Hayley's Debt Free by Dec 08 Diary

thepinklady

I thought it was about time to write my own diary. I have been putting it off for months, but tonight thought what the heck, even if nobody reads it or posts least I can shout at myself and tell myself where I'm going wrong .

I have worked out I should be debt free by November 2008 - thats if everything stays the way it is now money wise & i find a new job in October (being made redundant in October).

I'm just putting my SOA together then I will post it,

Hayley
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beanielou

Keep posting Hayley

thepinklady

Hayley's SOA

Total income per month = £980.00

£100 - Rent
£80 - Travel
£84 - driving lessons - 4h's per month @ £21 per hour
£4.34 - Dogs Trust
[strike]£5.99 - Credit Expert [/strike] cancelled
[strike] £5.68 - Laptop Insurance[/strike] cancelled
£5.69 - Life Assurance
£4.99 - dvd rental
£200 - Littlewoods - around the same amount each month goes out - sometimes i pay more
£21 - Barclaycard - only paying min amount at the moment
£300 - parents

= £800.02 leaves £179.98 a month for bits for myself

Debts

£2,000 - parents
£879.68 - Barclaycard - 24.9% APR
£1,115.70 Littlewoods

= £3,995.38

Lemon_Tree

Hi, welcome to the boards
Do you have the interest rates on your debts? this will help you decide which one to pay off first to save you money in interest.
Well done for taking control and having a plan of action. You'll get there and it will stand you in good stead when you go to uni.

thepinklady

Had an ok'ish day today - stopped myself buying a new pair of shoes so thats good.

I can't wait till the end of the month now to get these totals updated, hopefully i can knock around £630 off my debt at the end of the month - i'm only able to pay the extra this month because I'm getting a lil bonus from work.

At the moment I'm paying an extra £50 to Littlewoods per month, should i stop that and start paying more off my Barclaycard? I'm just so badly wanting to get rid of the Littlewoods debt so i can close the account, otherwise I will continue spending when they send me new catalogues.

thepinklady

Forgot to add - I cut up my Barclaycard today :j lets home no emergencies come up!!

Tustastic

hayley_bass wrote: »

At the moment I'm paying an extra £50 to Littlewoods per month, should i stop that and start paying more off my Barclaycard? I'm just so badly wanting to get rid of the Littlewoods debt so i can close the account, otherwise I will continue spending when they send me new catalogues.

Follow Lemon Tree's advice and find out the interest rates on Littlewoods and Barclaycard. Aim to pay the most off the one with the highest interest rate.
Check on www.whatsthecost.com to see how this helps pay your debt off quicker.
Is the £300 to your parents just for your keep or does it go towards paying off your debt to them?
Good luck and keep posting.

thepinklady

I don't think Littlewoods charge interest every month, I believe this is because they overcharge on items to begin with - so don't add interest every month. I believe a pay a percentage every month of my total debt to Littlewoods.

The £300 is to pay off the debt - I want to clear this ASAP hence it being a quite high amount compared to the amount i earn a month.

At the moment I'm not really concentrating paying the Barclaycard debt off - which is stupid really because I'm losing £17 a month on interest. I might start paying the extra £50 a month towards my Barclaycard debt, it will never go down if i continue paying around £3 a month off this debt, well that's how much it is after the interest has been taken away.

andromache_2

Good luck with making your DFD What A-levels are you doing?

sophiesmum_2

Hi Hayley:hello: ,
Just popping in to say hello, can't have you talking to yourself:D
Definately try and pay the extra off the credit card - it will save you money in interest in the long run, and get rid of the debt quicker:D

Good luck with achieving your debt free date.

thepinklady

What a day...!

I must shout at myself now - HAYLEY STOP BUYING EASTER EGGS - EVEN IF THEY ARE BOGOF YOU DON'T NEED ANYMORE!!!

Today i spent £12 on easter eggs in Tesco's - had such good offers and i couldn't resist buying more friends and family eggs!! They wasn't all chocolate eggs so thats good.

So other than me spending money on eggs i had a good day. I'm working on Good Friday so that will be double money :jdecided all the extra money in next months wages is going to go on paying off some of my Barclaycard debt - I NEED to get that lower than £500 by June to be on target to reach my debt free date.

Hayley
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