20K to Debt Free by June - Finally Debt Free 27/06/23

LeeXenon

So as things stand I'm extremely financially strained due to some goings-on I'll detail below, however things are still going to plan.

Due to a wedding abroad, my other half being a bridesmaid, we've had to book a few days in Spain in August. We've been jointly paying this off for the last 2 months with a single payment to go. This cost us just shy of £1,500 (or £750) each for NOT EVEN A WEEK. I wasn't exactly thrilled at the expense although I'm trying to shine a light on it and hopefully I'll have a few days peace to de-stress and get away from work for a bit and spend some quality time with my other half. 

Mothers day and birthdays an added factor all at the end of March, .. no spend April anyone? All I can think about is how this goes against the becoming debt free ethics.

Penalty - I've mustered up the money to put not only a deposit down, but £194/mo towards my share for 3 months. From June I will increase CC payments to £250/m each with a new projected date of 31st December 2023. This increases monthly debt payments to £829.40 that will remain in place for 18 months provided there are no major bumps in the road, I might review this close to Christmas 2023 depending on how things are going although I do feel the next two Christmas holidays are still going to be on a very tight budget.

I think this upcoming year is going to be a frugal one, I just wish I had some more understanding from my partner, mentally this is a battle I'm currently facing alone.

LeeXenon

The PAD Club
I'm taking my own take on a "Payment a Day", in that any leisure spending I will match (or do my best to match) the payment into my PAD pot. It's currently sitting at about £25 which is about half a months worth. I suspect this will knock a month or two from the projection when it rolls around.

Other Expenses
Where I can, I've been putting a little money aside every (other) month for vehicle servicing. I'll probably use the same pot for basic house maintenance, boiler servicing etc. This should hopefully add some relief especially from unexpected vehicle repair costs.

LittleMissDetermined

If you treat the wedding as your summer holiday (albeit a short one) and as something to look forward to then hopefully it will feel less stressful when you think about it.  I do wonder why people get married abroad so everyone has huge costs to incur to be able to attend.  We considered it, but it would have been just us, and then a party to celebrate when we got back.

You should head over and subscribe to the Payment a Day thread and add your PAD's on there, you don't have to do it every day, but it will keep you motivated and remind you that every little bit helps to bring down your debts.  We are a friendly bunch and across the month we contribute thousands between us, your regular payments also count  

Having a pot for vehicle and house emergencies is a really sound idea and should take some of the worry away for when things need to be done.  

Keep at it 
LMD x

LeeXenon

Another £679.40 of debt cleared today, will have a look at the PAD thread and see if I can make any further contributions at the end of April also.

DFD Started (LBM): £20,924.85
Remaining Debt: £18,118.38
Projection: December 2023 (Originally September 2024)

LittleMissDetermined

Fab progress on your debts, that's a big chunk wiped off yesterday! 

LeeXenon

LittleMissDetermined said:

Fab progress on your debts, that's a big chunk wiped off yesterday! 

Thank you - I made the decision to transfer the MBNA balance to Barclaycard which gives me just about enough time to clear it before the interest kicks in (Cost me £30 but should give me motivation to clear it in time), I've almost broke the £3K bracket for that CC.

Barclaycard: £3,200
Virgin: £6,650
HP: £8338.38

Question - With your PAD contributions, do you put them aside until bills are due, or do you put it straight onto the CC? Mine is sitting in a pot at the moment and I was thinking of splitting it 50/50 at the end of the month.

Further - The Virgin card offer expires July 2023, I might ride this out and see closer to the time if I'm anywhere near clearing it.

Thanks.

LittleMissDetermined

LeeXenon said:Question - With your PAD contributions, do you put them aside until bills are due, or do you put it straight onto the CC? Mine is sitting in a pot at the moment and I was thinking of splitting it 50/50 at the end of the month

Thanks.

I make individual payments each day, my credit card statements get quite lengthy but they're all online so no trees are in any danger... If I just put it aside in a pot, temptation would be to think it's still 'available'.  So, I round down the bank every day to the remaining credit card, anything from £1 to sometimes £10 depending on what's available.  If I make the usual payment I use that figure as my PAD instead of rounding down the bank. 

Hope this makes sense  
LMD

LeeXenon

LittleMissDetermined said:

LeeXenon said:Question - With your PAD contributions, do you put them aside until bills are due, or do you put it straight onto the CC? Mine is sitting in a pot at the moment and I was thinking of splitting it 50/50 at the end of the month

Thanks.

I make individual payments each day, my credit card statements get quite lengthy but they're all online so no trees are in any danger... If I just put it aside in a pot, temptation would be to think it's still 'available'.  So, I round down the bank every day to the remaining credit card, anything from £1 to sometimes £10 depending on what's available.  If I make the usual payment I use that figure as my PAD instead of rounding down the bank. 

Hope this makes sense  
LMD

You're quite right, the temptation and being in debt for longer than necessary isn't worth it.
Just entered my first ~£21 PAD. 

LittleMissDetermined

Excellent, will see you on the thread! 

LMD

LeeXenon

No more PAD entries as yet, had a bit of a wobble this week with my health as well as leaving myself with very little leftover.
Time to slow down for a few months, focus on NSD's and keeping the regular payments going in.

Blood tests, CT scans and stress await over the next few weeks - It's going to be a challenge to maintain focus. The goal remains as December 2023.