Debt and Budget (Reset) plan

jokono

That's annoying with the parking, it has happened to me before. Good luck with the new budgeting plans!

shell16

It certainly is @jokono must remember to check trains before I get out of the car in future!! 

Thanks for popping by x

shell16

Afternoon

Its lovely and warm here but cloudy/sunny so its not too hot which is good.  Still a good drying day and further washing out on the line.

Made a PAD of £6.70 prolific cashout to Lloyds CC, signature updated and thread too.

Get paid tomorrow, seriously cannot wait, its been a difficult month so far with the budget.  Just want Mays Budget done and dusted and to move on.  Will be moving to cash budgeting for Grocery, Fuel and Eating out tomorrow to keep me focussed.

Ive decided to try a side hustle to generate extra income, Im not sure how it will go but I suppose its watch this space!  If it takes off, I will hopefully be able to direct more cash to paying off my debts much quicker and thus bring my debt free date forward.  Without the Loan (Last payment is November 22) I have £5020.65 in credit card debt. Lloyds and Sainsburys are very close to starting with 1s instead of balances with 2s and Virgin is already below £1k.  My minimum payments to all 3 CC's are £102.58 and I pay £282.75.  Appreciate already overpaying but want to direct more to debt.

Ok so now im on lunch, have a few errands to do then back working.

Have a great day!
Shell x

shell16

A quick update.

I have worked out with the overpayments (above minimum)  and the extra bits I send from surveys and save the change Im averaging around £183 a month to Lloyds CC which is on a low 3.9% interest until April 2024.  

I should clear Virgin by January 2023 - 0% ends Jan 23, Sainsburys by September 2023 - 0% ends October 23 and Lloyds by June 2023 - 3.9% ends April 2024.  So hopefully debt free by September 2023.

Based on this my debt free date has been brought forward a month and this doesnt take into account the extra I will have from Dec 22 when I will not have to make a loan payment of £385.  Im cautiously optimistic and secretly willing myself to get clear sooner, especially with the side hustle im looking into too.

Im going to give it my best shot! I am dreaming of writing my post on The Debt Free Roll of Honour! 
Shell x  

enthusiasticsaver

shell16 said:

sunshine_raincloud said:

Sounds like a busy day. What's your sofa look like? I love looking at home decor and planning what my future house would be like (if I ever won the lottery...) 

@sunshine_raincloud I love it 😍. Footstool (we already had this) is totally wrong colour,  so will save up and get recovered.

What a lovely room!!

enthusiasticsaver

shell16 said:

A quick update.

I have worked out with the overpayments (above minimum)  and the extra bits I send from surveys and save the change Im averaging around £183 a month to Lloyds CC which is on a low 3.9% interest until April 2024.  

I should clear Virgin by January 2023 - 0% ends Jan 23, Sainsburys by September 2023 - 0% ends October 23 and Lloyds by June 2023 - 3.9% ends April 2024.  So hopefully debt free by September 2023.

Based on this my debt free date has been brought forward a month and this doesnt take into account the extra I will have from Dec 22 when I will not have to make a loan payment of £385.  Im cautiously optimistic and secretly willing myself to get clear sooner, especially with the side hustle im looking into too.

Im going to give it my best shot! I am dreaming of writing my post on The Debt Free Roll of Honour! 
Shell x  

Sounds like a great plan to be debt free in just over a year. Just imagine how much spare money you will have with this no longer round your neck. 

shell16

@enthusiasticsaver thankyou for your comments, I love our room too, so much nicer to sit in.  Its evolved in the time we have lived in the house.  When we moved in we had an orange carpet and feature wall was also orange.  Nothing against the colour but not to my taste.  Also its a big room but awkward as door is in middle of wall and 2 windows with a 'jut out' on the window side.  Always tried to split up room due to this and make into 2 areas.  We have now embraced and put the sofa towards back end of room so more open towards the fireplace.

I really cannot wait to be debt free, as you say its a heavy burden and to be rid of that will be a happy feeling and a huge sigh of relief.  I can safely say, I will never again get myself into debt.  I've been in debt most of my adult life in one way or another.  I'm heading towards the big 5-0 and so if i can remain super focussed and clear by next September (or earlier) I will be debt free (apart from mortgage) by the time I hit 50 in 2024.  

I have made a small PAD today of £1, updated thread.  Its also payday today for me and Hubby  Its wonderful I'm finally here BUT yesterday I was overdrawn by nearly £350 

Soooo, I need to be so very careful again this month.  All extra thrown to debt will be purely from additional sources, no bank round downs for me at all, and no unbudgeted spending! - NOTE TO SELF!

Sunday will be hard for me due to being Fathers Day, I'm not quite sure how I'm going to be....  It is also Fathers Day for Hubby so I mentioned last night that I would buy some steak from A*di and get the girls to help with a lovely homemade meal.  He said he would like that very much!

Anyway its another work day for me, so better get back to it!
Shell x

EssexHebridean

Hi Shell - the Father's Day thing is a funny one - in our house we've never done anything for either Mothers or father's day - neither MrEH or I were brought up doing so in fact so it didn't occur to me that this year would be an issue. I did find it quite difficult to cope with though - just the seemingly constant flood of emails etc around it I think. I hope being able to do something lovely within your own household for it helped a bit. 

You're flying on with the debt clearing - it's really brilliant to see! 

shell16

Morning 

What another beautiful day, towels on line and should be dry in no time.

Yesterday was hard, began the day writing a post to dad on F**bo*k wishing him a heavenly Fathers Day.  Still cant believe he is no longer here 

Several payments made today and debt reducing nicely with my loan payment having been taken, not many more of those now until paid off, November being my last payment!  PAD thread updated.

So as I mentioned this months budget is still going to very tight having rolled over a negative balance prior to payday.  Cash budgeting is going well too and I hopefully should have around £25 left in my Grocery budget this week whereas I usually spend the full £100.  Keeping a visual eye on cash is much easier!  Used full £45 in fuel as car running on fumes, filled just below half a tank but then had to drive to my mums to look after her on Saturday so Im sat at just under a quarter of a tank to last until Friday when I replenish the various cash budgets for the following week.

My side hustle has seen a profit of just under £10, so will carry on with this to see where this goes.  Saved profit in my Starling pot and hope I can add more to this very soon. £3.78 in Prolific pending with £0.28 cleared, so need to do some more surveys to get this to at least £5 to cash out.  

My new plan to reduce my debt free date is going well.  Increased min to Sainsburys £55, this started at a min of £51.75 and I maintained this for the last 4 payments with the minimum payment all the while reducing a little bit at a time.  Lloyds CC needs to see payments including my usual £114, to £183 a month to stay on track.  This payment is due beginning of July and I have made payments so far of £42.70, so a shortfall of £26.30 at the very least.  Virgin payments are set to clear by 0% end deadline so final payment will be Jan 2023. 

All going in the right direction, overpayments are coming from various side hustles only and not from my accounts (with exception of save the change).  Need to keep extremely focussed with my budget this month to ensure I end up in the best possible position going into Julys budget.

That's about all for now.
Shell x

shell16

Just a quick update from me. Just received my water bill and it looks like my payments are reducing £6 per month based on actual readings.  

Will use the £6 saving towards overpayment to Lloyds CC. 

Shell x