My Debt / Savings / Challenges Progress Thread - Updated: 21/02/2008

Steameh

Hi all,

Thought I'd create one thread for all of my progress so I can keep it all together.

I started my DFW mission on 21st December 2007 and have since started putting some savings away and set myself a few challenges.

I had the following debts as of 21st December 2007

A&L Loan @ 6.3% APR - £9495.41
MINT Credit Card @ 0% til 1st May - £1622
Car Insurance - £509.74
Overdraft - £400

Total - £12,027.15

Challenges

Clear A Debt By April
Sealed Pot
Centre Parcs Xmas 08 Pot

The debt I would like to have cleared by April is my MINT credit card. This stands at 0% until 1st May 2008. For the sealed pot challenge I am going to be putting in 1's, 2's, 5's, 10's and 20's. The Centre Parcs challenge is going to be 50's and £1's only.

I shall be updating this thread on the 21st of every month or whenever something major happens.

See below for progress updates.

I have also started a 1 month only spending diary HERE

Steameh

21st December 07

Total Debt Paid

£0.00

Remaining Debt This Period

Overdraft - £400 ~ £0.00
MINT CC - £1622 ~ £0.00
A&L Loan- £9495.41 ~ £0.00
Car Insurance - £509.74 ~ £0.00

Total Debt Remaining This Period

Debt - £12,027.15 ~ £0.00

Total Savings This Period

Savings - £123.14 ~ +£0.00

Challenges

Sealed Pot Challenge - £14.90 ~ +£0.00
Clear a Debt by April - £0.00 / £1622 ~ +0.00
Centre Parcs Challenge - £0.00 / £150 ~ +0.00

Little_Pickle

You're doing really well, sweetie!

Keep it up! and remember, we're all here for help guidance or a friendly shoulder to cry on if you need it!

woo hoo to yooou!
LP
xox

SarahNeedle1872

Hi Steameh, good idea to track ur progress with ur challenges etc.

What are ur savings for? Are u saving to pay off a debt?

Sarah x

Steameh

SarahNeedle1872 wrote: »

Hi Steameh, good idea to track ur progress with ur challenges etc.

What are ur savings for? Are u saving to pay off a debt?

Sarah x

Hi Sarah,

The savings are mainly for something to fall back on if I need too. However I do want to treat myself to a holiday or two this year so am saving for that and also if it looks as though I'm going to fail my 'clear a debt by April challenge', I will make sure I don't with the savings as I don't want to start getting charged interest on the credit card.

SarahNeedle1872

Steameh wrote: »

Hi Sarah,

The savings are mainly for something to fall back on if I need too. However I do want to treat myself to a holiday or two this year so am saving for that and also if it looks as though I'm going to fail my 'clear a debt by April challenge', I will make sure I don't with the savings as I don't want to start getting charged interest on the credit card.

Do you have a smaller debt you can try to clear by April? Or maybe you could sacrifice one of the holidays, and out a bit more money towrds the debt?

Sarah x

Steameh

SarahNeedle1872 wrote: »

Do you have a smaller debt you can try to clear by April? Or maybe you could sacrifice one of the holidays, and out a bit more money towrds the debt?

Sarah x

My car insurance is smaller than my credit card by a long way and whilst it would be nice to see that gone too, I'd prefer to see the cc gone. Once that is gone it is going to spare up a fair amount of money so I could then pay my car insurance off in May / June.

Steameh

21st January 08

Total Debt Paid

£370.37

Remaining Debt This Period

Overdraft - £400 ~ £0.00
MINT CC - £1500 ~ -£122
A&L Loan- £9293.38 ~ -£202.03
Car Insurance - £463.40 ~ -£46.34

Total Remaining Debt This Period

Debt - £11,656.78 ~ -£370.37

Total Savings This Period

Savings - £453.21 ~ +£330.07

Challenges

Sealed Pot Challenge - £16.90 ~ +£2
Clear a Debt by April - £122 / £1622 ~ +122
Centre Parcs Challenge - £17.50 / £150 ~ +17.50

Summary

I have managed to claim back £43.20 in credit card charges from MINT. They have paid this straight off my current credit card. The rest of the payment is from my wages. I have also filed a claim with Tesco Personal Finance. I am still waiting for a response on this one. This will also be coming straight off my credit card balance.

I have also decided to start a spending diary today as it is payday and I would like to see exactely where my disposable income is going every month. I only plan to run this for one month but might continue it afterwards. You can view this HERE

pinkpr1nc3ss

Good luck with your debt clearing and savings. You are doing really well already. I'm looking forward to reading about your progress

Steameh

pinkpr1nc3ss wrote: »

Good luck with your debt clearing and savings. You are doing really well already. I'm looking forward to reading about your progress

Thank you very much! I'm hoping all goes to plan. Shall be updating on a monthly basis unless I get to pay off a considerable amount in between or anything substantial happens.

Good luck to yourself also :-)

dancingfairy

wow -seems like you're doing really well. Keep it up.