Clearing my debts 1% at a time

Rud0lf

£5 to mum this morning need to keep myself on track this month, have to pay for 8 weeks storage in preparation for the rewire and plasterer. We decided it was cheaper to have the unit longer and use our cars to make trips over three weeks than have it for a shorter time but need to pay to hire a van twice so we are getting it tomorrow.

Boxes are everywhere and so it's making me feel quite out of control with my probable ADHD. Can't wait to have everything out of the way and get my head on straight. Usually when I feel like this I get spendy and I know I can't do that so I'm doing daily check ins to the bills account and the spending account to keep my self on track as much as possible.

Had to spend 17 hours in a and e with mum this week and I managed to not resort to online shopping at all, instead a bar of chocolate, packet of crisps and a sandwich saw me through not to bad spending wise. 

Need to pay £217 for the storage unit so I'm glad I have child benefit coming in on Monday to get me to the end of the month. 

Today I'll be mostly packing things in boxes. Haven't done many overpayments this month as I need to make sure there is money in the account to last the month.

Money loaned by mum is going to increase this month by £1250 but this was always expected to happen, the rewire needs paying for however this month's payday will be the last one that I pay 494 to stepchange so I will divert that money to pay mum. Meaning by the end of July she will be paid back in full £2130. 

The only element of renovation still needing to be paid for is a plasterer, a gas pipe disconnection and a water pipe slight adjustment so should be minimal in the grand scheme of things considering we've already paid for the new kitchen and fitting. 

Aimingforthegoodlife

Great work continues! Sorry your mum was in a&e, hope she is doing ok. Also, incredible that by the end of July you will have removed a whole debt from your list! Fab work!

Rud0lf

Thanks @Aimingforthegoodlife she is home now and doing well.

£5 to very this morning, at least my impulsivity is going to the right place for a change. 

Cc1 will be gone on 2nd April with it's final payment. 

Bank of mum will increase before going on July 30th

Very will be gone by 29th of September at the latest

Pay in three will be gone on 18th May

Cc2 will be gone on 2nd July 

Student loan will hopefully be gone by the end of September.

Putting all the dates I'm aiming for here for accountability.

If it was just left to minimum payments then

Cc1 2nd April
Mum Dec 25
Very February 25
Paying 3 18th May
Cc2 December 24
SLC April 25.
My promise to myself is I will be debt free by the end of this year. (End of September would be great)

Then I can start to truly appreciate the wage I am on as I won't be paying out £1191 to debt each month, This will then go to savings to help me retire earlier and support the kids in to adult hood either through uni/college or with a deposit for a house depending on what path they choose. I know this is a lucky situation to be in and genuinely appreciate the situation I am in.

Rud0lf

Paid £10 off very yesterday then checked my SLC balance this morning and saw a link to make a one off payment, I decided to pay £19.55 which means with interest  added (8.55) and then my monthly direct debit is paid that has been brought down to £1500. This is my only interest charging debt so now I know that I can pay this down whenever I want I will make a payment each month of £21 plus the months interest to reduce it by £150 every month. I like round numbers and this will mean it's gone in 10 months if not before. Also any extra bits I decide I can manage to pay will go towards that to bring down the interest.

Looking forward to chipping away and watching the debt come down. 

Rud0lf

Looking back to my diary a month ago, I've cleared £1300 from my total debt I've also paid for the storage container and the gas pipe to be capped this month too. 

The flooring is now laid in the kitchen, the plasterer has been out and has told us we need to take one wall back to brick before he plasters in 3 weeks. Rewire is due in 2 weeks while we're away so we have two weekends to do that. The only other thing left for us to do is strip wallpaper off 2 walls then we've done as much as we can until it's plastered. 

Plasterer will be between 600 and 800 (dependant on whether any issues arise) for the kitchen/dining room. And then a little bit of tracking else where, having looked it's reasonable and is being done by someone highly recommend in the company my husband works for. So should be done well. 

The gas pipe has now been removed so we now have the challenge of no hob for the next 10 weeks. I'll have to get creative and use the ninja, oven, microwave and George foreman for every meal. Luckily mum has said we can cook there if needs be.

Rud0lf

I now have £60 to last until payday, most of the furniture is now in storage. We've had a nice weekend with some family time in between jobs which made a nice change. 10 days until payday. Half the money for the rewire is paid with the rest due in three weeks. Some will come out of my pay and some from bank of mum. 

Bank of mum will increase but then will get repaid quickly from the end of April when cc1 has paid off. Just got to stay in control until payday.

Rud0lf

Have still got £60 in the account and 6 days until payday., usually I would treat ths as £10 a day however we have a fun day out planned with the boys on Saturday so most will probably be sent then. Nothings else is needed until payday, except £2 subs for running club, so anything still in my purse will go to an over payment to SLC as this is my only interest charging debt. 

Counting down the days until cc1 is gone for good (12). 

It will be a spendy month with a big birthday for DH and DS1 but it's all budgeted for including our trip. There is also the cost of a rewire and a plasterer this month. They are the ast of the large expenses but I will have help from the bank of mum for that which I can repay over the next few months. 

Then the only real costs for the house will be redecorating and a little tiling, both of which we will do ourselves a room at a time over the next 6 months or so. We should reach the end of this year with a beautiful home and debt free which will mean the saving can begin in earnest. I haven't needed to dip into any pots to borrow for them so far this year so the car pot and Christmas pot are looking very healthy. This used to be my biggest problem robbing Peter to pay Paul, initially with credit then with my own pots
 I finally feel like an adult with money and controlling it instead of it controlling me.

Rud0lf

2 days until payday and £15 left in my purse.

8 days until cc1 is gone forever. 

£30 very payment made although I said I'd overpay SLC I wanted to get this one to £1350 first, I'd rather deal with all round numbers if possible to make it easier to add them all up each time. 

Next month bank of mum will increase by £1250 ish to pay the plasterer and electrician. Usual payments will reduce it by around £1150. I'm hoping to have a £100 to pay off something to balance it out. Then I'll be reducing it as much as possible over the next few months. 

Need to start packing for our trip as we go a week today and I've not even made a list yet with being so busy with the house.

Lonelygambler

You’re doing great. Well done. 

Rud0lf

Thanks for dropping by @Lonelygambler

250 paid off very this morning clearing two bnpl amounts due in April and May.  Next one is now due in June which will be cleared next month. Making sure they're paid in time means there is no interest to pay. 

Cc1 money is in my account waiting for the direct debit to go in 6 days.

Bank of mum has reduced by 100 but will increase in a weeks time. Slowly chipping away, the end is in sight.