My long overdue journey to becoming debt free!!

MissPennySave

My monthly living budget is basically anything that isn't a debt or bill, so it includes food, household, pets, childcare, clothing, going out etc

Baileys_Babe

MissPennySave said:

My monthly living budget is basically anything that isn't a debt or bill, so it includes food, household, pets, childcare, clothing, going out etc

Do you budget for these expenses or just have an amount you try not to spend more than?

MissPennySave

Mainly budgeted but some things are where I try not to spend more than.

Baileys_Babe

Sounds like a good balance

enthusiasticsaver

MissPennySave said:

Morning Everyone!  So other than updating my monthly balances, it's been a while since I did a proper update on things!  So here we go, firstly, my salary has increased by £400 a month which is awesome and will definitely help speed things up!!  I was finding my monthly living budget was getting quite tight and past experience has taught me that however much you want to throw all your money at your debt to get it gone as quickly as possible, its so important to make sure you have an achievable budget to live on as well! So I wont be putting the full £400 towards my debt but more likely £250/300 and put the rest into my monthly living budget to make things a little easier. 

Secondly, I am finally able to move the CC balance of £13330 which has 4.9% interest onto 0%, I can move £10970 to 0% for 13months, with no transfer fee, and the remaining £2360 to 0% for 22 months with 1.99% fee, overall this should save me around £650 in interest.  My forecast tells me by the time the 13months is up, there will be approx. £1255 that I will need to move to another 0% deal. 

Thirdly, this then frees up a credit card to be able to move the approx. £4505 balance from my card where the 0% deal ends in June this year too, hopefully there will be a BT offer on the card at this time, or if not another deal I can get elsewhere.  Ultimately, I will go with the cheapest BT fee that I can get!  

I think that's all and I hope that all makes some kind of sense to you all!  MPS  x

I don't think I have checked in on you recently so very pleased to see that debt consolidation loan gone and the rest of the card debt on to 0%.  Congrats on the payrise and on doing a sustainable budget.  Less than £30k is fantastic too on the debt and as you seem to be reducing by at least £1k a month presumably it will be gone in around 2  years? 

MissPennySave

enthusiasticsaver said:

MissPennySave said:

Morning Everyone!  So other than updating my monthly balances, it's been a while since I did a proper update on things!  So here we go, firstly, my salary has increased by £400 a month which is awesome and will definitely help speed things up!!  I was finding my monthly living budget was getting quite tight and past experience has taught me that however much you want to throw all your money at your debt to get it gone as quickly as possible, its so important to make sure you have an achievable budget to live on as well! So I wont be putting the full £400 towards my debt but more likely £250/300 and put the rest into my monthly living budget to make things a little easier. 

Secondly, I am finally able to move the CC balance of £13330 which has 4.9% interest onto 0%, I can move £10970 to 0% for 13months, with no transfer fee, and the remaining £2360 to 0% for 22 months with 1.99% fee, overall this should save me around £650 in interest.  My forecast tells me by the time the 13months is up, there will be approx. £1255 that I will need to move to another 0% deal. 

Thirdly, this then frees up a credit card to be able to move the approx. £4505 balance from my card where the 0% deal ends in June this year too, hopefully there will be a BT offer on the card at this time, or if not another deal I can get elsewhere.  Ultimately, I will go with the cheapest BT fee that I can get!  

I think that's all and I hope that all makes some kind of sense to you all!  MPS  x

I don't think I have checked in on you recently so very pleased to see that debt consolidation loan gone and the rest of the card debt on to 0%.  Congrats on the payrise and on doing a sustainable budget.  Less than £30k is fantastic too on the debt and as you seem to be reducing by at least £1k a month presumably it will be gone in around 2  years? 

Thank you, my target debt free date was Aug/Sept next year, but I am hopeful I can now bring this forward to June/July next year, so only 16 or 17 more payments to go! I am most definitely starting to see the chink of light at the end of the tunnel!!

MissPennySave

Good Morning everyone, I hope you all had a lovely Easter!  I am checking in with my monthly update, so here goes:

CC1 0% Jun 24 - £14258.00/£9465.00
CC2 0% Nov 24 - £6456.02/£5090.00 
CC3 0% Apr 25 - £16888.98/£10790.00
CC4 0% Jan 26 - £2340.00/£2340.00

Debt paid off so far £18,941.96

Grand total = £46,626.96/£27,685.00

I'll be doing another balance transfer this month to tidy things up a bit so from May I will only have 3 CCs, the new one is a zero transfer fee and then from July it will be down to just 2 CCs, with my projected DFD being June 2025. Inching ever closer, and I'm almost at the 50% paid off mark and I should be in the £10ks bracket in September.  All very positive and on track!

MPS x 

MissPennySave

Morning all, I made an extra payment of £60 so just updating the total balances, it's not a lot but every little helps right!

Debt paid off so far £19,006.96

Grand total = £46,626.96/£27,620.00

MPS x 

lucielle

Getting there!

Aimingforthegoodlife

You have done amazingly! Well done on the 0%, getting under 30k and payrise! Fantastic, also, seeing friends is super important!