📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Washing Away My Debts By 2024

1141517192048

Comments

  • Squirrelz92
    Squirrelz92 Posts: 770 Forumite
    Sixth Anniversary 500 Posts Debt-free and Proud! Photogenic
    my mortgage ends next summer and I'm dreading what the rates will be like. Once card is paid off think i need to focus on building emergency fund as wont have as much flexibility in budget next year. I like you will probably fix, will decide on whether 2 or 5 years once know how things look next year. 
    Oh gosh I don't envy you there @Sarahwithlove. I was looking into economic predictions and the end of 2023 isn't looking too pretty if their expertise is anything to go by. How much do you hold in your EF at the moment? I would love to have 3 months worth of wages there but I think my priority will be to start hammering my mortgage once I am debt free. I was surprised I was offered a 2 year fix option as a lot of the high street banks are pulling those now. Wouldn't have chosen it anyway as 2 years isn't long enough I don't think for the rates to settle back down.
    Debt Remaining: £8,781.53
    3 Month EF: £1,000/£4,494
    2025 MFW Challenge #9: £999.00/£4,000
  • Sarahwithlove
    Sarahwithlove Posts: 3,347 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    my mortgage ends next summer and I'm dreading what the rates will be like. Once card is paid off think i need to focus on building emergency fund as wont have as much flexibility in budget next year. I like you will probably fix, will decide on whether 2 or 5 years once know how things look next year. 
    Oh gosh I don't envy you there @Sarahwithlove. I was looking into economic predictions and the end of 2023 isn't looking too pretty if their expertise is anything to go by. How much do you hold in your EF at the moment? I would love to have 3 months worth of wages there but I think my priority will be to start hammering my mortgage once I am debt free. I was surprised I was offered a 2 year fix option as a lot of the high street banks are pulling those now. Wouldn't have chosen it anyway as 2 years isn't long enough I don't think for the rates to settle back down.
    I know its going to be difficult that's for sure. I have £1500 in there but its also my sinking fund, so need to try build it up more so I can separate the two ideally. I will put another £400 in there tomorrow when I get my lodgers rent. Pending no big emergencies I should be debt free and have sinking fund full by end of year. So then can start focusing on the emergency fund. Hopefully I will also get a new job this year that pays better :) Problem with 5 years for me is I may want to move in that time which was why I was going to look at 2. But I can decide nearer the time once we have some idea as to what the economy is doing next year. 
    *Dad loan - £5300 - £7200
    *Virgin Credit Card - £3552.50 - £0
    *Natwest - £1828.35 -£0.00

    Barclaycard - £2315.25 - £0.00

    Creation Finance - £960.32 £840
    *Total debt - £8040/£11641.17*


    Savings
    *Savings Buffer - £100/£1500
    *Emergency Fund - £1500/£1500


    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
  • @Sarahwithlove I'm certain that if you have a long fixed term deal you can take it with you if you want to move property. I seem to remember it's called mortgage porting or something similar. Definitely something to consider anyway. 
    LMD x
    Life gets in the way...PADding is addictive...Saving's better than spending...
    2025 1p challenge #41 | Cash envelope challenge #01 | SPC #017
    Sealed pot 2025 £6573 | EF £1000/£1000 | Sabbatical £3364/£6000 | Travel savings £1508 | Sinking pots £2571
  • Sarahwithlove
    Sarahwithlove Posts: 3,347 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    @Sarahwithlove I'm certain that if you have a long fixed term deal you can take it with you if you want to move property. I seem to remember it's called mortgage porting or something similar. Definitely something to consider anyway. 
    LMD x
    Yes but I would need a bigger mortgage if I did move. I don't have to worry until end of next summer and who knows what will happen in that time. 
    *Dad loan - £5300 - £7200
    *Virgin Credit Card - £3552.50 - £0
    *Natwest - £1828.35 -£0.00

    Barclaycard - £2315.25 - £0.00

    Creation Finance - £960.32 £840
    *Total debt - £8040/£11641.17*


    Savings
    *Savings Buffer - £100/£1500
    *Emergency Fund - £1500/£1500


    New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/
  • Squirrelz92
    Squirrelz92 Posts: 770 Forumite
    Sixth Anniversary 500 Posts Debt-free and Proud! Photogenic
    Afternoon all,

    Can't believe I broke my religious pattern of not adding a diary entry for yesterday! Luckily nothing much occurred finance wise. I made a PAD of £1.99 to CC2 and then spent the morning having a great throwing away and scrubbing session in the kitchen! Felt much better after that :) Walked the dog and my partner treated us to a KFC after making a rare appearance with us at the yard to see beloved horsey. Yesterday was an NSD :D

    Today has also been an NSD! I went to do the weekly shop at L*dl instead of Asda this week in the hope that the shelves weren't as empty as what they have previously been the last month or so. Thankfully managed to get everything for my meal plans for £38.66 so very happy with that. Back to the neigh neigh this evening for a big walk with her and a friend with her horse round the block which is about 45 minutes long. Luckily I enjoy walks out with her as it gets me moving more and I get near to 10,000 steps a day which is great considering I am sat on my butt 5 days a week at the office. 

    Studying is starting to take a backseat which is really annoying as I was all hyped up for it and now its become a bit of a lull. Need to snap the heck out of it as my exam is already booked so the deadline is coming in thick and fast! Still on track to overpay my estimated amount as mentioned a few posts above come Thursday evening but anything can happen can't it? We all know this too well! 
    Debt Remaining: £8,781.53
    3 Month EF: £1,000/£4,494
    2025 MFW Challenge #9: £999.00/£4,000
  • Great budgeting on the weekly shop! Well done :)
    Life gets in the way...PADding is addictive...Saving's better than spending...
    2025 1p challenge #41 | Cash envelope challenge #01 | SPC #017
    Sealed pot 2025 £6573 | EF £1000/£1000 | Sabbatical £3364/£6000 | Travel savings £1508 | Sinking pots £2571
  • Keedie
    Keedie Posts: 2,854 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Combo Breaker
    I agree, that is very good budgeting on the weekly shop. I ran out of inspiration to meal plan, but as next week is going to be expensive when I go away, I need to get in some NSD this week and meal plan.
    Debt Free Diary:- The Mental Debt Struggle
    (Original Debt on 15/07/2016 was £33,056.76) 🙈 but Debt Free on 09/02/2025 🎉
    2025 SAVINGS: Emergency Fund (£604.30/£5,000) 12.09% saved
    2025 CHALLENGES: #16 Sealed Pot Challenge ~ 18 || #9 50 Envelope Challenge 22/50
  • Squirrelz92
    Squirrelz92 Posts: 770 Forumite
    Sixth Anniversary 500 Posts Debt-free and Proud! Photogenic
    Afternoon!

    Made a PAD of £2 this morning the round up my current account balance to £280. My child benefit came in this morning bringing me up to this total. Either today or tomorrow as planned I will spend £50 on diesel but both days will be another 2 NSD's as I don't count this essential spend :)

    Payday is in four days! Oh my god I cannot wait for this one. It's been sooooooo long! 

    Both lots of birthday presents for DS and DD arrived on Saturday. They had £50 each from my free £100 Amazon gift voucher. My son desperately wanted a trick scooter so I bought that. My daughter loves her writing/colouring so she has an idea that I am buying her stationary but she doesn't know what exactly. Got her some good quality pens and accessories so £50 used there too. Both shall be happy! Have £100 in my birthday pot to fund their visit to a local trampoline park as a treat with a friend instead of these massive parties costings hundreds! I will also have additional funds added from my current account to this pot before both birthdays to fund their cake/balloons/cards etc :)

    Shall continue to save in birthday pot for partners 30th present. He has always wanted to go bungee jumping or skydiving so looking into prices for these at the moment. From the looks of it I will only be able to afford one but hopefully he wont mind that plus a meal out :)
    Debt Remaining: £8,781.53
    3 Month EF: £1,000/£4,494
    2025 MFW Challenge #9: £999.00/£4,000
  • Might be worth checking red letter days or groupon for the experience days?
    Life gets in the way...PADding is addictive...Saving's better than spending...
    2025 1p challenge #41 | Cash envelope challenge #01 | SPC #017
    Sealed pot 2025 £6573 | EF £1000/£1000 | Sabbatical £3364/£6000 | Travel savings £1508 | Sinking pots £2571
  • Keedie
    Keedie Posts: 2,854 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Combo Breaker
    buyagift also has good deals for experiences and with a choice of locations and some of them are not too bad in price. You can get good deals with them for meals for 2 as well.

    Sounds like you've done a great job with the birthday presents and your birthday fund sounds like it's going really well. I've only got £5 in my birthday pot and it's my son's 16th in October :#.
    Debt Free Diary:- The Mental Debt Struggle
    (Original Debt on 15/07/2016 was £33,056.76) 🙈 but Debt Free on 09/02/2025 🎉
    2025 SAVINGS: Emergency Fund (£604.30/£5,000) 12.09% saved
    2025 CHALLENGES: #16 Sealed Pot Challenge ~ 18 || #9 50 Envelope Challenge 22/50
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.