks as he has torn two pairs by accident so only has 2 left,  he is the messiest person known to man and I only have time to do the washing at the weekends so he needs a pair for everyday. I'm hoping to have some which will do him in the loft as I kept my eldest's as spares, he is the neat and tidy one. 

Time to stop procrastinating and get ready for work and school.

Aimingforthegoodlife

Hi @Rud0lf have read through your diary, you have made amazing headway and the journey has been so impressive! I can't see why you won't achieve your goals, I love the way you review and update your budget as needed, this is the best way I think, it needs to work for you! Will keep popping in to see the progress

Rud0lf

Thanks Aimingforthegoodlife I'll pop over to read your diary too, reading other diaries definitely helps with motivation.

£10 off the credit card and £5 off very this morning, need to remind myself it's a marathon not a sprint. Watching the figures reduce each day is addictive. Budget appears to be working better to have made it to this point in the month and be able to pay extra off. I'd rather it this way than pay extra off at the start and then have to scrape through the month. 

Need to keep checking in on here to stop me spending. A week today is payday and I'm determined to get there with money still in the bank.

Rud0lf

£5 paid to mum this morning, I'm determined to keep with payments and still managing to, £52 left until payday on Wednesday so 6 days left to go. 

Looking forward to seeing figures drop by a larger amount on payday..