Busting this debt before 42

Chocolatefund

https://forums.moneysavingexpert.com/discussion/comment/82158578#Comment_82158578

I went onto the app to have a look. A £500 overpayment will save me £102 in interest.

Done deal. I’ve given the instruction to sell the shares and it should land in my account in 3-5 business days. When I get the cash, I’ll move my regular saver over and send the overpayment as a one.

I'm more excited over the fact that I’ll be able to colour another line on my chart!

Chocolatefund

Done! Took a few days for the shares to sell and arrive in my account. Bajesus the high street banks are behind the times…

£123 from the ISA and £400 from the saver. I’ve sent £500 overpayment to the loan bringing the balance down to £12,338. Interest saved £102.

Total interest saved so far totals up to £2380. Bonkers.

My colouring chart has had another line filled in and is very satisfying to see.

Can’t wait for next payday!

Rhyddid2026

Can we see your colouring chart? I love a visual.

Chocolatefund

https://forums.moneysavingexpert.com/discussion/comment/82164311#Comment_82164311

Of course!

I find that breaking it down into mini goals lets me see how much I can pay off each payday. I do the number crunching and work out how many lines I can colour in.

beanielou

Love this.

Rhyddid2026

Thank you for humouring me 😊

Chocolatefund

Financial brain dump #7

Nearly halfway through the month and there is £364 on the spending cc so far. 13 days till the statement date, so going to plan so far.

My strange habit of making overpayments in round numbers has meant that there is extra money left over that’s built up in dribs and drabs. I’ve moved £45 to the sinking fund and transferred £5 in NaffWest rewards to it also. Total now £450.
I’ve also moved a spare £20 into the shiny fund so that has now got £70 in it.

I’ve been doing some calculations on this loan. If I can overpay by 1k per month, then it will be gone in 9 more payments. So my debt free date at the moment is looking like the 1st July. To bring it forward a month I would need to overpay by another 100 per month, which isn’t impossible, but it would be a challenge.

On a more fun note. I’ve decided to buy either a chest of drawers, or a proper wardrobe for my bedroom for Xmas. £199 for the drawers or £250 for the wardrobe. The £70 shiny fund will go towards this plus a couple more paydays. Will give me something to look forward to for Xmas as I’ll have a couple of weeks of leave to make the most of it.

The lure of house stuff is strong in me.