We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

24 months to debt freedom

Options
1246719

Comments

  • CL21
    CL21 Posts: 253 Forumite
    First Anniversary First Post Name Dropper
    Options
    Well I’ve signed up for the December NSD challenge - starting with ten for now - and the PAD challenge thanks to some gentle prompts on here (thanks @shell16 and @LittleMissDetermined)

    Yesterday I put £3.98 into my EF which I would never have done before. I think I was probably of the mindset that that small amount wouldn’t make a difference but these small amounts add up. I’ve been on enforced NSDs these last few weeks thanks to being in isolation for COVID but I’m back out in the world this weekend! Today won’t be an NSD as I’ve got to do a food shop to restock. Hopefully the bill won’t be too high as I’ve got my meal plan written out and corresponding shopping list (this is a first for me!) 

    Buoyed by my £100 saving on pet insurance the other day I decided to try and save a bit more on other bills. Since I paid my phone off - which ends your contract - I had my monthly amount for data/calls/texts etc left. This was £31 but included Disney plus at £5.99 as 02 were offering a £2 discount if you bought through them. As I was out of contract I looked for a sim only deal and got one that was £18 including Disney plus as an extra free for 6 months. I’d be paying for Disney plus anyway - we don’t have sky, Netflix or prime now so this is the only thing I pay for - so to get it free for six months is a win. I also got six months of Apple Music which my daughter likes so I’m happy with that. 

    Finally I had notice from Sky that my contact was ending and I would now be paying £38 a month or they could offer me £33. This is just for broadband. I called up as I’d seen that they had a cheaper deal for new customers and asked if they could match and they did! Full disclosure - last time it renewed I ignored the letter and just paid the higher amount 🙄

    All in all a successful week 
    Credit Card 1 - £6249.99 £4,900
    Credit Card 2 - £13,481.47 £12,985

    Total debt - £19,731.46 £17,885

    Emergency fund £930
  • LittleMissDetermined
    Options
    Sounds like you’ve had a good run of MSE bill busting there, well done!  

    If you intend keeping Disney+ it’s cheaper to pay annually if you can. So you could pop the mobile savings in a pot for the 6 months free Disney period and then do an annual subscription when it ends? Plus, it’ll be far away from Christmas spends (not sure what expenses you have in June) plus, you can get a free month to kick it off…

    Keep it up, you’re doing fabulously. And you’re spot on about not noticing the small amounts but they certainly add up over the month!

    LMD x
    Life gets in the way...PADding is addictive...Saving's better than spending...
    2024 1p challenge #11 | Cash envelope challenge #01 | SPC #017
    Sealed pot 2024 £3975 | EF £1000/£1000 | Sabbatical £1390/£3000 | Holiday spends £1520 | General Saver £750
  • CL21
    CL21 Posts: 253 Forumite
    First Anniversary First Post Name Dropper
    Options
    Thank you! Hopefully this first month will build some momentum to keep going this time. 

    That’s a good idea re the Disney savings. I’ll definitely do that and pay annually when the free period expires x
    Credit Card 1 - £6249.99 £4,900
    Credit Card 2 - £13,481.47 £12,985

    Total debt - £19,731.46 £17,885

    Emergency fund £930
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,765 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Options
    When do the MBNA and Barclaycard 0% deals expire?  The snowball method is obviously working for you in so much as the elimination of the smaller debts is acting as a good motivation.  An effortless way of reducing debt is to  set the direct debit a few pounds higher than minimum  and don't reduce it as the balance falls so do a set amount rather than minimum.  

    Now the debts are all at 0% I would use the deal periods to decide which one to target first.  I know the Barclaycard is higher and as such you probably want to leave that until last but if the deal finishes first on that it makes sense to target that so even if you have to balance transfer the BT fees are lower if you can reduce that as far as possible before the deal expires. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • CL21
    CL21 Posts: 253 Forumite
    First Anniversary First Post Name Dropper
    Options
    Good point on the deal expiry - I’m not actually sure 😬 That will now be one of my jobs for the weekend. I do have an unused Halifax cc with nothing on it so will be able to do a balance transfer to that if the deal is ending soon. 

    I have been lazy with the DD for MBNA as I have to go onto the desktop site to change amount as you can’t do it in the app and haven’t been bothered. Will add that to the list also for January budget when I plan to start more significant overpayments. 

    Your advice is so appreciated @enthusiasticsaver
    Credit Card 1 - £6249.99 £4,900
    Credit Card 2 - £13,481.47 £12,985

    Total debt - £19,731.46 £17,885

    Emergency fund £930
  • joedenise
    joedenise Posts: 16,785 Forumite
    First Post Name Dropper First Anniversary
    Options
    You are making some good savings there @CL21.  Are you planning on adding the savings to your EF to help build it up?  You're used to paying that amount so the reductions can easily be moved to EF or another pot.

    Also do you do rounding down your account each day?  If not that is a good way of building up your pots.  I do it to build up my pot for a big holiday in 2026 which will be our 55th wedding anniversary - we had planned on a big holiday this year but wasn't able to go so that money got moved to holidays for this year and towards next year - as you can see I have 3 pots just for different holidays!  Also have a pot for short breaks away in our motorhome so really that's 4 pots just for holidays.

    Have just counted up my pots and I now have 47!  Wouldn't be surprised is I hit 50 next year as I'm always adding new ones!  The money is all kept in one account as it gets interest on it each month which of course gets allocated to one of the pots.  It's not a lot but every little helps!

  • CL21
    CL21 Posts: 253 Forumite
    First Anniversary First Post Name Dropper
    Options
    Yes I’m planning to build the EF fund first so those savings will go to that rather than the CC as planned. 

    47 pots!! Wow. I can see how they build up though - I’m always thinking of new things I’d like to save for
    Credit Card 1 - £6249.99 £4,900
    Credit Card 2 - £13,481.47 £12,985

    Total debt - £19,731.46 £17,885

    Emergency fund £930
  • CL21
    CL21 Posts: 253 Forumite
    First Anniversary First Post Name Dropper
    Options
    Back from the supermarket. Went to Sainsburys as I knew I had £7.50 of points to use and also wanted to get some wine and gf crackers that I’ll be taking to mum and dads for Christmas. They are buying the rest of the dinner and all other food so got a v nice bottle of red and some non alcoholic stuff for dd and mum who doesn’t drink much. Everything else was on the list and the wine etc was in the budget for this month  🙌🏻

    Bought a tray of eggs from the farm shop in addition to S shop and new dog food which was budgeted from the pets pot. 

    This afternoon will be a trip to the cinema. This is free with Vitality vouchers that I earn with exercise (health insurance is done through work) and we will take food from home. Tonight we’ll be watching Strictly (Giovanni and Rose for the win!) 
    Credit Card 1 - £6249.99 £4,900
    Credit Card 2 - £13,481.47 £12,985

    Total debt - £19,731.46 £17,885

    Emergency fund £930
  • CL21
    CL21 Posts: 253 Forumite
    First Anniversary First Post Name Dropper
    Options
    Well that turned out to not be a free trip to the cinema after all! We used the codes but they charged us a £3 fee per ticket - because all seats are posh recliners now - and I bought DD a frozen tango drink so £9 spend all in. Paid for it from my personal spends but still annoying about the surcharge. 

    DD wanted to cook from her Tilly Ramsey cookbook tonight so we had chicken skewers - absolutely delicious. Won’t argue about getting help in the kitchen either!
    Credit Card 1 - £6249.99 £4,900
    Credit Card 2 - £13,481.47 £12,985

    Total debt - £19,731.46 £17,885

    Emergency fund £930
  • EssexHebridean
    Options
    Hey CL21, loving the focus you’ve got going on here, you’re making such great progress! 

    Another one here who uses savings pots for…well, everything really! Mine are physical savings accounts as I’d get horribly confused with virtual ones and end up in a right muddle I think! We’ve worked this way for a long while now though, and it makes such a massive difference to peace of mind knowing that things are budgeted for. Same with having an EF - it doesn’t make having to replace an appliance any the less annoying, but it is at least less financially stressful. 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
Meet your Ambassadors

Categories

  • All Categories
  • 344.6K Banking & Borrowing
  • 250.6K Reduce Debt & Boost Income
  • 450.4K Spending & Discounts
  • 236.8K Work, Benefits & Business
  • 610.6K Mortgages, Homes & Bills
  • 173.8K Life & Family
  • 249.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards