The way forward....

Paydaypayitback

Hi all, I haven't been on for a while as I have had a very interesting and busy month. All my balance transfers went through and I have started closing the old cards at one card per month so my credit score doesn't take a hit with credit usage to credit limit comparison. I also have BIG news...... I have been potentially offered (head hunted) for a new job. Due to my niche speciality I got a phone call out of the blue a few days ago from an old colleague and I have been asked to attend an interview later in the year. I have already had the 1st interview and have been tipped that I have to do something drastically wrong to mess this up. The great news is that the salary starts at 85k per annum which would mean my debt worries would be reduced significantly. I am keeping my fingers (and everything else) crossed. Emergency fund continues to rise and the Save the Change pot now sits at £42 from the beginning of the year. Debt balances haven't gone down over the past month due to all the money movements with balance transfers but also on the plus they haven't gone up either. I should start to see them reduce much faster now the majority is at 0%.

MrFrugalFever

That is great news! All you have to do now is not fall in to the old trap of ‘spending to your earnings’. In other words, as you earn more you spend more....I’m sure you will utilise it to pay of significantly bigger chunks of debt and then save significantly big chunks when the debt is paid off, after all it is money you never had (well that’s how I now look at things).

whats the situation with the debt now? Is your signature up to date?
i was saying in another DFD I follow that my worry now that we are largely out of Covid restrictions (I’m not suggesting they’re a good thing for any other reason than money saving), the urge to get out and spend is greater, restaurants and pubs etc. So it’s a true test of willpower now.

Paydaypayitback

MrFrugalFever I can absolutely state I will not fall into the old trap of spending to earnings. I won't find out about the job (whether I have been successful) for another few weeks so i am playing the waiting game at the moment. I have everything crossed.
Signature block has now been updated - not much debt paid off the past few months as I have been shuffling money around the cards getting everything to 0% but from this month I should start to see it reduce in big chunks each month as I make each payment which no longer gets eaten up in interest.
My Save the Change pot is continuing to rise steadily and I have had a bit of fortune in a certain share that I bought into a few weeks ago that has risen over 300% since I bought into it. I am still invested in it and I am wondering when to pull the plug and take the profit. This certain share is tipped to go far so I think I will sell half the holdings to pay a chunk of my debt off (still more than I invested in the first place) and then keep half invested in case it continues to rise.
Other than that we have started to eat out slightly more since lockdown ended (I know I know we shouldn't) BUT we are doing it within our budgets and still paying off the debt at a decent level

MrFrugalFever

Hi,

have you heard any news on the job front?

yes I have found myself lured in by the restaurants since 12th April re-opening, so I’m having to have words with myself haha.

anything moved to 0% is absolutely great news and will make a huge difference.

good news on the shares, I have left mine in-situ as I may far far more on yearly dividends that I would in any current savings account (instant or fixed).

Paydaypayitback

Hi all, been away for a couple of weeks as I have been busy working and had a lot of things to sort out.

I should now find out about the job in August - I have been invited to the company to have a look around and meet the management so I think it is looking positive fingers and everything else remain crossed......

Everything else continues to plod on regarding the debt busting. Monthly payments keep being made and I should hopefully start to see them fall much faster now they are mostly at 0%. My Save the Change fund continues to rise slowly (currently at £63) and my emergency fund sits at just over £600. Ideally I want to get at least 3k saved in the emergency fund just in case.

We are doing well on the takeaway front but we are visiting restaurants slightly more than we probably should. I keep thinking the money we spend on the meals out could go towards the debt BUT we are doing it within budget and I think there has to be some enjoyment somewhere. One way or other the debt will get paid...... eventually.

Paydaypayitback

Hi all, so its been a while since I was last on here. Just as an update - 

Things looking positive on the new job front. I had an interview and look like I would start some point after June next year so just waiting on the final yes...... fingers remain crossed.

Continuing with the debt busting and making monthly payments on all the cards / loans. I will sit down this weekend and update my finance spreadsheet and I will then be able to update my signature block

August was slightly more expensive than anticipated but we spent almost the whole month on holiday both home and abroad and was something we needed to do as a family. Sometimes making memories are more important than money..... it will still get paid back eventually. We had a great time seeing some fantastic places, got some great deals on some fantastic hotels and had a thoroughly enjoyable month. We are now preparing for the winter months. For us it will be a quite few months upto and after Christmas.

I am very impressed with my Save the Change fund which now sits at £210.71. Amazing as this is money that I would (and haven't) missed. I will leave it to grow upto the 1k mark and then either save it as a rainy day emergency fund or pay down one of the credit cards.

Otherwise budgets remain on track with one exception....... I bought a totally unplanned Hugo Boss coat for the winter. I have always liked high end clothes - I am not a materialistic person but I prefer to buy high end good quality clothing that will last rather than stuff which won't last 2 minutes. The coat was quite expensive but I will use it and hopefully get my moneys worth out of it.

Paydaypayitback

Hi all. It has been a long time since I have been on here but I continue plodding on with the debt busting and I am maintaining payments on all cards and loans slowly increasing my credit score. Balances have started to reduce although nowhere near as fast as I would like but at least they are going in the right direction..... slowly.

The New Year started off very well with confirmation I was successful in a new job I had applied for and which will help reduce my debts much faster. The new job gives me a 24k..... yes I didn't type wrong..... 24k payrise (not taking into account tax and higher rent as I have to move location). I start at the end of this year once my current contract is up - the plan is to reduce the debts as much as I can up until then which frees up more each month.

Save the Change fund has hit £288 so that is brilliant from the odd few pence here and there. Christmas was relatively quite and we managed to stick to a spending budget whilst getting everyone what they wanted and having a lovely family time with it.

Snwps

Congratulations on the new job. That payrise is fantastic and will really help you on your journey. Keep us posted on how things go.