I can do it: £41,000 debt in October 2023. Debt-free in March 2025?

annetheman

kazwookie said:

Is there a food bank near you? maybe you could use that.

I see you have pet insurance, what does the pet eat? / how much £ per month?

I failed with Lemonfool, I am not using that for my monthly budget, rather my own Sheet - my cat is budgeted £10 per month

annetheman

beanielou said:

Just bear in mind you may need a referral for the foodbank.

Thanks, I'm glad they are doing that. People like me do have options, so I will not use a foodbank - I do have an adequate budget I just would prefer not to use it if I can...!

elsien

annetheman said:

beanielou said:

Just bear in mind you may need a referral for the foodbank.

Thanks, I'm glad they are doing that. People like me do have options, so I will not use a foodbank - I do have an adequate budget I just would prefer not to use it if I can...!

Completely agree. Food banks should be for people who really have no other option, not for those on a decent wage trying to pay down debt more quickly.
Whichever poster suggested it should seriously reconsider their advice.  

joedenise

You try Too Good To Go bags.  Just download the app and you can pick up bags of food cheaply which are still fresh enough to eat but unable to be sold as on or just past their sell by date.  There are lots of different shops using it.  I tend to use Morrisons mainly @£3.09 for a bag.

There are also places like Costa, Greggs, Co-ops etc.  There's a range of prices but all much cheaper than buying at full pice.  You need to check the app approx 15 minutes after the collection time for bags for the following day.

CMD79

annetheman said:

joedenise said:

If you use a snowball calculator you can work out how best to pay off your debts and when you will be debt free if you stick to it!  This is the one Google found:

https://financialmentor.com/calculator/debt-snowball-calculator

Oh my goodness that is AMAZING! Thank you ! So simple to use - obviously in £s not $s but, I think I can do it in 18 months!

The only thing that I will change is that the Virgin CC will be 21% in 12 months and so will Natwest, so I may swap the Tesco Loan overpayments at that stage, but otherwise a really great tool!

Pmt#	Natwest CC1 @ 15.9%	SmileDirect Loan @ 9.9%	Tesco Loan @ 5.84%	NatWest CC2 @ 0%	Virgin CC @ 0%	o2 Phone @ 0%
1	650.00	70.90	144.44	100.00	30.00	29.33
2	650.00	70.90	144.44	100.00	30.00	29.33
3	650.00	70.90	144.44	100.00	30.00	29.33
4	650.00	70.90	144.44	100.00	30.00	29.33
5	650.00	70.90	144.44	100.00	30.00	29.33
6	318.67	402.23	144.44	100.00	30.00	29.33
7		193.19	672.15	100.00	30.00	29.33
8			865.34	100.00	30.00	29.33
9			865.34	100.00	30.00	29.33
10			865.34	100.00	30.00	29.33
11			865.34	100.00	30.00	29.33
12			865.34	100.00	30.00	29.33
13			779.52	185.82	30.00	29.33
14				965.34	30.00	29.33
15				965.34	30.00	29.33
16				301.99	693.35	29.33
17					995.34	29.33
18					308.41	263.93

These are great! I use what's the cost, but is the same thing. In the last weeks I have been making a conscious effort to check in on my debt every single day. I have managed to shave off a bit already, but my earnings are less than half yours, and my APRs are much higher, so it'll take me (currently) until October 2024. But I'll definitely follow along for motivation since our current amounts are very similar! 

xxx

CMD79

annetheman said:

Great news - I sold my mirror for £60 today!

That £60 in cash is enough to buy fresh fruit and veg for the whole of August. 

I'm only buying enough for me, but I haven't been keeping my food spend as low as I could - last month I spent over £500 on food.... My challenge for August is to only spend the £60 - for one person with inflation as it is, is it possible? It used to be, and I think it can be if I'm careful...

I will know by the end of August how realistic and honest I'm being with myself about how much I spend on food.

Ah! love the idea of trying to feed yourself for £60! If I were on my own, I'd definitely give it a go with you!! 

It's the snacks and !!!!!! that really sends it soaring!! 

Buy a whole chicken each week for 4 meals, and a kilo pack of mince for 6 meals over a fortnight... totally doable!!

  

CMD79

annetheman said:

Today, someone is picking up my lamp - I have decided to give it away for free, since I don't think it's worth the £5 I put it up for.
I have yet to put up my MacBook, mostly dithering about the fact that I need to format it to remove all my personal information and logins (which I can't do without an external monitor, as the display is FUBAR'd). 

Not the best reason in the world not to just ****ing do it, but I'm going to my church group this evening, so I might not get around to it until tomorrow. What I can do though is have a look at the price for similar models so I get a realistic selling figure.

So I'll be on that soon. 

Because I've decided not to spend any 'current' money on food (and I do need food!) I have the gift of desperation as a motivator! Whatever I sell will be my food budget for the month... Luckily I won't starve, but I do sure miss a fresh piece of fruit

Last month, I had whatever I could make on surveys each day to spend on food pretty much! Luckily it was quiet at work! 

savingholmes

Good luck on your journey. You have great income - and as you say with focus and discipline you can crack this.

2Scratters

Have you done a stock check of the food already in your cupboards and fridge/freezer?
See what meals you can make then just buy the bits you need. Do it weekly to keep things fresh. Do a shopping list and stick to it. Perhaps have a go at dropping a level in the products you buy especially if you just purchase branded goods. Only buy something when you have used it up. 
There is a budget planner too somewhere on MSE and that will help you going forward and planning your expenditure for the year ahead.
You should have contents insurance though.

Good luck - you can do this.

annetheman

CMD79 said:

annetheman said:

joedenise said:

If you use a snowball calculator you can work out how best to pay off your debts and when you will be debt free if you stick to it!  This is the one Google found:

https://financialmentor.com/calculator/debt-snowball-calculator

Oh my goodness that is AMAZING! Thank you ! So simple to use - obviously in £s not $s but, I think I can do it in 18 months!

The only thing that I will change is that the Virgin CC will be 21% in 12 months and so will Natwest, so I may swap the Tesco Loan overpayments at that stage, but otherwise a really great tool!

Pmt#	Natwest CC1 @ 15.9%	SmileDirect Loan @ 9.9%	Tesco Loan @ 5.84%	NatWest CC2 @ 0%	Virgin CC @ 0%	o2 Phone @ 0%
1	650.00	70.90	144.44	100.00	30.00	29.33
2	650.00	70.90	144.44	100.00	30.00	29.33
3	650.00	70.90	144.44	100.00	30.00	29.33
4	650.00	70.90	144.44	100.00	30.00	29.33
5	650.00	70.90	144.44	100.00	30.00	29.33
6	318.67	402.23	144.44	100.00	30.00	29.33
7		193.19	672.15	100.00	30.00	29.33
8			865.34	100.00	30.00	29.33
9			865.34	100.00	30.00	29.33
10			865.34	100.00	30.00	29.33
11			865.34	100.00	30.00	29.33
12			865.34	100.00	30.00	29.33
13			779.52	185.82	30.00	29.33
14				965.34	30.00	29.33
15				965.34	30.00	29.33
16				301.99	693.35	29.33
17					995.34	29.33
18					308.41	263.93

These are great! I use what's the cost, but is the same thing. In the last weeks I have been making a conscious effort to check in on my debt every single day. I have managed to shave off a bit already, but my earnings are less than half yours, and my APRs are much higher, so it'll take me (currently) until October 2024. But I'll definitely follow along for motivation since our current amounts are very similar! 

xxx

You've done amazingly well in a short period of team, truly! Very motivating to see your progress, keep it up! I've followed your diary, too - we can do this!

I think the snowballing tool is a complete game changer - I am going to be recommending it to anyone I know who asks for advice, it has changed my view entirely.

I love your idea of checking in on your debt every single day; I may start doing that! For now, I am checking in on "payment days" so that I can turn the payments green in my tracker and see the number decrease... 108 of those to go...!

Best of luck for a lean week this week! X