Busting this debt before 40

Sarahwithlove

That's great well done. Sounds like you have lots you want to get done. If it's your forever home then it's definitely worth doing it in future. Will you be able to do any of it yourself? I had a quote for my back garden and was shocked at the price 

Chocolatefund

I could totally do the back garden myself. But it's such an overgrown jungle that I'd probably break my back doing it.   Its just a luxury want.

It's not my forever home, but definitely my 10+ year till maybe retirement home.

Chocolatefund

End of month and week round up

Payday finnaly came on what felt like forever this month.

So August spends are as follows;

Food £165
Petrol £84
Eating Out £14

Misc:
Parking £6.
Post Office £3
Am@zon £8
Kitchen items £33
Game £40
Firewood £82

Total £435.  I did spend an additional £52 on two birthday presents, which I wasn't going to do till next month, as both birthdays are at the end of September, but had a spare weekend free and knew exactly what I was getting, so figured I'd get this sorted.

I had my eye on a game for my pc for quite a while, and decided to take the rest of my eating out budget for it, since I've not been out much this month. It should hopefully keep me occupied most evenings and weekends for a while. I seem to not spend money as long as I don't go out!

Overall pleased with how the month has gone money wise, since I don't have to spend anymore on my kitchen reno. I still need some more kitchen utensils down the road, but can spread that out as and when I need them.

Cashed out a total of £97 from V1nted. Will probably put this towards the sinking fund and see where that's at once all the bills have gone out.

Getting paid on Friday is nice and all, but that means all my bills don't come out till the Monday. Never thought I'd be annoyed at a weekend, haha. I'm getting budgeting impatience.  🤣 

Will shift the moneies around on Monday I think.

Sarahwithlove

Do you have any kind of spreadsheet or budget to know how much your DDs will come to? 

Regarding the garden if you plan to stay for 10 ish years I'd get it done 

Chocolatefund

I have a spreadsheet and know how much my DDs will come to.  It's more of not being sure how I want to allocate extra money between loan overpayment/sinking fund/xmas fund/current account buffer

Also I suck at maths and always seem to forget something.   

Sarahwithlove

Haha fair enough. But I do agree I just want all my dds gone. On monzo it shows upcoming payments so I'm just itching for them to go! Even though I have already sorted out the rest of my money. 

Scott_Weiland79

Chocolatefund said:

So my plan continuing;

£220 food/toiletries 
£120 petrol 
£60 Eating Out/Fun
£50 miscellaneous 
£50 in savings for an Xmas pot.

I've recently opened a Ch@se account to toy with the idea of having a separate bank just for spending and transfer £500 after payday. I'm sitting at around £200 atm which I need to reign in and try and last me till payday. I've got a meal out planned with a friend later this month, but other then that I'm going to be a hermit and spend far too much time in front of my PS5.

Going to aim to overpay the loan by £800 a month which quite ambitious.  All my bills come out on the 1st so whatever is left over will go into a separate savings pot. I've got a regular saver which is where my emergency fund currently sits at around £1450 and will keep going with topping that at £150 monthly.

Keeping a spending diary and a NSD calendar to keep the motivation going. Wish me luck.

good plan re Chase are they still doing the cashback on card purchases offer??

Chocolatefund

Scott_Weiland79 said:

Chocolatefund said:

So my plan continuing;

£220 food/toiletries 
£120 petrol 
£60 Eating Out/Fun
£50 miscellaneous 
£50 in savings for an Xmas pot.

I've recently opened a Ch@se account to toy with the idea of having a separate bank just for spending and transfer £500 after payday. I'm sitting at around £200 atm which I need to reign in and try and last me till payday. I've got a meal out planned with a friend later this month, but other then that I'm going to be a hermit and spend far too much time in front of my PS5.

Going to aim to overpay the loan by £800 a month which quite ambitious.  All my bills come out on the 1st so whatever is left over will go into a separate savings pot. I've got a regular saver which is where my emergency fund currently sits at around £1450 and will keep going with topping that at £150 monthly.

Keeping a spending diary and a NSD calendar to keep the motivation going. Wish me luck.

good plan re Chase are they still doing the cashback on card purchases offer??

Yup. Got £4.34 in rewards so far. Only had the account for about a month.

Scott_Weiland79

Excellent re Chase I have being with them two years now and I love there app/cashback offer and there savings are very competitive 3.85 percent. I tend to when I get any cash back drop from them I just stick in the EF i have with them
4.85 percent win win.

The cashback is limited to 15 quid pm I would just drop it as soon as its there and save it earn some interest.

Chocolatefund

A start of the month update;

Ive gone ahead and made my first overpayment to this big loan, yay!

My aim is to overpay by £800, but I've used my V1nted sales to bump it up to £900, so it feels like the extra effort is tackling the debt. This takes my loan down to £18,780.  Never thought in a million years that I'd be excited to make overpayments on debts! Feels good to get the momentum going and seeing progress.

I've also topped up some of my savings pots and thier totals are as follows;

£70 in Xmas fund
£501 in the Sinking Fund (This is to cover the big annual expenses such as car insurance and service)
£1650 in the Emergency Fund.

Looking ahead, I've got a work due in October that needs to be paid for so £40 to sort that. I'm also going to try and arrange a boiler service this month, so keeping money in my bills account to cover those.

I've transferred the usual £450 to Ch@se for me to live off. I did a big food shop yesterday which came to £72...eek... literally had nothing in the fridge or freezer...

Going to aim for a few no spend days for the rest of the week.