Clearing my debts 1% at a time

Sarahwithlove

You're very organised with the Christmas presents I haven't even thought about it yet oops. March is so close now, 6 months basically and you'll be debt free 

Rud0lf

In some respects it feels so far away, first we have Christmas, my sons birthday and a large chunk of the school year, but it will hopefully fly by, I'll manage my tight budget for the next 6 months and then will have more freedom in my budget to renovate the kitchen and loft which are the two big jobs needed on the house. 

Final job is decorating the hall way.

All the other jobs we can do ourselves. 

On the wish list I'd like to overhaul the garden but not sure when if ever that will get done. Maybe in the long term plan I can budget to save for it but it's a want not a need. The other jobs are very much needed.

Once I get to the end of 2024 the main focus will become saving for early retirement. I'm hoping to work until I'm 57 and then take my pension. Although it will be reduced I want to enjoy retirement so have looked at the figures and it's easily doable as long as I stay out of debt and try to save even a little.

Budget is on track, need to put my thinking cap on for Christmas presents but all plodding along nicely here.

Rud0lf

Have had a bug for a few days which meant I've had plenty of time over the last couple of days for going over the budget again. I think I've managed to calculate my payrise using a past payslip and calculating deductions etc. I should be £116 better off each month from November if my calculations are right. I'll be due a little back pay to which I'll use towards Christmas presents and getting my hair done in December. I feel like I'm crawling through the month, probably because my spending money is in a different account to my bills money this month but in reality I'm okay and have enough personal spends to get through. I'm waiting to see if a payment goes out today and I have prime due to go out tomorrow. That should be it apart from football subs until child benefit is paid in and that will in turn pay for subs and odds and ends until the end of the month. 

I've paid in advance for a bonfire night trip out and November should be fairly uneventful, husband and eldest son are almost sorted for Christmas, just a couple of scratchcards needed for stockings and a gift for son off me and dad. Youngest son is almost done but I'm out of inspiration so in November I'll finish off everyone outside of the house and come back to him in December. 

18 days until payday and all spreadsheets are up to date, just need to decide which pot to add my payrise to when it comes I'll probably split it between long term savings and the house pot. This is what will happen with all spare money once debts are paid to. By April I should have about £1000 a month to put towards jobs.

Rud0lf

Only 5 days until payday, and I'm trying to stay ahead in the run up to Christmas, I've paid one of next months bills early, and I'm staying on track. Have paid for the Christmas night out and a night out next month, which is almost unheard of. Have decided to start having my hair done every 3 months instead of every 6 weeks, so I'll save around £200 a year.

Edging closer to my debt free date and working hard not to let the wheels fall off especially at this time of year when everything is so spendy.

Rud0lf

Payday tomorrow and I'm still surviving. I have some cash left for a treat for my son when we go to the football today, first time watching his number 1 team. Payday tomorrow so I'll sort the budget for the month and make sure I'm still on track. Payrise won't be awarded until next month, so I still have a very tight budget but should have a nice bit of back pay next month  with the increase and 2 months extra increase. 

Need to look at what my youngest wants, might get him to write his letter today. 

Rud0lf

Payday has arrived and money has come in and gone out. 

Balance is now 

Cc1 1874.22
Cc3 595.59

So a total of 2469.81

5 more paydays until its gone, hairdressers appointment rearranged for the end of the month. 

All bills and savings on track, Budget reviewed, every penny is accounted for this month and there is a clear light at the end of the tunnel. Work in the loft is being done ourselves and costs are being kept to a minimum and all non essential spends are not being made.

Rud0lf

Keeping a tight hold of the pennies this month, doing better than expected with my budget and hoping for an underspend. 

I've broken up the month into 3 chunks, each with its own aim, anything I manage to save in each chunk is going to different allocations. This is helping me to not think oh my god how am I getting to the end of the month and just giving up trying. This is having a positive impact on my motivation to save.

Anything I have left by the 15th will go to the loft renovation pot. The next date is the 20th and anything left will go towards one of next months bills to get ahead. The final date is 29th payday, any extra will go towards having my hair done so that it doesn't come out of December's budget and some stocking fillers.

Rud0lf

Unlikely to have too much left by the 15th as I'm off to youngest first football match today, any spending will be within the budget but unlikely to have much left in first budget (until 15th) after that but nothing else is needed except for £7 for football and £1 for running club. If anythi5maybe ill have enough for a box of screws. Second mini budget is from 15th until 20th, shopping delivery and the final presents on the boys lists, should have some money to pay forward to next months bills and then the last chunk has to cover two lots of football, running club subs and my hair. Should have plenty left over to sort last stocking fillers. December's budget will cover other family members Christmas presents. Chunking my spending is definitely the way forward for me. It stops me from thinking I have lots of money at the start of the months and ending up scraping through the last few days.

jusferbrowsing

You have done brilliantly so far and sound like you have a sustainable plan for future spends without resorting to CCs. 

Rud0lf

jusferbrowsing said:

You have done brilliantly so far and sound like you have a sustainable plan for future spends without resorting to CCs. 

I'm hoping that once I get to April (5 payments away) and the debt is paid off that if I ever havea credit card it's one I'm able to pay off in full every month. That way there won't be any interest or any possibility of it getting out of control again. 

I like feeling in control of my money and feel like I have more money now than ever even though I'm paying such a large amount off the debt each month. I think it's because I'm mindful of where every penny goes. 

Managed to get to the 15th with just under £20 free to go towards the loft. Anything left over by Monday will go towards December's ovo bill to get me a little ahead over winter. Can't believe its half way through the month and there is still enough money in my account to get me through. I even managed a spontaneous drink after work with friends which I never usually have money spare for at this point in the month.