Clearing my debts 1% at a time

Rud0lf

On the money front it's payday tomorrow so the great money shuffle will take place when I wake either in the morning or through the night. I'll go under£5000 for the first time in over 20 years once I've moved everything.

Rud0lf

Tomorrow's number one job is to contact SLC and make a final settlement. Might even have a celebratory chocolate bar since I can't drink on the tablets I'm taking at the moment. At least I'll save money on Sunday when I'm out for a friend's birthday as I'll be on soft drinks and driving.

Rud0lf

So the great money shuffle has started, £300 has been sent to bank of mum, £100 to very, £150 to cc2. The direct debit will be going to cc2 next week and I'll try to ring SLC sometime today to sort the student loan. For the first time in a very long time I'm under £5000 and aiming to be under £4500 very soon. 

Now that SLC will be gone from the middle of the month all debt payments will be gone by the 3rd of each month leaving a  humongous gap without payments so Iay need to tweak my strategy and make a small overpayment each week at least to stay motivated and not relax too much between paydays. I think I'll aim to make a small payment every Sunday but need to have a think about where to.

Off to get ready to go back to work.

Rud0lf

I ended up in school till almost 6 yesterday so contacted SLC today and my student loan has now officially been paid off 🎉

Still sore but on the plus side I am eating less which should help with the waistline and finances. 

Decided to pay off 20 to very to bring me under £4500.

MrFrugalFever

Sorry to hear of your incident, sounds like it could have been a fair bit worse. Hope you are recovering quickly.

Great efforts on getting under £4,500. Feels like you're on the home run now!

Rud0lf

Thanks @MrFrugalFever I'm starting to feel a little more comfortable but still sore. Definitely on the home run just need to try not to overpayment too much and get myself into a pickle. 6 paydays until I'm completely debt free.

Rud0lf

My direct debit has gone to cc2 leaving it at £250 and ready to payoff in full at the end of the month on payday. That will leave me with two debts left, slowly but surely I'm getting rid of them for good. 

In October my first default will drop off and by December three will have gone. The last two will go in April 25 so I'll be debt free before then. And I'll have a proper emergency fund for the first time. At the moment I don't have one but if ever there was an emergency I can access my future inheritance, obviously I don't want to do this but can if necessary. I also get 6 months full pay sick pay then 6 months half pay so shouldn't ever need it. 

Once the debt has gone I'll be saving as much as possible for when we need a new car, I'd love to be able to pay I'm full rather than on finance but even a combination of the two would be good.

londoner2019

Huge congrats! Student loan gone and that's a big burden off your shoulders.

Your plan sounds like it's coming along nicely - 9 months until all the defaults drop off, and you'll be debt free and with an emergency fund. 

Keep it going - you've got this!

Rud0lf

£20 from my weekly spends and £8 to  balance my bills account (football was cancelled so no subs this week) has been sent to very, Whatever I can keep in my purse by next Thursday will be sent as an extra payment to very making sure my buy now pay later is gone before any interest is added. 

I have split the rest of my money for the month between the two weeks before I go on holiday. This means I have £70 per week but this needs to pay for a tank of petrol this week and a couple of wedding cards and next week needs to pay for my nails and a few soft drinks at a wedding, I already have the gift. I also need to have money in my purse for any random end of term things in school. I have teacher gifts already some wine and prosecco which I had in the cupboard.

Payday is while I'm on holiday but no doubt I'll still do the money shuffle while I'm away. Only remaining thing to buy is some factor 50 for my scar, don't want to risk burning it and not realising because that part of my face is still numb. 

Slowly but surely chipping away, I'll definitely be debt free by the end of the year but it would be nice to have some extra money in December to enjoy a few nice days out with the boys.

Aimingforthegoodlife

Gosh I am so sorry about the incident that sounds so unnerving and very painful! Hope you are healing up well. Woohoo on the SLC! Fantastic news! You are doing a great job