1% challenge 2023

NeverendingDMP

It will be a lovely wedding anniversary present that won't it. 

NeverendingDMP

Highlanddream said:

I can understand the slow down @NeverendingDMP . I will slow down after October, I have birthdays in the beginning of December, then Christmas, then self employed tax end of Jan and my car MOT & service in February. I am trying to pay £1954 to pay off one card totally by end of October then will stash all the extra payment money until after end of Feb, any left over after everything will go straight off the next credit card. I have made a decision to enjoy Christmas and not scrimp this year - last year it was awful, I had not put anything back and didn't want to put anything on credit after starting to pay things off. 

Good luck with all the upcoming costs 

NeverendingDMP

Thought I'd update as well. My debts still exactly the same 😂. I rang universal credit and they will only pass what we own to their debt management dept when we have had nil payments for six months so if they are rushing there's not much I can do is there! My other two debts are the ones I've not paid as since they were taken over the standing order keeps bouncing back. I'll have to start a % savings target at this rate to be debt neutral so I've got something to aim for.  DH debts are now going down (I think). I'm just paying minimum on those for now. I've a vague idea of what they are but I know they went up a fair bit this year due to his big purchases. He doesn't share the total but I can see by what goes out of the account that the minimums went  up. 

craftingmad

NeverendingDMP said:

Thought I'd update as well. My debts still exactly the same 😂. I rang universal credit and they will only pass what we own to their debt management dept when we have had nil payments for six months so if they are rushing there's not much I can do is there! My other two debts are the ones I've not paid as since they were taken over the standing order keeps bouncing back. I'll have to start a % savings target at this rate to be debt neutral so I've got something to aim for.  DH debts are now going down (I think). I'm just paying minimum on those for now. I've a vague idea of what they are but I know they went up a fair bit this year due to his big purchases. He doesn't share the total but I can see by what goes out of the account that the minimums went  up. 

Well done Neverending - you are doing a fantastic job - especially given your very challenging circumstances. Keep up the great work x

craftingmad

Morning all,

A little update from me - I really love the start of a new month

I have managed to add into our OP savings account today:-

£  121.09 from Etsy earnings for Aug (pretty pants but better than nothing)
£  500.00 from overpayment we were making a month to now paid off BTL1 mortgage
£  402.18 from the mortgage payment we were making for BTL1
£  608.00 from subscription cuts, our mortgage etc since we started this challenge
________
£1631.27 

So my total now currently stands at £2726.21/£7500 = 36.34%   

I suspect from here it will be a lot slower progress as two of my jobs are now out of peak season and will finish altogether in the middle of October but I am determined to get to 100% for this target by the end of this year at the latest  

Highlanddream

craftingmad said:

Highlanddream said:

disaster this month, not going to get much off but I am getting my head back into my side hustle, fingers crossed I can make it up. . All my own fault. 

Hey don't beat yourself up. Life happens sometimes and just think of all the progress you have made already. You are doing great. 

Well done on getting back into your side hustle. What are you doing?

I buy at auction and sell on eBay. I find it unreal what sells. My best bargain so far was a chipped bowl, in 4 boxes of junk that I paid £40 for, the one bowl sold for 470 on an auction, I still don't know what was special about it. The best bit is spending the money from my business account rather than my normal account, I don't feel guilty .  I could probably do it full time but have a job with the local authority and the sick pay & pension etc keeps me there. 

That is fantastic news about your BTL no2. I had to read a couple of pages again to work out what your latest figures are with the investment of 75000. 

Highlanddream

NeverendingDMP said:

Thought I'd update as well. My debts still exactly the same 😂. I rang universal credit and they will only pass what we own to their debt management dept when we have had nil payments for six months so if they are rushing there's not much I can do is there! My other two debts are the ones I've not paid as since they were taken over the standing order keeps bouncing back. I'll have to start a % savings target at this rate to be debt neutral so I've got something to aim for.  DH debts are now going down (I think). I'm just paying minimum on those for now. I've a vague idea of what they are but I know they went up a fair bit this year due to his big purchases. He doesn't share the total but I can see by what goes out of the account that the minimums went  up. 

Goodness that does sound a bit of a nightmare, debt neutral sounds a good idea. I think it is a result if you don't put any more on credit! Are his on cheap interest debts?

Highlanddream

 I am now up to 63.6%  not much movement. My OH is away for a couple of weeks from Monday, so I am hoping to go mad with the side hustle. I have taken the same two weeks off work, I condense my hrs so find it hard work looking  after the dogs etc when I am working. No thinking about what to cook for the evening meal, bonus! I will also sort my tax out so I know exactly how much I need to pay at the end of Jan. 

NeverendingDMP

Highlanddream said:

 I am now up to 63.6%  not much movement. My OH is away for a couple of weeks from Monday, so I am hoping to go mad with the side hustle. I have taken the same two weeks off work, I condense my hrs so find it hard work looking  after the dogs etc when I am working. No thinking about what to cook for the evening meal, bonus! I will also sort my tax out so I know exactly how much I need to pay at the end of Jan. 

Have a good time off. Good luck with the side hustle and planning the tax. Hopefully it's not too much of a sting. You are almost at two thirds paid, well done.

NeverendingDMP

Highlanddream said:

NeverendingDMP said:

Thought I'd update as well. My debts still exactly the same 😂. I rang universal credit and they will only pass what we own to their debt management dept when we have had nil payments for six months so if they are rushing there's not much I can do is there! My other two debts are the ones I've not paid as since they were taken over the standing order keeps bouncing back. I'll have to start a % savings target at this rate to be debt neutral so I've got something to aim for.  DH debts are now going down (I think). I'm just paying minimum on those for now. I've a vague idea of what they are but I know they went up a fair bit this year due to his big purchases. He doesn't share the total but I can see by what goes out of the account that the minimums went  up. 

Goodness that does sound a bit of a nightmare, debt neutral sounds a good idea. I think it is a result if you don't put any more on credit! Are his on cheap interest debts?

Mine are all 0% as they are two defaults and money to HMRC. DH are 0% apart from if he spends more on his credit card which I'm sure he does as the minimums keep changing. Extra to that is a loan he took out for a push bike. That doesn't come out of the joint account and he has never told me what he spent or the terms. Google gave me a good guess of about 4k though. It's a pain as we will never be truly debt free until he has his light bulb. I'm aiming for debt neutral for the universal credit first though. I don't like the idea of owing them money for longer than we need to. It's more of a priority debt isn't it.