Pay off £8000 in a year challenge...

embarrassed_about_my_debt

In_Search_Of_Me wrote: »

Welome newbies! The more the merrier but the later you join the les time you have to pay it off as this runs from Jan -Dec!! Still nt paid any yet (but well done those that have!) as its my pay day next week and any I have left at the end of the month will go toward debt payment. Did get a 0% offer which will help as less interest (which I now really resent paying having previously ignored it!!). My lean month hasnt gone as well as it should so must pull my socks up! Hope you're all ok?

I've taken my figures from the start date of the challenge which means I've paid off £1074.09 so far but that is down to lots of overtime,over paying into my bills account so clearing the overpayments and really tightening my belt. My overtime is only for January so it looks like alot in 2 weeks but will def slow down after January. 15k would have been to much for me to try so a big thanks to ISOM, think if i keep to my plan and dont get any big bills i should make it :j

RiaAnn

Updated my signature and looking forward to the challenge. I would ideally like to pay off a little more the £8000 in a year but I think this is a realistic goal for me. As we have been managing on one salary for a few months we have got used to tightening our belts, so by keeping them tight now we are back on 2 salaries we are hoping to clear our debts quickly.

Aims:
Make packed lunch every day (£30 a month saving)
Keep to £70 a week groceries (for 2 adults)
Car Share to work as much as possible (£3.50 saved per day sharing)
Swtich to new credit card deal when existing one ends in Feb.
Use the Library.
Change my Bank account asap for a better in-credit interest rate.

Hoping for a better 2008!

ltm07

Hi,ours not going too well at the moment to be honest,but should hopefully pay a bit off by the end of the month. Been accepted for a 0% CC :j so transferred £3000 from our Mint card which we were paying around 17.9% interest on so not got to worry about paying any interest on that,although we have to pay a 2.5% fee. Good luck all.

thriftymoo

yep im gonna go for £8k too! im planning on putting my overtime money away each month and gonna slave away to earn as much as i can on other stuff! i'm joining all the challenges i can to spur me on this year so if anyone knows any other good ones....

I cant really start mine until 22nd Jan coz thats payday and when my bills come out! im gonna include my loan payments too but thats only like £5k a year lol

yey!

doodledo_2

Great to see so many people joining in :j

I will be slightly under target this month as it has been a very lean month so once I get paid I will adjust my spreadsheet to show me how much I need to pay back each month to hit the 8k.

Must look for some more bits to go on Ebay think I might send hubby up in the loft.

embarrassed_about_my_debt

I've just done another £400. So now done £1474.09.

Also got my Loan payment going out on Monday which is another £245.06

This means my total will be £1,719.15 which i'll sort in my signature then!

In_Search_Of_Me

Wow EAMD, thats imppressive! I'll be doing my stats eithe later today or tomorrow so will update then! I tend to do them all in one go IYKWIM!! Wish I could pay that much off in a month! How do you manage so much?!!

embarrassed_about_my_debt

This month is the exception. I work ALOT of overtime in January and get paid reasonably well for it so i've just been throwing it all at my debts, once January is out of the way i'll be down to around £600/700 a month off my debts.

yeah, im just impatient and like to see my totals move regularly even if it is only a small amount. It would drive me nuts if they didnt move for a whole month

embarrassed_about_my_debt

Morning all!

Just paid another £372.88 more off my Abbey card so thats £2092.03 out of the £8,000 target!! Imagine what i could have done with that money :eek:

In_Search_Of_Me

Wow I'm seriously impressed!! Imagine what you wil do with all the money when you are DF & not paying interest!! How are other pepys doing? I managed £880 ish off but its been a heavy month & just paid 70 odd for gym so happy with that! WIll pay off more at the end of the month if I can!