Mizmir's determined to get there diary

elantan

taxi well done on that goal i wish you all the best deff one worth aiming for

mizmir

Well - have sorted out the debt totals - not as hard as I expected - found figures quite easily - but it was rather a shock. Debt today is £19575.28 not including £1403.02 which is on our "expenses" cards - waiting to be repaid from work (should be covered and cleared in August). I had expected it to be a little bit further off the £20K mark but at least is on the right side of it .

Haven't done my snowball yet and am toying with being really bad and actually paying off my overdraft which is cheap rather than the cards which are reasonable but not as cheap - simply because card totals are easier to keep track of and manage. The overdraft is running at about £4700 - but it goes down when salaries go in then builds up again - and can be difficult to keep track of. Is it stupid to put more against this (which costs me a fiver a month) than the card which costs me £25?? I feel it probably is but I also feel maybe if I got into the black on the account I would struggle more to keep there..?

Thoughts appreciated (even if along lines of don't be an idiot you dozy cow! :rotfl:)

The_Dragon

Hi Mizmir - I can understand where you are coming from with the overdraft but I would be inclined to gradually reduce it (get it down to £4k, then £3.5k etc) and in the meantime clear off the cards as they are costing you more overall. Could you clear one quickly thereby making yourself feel better because one debt is fully gone?

hypno06

That is a good total! I would be happy with that one!!

As for the overdraft vs cards - I would pay off the overdraft if it is easier to keep track of the cards - would be a better motivator to pay extra off if you know that you have said goodbye to that debt forever, rather than just paid it off only for it to yo-yo again!

alternatively.....don't be an idiot you dozy cow!

Seaxwyn

Don't worry about being an idiot, do whatever would make you feel better and more in control.

boredofbeingathome

mizmir wrote: »

Well - have sorted out the debt totals - not as hard as I expected - found figures quite easily - but it was rather a shock. Debt today is £19575.28 not including £1403.02 which is on our "expenses" cards - waiting to be repaid from work (should be covered and cleared in August). I had expected it to be a little bit further off the £20K mark but at least is on the right side of it .

Haven't done my snowball yet and am toying with being really bad and actually paying off my overdraft which is cheap rather than the cards which are reasonable but not as cheap - simply because card totals are easier to keep track of and manage. The overdraft is running at about £4700 - but it goes down when salaries go in then builds up again - and can be difficult to keep track of. Is it stupid to put more against this (which costs me a fiver a month) than the card which costs me £25?? I feel it probably is but I also feel maybe if I got into the black on the account I would struggle more to keep there..?

Thoughts appreciated (even if along lines of don't be an idiot you dozy cow! :rotfl:)

If it motivates you then go for it, i always think that banks can withdraw overdrafts anytime, and psychologically it will give you a boost because it is a backup as well...........i now feel like a dozy cow..mooo:rotfl:

mizmir

Have been playing with the snowball calculator and discover that paying £500 off the overdraft each month and then snowballing as normal with my other payments doesn't effect my DFD (December 2009) but it will add a couple of hundred pounds to the total. To be honest doesn't seem worth that since it will take me till May to clear it anyway! So have decided to continue to snowball normally with my budget for debt repayment - and perhaps throw any extras at the O/D - though snowballing with £10 a day extra - brings the DFD forward to September!
Had thought about the withdrawal of the O/D especially in the light of the takeover of A&L - but think I will just cross that if it comes - I could get a balance transfer on one of my existing cards at a push.

So Dec 2009 here I come. This is based on an adjusted and much more realistic budget which factors in increased fuel bills and some extras for personal spending so that we just might stick to it! But it doesn't include any extra income so realistically it is gong to be sooner than that. A good night's work I think!

boredofbeingathome

I think you have been very good and drinkies are in order..i am actually having a glass of vino with tonic..the first since my nephews 21st..I reckon i can risk it now and i want to get some sleep as only had about 3 hours last night!

taxi73

Hi Mizmir and all..well done on sub £20k....can't wait to see that total on mine...really impressed with your new plan...I love it when a plan comes together...have a good day.

lucielle

Well done Mizmir, I wish my total was a £1 behind yours!
L