Debt and Budget (Reset) plan

shell16

Before I get on with the numbers I'm super excited to be going away for the weekend tomorrow, its my birthday and youngest DD 2 days after, so we are off  in the motorhome.  All budgeted for activities - Bowling, cinema, meal out.  I'm taking popcorn,  sweets and drinks with us so we do not have to buy at the cinema

I haven't updated on here for a while with my Friday updates.  My budget is getting very close to zero and I have not been able to make any PAD payments as I don't want to go into my overdraft.  I have made some progress though.  I have one more DD to come out before I get paid next week and my Virgin and Lloyds CC payments came out.  There are still pots of cash in my grocery, transport and a little left in Misc.

Virgin CC1 - 0% - £1408/£1287 (8.6% reduction)
Lloyds CC2 - 3.9% - £3095/£2861.74 (7.5% reduction)
Sainsburys CC3 - 0% - £2300
Loan - £6001.33/£3802.71 (36.6%  reduction)
Total = £10251.45 paid £4639.25 off debt)
31.2% Reduction 
DFD - October 2023/February 2024
PAD Started 06/10/21 - £894.45 Extra paid off Debt

Summary since I last posted
Virgin CC reduced by £121
Lloyds CC reduced by £137.25
Total Debt Reduction reduced by another 1.8%

I am also at 17.7% of the total available credit, which is wonderful.  My credit score has taken a tiny hit, with me opening up  Starling, and Sainsburys CC in the last few months, but this credit availability should hopefully put a few points back on.

Before the end of the month I will be paying my Loan which will take me below £10K, again super happy about this.

I have also finally got my dentist to respond to my dental insurance for a claim.  Hopefully if that comes through I will have around £500, so will definitely be looking to pay that off a credit card which will offset the £520 (incl transfer fee) I had to put onto debt total for OH Overdraft. 

So all in all, I don't think that's too bad even though I have not been able to PAD for the last week or so.

Have a great weekend everyone!

dg1019

Happy birthday @shell16. I hope you have a great weekend away. You're making great progress with the debt busting.

EssexHebridean

Have a lovely weekend and a happy birthday! 

This is the thing with debt busting - sometimes the progress leaps forward and other times it feels like it’s barely moving - you’re still getting there though! 

shell16

Thankyou @dg1019 and @EssexHebridean.  I know im still making great progress with my debt busting and my motivation for clearing the debt remains ever strong 

Had a lovely weekend away, Bowling was fab, but its obviously been a while since I went as I presumed they still give you shoes (They no longer do!), I went in heeled boots!!  Not the best to be bowling in, had to use my eldest daughters trainers who is luckily the same size as me, so busy taking on and off for every turn!    Anyone with children, Sing 2 is really good!  Im off for another couple of days this week due to half term, not much planned, just spending time with my girls.  Youngest DD birthday on Friday.

Payday is Friday as well as OH, although been a shorter month, it seems like its been ages!  Most likely due to budget getting to zero, where usually would have at least £50 buffer. Loan due out on 20th so will take me below £10K! Cannot wait for that milestone!

Thats about all for now.
x

dg1019

They don't give out bowling shoes any more?  The world's gone mad!

Glad to hear you had a great weekend. That upcoming debtbusting milestone is going to feel so good!

shell16

Morning Everyone.  

Hope everyone has stayed safe during these horrible storms we have been having.  

A Milestone for me today....Made my loan payment which has now brought me down to a 4 figure debt!  Super happy with this, I cant remember a time when I didn't have a 5 figure debt!  I have checked credit companies I'm registered with and it only goes back so far but always been 5 figures.

Im super focussed, although I'm not making many PAD's at the moment as I'm working to a zero based budget.  When I can, I will make them.  

My pots are building up nicely too, EF now at £245, I'm saving initially to £500, then £750, then £1000.  My main aim is to get the EF to £500 for now.  Christmas is sitting at just over £300.  1p challenge is a challenge as I rarely use cash but im still ahead at the moment sitting at £35.59 compared to £14.31. 

Nothing much else to report, so will close off.

Have a great day!

shell16

Another nice surprise today!

Just received a letter form HMRC regarding a tax refund of £62.40  Think this is from the Working from home tax benefit.  Hoping I get another one for the 21/22 tax year!  When it comes through I will either put in my EF or to my savings for my living room.

Shell x

shell16

Morning and a Happy Sunny Friday!!

I got paid last week and made a PAD of £70 which goes back to a cancelled Policy which I had been paying for years and didn't provide adequate level of cover plus I had the same benefit free through work!  I'm trying to work to a zero budget so my PAD payments will not be as frequent throughout the month as it has been recently.  

I've reduced my overall debt to 4 figures which I'm super happy about, and paid off just over £5K since my LBM in August 2021.  Loan payment came out this week and my payments for all 3 CC's will be due out next week, so my debt level will reduce to somewhere in the region of £9500.  

Budget going well, not as much put to savings this month as I overspent a little for our weekend a couple of weeks ago for my birthday and DD's Birthday.  I put this on my spare Barclaycard CC with a zero balance.  As soon as I know when payment is due I will be paying it off in full,  I have put the total I spent in my Starling 'pot' account.

Some unbudgeted spending, My cars spring decided to snap yesterday on our road.  Went over a speed bump and bang!  I do have £90 in my Car Maintenance Pot, hubby is a Mechanic so will be able to order today and fit over the weekend.  Serious bad luck with our cars recently!  Quite costly as we had to buy 6 tyres for 2 cars last month!

Regarding my other 'Pots' I have £245 in the EF, £300 in my Xmas 22, and £1300 in my Living Room Fund.

Its Council Tax free month this month (and next) but our usual payment of £259 has a 'job' in that it pays for our Motorhome Storage which was £420 last year and is due beginning of April.  The remaining £120 will be going towards Hubbys Golf fees for next year.

We have decided to make a start on the Living Room.  We have an overpowering Black Granite fireplace which is stunning, however when we moved into the house 9 years ago, we decided to go black and grey.  Its so,so dull!  Bought some bits yesterday from my Living Room 'Pot' from The R@@nge, next big expense is a new sofa.  Cant wait till its finished!

All in all, not doing too badly, made progress on debt reduction, still a marathon in terms of a sizeable debt but every payment keeps chipping away at the total so all heading in the right direction.  I also think moving my DFD to February 2024 was a tad cautious, I think I could clear by September 2023 when I have checked out the various calculators.  I will have another look at DFD next month.

Thats about all for now.
Shell x

dg1019

Congratulations on getting below 5 figures-  a great feeling! 

It sounds like you're making great progress. 

shell16

Thankyou @dg1019. I'm really pleased with my progress so far. 

In other news our bad luck with cars just keeps on going.  We have a broken down vehicle, something to do with immobiliser! Sounds very expensive!  Just wish we had a break 😪