Clearing my debts 1% at a time

Rud0lf

Thanks frugalfever for the rounding down technique, I've started adding that to the emergency fund when I remember, hoping it will become a habit soon.

Jamesyb I love baking when I get time but at the moment between working full time, completing my senco qualification at uni and looking after the kids and house I don't have the time to spin it in to a business, maybe if I get to take early retirement in 20 years time it could be an added income. At the moment most of my baking is birthday cakes for the boys and a weekend creation for them to snack on through the week.

Beanielou I'm sticking at it 1% doesn't sound too scary.

This week has been a spendy week from the house budget. New back gates after the old ones were condemned and demolished 5 weeks ago and a fence panel blew down in the wind which will need replacing soon.it also made me look at the other panels which are in poor condition, at least another 3 need replacing short term and a further 6 probably this year.

I've made the most of half term and decorated the hallway only cost was emulsion and paint paid for with a voucher from my energy company for recommending them. 

Payday next week and after the click and collect at the weekend I should have an extra 80 as well as the £50 from the cheque so going to work out the budget and see if I can pay 2% on payday,🤞

Rud0lf

To get the eldest out for a walk I've promised him a phone top up so we can look for Pokémon on the way. He won't go out much at the moment and can go weeks without going anywhere except the garden so it's worth the £10 credit and should cover quite a few walks. The first time he's ever had credit he usually only uses WhatsApp. 

Been out for an early run and painted a cupboard which has been annoying me for a while as all the paint was chipped. Other than the top up no other spending today, I'll leave my purse home when we go for our walk to avoid temptation. I'll raid the sweet cupboard to make up pic and mix for our movie night. 

Will go online to organise the click and collect shopping this afternoon armed with my list and my mum's and avoid adding any non essentials.

Rud0lf

I've had a reduced settlement offer which would save me a thousand pounds but would mean I need to pay 4111 in the next 6months, I'm crunching figures to see if it's doable but would mean I was paying off 2% per month. It's manageable just but will leave little wiggle room to save for Christmas etc. 

I'm going to try a cheeky request to see if it can be reduced any further, which would really help but it sure what response I'll get. Will give them a ring tomorrow to test the waters.

Rud0lf

Called We5cot today who have sent an email to lntrum to request a further reduction, will see what comes of it. Hopefully they'll accept and I'll reduce a few percent for free.

LittleMissDetermined

1% chunks seems very sensible, I wish you well on your debt free journey lockdown has definitely made us realise what's necessary.   Hopefully you can get a reduction on that settlement deal which will essentially 'wipe out' a portion of what you owe - fingers crossed!

LMD x

Rud0lf

Good news We5cot accepted my offer so 5085 down to 3600, a reduction of 29%. Means just under 6% wiped off for free. This is also more comfortable to pay off which is important. It brings my debt free date forward just over a year. Enjoyed a rare day working from home today too.

Scott_Weiland79

Can i be nosy and ask a couple of questions if its okay did you say your on a dmp and who are you with??? I love your 1 percent thing its a great way to things in the baby steps to freedom concept i have 48 months to go for me. But i am hoping to drop that rapidly when a finance agreement i have finishes. 

Second question sorry you mentioned about races??? what is it you do are you a runner/cyclist/triathlete etc

Rud0lf

I'm on a dmp with stepchange and enjoy running, I'm not particularly fast but can manage a half marathon, not too much cost involved except club fees and new trainers every 6-12 months depending on my mileage and of course race fees when I'm able to race again.

 Scott_Weiland79 said:

Can i be nosy and ask a couple of questions if its okay did you say your on a dmp and who are you with??? I love your 1 percent thing its a great way to things in the baby steps to freedom concept i have 48 months to go for me. But i am hoping to drop that rapidly when a finance agreement i have finishes. 

Second question sorry you mentioned about races??? what is it you do are you a runner/cyclist/triathlete etc

Rud0lf

So today after getting the click and collect food shop, I've delivered mum and dad's to them before enjoying a morning run alone and an afternoon walk with my youngest on his bike before enjoying a lovely bath, having managed to save £500 extra on the we5cot payment I've decided I'm going to pay down another 2% on another debt, can't decide which one but I suppose I'll go with whichever one makes it easiest to make a payment. Will look at that this evening when the kids are in bed. Tomorrow should be a NSD because I plan on starting my uni assignment and staying home. 

Time for my annual review so need to sit down and do that sometime too, hopefully I can increase my monthly payment a little but wary of making sure I save some money each month for a post lockdown fund to do some nice things with the children when we can. They've had a full year of disappointment with family days out cancelled and a holiday delayed twice and finally cancelled so want to let them choose a few things they want to do. As much as I want to be debt free I know it's a marathon not a sprint and there has to be some fun along the way. 

Rud0lf

Been a little while since I've posted but been throwing anything I can at the debt and trying to be clever to give mental victories. Wiped of the we5cot debt with 3000 left to repay to family over the next 6 months but I've added up the debts and I've now cleared 16%, 84 steps to go. Next challenge is to pay off the smallest debt which is getting the SC payment plus £180 a month when I can whilst I have no after school club to pay for, this might start up at any time so needs to be budgeted for. Then I think I'm going to tackle the biggest debt followed by the next smallest etc.

Alternating between the two will give me a mix of quick wins and major achievements. 84 baby steps from victory!

Annual review has increased my monthly payment so an extra £59 a month off the debt. So will be debt free sooner, should be debt free by Dec 26, but aiming for, April 24. 🤞debt free in 3 years.

Have also enjoyed a run with friends this week, was nice to be back with them, we hadn't ran together in over a year so I really enjoyed it. 

Grocery shopping needs reigning in as I've been off work and had time on my hands. Popped to the shop for a couple of things and ended up spending £34. Tracking it though and have stocked up on snacks for the kids who are also off school.