Taking charge of debt

Squirrelz92

Great news regarding the lodger deciding to stay until the end of the month. Every penny helps!

What is this envelope challenge you mentioned a few posts back? Sounds interesting!

sunshine_raincloud

Sarahwithlove said:

Caught up on your diary. I dread when my lodger moves out as I know how tight it will be by then and trying to not let myself get used to the extra money. I know it doesn't feel like you are making much headway with the debt but at least you aren't getting into more which is what would have likely happened. Its good to have something to aim for with moving in together with your bf. Just try and focus on each 1% of your debt you'll be amazed how quick it adds up 

Thanks for reading! Yes focussing on 1% at a time really helps. Like a lot of people I have a chart where I tick off each 1% as I pay it off.. each little box is so satisfying! Good luck on your journey as well 

Squirrelz92 said:

Great news regarding the lodger deciding to stay until the end of the month. Every penny helps!

What is this envelope challenge you mentioned a few posts back? Sounds interesting!

Envelope challenge I read about somewhere on here. You basically get 100 envelopes and number them 1-100 then shuffle them. Then you randomly select 2 envelopes either twice a week (to complete the challenge in 25 weeks) or once per week (so challenge will take 50 weeks to complete). You then are supposed to put that amount of cash into the envelope and then keep it there until the challenge is over. So one week you might select 22+64= £88 saved or another 13+100= £113 saved. I guess adds a bit of chance and excitement to it but obviously need enough in your budget in case you select 100+99 in the same week! At the end you will have saved £5050 apparently (I haven't done that maths myself  ) I think 4 envelopes a week is a bit much for me as I don't have that much spare cash but going to do 2 per week. Rather than get cash out will transfer to my savings account as don't fancy having that amount of cash in the house. Hopefully explained that okay!

sunshine_raincloud

So the sun is out and I have made the unfortunate discovery I have put on so much weight none of my hot weather clothes fit me anymore!  I am blaming turning 30 for this. But I should probably also get back into running..

So.. going to have a lot to put on vinted, which is a positive! 

Negative is buying a few new things on a budget to see me through this hot weather. Trying to think how to do this best on a budget. Maybe charity shops/second hand. Really don't want to buy new cheap clothing as I feel like it is a false economy as never lasts very long. Would rather get a couple of nice things I like that will last but need to have a think about how to do this sensibly.  

Just waiting to get paid tomorrow so a quiet day here!

sunshine_raincloud

Been doing some calculations and actually think even doing 100 envelopes over 50 weeks a bit out of reach for me at the minute! It equals saving £101/week. Think instead I will do 50 envelopes over 25 weeks, which makes £1275 at the end and works out around £51/week on average. Instead of saving might just put it straight towards my debt as well. Will have a think!

beanielou

Try vinted for clothes!

sunshine_raincloud

Payday! Money moved around to spending account and put a good chunk of around £300 in my non-EF to cover upcoming holiday costs etc. Left enough in my bills account to cover everything. Feel very happy accounts looking very healthy right now. Until Monday when mortgage and most of my bills come out that is.... 

I will try vinted for clothes. My issue is what happens if you try something on and it doesn't fit properly? Things like dresses shouldn't be a problem but I really need new work trousers and I struggle to find anything. Also feeling quite reluctant to spend at the minute but know I do need something. 

Still no sign of any switching money. Will call next week if it isn't in my account. These pesky banks! 

Started my envelope challenge.. drew out 6 and 9 so a nice easy start with £15 paid off the CC bringing it down to £3445. 

Happy it is Friday and looking forward to the weekend. 

Hope everyone has a lovely day 

Squirrelz92

Yay payday!! Great having that extra £300 in your non EF fund As much as it sucks to see your bill money come out, at least the feeling of knowing you have enough to cover your bills with cash to spare is worth it! 

Sucks you haven't received your switching money yet as every little helps. What are you planning on doing with the funds once you receive them? Great going with the £15 to CC!

beanielou

The trousers I bought from Vinted were a make I like that I know fits.
As you say dresses and tops are easier.

sunshine_raincloud

beanielou said:

The trousers I bought from Vinted were a make I like that I know fits.
As you say dresses and tops are easier.

Good idea! Might try heading to the shops to try things on, then see if I can get something similar on vinted.. 

Squirrelz92 said:

Yay payday!! Great having that extra £300 in your non EF fund As much as it sucks to see your bill money come out, at least the feeling of knowing you have enough to cover your bills with cash to spare is worth it! 

Sucks you haven't received your switching money yet as every little helps. What are you planning on doing with the funds once you receive them? Great going with the £15 to CC!

Thanks! Not sure yet about switch money. Think I will put around £50 to debt then rest in savings. I am now aiming to pay my debt off in 6 months. If I keep up my £300/month regular payment and then envelope challenge, which works out on average around £50/week then in 6 months that would be £3075 combined. I will put additional £350 from lodger to debt this weekend. That leaves £35 left to pay. Think I will pay just over that then keep the rest in savings for now for holidays and Christmas. Can always decide to pay a lump sum off at a later date but with the price of everything going up starting to worry a bit more about having more of a cushion! But at the same time don't want to fritter it away. Who knows! 

sunshine_raincloud

£350 paid to CC this weekend to bring my total debt down to £3095! If I just carried on paying my regular £300/month my debt free date would now be in just over 10 months time around April 2023. Hoping to bring this forward though! 

I have had a spendy but nice weekend with a friend visiting. Need not to spend too much this week now before seeing friends again next weekend. Neighbours decided to have an exceptionally loud party with music blasting through wall last night so I have not had a lot of sleep. Quiet afternoon and an early night! 

Hope everyone is well