My long overdue journey to becoming debt free!!

MissPennySave

Drum roll please....my November overpayment pot total was £36.57, I've rounded this up and have just made a payment of £37 to CC4 

As it was only just over 2 weeks since I started doing the overpayment pot, for December I will aim for at least £50, made up from a combination of round ups and surveys.

MPS.x

MissPennySave

I just realised before setting the overpayment pot up I was just sending random payments to the loan/CCs so I've added these in so my actual November overpayment total is £64.60! MPS.x

MissPennySave

Happy 1st December everyone!  I'm finally letting myself get into the festive spirit now and the tree and decorations will be going up this weekend!

Today is going to be a NSD for me, and I will try for tomorrow as well.  I need to keep a track how many I manage to do a month.

I almost bought a budget planner yesterday, but I stopped myself and will instead see if I can find a free excel template online.  I do love my spreadsheet but I started it way back in 2015 (I just hide the tabs as the month is done) But I think I need a fresh new one for 2023 and going forward, leave my past behind me I guess! If anyone has a recommendations I'd be grateful! MPS.x

MissPennySave

I've added the 2 challenges I am taking part in for 2023 to my signature, however rather than waiting until the end of the year I will be paying the totals monthly to my outstanding debt, savings are great, but I'd rather pay towards the debts that have interest on them, I figured that was more sensible.

And I confirm today was a NSD

MPS.x

MissPennySave

Just wondering if anyone can shed some light for me, I've been reducing CC4 for a few months now, but the interest payment seems to be increasing? Surely if the balance is less the interest should be less? What am I missing?

EDIT: posted on the CC forum so I'm all okay now.

MissPennySave

Morning all, and happy Monday! Had a super busy weekend, but pleased to report no unnecessary spending and budget is still on track, no mean feat in the lead up to Christmas!! Need to pick a few top-up shopping bits today, but other than that, I have no plans to spend any other money today! MPS.x

MissPennySave

Just spent the last hour sorting out my snowball spreadsheet and adding in all my extra payments.  Plus I realised I'd added the interest to the loan twice! So I've amended that and it now shows my projected overall debt free date as March 2026 instead of September 2026!! 6 whole months less!  Glad I rechecked all my figures!!!  MPS.x

failinggirlboss

I came over to your post after you kindly got in touch on mine. I read your very first post and it was like reading something I had written myself!! Especially when you mentioned it simply comes down to spending more than you had earned. This was me for the last 10 years and it has taken that long to realise it can’t continue. Your journey so far sounds SO positive so well done and I will be following you along the way. I love your idea of a pot for debt repayments and I am going to set up a pot for this through my TSB account this evening - so thank you for your inspiration x 

MissPennySave

failinggirlboss said:

I came over to your post after you kindly got in touch on mine. I read your very first post and it was like reading something I had written myself!! Especially when you mentioned it simply comes down to spending more than you had earned. This was me for the last 10 years and it has taken that long to realise it can’t continue. Your journey so far sounds SO positive so well done and I will be following you along the way. I love your idea of a pot for debt repayments and I am going to set up a pot for this through my TSB account this evening - so thank you for your inspiration x 

Thank you and welcome!  I really have turned a corner with my mindset on how I see and treat credit, and I cannot tell you how refreshing it is to only spend what you have!  Even if that's not a lot as the majority of your income is going on paying debt, it still feels so good!!! MPS.x

MissPennySave

Not much to report today, had to pop out to get some milk and a birthday card and present but other than that I don't plan to spend anything else today.  Just thought I'd pop on to make a note as putting everything down in my diary is really helping me keep in check so much! MPS.x