Pay off £8000 in a year challenge...

ltm07

Hi,i think i'll join this challenge. Was going to join the 10k New Years Resolution challenge but i can't see my OH & i managing to pay off that much to be honest, although i'll still go on that thread to try & encourage everyone & also hopefully pick up some debtbusting tips. At the moment our debt update stands at just over £31k & our aim is to get our debts down to £22.5k by December 31st 08,so we will be trying to cut our debts by just over £700 a month.

In_Search_Of_Me

Good for you Ltm & welcome! I havent paid any off yet and wont now until pay day on 20th Jan but am going to try having a lean month! Been a bit too much going out of accounts of late & not enough in! Am also going to start a separate savings account for putting "would have spent" money in - ie when I wanted a bottle of wine & didnt etc...then babysitting money going in a jar to gooff debts rather than on treats as it has been! Off to have a snooze!!

sunshine6650

Im in. I have about 8k in a LTSB Loan i want to clear. I really want to do it. I dont have good disapline tho..ha ha take the 8k & nothing to show fo it. That would leave me DF this time next year! amazing. Im going to update my sig now.

hayley11

Please can I join this? I'm determined to be motivated about money this year so hopefully this will spur me on! At the mo, me and the OH have around £13k debt between us (about £11k of that is mine :eek: that I built up in a previous relationship)

Hayley x

Heffi1

In_Search_Of_Me wrote: »

Heffi we count debt repayments whether that be loans or CC's but not general day to day bills IYKWIM! I that was the case I'd be home free in no time!! Mortgage payments also dont count toward this...hope people are OK with this! The whole point is to motivate us to pay as much off & give as little interest as possible to the banks!!

That sounds great, I do not pay the mortgage or bills Hubby sees to them (thankfully!) so only my bills which are horrendous and so any penny paid helps me and it will be good motivation.

Heather.

doodledo_2

Brilliant to see so many people joining in

Have been on my online banking today and its looking like a very lean month will be had in January. Roll on January payday lol

In_Search_Of_Me

MIne gonna be a lean month - off to old style to look at the grocery challange me thinks!

doodledo_2

Have done my monthly shop which I am hoping to stretch as far as possible and not going to leave the house lol

Just setting up my spreadsheet now with my normal loan payments etc so i can see how much I need to pay off the other debts to hit the £8k.

doodledo_2

Have just done my spreadsheet and with my current regular DD payments taken off I need to pay off around £350 a month extra :eek:

It seems daunting but when I worked out the position I would be in if I did this it was a massive motivator

Jenna

Room for one more? :-)

I want to be DF by the end of 2008, so not as much as 8k, but still a massive challenge for me! I plan to do this by:

~ Taking packed lunches to work (the De-Motivator says this currently costs me £1,040 per year!!)
~ Matched Betting (starter fund now put aside, need to open a new account & then get brave lol)
~ Overtime @ work
~ Normal debt re-payments

Can't imagine being DF actually, although I don't owe nearly as much as many people on here, I find it hard to imagine being free from paying all that money each month.

What are we doing for motivation longer-term? I'm normally great for the first month and then fizzle out lol. Am considering putting up some pics by my desk - for example, inc. all re-payments I normally pay between £130 and £300 per month back - so if I was DF, I could afford a holiday in 2 - 6 months (depending on how much I saved each month). So, a picture of a lovely holiday destination could go up as a possible "reward" for when I've paid off my debts.

What do you guys think? Any other ideas?!