Busting this debt before 40

Chocolatefund

Financial brain dump #2

Been doing lots of number crunching today.

Checked Mays payslip to find that the added pension still hasn’t come off.  Will have to email work to find out why.  However, that does mean that I will have more money to work with come payday.

Theres scope now to send one last big overpayment to the loan, and let that last direct debit go through if I wanted.  Then put the car costs on my CC.

After some calculations, I’ve decided it isn’t worth it.  My debt payoff spreadsheet shows three more loan overpayments left, with the last one being 1st August.  Even if I put my car costs on the CC, It wouldn’t bring my debt free date forward.  It ‘might’ save me some quid in interest, shortening the length of the loan, but we’re talking a couple of months here.

I feel like I’d lose my momentum by moving my debt to a CC, as daft as that sounds.  My brain is wired to pay off CCs in full every month.  I’d rather keep the psychological motivation going on the loan.

My brain hurts.

Chocolatefund

End of month round up.

Monthly spends are as follows;

Food £263 …. !!!!!!?
Petrol £85.  Yay!
Eating out £79 …Uhhh…
Misc. £4.  Wohoo!

Total £431 out of my £450 budget.  To be honest I could’ve done better.  Forgot to take in lunch three times this month.  Still, was saved by not as much driving this month and only a bus ticket for miscellaneous spends.  Need to have a think on how I’ve managed to spend £100 more this month on food…I’ve only been in Te$cos!  Good news is my recent food shop will probably last one or two more weeks, and my car is nearly petrol full going into June.

Speaking of June, got Father’s Day and a birthday to buy for, so will need to keep an eye on the funds.  Also visiting relatives for a few days so potentially a spendy month.  My car is going in for its works next week.

In other news, I’ve finally decided to sell my old MacBook, and use the sale to get the Magic Keyboard for my iPad.  Been umming and ahhring for ages now wheather to upgrade my MacBook later this year, or try the keyboard and see how I get on.  I’ve not used my Mac for ages, and figured if I missed it, can always buy one again at a much later date.  The keyboard price is normally £300…(ouch Apple tax) however, I have £60 store credit to use so I can get it for £240.

So it’s all packed up, and will drop it off at CeeX tomorrow.  They are quoting £414 for grade A and £274 for grade B.  Going to try my luck with grade A, but suspect they will drop it down to a B.  Won’t hurt to try.  Will get the keyboard whichever price and be better off by either £34 or £174.  Fingers crossed.

Looking forward to the great money shuffle on Monday. 

Chocolatefund

Financial brain dump #3

A while ago, my SIPP transferred over from V@nguard to Inve$t engine.  I checked the old account to see if it had all gone, and it has, except…they've left £0.07 in there.

I mean…seven pence.  Really??

So is that seven pence just gonna…stay there??….forever???

*twitch*

Gonna pretend I never saw it.

Today, the MacBook has been dropped off at store.  £2.50 spent for parking.

Been doing more number crunching.  Going to wait till my car is all sorted before I make another loan over payment.  Just in case something else comes up with the car that I’ll have to pay for.  Decided to get all the works done.  Total £2480, which is now in my sinking fund.  I should still be able to put a decent loan overpayment by £500 ish, providing that my maths is right, but wait till mid next week to do it.

I've managed to secure a lot of overtime for the month of June which is awesome!  There’s actually scope now for me to only need one more additional overpayment when Junes payday comes around.

Cant wait for this loan to be goooooone!

Cherryfudge

That's really weird about the 7p. Perhaps you've just gone over the amount they are allowed to transfer in one go?

I think you're sensible to get the car sorted before overpaying the loan. So long as you keep up the minimum payment, of course, and the interest rate is okay. But the car needs to be right.

Chocolatefund

The great monthly money shuffle has commenced.

The car is back all shiny and new.  Feels good to know that everything is sorted and that the car will continue to be awesome for many years to come.  The financial plan for it has worked.  I’ve used the Te$co credit card for now.  Might as well get a few £ for it.  Will pay off in full when it’s gone through in a couple of days.

I did the transfer in and back out £1500 into the Ch@se account to keep the cashback thing going.  Seems to have worked.  Did the top up back to my £450 monthly spend budget.

The extra hours that I did last month has meant I had the financial headroom to send a £505 overpayment to the loan.  Yay!

That means I’m now down to £2,600.  Can see the end in sight!

Ordinary_Yet_Unique

A very interesting and in some ways exciting read! Very well done on the loan overpayments. Not long to go now!

Chocolatefund

Happy Sunday fellow debt busters.

First week of June and it’s been a very spendy week.  £58 for a birthday present, £5 on cards and £14 on Father’s Day gift.  Filled up petrol tank for £38 and a small £20 top up shop on food.  Away for a few work days next week, but going try and make it a low spend week.  Five weekend months definitely seeing the difference.
The Te$co CC that I put the car works on has been paid which has given me a whopping…£3 worth of vouchers.  Heh, I guess every little does help.

Got a response from work regarding my added pension.  They only processed the paper work on the 2nd June!  Clearly it wasn’t going to happen if I didn’t chase them about it.  Very annoying.  It will come off in this months pay so I can take that into account in the finance planning from now on.

The MacBook that I took into CeeX did come back a B grade and the money has now come in for it.  I’ve ordered the keyboard for my iPad and the £34 difference has gone into the sinking fund.  Did think about keeping the funds towards the loan, but need something proper to type on.  My fingers are aching just typing out this.

Did an extra shift yesterday so that money should come in next week.  Also got another extra shift next Sunday, so super excited for those monies to come in.  Can’t see me getting anymore extras for this month.  However, these extras I’ve got might actually JUST be enough for ONE more big loan overpayment.  Then letting two more direct debits come off normally.  Will have a better view on the exact numbers in a couple of weeks.

Fingers crossed no more financial freight trains!

Chocolatefund

Hi @Ordinary_Yet_Unique

Thank you!  It’s been quite a journey.  I’ve learnt so much about myself with regards to personal finance along the way.  Things such as having an emergency fund and sinking fund for the first time in my life.

Middle_Aged_Guy

Hello @Chocolatefund , 

I have recently read your diary from start to finish and you are an inspiration. You have really worked hard to pay that debt back and are sooo close to the finish line!

I have printed off something similar to your "Game of loans" chart and will look to colour in my progress as i chuck money at my debt. I think its a great idea and will really push me to have it all coloured in.

Keep the updates coming, you are sooo close now.

M.A.G.

 

Chocolatefund

Hello @Middle_Aged_Guy

Many thank you!  It makes me warm and fuzzy to know that someone got something out of reading my money ramblings.  I’ve really enjoyed having my colouring chart and seeing the progress.

Didn’t realise it’s been a while since my last update.  Last week of June and things are going well.  My extra shift money has come in and given me a huge boost to my overpayment pot.  The last month overpayment has given me an interest rebate of £23, so my loan is now down to £2577.

Payday in 5 days and I cannot wait.  Been doing the numbers and it will be my last overpayment!  Theres now enough when I get paid for one last big push and let ONE direct debit go through.  Was originally planning on letting the last two direct debits go through, but now have decided to pull my Ch@ase round up pot and empty my sinking fund to do it.   Just one fiiiiiiiinal push now.  Need a small top up shop at some point this week to stop me from buying lunch at work. 

Methinks will need another financial brain dump this weekend for some final figures.