Journey to reduce my £30k debt to Zero by 24th December 2024

MakingMoves

Humdinger1 said:

Well done @MakingMoves for coming back.  It can take a few lightbulb moments before it sticks but I think you're at that point. You can totally do this.  Onwards and upwards love Humdinger x 

Good Morning Humdinger1, Thank you so much. I really appreciate this   MM x

Littletinks

Welcome back to your diary, @MakingMoves .After reading through and subscribing, I have to say I think you've done incredibly well this past year. Clearing nearly £10k of debt is a huge achievement! You've also quit vaping, decluttered and sold unused items, and saved money by putting your tax funds in a savings account. Work sounds very stressful lately, so I’m relieved to hear you weren’t made redundant. I’ve been through redundancy twice myself, when my child was young, so I understand the anxiety and sleepless nights.

You mentioned you haven’t added much to your debt and have successfully reduced it by almost a third in a year, so please don’t be too hard on yourself. I know your aim was to pay off the debt by December 2024 and there be good reasons why that date was picked.  But if you’re paid monthly and have five paydays left this year, I wonder if maybe your could consider revising your debt-free date to make overpayments more manageable. Based on your net income, if it’s the same as from your first page, it seems without a second source of income it maybe impossible to clear the total debt by December. Setting a more reachable goal, while keeping a buffer for unexpected expenses or small treats, could help you stay on track and even exceed your new target. For me, in the past, small wins have really motivated me to keep going, that and a colouring sheet, each month literally colouring a block at a time, so I could see my debt going down. I love a visual.

I know it might not always feel very MSE, but treating yourself to something small each month so you have something to look forward to can really help you stay motivated and it’s doesn’t need to cost very much at all. For most of us, the debt free journey has been more of a marathon than a sprint, and we need to live a little, along the way. Good luck MM I will be routing for you! X

MakingMoves

Good morning all,

I'm sorry I didn't get around to posting my budget last night. I put bubs down and fell asleep. I haven't slept well in ages so it was lovely to actually get some. It may have been exhaustion or that I came back and confessed but I really do feel better for it. Having made payments to my debt yesterday YNAB shows I have £2125 remaining, my outgoings should be £1625 and that will leave me with £500 at the end of the month. I plan to use this for an emergency fund. 

Broadband		-£       26.00
My Mob		-£         8.00
Mums Mob		-£         4.95
Council Tax		-£     101.00
Rent		-£     725.00
Car Tax		-£       16.62
Car Insurance		-£       63.00	Est- monthly charge
Life Insurance		-£       52.36
Electric		-£       80.00	Est- from Last month bill
Amazon (bubs PE Kit bag)		-£         5.00
Bubs- (Summer holiday spends)		-£     100.00	(spend for days out with bubs £25pw)
Charity Giving		-£       20.00
Petrol		-£       70.00
Food		-£     130.00
Gifts/Birthdays		-£       40.00	(Birthdays/Xmas save) upcoming
Beauty		-£       23.07	(Contact lenses)
miscellaneous		-£     100.00	(Buffer/ unforeseen costs)
socialising/personal spends		-£       40.00
Transport& Parking		-£       20.00
For Emergency Fund		-£     500.00
Expenses		-£  2,125.00
Bank Bal.		£  2,125.00
Balance Remaining		£             -

So that's the plan for August

Today its sunny outside so my plan of action today is:

 1. Get us dressed
 2. Set an hour timer and tidy up
 3..Check cupboards & fridge- write top up food shop list
 4. Go food shopping
 5. Take bubs to park
 6. Go visit my parents
 7. Get petrol
 8. Update YNAB and diary.

Hope you all have a wonderful day

MM x

MakingMoves

Littletinks said:

Welcome back to your diary, @MakingMoves .After reading through and subscribing, I have to say I think you've done incredibly well this past year. Clearing nearly £10k of debt is a huge achievement! You've also quit vaping, decluttered and sold unused items, and saved money by putting your tax funds in a savings account. Work sounds very stressful lately, so I’m relieved to hear you weren’t made redundant. I’ve been through redundancy twice, myself when my child was young, so I understand the anxiety and sleepless nights.

You mentioned you haven’t added much to your debt and have successfully reduced it by almost a third in a year, so please don’t be too hard on yourself. I know your aim was to pay off the debt by December 2024 and there be good reasons why that date was picked.  But if you’re paid monthly and have five paydays left this year, I wonder if maybe your could consider revising your debt-free date to make overpayments more manageable. Based on your net income, if it’s the same as from your first page, it seems without a second source of income it maybe impossible to clear the total debt by December. Setting a more reachable goal, while keeping a buffer for unexpected expenses or small treats, could help you stay on track and even exceed your new target. For me in the past, small wins have really motivated me to keep going, that and a colouring sheet, each month literally colouring a block at a time, so I could see my debt going down. I love a visual.

I know it might not always feel very MSE, but treating yourself to something small each month so you have something to look forward can really help you stay motivated and it’s doesn’t need to cost very much at all. For most of us, the debt free journey has been more of a marathon than a sprint, and we need to live a little, along the way. Good luck MM I will be routing for you! X

Good Morning Littletinks 

Thank you so much, I really appreciate your support and your advice especially the colouring sheet.. also visual and love to colour in (that will motivate me for sure) 
You are so right I wont make my debt free date not without additional income. I have the date as my credit cards 0% end in January (although I can probably do a bal. transfer) also I know my company is "safe" for 2024, 2025 is dependant on us winning new contracts and uncertain and this makes me want to pay down as much as I can just in case.

My take home pay is now around £3700 (having had a slight increase and reducing my pension to the minimum match contribution) I think I can probably take out another £10k by December If I knuckle down. Realistically I'd say Id be debt free by Jul '25

I love the idea of small treats for hitting targets/exceeding goals. Thank you so much as I hadn't considered this and I really love this idea...feels less restrictive and will help me stay on track...I have put a £10pw person spends in my budget as a treat and I will try and get creative with some free treats too along with £100 for unexpected costs. Thank you so much, I really love these ideas 

MM x

MakingMoves

Evening All, 

Hope you have all had a great weekend. Mine has been pretty quiet and peaceful. I got through my to do list yesterday. Today I only had park and chores on the agenda. I also updated my YNAB  (love doing that) and created my debt pay off colour grid.

I may have got a little carried away, colouring in more boxes than I thought. On plus side I made another payment of £420- I know that was earmarked for my emergency fund I do have my monzo flex should an emergency pop up. Plus side CC4 is paid off  plus another £10 to CC1 (I know silly but I really was having fun filling the boxes in )  I still have hundreds to colour- a mixture of £500,£200,£100,£20,£10 & £5's. I'll try and get another few of the smaller ones done through August - maybe with some ebay sales/ cuts in my budget.

That's all I have for today, short and sweet plus work tomorrow 

Night all 

MM x

Littletinks

MakingMoves said:

Littletinks said:

Welcome back to your diary, @MakingMoves .After reading through and subscribing, I have to say I think you've done incredibly well this past year. Clearing nearly £10k of debt is a huge achievement! You've also quit vaping, decluttered and sold unused items, and saved money by putting your tax funds in a savings account. Work sounds very stressful lately, so I’m relieved to hear you weren’t made redundant. I’ve been through redundancy twice, myself when my child was young, so I understand the anxiety and sleepless nights.

You mentioned you haven’t added much to your debt and have successfully reduced it by almost a third in a year, so please don’t be too hard on yourself. I know your aim was to pay off the debt by December 2024 and there be good reasons why that date was picked.  But if you’re paid monthly and have five paydays left this year, I wonder if maybe your could consider revising your debt-free date to make overpayments more manageable. Based on your net income, if it’s the same as from your first page, it seems without a second source of income it maybe impossible to clear the total debt by December. Setting a more reachable goal, while keeping a buffer for unexpected expenses or small treats, could help you stay on track and even exceed your new target. For me in the past, small wins have really motivated me to keep going, that and a colouring sheet, each month literally colouring a block at a time, so I could see my debt going down. I love a visual.

I know it might not always feel very MSE, but treating yourself to something small each month so you have something to look forward can really help you stay motivated and it’s doesn’t need to cost very much at all. For most of us, the debt free journey has been more of a marathon than a sprint, and we need to live a little, along the way. Good luck MM I will be routing for you! X

Good Morning Littletinks 

Thank you so much, I really appreciate your support and your advice especially the colouring sheet.. also visual and love to colour in (that will motivate me for sure) 
You are so right I wont make my debt free date not without additional income. I have the date as my credit cards 0% end in January (although I can probably do a bal. transfer) also I know my company is "safe" for 2024, 2025 is dependant on us winning new contracts and uncertain and this makes me want to pay down as much as I can just in case.

My take home pay is now around £3700 (having had a slight increase and reducing my pension to the minimum match contribution) I think I can probably take out another £10k by December If I knuckle down. Realistically I'd say Id be debt free by Jul '25

I love the idea of small treats for hitting targets/exceeding goals. Thank you so much as I hadn't considered this and I really love this idea...feels less restrictive and will help me stay on track...I have put a £10pw person spends in my budget as a treat and I will try and get creative with some free treats too along with £100 for unexpected costs. Thank you so much, I really love these ideas 

MM x

Lovely to hear you had a good nights sleep, and with a sunny Saturday morning, it was a great way to start the weekend. Sounds like you had a lovely day planned.

One of my treats was simple, but enjoyable and required no childcare - a mini spa night - a face sheet mask, nice new nail polish, coupled with a bubble bath, candles and some low volume music…. Bliss at the end of the week.

B88ts have some well known face sheet brands starting at £1, up to £2.33 on sale. 60 second nail polish for £3.19. Although, I just purchased a new B*rry M polish for £2.99 with free p&p on ebay. For me, the upside is, I won’t be tempted to buy anything else in store 🤣, and I’ll have a nice post delivery this week too. Although the downside is I miss out on ‘free treats’ using my points. 

Oh, and I’ll confess here, I also use to enjoy a whole (small) packet of Maltesers to myself with my spa too (other chocolates are available 🙈). x

Littletinks

Glad you’re enjoying your colouring grid 😊 but more importantly, huge congratulations to you on clearing off CC4 🎉 

MakingMoves

Littletinks said:

Lovely to hear you had a good nights sleep, and with a sunny Saturday morning, it was a great way to start the weekend. Sounds like you had a lovely day planned.

One of my treats was simple, but enjoyable and required no childcare - a mini spa night - a face sheet mask, nice new nail polish, coupled with a bubble bath, candles and some low volume music…. Bliss at the end of the week.

B88ts have some well known face sheet brands starting at £1, up to £2.33 on sale. 60 second nail polish for £3.19. Although, I just purchased a new B*rry M polish for £2.99 with free p&p on ebay. For me, the upside is, I won’t be tempted to buy anything else in store 🤣, and I’ll have a nice post delivery this week too. Although the downside is I miss out on ‘free treats’ using my points. 

Oh, and I’ll confess here, I also use to enjoy a whole (small) packet of Maltesers to myself with my spa too (other chocolates are available 🙈). x

Hi Littletinks,  Aww Thank you!! I absolutely love this idea!!...I live for spa's but haven't done one of late. Fab idea especially as its something I can do when bubs is asleep/at her nans and I don't need to go anywhere or spend any money!  sounds like heaven! I will definitely be doing that 

 I have plenty here I can use, I still have gift sets from Xmas that I haven't used, they either get re-gifted or gather dust but I will break some open and indulge- Aww I'm excited!

OMG Such a genius idea buying your polish on ebay, you have made massive savings by not being tempted by anything else in the store...I will be using that tactic. I have never been able to leave a shop with only what I intended to buy...even with a food shop, there is always at least one thing that wasn't on the list (usually a lot more than one )

Hehe what spa wouldn't be complete without Malteasers...they are basically air- pure bliss indeed!

MM x

MakingMoves

Hi All,

Sorry work has been busy and I didn't have a chance to update. I paid over a further £50 (£40.85 loan & £10 CC2) Bringing debt down to £20,800. I've had a no spend day today and I was reminded to cancel a 5implyc00k sub when it hit my doormat this morning so I've cancelled that and did a check for any other subs/auto renewals that I may have missed. I've taken my contact lenses off of auto replenish so I can check for the best price and use Quidco. Most of my day has been spent working  so not much else to report. I have had the humble penny & Dave Ramsey playing in the background to keep my mind on task. Bubs is asleep and I am knackered. 

I need to go through the flat and find some bits to list on ebay/vinted etc but I think I'll do that tomorrow. A YNAB update and a coffee will probably serve me better followed by a 30 min flat tidy, shower and bed...I'm still not sleeping great but its getting better! Going to try and get down whilst I am tired! I honestly cannot wait until my debt is at a more comfortable amount. like four figures  

Still its gorgeous outside and we are alive and can change anything with a bit of hard work!

Plan Tomorrow
1) Go through flat to find sale items
2) Complete my work to do list
3) Do 10,000 steps (pref. outside)
4)Take bubs park
5) Take pics of Items for sale ready for Sunday upload 
6) Have a gander on MSE for more inspo
7) Wash/ straighten hair (evening)
8) NSD
9) Find bub's bucket& spade for day at the beach (this weekend)- It's here & I will not buy another one
10) 1 hour Flat reset

MM x

Sarahwithlove

Day at the beach sounds lovely! Well done for coming back, I've just returned myself but with more debt so you're doing better than me. 
Redundancies are hard and scary, hopefully you'll be ok and can get the debt down. Did your loans have the interest added at start or is it added regularly? Just wondering if you'll save any money paying it off early