Fun vs focus

Lonelygambler

Here's a question for you - dealers will offer 0% but often bump up the price. 

Is this a bank loan or a dealers offer? 

Payments look good on the debt. Keep it up. 

kl_jones2021

Thanks. Neither bank or dealer. For the dealer it was a cash purchase but the loan is from Scottish government through Energy Saving Trust.  There was a form the dealer had to fill in but the money was paid in my current account and then I paid the dealer in last than 3 weeks. 

kl_jones2021

It’s been a while since I updated here, but looking back at my very first post has been incredibly motivating. This year alone, I’ve managed to pay off £15,220.79 of debt—something I’m really proud of.

Here’s where things stand:

• I’ve officially paid off all my medical expenses!

• I now have £12,480 left on my car loan. Thankfully, it’s still at 0% interest, and if I needed to sell the car today, I could cover the balance and still have enough left over for a modest replacement.

I’m feeling confident that I’ll have everything paid off by September next year at the latest.

On the holiday front, we’ve already purchased all our Christmas gifts and planned activities (just food left to sort), and we’ve been super strict about not overspending.

The finish line is so close, and I can’t wait to knock out the last of this debt. Once that’s done, my focus will shift to building a fully-funded emergency fund and setting up sinking funds.

kl_jones2021

4 days to payday  here’s where I’m at:

Wins 

1. For the first time ever, I’m not drowning in that post Christmas overspend dread. This January has been my most financially organised january in my adult history.

2. I’ve budgeted really well this month. there’s £75 in my account to get me through to Friday, and I’m confident i’ll even have some left over.

3. Decembers bonus went straight to the car with another £2,493 off the balance, leaving it just under £10k (£9987 to be exact).

Little blip but budgeted

I did book a long weekend to Prague all paid in cash. Instead of exchanging gifts for Christmas, my partner and I decided to get this trip. I’ve got  to sort airport parking (cheaper than taxis or public transport) and set aside a bit for spending money.

Challenges 

This years calendar is packed with expensive family events: milestone birthdays, two weddings, and visitors. Ive listed all the expected costs and worked out that with careful budgeting, I can still hit my September savings goals.

My partner and I have agreed to get creative with meal planning we will empty the freezer and delay the first food shop of February to save a bit more.

Feeling proud of the progress but staying realistic about the challenges. 

kl_jones2021

This month, I paid another £1,173 off the car balance, bringing it down to £8,814.

My partner and I managed to delay our February food shop, which left us with some extra money to stretch until payday hopefully enough for a budget friendly cinema trip tomorrow night.

Next month, we’re celebrating a milestone birthday and have booked a trip for it. I paid in cash, but it does mean putting less towards the car this month. 

I asked for a pay increase back in November, and while my boss agreed, HR approval has been slow. I’ve chased it up again and am hoping it comes through for the end of March payday.

Work has been tough lately. I usually enjoy it, and my boss is great, but the line management side of things is draining. It’s making me question whether the extra money for managing is really worth it. I’ve looked at other jobs, but they would mean a longer commute and higher costs. I need to weigh up if a move would be worth it.

I’ve also noticed that when I feel like this, I tend to spend more in my personal life, which is something I need to be mindful of.

rachmac3

You've cleared a massive chunk of that debt, but it sounds like you've learned heaps through doing this too. Well done, it can't have been easy.

CreditCardJunkie

You're flying with paying this off! Controversially I don't think the car loan is that big of a deal especially at the rate you're paying it off! I had lease cars for years and decided to pay 5.5k for a "decent" runaround and it has been a money pit. I think it's worked out about the same for repairs/maintenance as what I was paying monthly for the lease car! Plus the hassle of it breaking down and being in the garage several times!

kl_jones2021

I’ve just paid another £1,287, bringing my balance down to **£7,527!**

This month is a big one with a milestone birthday trip, a last minute family wedding due to illness, and my car in for second service. All planned for in my budget.

I’m focused on sticking to my budget and even aiming to come in under where I can. Every little bit counts!

The thought of being debt free (except for the mortgage) in just four months keeps me motivated. I can’t wait for that feeling!

kl_jones2021

Just got back from my trip, and it was fantastic! We had an amazing time, and the best part? I stayed in budget and in fact came in under budget. It was only by £5.10, but hey, every little win counts!

kl_jones2021

The car was fine, but there are a few potential expenses to budget for throughout the year such as new tires.  I’m really proud of myself for sticking to my budget and even having money left at the end of the month so I’m adding another £200 to the car!