Busting this debt before 42

Chocolatefund

https://forums.moneysavingexpert.com/discussion/comment/82038863#Comment_82038863

An extra overpayment per month will clear it in 3-4 months. I'll go with this. No doubt I'll be having the same mental conversation with myself next month.

Catscoffeecake

Most likely, think we all have similiar thoughts. But we are all here to remind you of the most logical option 😂

Chocolatefund

Lousy heatwave.

It's been quite a spendy month. £711 on spending CC so far plus £50 out of sinking fund for birthday and father's day spends. Statement date is in a couple of days and I'll do a breakdown of spends then. It's been another heavy petrol use month.

Got the letter from HMRC asking for interest on savings accounts. Got the same last year. They do this to speed up working out if you owe interest on savings before issuing any tax refund. (rather then waiting for the banks to get round to it) Posted it back a few days ago, so will give it a couple a weeks and then hopefully I can ring them up and get them to process it, fingers crossed.

Checking on my SIPP transfer process, it looks like I'm passed the que and the transfer is now in process. Did a bit more research on the process and it's advised not to invest any more in the old nor new account untill it's gone through. Leaving it as cash might not delay it, but what I'll do is transfer it into my invest account and leave it as cash for some interest, then move it into the SIPP later. My old account has just received a SIPP tax relief rebate, thankfully I stopped auto invest and it's just left in as cash. Hopefully that won't delay the transfer too much, could take a couple of months.

Very excited for payday in 5 days. Spending far too much time on my monthly spreadsheet thinking how I want to allocate the money.

Chocolatefund

End of Month spending round up as my statement cc has kicked in.

£248 Food. A bit over, but not bank breaking.

£299 Petrol. Another hard travelling month, I might need to up the petrol budget methinks.

£105 Eating out. Not entirely sure this is right. I had some work related traveling meals and lots of eating lunch on the go.

£173 miscellaneous. Father's days and a birthday outings plus buying supplies for my car that I've been putting off for months. Lots of buses and parking in town this month too.

Total £835. Some of it has come from the sinking fund. £711 statement cc which will be cleared after payday.

July is looking a lot less busier work wise, so going to use the opportunity to not travel so much, going to attempt a low spend month.

I can see from my other account that one of my household direct debits has come out, so I'll wait till the 1st for the others, then initiate the bank switch. I'll just have enough monies to send the £1500 over and will keep it there overnight, then on the 2nd, send it back before I do the monthly money shuffle and overpay the loans.

I saw on this website that eToro had the offer of free £100 worth of shares of you deposit £200 in, so I've been a bit naughty and taken the £200 out of the emergency fund to send it over. I'll be able to top it back up mostly when I've done the money shuffle. I can see that the free share has kicked in and is pending till the market opens on Monday. Yay, free fractional share. Have to keep it in there for 90 days, but the £200 can be kept as cash so I'll leave that part as it is.

Cmoooon the 1st July!

Catscoffeecake

These last few days of the month are the worst, its when money is low and you just want payday to do the shuffle!

Chocolatefund

It's more like I'm just impatient. And I changed my mindset to be excited for the monthly money shuffle so I can pay off more debt. My colouring chart is calling to me!

Catscoffeecake

That too! I love a visual aid, I may have to find myself a debt colouring chart

Chocolatefund

June Payday is here!

And it's been quite a payday. Not just in salary per se, but rather the money gods have been good to me today.

Got an amazing surprise to find that my broadband renewal back in April has spat out it's £100 in Topc@shback. Woo!

Logged into my eToro account to find my free share has come through. (I chose Nvidia) and it's already grown by a wee little bit by £2.50. The total amount in there now is £302.50.

Debating using my new eToro account as another suedo savings account. Minimum deposit is £40. The way eToro is set up it charges heafty conversation fees if you buy USA shares. A way around it is using an account like Wise or Revolut and sending USD. I've been eyeing Revoluts offer of free £25 for new accounts, so will have a ponder about it for a bit.

MSE has also been on my side today as it's just shown me that Sant@nder has a nice £20 Top@cashback offer plus £45 Am@zon gift card if you send £200 to thier regular saver. Perfect timing for my bank switch start tomorrow. There's a few more car supplies I want to get, so the voucher will be perfect. 30 days to send the money into the saver, so my £100 Topc@shback has come at a great time to go towards that.

The £711 cc statement has been paid in full ready for July spending. The rest of the money shuffle will happen over the next two days while I put my plan into action.

I don't think I've had a payday quite like this before. Very exciting!

Chocolatefund

Day two of my money shuffle bank switch plan.

Started the bank switch over to Sant@nder and got the email for the voucher confirmation and it's also tracked on Topc@shback. I was expecting to need ID for opening the bank account, but nope. As my mortgage and an ISA is already with them, the current account showed up in my app straight away. Result.

Did make a slight oopsie though. I forgot that I set up a direct debit to go the Tr@ding 212 account. The usual £300 SIPP. I needed that as part of my £1500 that I have to send over to the new current account for the switch criteria. Doh.

I've taken the £300 from the emergency fund in the meantime. Sent over the £1500 this morning, and I'll leave it in overnight before I transfer £1300 back. I can leave £200 into the saver account for the voucher terms.

Tomorrow, when I send the money back to my main account, I'll overpay the loans and finish the money shuffle.

Chocolatefund

And on day three the great monthly money shuffle has finished.

£100 sent to Sinking Fund which is now at £150

£150 top up in the main Emergency Fund is now £1670 + £200 in the Sant@nder one.

An extra overpayment of the laptop loan bringing the balance down to £625.

£700 overpayment to the car loan. Outstanding balance is now £16,584.

Phew!

Very happy with how this has turned out. I'm going to have a review at the monthly budget, because I feel I need to up the petrol allowance.

Bring on July!