31st December 2025 - coming for you

amydoll83

Just making a literal 1 sentence start.

Figures and more detail to be added in the next few days.

amydoll83

Family of 4, me, hubby, and 2 DD's who are 7 & 6.

I'll start by saying sorry if this is a bit rambling in places, or doesn't make sense, I'm rather prone to brain dumping  

We live on the West Coast of Scotland, with a reasonable mortgage. Keeping the mortgage separate on this thread.

Our debt is made up of the following:
* £77.00 Very
* £3629.08 my car
* £4???.?? hubby car

We (mainly me) are Mr Ramsey fans. So we are also building EF's of £1000 each. My EF's currently stands at £725.61 for the purposes of this thread I will be counting the remaining £274.39 as a debt.

My plan is to clear Very and my EF by the end of the year (£351.39). This is a minimum £31.95 each week, to clear by 29th Dec. 

In the mean time, between now and then, 2 regular payments would have been made towards my car. So January 2025 my debt alone will be a nice(ish) round £3361.00

2025 will be all about clearing my car debt. My monthly repayments are £134.04 so that will knock £1608.48 over the final figure. My challenge for the year will be to clear the remaining £1752.52

For now I'll focus on £351.39

Hubby has less than £100 to fill his EF (will check actual figure when he gets home), he is then going to focus on paying off his car. Will check the actual figure outstanding on his later.

Income and expenditure is for another post.

RisingPhoenix1

Well done for getting started and making a plan

amydoll83

Thank you RisingPhoenix 

There is a whole long story that got me to this point, and a whole plan for beyond 2025. However, am aiming to keep this to the point and not babble on too much   

amydoll83

Forgot to ask hubby his figures for car and EF.

No time (or perhaps desire) to do a SOA. It wouldn't be accurate as both our wages are variable. And it isn't the point of the diary.

A quick over view, my hubby is paid monthly (1st) and transfers to my shopping account a set amount (£500) each month. He also pays the majority of our joint hobby monthly (approx £300). He pays all his own personal so/dd. His income varies month to month. What ever is left after that is his to use as he pleases.

I get paid 4 weekly on a Thursday (today as it happens). My wage varies due to over time (there is always overtime). My wage slip is available from the Tuesday before payday so that is when I do my budget. We also receive CB (4 weekly), UC (monthly) and SCP (4 weekly). I save into pots for birthdays, xmas, kids clothes, personal spends, etc etc etc. On the Wednesday before payday (yesterday) I empty my current account. We both RR (the same as a tilly tidy, but our surname is R so its an R-Roundup)  my RR's are in my diary each Sunday based on my written budget. What ever is left at the end of my written budget is what I use to fund my half (if you like) of housey bits, like wall paper, paint, etc. (The kids think it should be a maccy D's fund)! 

So last night £19.84, £1 into EF and £18.84 to very. Aiming to clear very first, but I won't close the account. I only use it for things like washing machine, tumble drier, phone (when the current one is beyond all reasonable help and expense) and use the BNPL feature, pay it off well before the interest bearing date, and get a tiny amount of SB in the process.

Because our children are still quite young we are fully taking advantage of free things to occupy them and us. We walk our dog daily, and the beach is only a ten minute walk away, so it is our usual destination. Really don't think my children feel the cold in the same way I do. It doesn't matter how cold it is, rain - not a problem, in fact it makes it even more fun to paddle in the sea, and seeing who can pour the most sea water out of their wellies is a whole other competition 
Otherwise K-Castle is a 20 min drive away, and family live close by, so win-win. Other free and local castle, museums, beaches, events are taken advantage regularly. I do have a fun pot though, topped up 4 weekly, for things that we have to pay for. 
I use the biscuit app when walking the dog, and have w*nwalk, m*cadam, and w*ward, have yet to cash out on any of them but I walk the dog daily, and one of my hobbies is hiking (not as often as I would like), so might as well get a bit of money doing so.

Think that is all for now. 

Told you I'd babble on haha

amydoll83

Having spent the weekend going over finances with hubby, we have finished his EF. Eradicating mine, £324.73 left to re-home.

Car finance company won't allow us to make regular overpayments. Well they will, but any overpayments will reduce the direct debit payment, it won't bring forward the finishing date. Something about the interest being front loaded? Not entirely sure what that means. The only way to pay it off early is to get a settlement quote.

So,  we have decided to let the car payments run, and have jumped onto mortgage payments.

My main account is also who we have our mortgage with, so having discussed it yesterday and today, we have made our first overpayment. A small £4.96 to start with, shockingly, when I popped this into the OP calculator, it made absolutely no difference to the term and hasn't saved us any interest (yet!)  

Chocolatefund

You could set up a separate savings pot for your car loan. Save up each month (and earn some interest along the way) till you think you'll have enough to eventually pay off the settlement quote. You could always request one to get an idea of the amount.

I'd personally rather have the car loan gone quicker as paying it off early would save you some interest. 

Just food for thought.

peb

If the car loan is front loaded this means that the interest is added at the start of the term so you won't save anything be repaying it early.

Sarahwithlove

If its front loaded then focus on overpaying other debts as you won't save any interest. 

What's your hobby that costs nearly £300 per month?