Debt and Budget (Reset) plan

Squirrelz92

Oh wow that will have such a massive snowball effect will having that spare £385 to go towards your other CC's once your loan is finished!! How exciting! I would be dancing about for ages playing with ideas as to how is best to use it! As tempting as it would be to whack back into your disposable income, you have lived without that spare cash for this long so it will speed you up sooo much throwing it at the rest of your debt!

Your DFD is going to come round so quickly now! EEEK so happy for you 😆😆🎉🎉

LittleMissDetermined

It’s always good to have a review and see just how quickly you can get to the point where ALL your money is yours and there’s no debt to pay.  I can’t wait!

The good thing with the snowballing is that you’ve not had that money to spend because it’s been used for your loan, so you’ll not miss it by throwing it at the next debt x

SusieT

Being able to roll the loan repayment to a card will be a huge boost, it would even be enough to clear one in full and just leave you with 2 which would be another big boost  

shell16

Morning All

@SusieT @LittleMissDetermined @Squirrelz92 thanks for your comments.  Snowballing with that loan money is definitely the way to go.  I would like to get this debt cleared once and for all, its money I haven't relied on for nearly 5 years and makes a lot of sense to use it for as long as I can.  I really cant wait until December to start my first snowball payment.  Im not sure how I will do it yet, add full amount to 1 debt until paid off or split into 3 and all balances will be coming down?

Not been feeling 100%, started with an annoying cough, hoping its not covid.  DD1 is off school too and she is testing negative also for the last 3 days.  I have had my reminder for the flu jab as I get this free with my underlying health condition, so need to sort that asap.

Not alot going on at the moment, Prolific has all but dried up, but it does tend to be like that every now and again, then suddenly an influx come all at once.  Have £1 cleared and £3.20 pending, just need a few low paying ones at the very least and I can cash out when I hit £5 cleared.

For the first time in quite a few weeks, I have spent all of my grocery budget, but in all fairness we did have to replenish a lot of freezer stuff and store cupboard essentials.  Usually I have at least £10 to add to my saving challenge or my Accelerated focus fund, but not this week

On more positive news, I have just been paid some expenses from work when I used my own car for business purposes so have just over £60 refund in the bank today.  In reality I likely used around £25 in fuel so I'm going to decide which CC I pay the surplus to.  My Sainsburys CC is 0% however I have made a few extra payments to this card during this pay check period already, I would like that balance to come down a lot more so it will likely be that card.

I'm supposed to be in work tomorrow but I think I will need to check if I can go in, with starting with a cough, although you can work with covid, I think my work still wants employees to stay away if you have any symptoms of covid?

That's about all for now.
Shell x

LittleMissDetermined

I do hope it's not Covid, having just recovered from a bad case of it myself I have full sympathy to anyone suffering symptoms.  Hopefully work will want you to stay at home in case you're positive. 

We have also noticed our food shopping is costing more, and to be honest I have noticed some considerable price hikes in our regular items. I fear this is only going to continue rising given the economic climate. 

Totally agree on the Prolific front, there was a good flurry of studies last week and now I'm seeing hardly anything come through. Hopefully we will get more soon

Rest up and take care of yourself
LMD x

SusieT

If Virgin can be paid before the 0% rate finishes I would pay to CC2 and save a little bit of interest, otherwise put it to Virgin and see that one go completely in a couple of months, and get the mental boost of having 1 card cleared, which will then roll through to the others. Depends how you feel about having another gone, or paying the one with interest first. A good position to be in

shell16

Thats a good idea @SusieT but think I like the idea of bringing the totals down for Sainsburys and Lloyds. Just written down payments I will be making in Oct and Nov as usual and the balances left (These will not take account of any extra payments I make from Prolific or anything spare form budget etc).  Using those balances,  from Dec payments taking my usual payment then I have split the £385 as follows:

£100 extra to Virgin
£100 extra to Lloyds
£185 extra to Sainsburys

Using this I will hopefully pay off Virgin first in March 2023, then Lloyds in April 2023 and finally Sainsburys in May 2023.  The 0% finishes for Virgin in July 23 and Sainsburys 0% finishes October 23 so well within time.  

Compared to true snowball method, this will result in following
Virgin paid in Jan 2023, Lloyds' in March 23, and Sainsburys in May 23

Both ways mean all being well totally debt free in the next 8 months :smiley

Shell x

Squirrelz92

WOW, debt free potentially in the next 8 months?!?! I am so jealous! What an amazing achievement that would be @shell16

shell16

Thanks @Squirrelz92, compared to 12 months ago it feels like an achievement but I need to remain super focused, and everything I have that I can spare cash wise will be sent towards debt.  

Would be even better to be debt free in 6 months so that's what I'm going to try and do. 

Shell x

LittleMissDetermined

Shell16 you sound as impatient as I am haha, I’m always looking for ways to shave off another month from my DFD

I think when you get to the point where your outstanding debt feels low (even when it isn’t, like mine) then you just want it gone!

Keep at it, you’re smashing it!
LMD x