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  • FIRST POST
    • DrSpendLittle
    • By DrSpendLittle 22nd Aug 17, 4:30 PM
    • 293Posts
    • 1,011Thanks
    DrSpendLittle
    Reducing Debt - being accountable and taking responsibility
    • #1
    • 22nd Aug 17, 4:30 PM
    Reducing Debt - being accountable and taking responsibility 22nd Aug 17 at 4:30 PM
    Hi everyone!

    DFW newbie here! Been a lurker for a while but have been so inspired by reading others' DFW diaries - it's literally all I've done this weekend! - that I decided to take the plunge and join in the fun. Now's the time. Had my LBM a few weeks ago and can't wait to get started

    So, a little about me before I state my financial situation and my goals:
    - a happy, healthy and engaged homeowner
    - settled in my career with a fairly well paid job & annual increment
    - looking at starting a family soon as time is ticking!
    - enjoys sports and the outdoors and a healthy approach to life
    - has just started using YNAB
    - has a 'secret' unsecured debt of just over £10k (2 x cc's)

    About DF
    DF is debt free but doesn't actively save. He seems to spend what he earns which isn't great since we have a tiny mortgage and lowish bills. He had family money passed on to him a few years ago on the advice of his mother's accountants - she would NEVER give it away otherwise. This dosh acts as a financial cushion for him .....and, admittedly, me gosh, it really has meant I've been a wee bit lacking in the old saving malarkey Time to banish this false sense of security!

    About DF and I's financials
    DF and I don't have a joint account. All bills / mortgage come out of his current account except car insurance and broadband/phone which I'm responsible for paying. I give him £465 every month towards bills (includes a deduction for car insurance) and he gives me half of whatever the broadband phone bill is. This arrangement is, on reflection, part of my problem as I have too much 'distance' from the reality of bill payments and direct debits etc etc etc I'm sure you all know the score....

    DF knows I have some debts but isn't really aware of the current status of my 'net worth' He's one of life's worriers so I am taking this DFW journey alone for now. I'm completely settled and happy with this idea and I have been managing it all on my own thus far, so no need to change. I got myself into this situation so I'll be getting myself out of it.

    Why the DFW diary?
    Well, we're thinking of moving home since we could take a few leaps up the ladder. Its time for our dream home. This has caused my LBM. I want my dream home and the only thing stopping me is my poor money management skills! Its also time to move. We've been here a while and have never fully settled.

    My interim goal?
    To clear £4K of debt by January so when we put the house on the market, my debt levels are lower. I obviously also want to make sure we can maximise our borrowing, so I want to demonstrate good money management skills and a good pattern of spending and saving.

    My overall aim
    But, more than this interim goal, I just want to be in control of my money and no longer feel guilty for spending it. I want to save up for things and have that lovely 'I deserve this because I saved for it' feeling when I buy something. I want to be responsible. And, I am here to become accountable.

    My plan of action!
    So....this diary is my way of sharing my story, being accountable for my actions, taking responsibility and doing all this whilst my other half is oblivious!

    I hope you join me on my journey and I look forward to joining you on yours.

    My current financials
    I'll post my current financial situation later today - got some work things to get done before close of play. Its been one of those 'working at home' days which have largely comprised of obsessing over YNAB and lurking on DFW diaries, oh deary me A hint of my procrastinating / self sabotaging ways......

    DSL
    Last edited by DrSpendLittle; 30-09-2017 at 9:20 AM. Reason: I'm a formatting perfectionist :)
Page 13
    • Starmummy
    • By Starmummy 10th Mar 18, 8:45 PM
    • 83 Posts
    • 223 Thanks
    Starmummy
    Hi DrSpendLittel.
    I love your diary it's so upbeat. you are doing great. Chipping away at the pesky debt and having massive changes in your way of thinking but still living a happy life. you've struck a really good realistic balance.

    Take care
    SM
    • redofromstart
    • By redofromstart 10th Mar 18, 9:11 PM
    • 1,676 Posts
    • 10,018 Thanks
    redofromstart
    Pancakes sound good - recipe please?
    • DrSpendLittle
    • By DrSpendLittle 10th Mar 18, 10:21 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Hi Redofromstart , the recipe is this one. I added in 1/4 tsp of cinnamon too and it worked perfectly. I fried in butter / oil. You've probably made blueberry coulis before but basically I used a normal size punnet of blueberries, a dash of water and about 25g of sugar and just sweated it all down in a pan for about 10 / 15 mins whilst the pancakes are cooking. Whatever's left can be used as a jam thanks to the soluble fibre in the blueberries solidifying it. Yum!!

    We're having the pancakes again tomorrow as they were so delish! DF wants them with yoghurt and honey.

    Enjoy!
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 10th Mar 18, 10:29 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Hi Starmummy Thanks for dropping by! I think my positive approach has basically resulted from being brainwashed by watching too many Dave Ramsey videos on youtube

    But, yes, the lifestyle / positive outlook adjustment that's happened since beginning to repay debt has been unexpected but really pleasant. I feel in charge of my money, not the other way around.

    I'm not under the same huge financial / family pressures that some other folks on here are - they are truly courageous! And everyone is in debt for different reasons. It's interesting to reflect on why debt became a part of your life and what it may be a symptom of. For me, I think I'm just impatient and a lifestyle inflator (more salary, yay, more treats!!).

    Look forward to checking out your diary
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 12th Mar 18, 3:06 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Hi Peeps!

    A quick catch up before I get back into the late afternoon work flow.

    Was out and about yesterday in the local hills having an explore on foot and getting generally muddy. Finished off a nice walk with a quick pint before a lovely roast pork dinner. I always forget how much I enjoy roast pork. A NSD for me as DF bought the round in the pub

    Today has been a WFH day and I've had a dental check up which went well with no further work necessary. A big relief given the £500 of work I had to get done before xmas!! I was concerned about my partially erupted wisdom tooth but it seems to be okay for now. I suspect I'll have to get it removed soon, like I did my other one, but hopefully I can delay that as much as possible.

    Other than the £20ish for the dental check up, it should be a LSD. I got some leerdammer cheese to go with leftover roast pork for sandwiches (pork, leerdammer, pickles, mayo and mustard, yum!) and some fresh bread, as my resident baker as not produced homemade bread in quite some time. Deserves sacking!

    Tomorrow is a WFH day and I plan to make it a NSD. Fingers crossed!

    Desperate for hair cut (I blame the fish oils and my hesitance to get much chopped off at my November cut) so that is booked in for Friday. I use the style director so it normally costs me £55. Not so MSE friendly but, having looked at my planned budgets through to my DFD, it makes no signifiant difference, so I've justified the expense accordingly

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 13th Mar 18, 1:21 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Morning folks,

    A WFH day today and hopefully a NSD. No plans to head out and we've got stuff in for dinner thanks to our meal planning / shopping extravaganza at the weekend. It is SO nice not to have to fret about what to cook for dinner and spend ages trying to do a healthy 'ready steady cook' from the fridge, with the inevitable scoot to the local shop for missing ingredients.

    From my YNAB forecasts, it looks like I'll technically be on course to make around £910 of debt repayments in April. My EF will be up to £1,000 by then too. But... I've forgotten about decorating and joiner costs from our planned paint refresh for a couple of rooms. I may keep a few hundred ££s back from this April debt repayment to cover that. I'd funnily enough sidelined £200 in May for this, but I'm not sure why then and not in April. Doh.

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 13th Mar 18, 8:36 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Today turned out to be a NSD

    DF and I came up with a pretty good dinner, given the ready steady cook challenge we faced. Last night, we had Swedish meatballs with a homemade sauce and some fries and gerkhins. Tonight, we put the leftover pork (sliced) from Sunday in a pan with last night's leftover sauce, added some dill and cooked it through and served with roast new potatoes, pan fried green beans and some pickles. A bit of a mad mish mash but it was delicious and super MSE friendly.

    In the office tomorrow and haven't got anything in for lunch so will need to grab something there which is a pain in the bum but I haven't any bread or frozen soup in the house to fix a quick packed lunch and can't be bothered to cook pasta just now. You win some, you lose some
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 16th Mar 18, 2:26 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    First use of the EF!
    So, I got a text from my home insurer yesterday saying my account was in arrears.

    I bought buildings insurance in early December (paid upfront online) and then a week later added on contents insurance (paid upfront on the phone). Apparently the second payment didn't go through as for some reason I used my CC3 (I think to get points) and they rejected the transaction (not sure why, can't you not pay for insurance with a credit card..?). However, it turns out the insurance comany's system didn't register the declined payment until two days ago because of a technical glitch!

    I rang them and went a bit mad at them as I was concerned about the 'arrears' status of my account but they said it was their fault and it wouldn't be registered externally and would be immediately removed from their system upon payment. Phew.

    Anyway, I've had to take the payment (less than £100) from my EF as it's not in my budget. Funnily enough, my YNAB budget was up by a very similar amount at the end of December / early January (obviously because I had registered the payment in YNAB but it hadn't been taken out of my account). Now I know why! At the time, I though it was due to my xmas money / sale shopping / returns not been processed / lack of keeping up on transactions.

    Here's to having an emergency fund
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 18th Mar 18, 12:45 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Brrrr. Snow again. I usually love the snow but it makes my commute a nightmare so I'll be glad to see the back of it!

    Whats new? Not sure, really. Got an email from our energy supplier saying we're using more than we're paying by direct debt so the monthly payment will be increasing by 50%. Expected and budgeted for going forward but will need to submit meter readings soon to keep on top of it.

    Had a NSD yesterday and most likely another one today given it's too snowy to go anywhere. DF is just attempting to head out to the local shop to get some supplies for dinner - we're having a beef stew of some sort and DF insists in chucking a glass or two of red wine in. Not so MSE but it his ££s!

    Took advantage of the Clarks sale and ordered some spring style shoes to wear in the office, something my wardrobe is lacking in. A few pairs to choose from should be arriving this week. Will help me make more use of my existing pieces - its funny how a pair of shoes can transform an outfit and help you put together new outfits. I have the clothes, just need the shoes.

    Yesterday we went through a budget for decorating the house (before putting it up for sale) and agreed a maximum. I've already set aside my half from April's salary. This afternoon, we might sit down and go through finances for moving house to figure out what we want / can borrow and how much we want to be spending on a mortgage monthly payment. We were meant to be driving around a local village near here where we would be interested in moving to, but the snow has scuppered those plans!

    Enjoy the snow!

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 19th Mar 18, 3:33 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Finally, the snow is melting! Hurrah.

    Today is a WFH day for me. DF has gone into the office and might go for a beer after work. If he doesn't get his booze on, we'll be eating last night's leftovers for dinner. If he does, I'll fix something from the cupboards for myself (probably gnocchi or spinach pasta) and save the leftover stew for our dinner tomorrow.

    Need to meal plan for the rest of the week but we do have stuff in so hopefully we don't need to do a huge food shop. I have £40 in my groceries budget to last me to the end of the month!

    Only about 10 days to go to payday. Can't wait to start making big repayments on CC2 and to see that balance go down faster. After reconfiguring my budget, I'm hoping to pay £650 off, which will take me below £7K! Yay!

    Back to work!

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 19th Mar 18, 3:36 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    forgot to add, I'm also hoping to add £463 into my emergency fund on payday, bringing it up to its target total of £1,000.

    Still, my inner devil is shouting at me to use it the £1,000 to pay off CC2, but I shall resist!

    DF bought me lots of sweet cakey treats over the weekend - I think he's turned into a 'feeder'. Trying to resist opening up the second box of cream slices after polishing off the chocolate eclairs. Bad times.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 20th Mar 18, 3:24 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Another WFH day today as I couldn't be bothered to battle the commute and I had no meetings anyway. Saves on time, fuel and packed lunch, so MSE friendly.

    Going to work a wee bit latter tonight (DF is out for beers tonight instead of last night) so I have the luxury of doing What I Want this evening. Need to catch up on some work and will reward myself with a takeaway. Not so MSE friendly but I need to motivate myself to get this particular piece of work boxed off sooner rather than later and I love food so much that it is a great motivator Bit behind on my schedule for the day (got up late, just about to have lunch and so working late fits perfectly )

    Bought a family birthday present yesterday online and need to pick that up at some point. All within budget. I have £17 in my PA pot, so I've spent that on a new belt in the John Lewis sale as a treat (I use cashback as unexpected windfall and thus assign to treats - makes completing surveys more rewarding). At around £14 on One Poll but I'm just ticking that along. I don't do any other surveys as I'd rather spend the time it takes doing other stuff. Like eating

    In the office tomorrow, maybe on Thursday (undecided on plans yet) and then out and about on a work visit on Friday, so spends all organised and planned.

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 20th Mar 18, 3:26 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Oh, I almost forgot, I ate all the cream cakes so I'm feeling a bit fluffy. Must get back into sport. It seems to have been lost from my life in recent months. Its amazing how easy it is to lose the normalcy of doing regular exercise. Must try harder!
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • enthusiasticsaver
    • By enthusiasticsaver 20th Mar 18, 4:02 PM
    • 6,377 Posts
    • 13,065 Thanks
    enthusiasticsaver
    So, I got a text from my home insurer yesterday saying my account was in arrears.

    I bought buildings insurance in early December (paid upfront online) and then a week later added on contents insurance (paid upfront on the phone). Apparently the second payment didn't go through as for some reason I used my CC3 (I think to get points) and they rejected the transaction (not sure why, can't you not pay for insurance with a credit card..?). However, it turns out the insurance comany's system didn't register the declined payment until two days ago because of a technical glitch!

    I rang them and went a bit mad at them as I was concerned about the 'arrears' status of my account but they said it was their fault and it wouldn't be registered externally and would be immediately removed from their system upon payment. Phew.

    Anyway, I've had to take the payment (less than £100) from my EF as it's not in my budget. Funnily enough, my YNAB budget was up by a very similar amount at the end of December / early January (obviously because I had registered the payment in YNAB but it hadn't been taken out of my account). Now I know why! At the time, I though it was due to my xmas money / sale shopping / returns not been processed / lack of keeping up on transactions.

    Here's to having an emergency fund
    Originally posted by DrSpendLittle
    Good thing you had that emergency fund. Do you not reconcile your statement to YNAB or is that not how it works? I use the register function on clear checkbook to make sure that my bank balance agrees with the transactions registered on clear checkbook. You would then have spotted the transaction had not been taken.

    forgot to add, I'm also hoping to add £463 into my emergency fund on payday, bringing it up to its target total of £1,000.

    Still, my inner devil is shouting at me to use it the £1,000 to pay off CC2, but I shall resist!
    Originally posted by DrSpendLittle
    I too think you should not pay it off CC2 but build the EF to £1000.

    What are the plans for saving for fees etc for moving costs or do you intend to use some of the equity in your property?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DrSpendLittle
    • By DrSpendLittle 20th Mar 18, 7:08 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Good thing you had that emergency fund. Do you not reconcile your statement to YNAB or is that not how it works? I use the register function on clear checkbook to make sure that my bank balance agrees with the transactions registered on clear checkbook. You would then have spotted the transaction had not been taken.

    I didn't keep a track of my spending in real terms, so I only registered my net spending for example once I had returned sales goods or spent my xmas money. I should have registered each spend as and when it occurred and then I would have noticed the error. However, some of my YNAB categories would have been red or amber and I didn't want that. Naughty me!!

    I too think you should not pay it off CC2 but build the EF to £1000.

    Yup, going to do that. I MAY use it in September to clear the debt a month early, as I'd only need to wait three weeks to refill it back up

    What are the plans for saving for fees etc for moving costs or do you intend to use some of the equity in your property?

    We are going to use DF's family money (a bit of early inheritance for tax reasons) to cover stamp duty, fees etc etc. There will be more than enough. We've got a good amount of equity in the property and this will be used to secure a 74.99% deposit to achieve a decent LTV for a lower interest rate. Thats the plan, anyway!
    Originally posted by enthusiasticsaver
    The rest of DF family money will be put away for the future and any expenses that will come when we (hopefully!!!!) have children. However, you'll be pleased to know I plan on saving my own rainy day fund of 3-6 of expenses (I've set it at £5,000) which I hope I'll have by this time next year.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 20th Mar 18, 7:37 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    My plan of working into the evening is going well, though I may just have taken an extended break to read and comment on diaries

    I think I'll plough on through till 8:30 and then get my dinner (will phone to order at 8) and enjoy some more Homeland on Netflix. I am binge re-watching it and have just started Season 4 again. I'm getting confused as the new season is currently being shown in Channel 4, though I didn't watch last weeks as I was too involved in Season 3

    Right, back to work!
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 27th Mar 18, 10:00 AM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Morning my fellow debt slayers!

    Been a week since I updated as I had The Busiest Week At Work Ever. And this week isn't much better. Must remember to stop booking in so many meetings in one day and forgetting about lunch Doh.

    Finances are on track but I've had to do some fiddling around as I made some holiday-related purchases that weren't planned for this month. Whilst on a work visit last week, I took advantage of being in the vicinity of the only shop in the UK that seemed to stock the particular maps we need. So, £55 shunted from EF to cover that. Feels nice having the flexibility to be able to do that, rather than putting it on the CC and 'thinking about it later'. Look forward to that mentality when finally debt free.

    I've decided to have a £500 EF instead of the full £1,000, since I'm impatient to start making biggish payments on CC2 this month. I've only ever made slightly above the minimum payments and I just can't wait to start paying big chunks off it and seeing them on my credit file. We all have one CC that is symbolic of us getting into debt and CC2 is mine. Ugh. Hate it. Can't wait to close the account. They sent me a new card through the post late last week and I immediately cut it up and binned it. Felt good.

    Anyway, back to EF discussions. I've justified the £500 to myself as Dave Ramsey does suggest a £1000 per household and so my £500 represents my half. I can't say I'm 100% comfortable with it, as I was looking forward to having the £1,000. But, I'm getting impatient to pay this debt down in bigger chunks and I thought £500 was a nice compromise Getting that new card through the post has annoyed me somewhat. It's resurfaced some of the frustrations I have with Being In Debt and being silly with money. Even more motivated to start paying big chunks off CC2. I may revisit next month and bung an extra £500 into the EF. Keeping it slightly open for now. But I think I'll get a taste for paying off big chunks and end up snowballing the hell out of CC2. Bring it on, Debt!!

    I've got £73 pending in TCB (since bloody December!) and £26 in PA that I'm probably going to cash out tonight to make the Circle cashout deadline. PA will cover personal spends on a new leather belt (reduced in JL sale), a new makeup brush and some natural lip balm (to replace the one and only lip balm that I have ever run out of called Yes to Coconut, it's awesome!) with a few ££s to spare.

    Right, back to work. My early meeting rearranged for later today so its been a more leisurely start to the day that planned
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • enthusiasticsaver
    • By enthusiasticsaver 27th Mar 18, 3:55 PM
    • 6,377 Posts
    • 13,065 Thanks
    enthusiasticsaver
    As there are two of you I think a £500 EF is ok to start with. It will be great to see that CC2 come down now the other two have gone. Good luck.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • DrSpendLittle
    • By DrSpendLittle 3rd Apr 18, 7:46 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    April Plans
    Alrighty, plans for April are as follows:

    Salary: £2287.02 (net after tax & NI, student loan, 9% pension and 1 strike day deduction)

    Other Income: £48.33 (£24.23 from TCB and £24.10 from expenses rebate)

    Debt Payments: £1,128.14

    Monthly Spends:
    Groceries: £219.25
    Fuel: £80.00 (need to save some for new parking book)
    Toiletries: £39.99 (mascara, serum)
    Household Misc: £150 (saving for decoration)
    Fun Fund: £60 (eating out, family get together)

    Immediate Obligations inc. mortgage & bills: £392.62

    Yearly Spends and Savings:
    Health: £8.80 (prescription)
    Emergency Fund: £256.54 (total stands at £329.81)

    Going to be a bit tight this month as I accidentally overpaid CC2 by £170.19. Doh The minimum (£170.19) went out and I planned to make an additional payment which should have brought the overall payment to £800.04 but I paid an additional £800.04 - I read the budgeted amount instead of the available amount in YNAB! Oops. I took the additional spend from my Emergency Fund, hence it not quite hitting £500 this month.

    Ive put aside £60 for a Fun Fund as Ive a few social events planned this month with family and friends

    Immediate obligations are slightly down on the normal amount as DF owed my £35 for a food shop.

    I think Ive left groceries a wee bit tight this month. Might have to shuffle some from Fuel.

    I need to keep an eye on toiletries - I seem to have gone a bit mad recently with revamping my facial skincare routine which has also coincided with running out of makeup

    Pssst CC2 is now below £7k!!! Current balance is £6,594.16 and Ive £631.64 left to pay off my Car Finance.

    Total debt payments since starting the diary are £5,359.34.

    Debt free Date is planned to be 30th September. Cant wait!
    Last edited by DrSpendLittle; 03-04-2018 at 8:52 PM.
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
    • DrSpendLittle
    • By DrSpendLittle 3rd Apr 18, 8:00 PM
    • 293 Posts
    • 1,011 Thanks
    DrSpendLittle
    Financial Catch Up
    Thought I'd write a second post to provide a bit of an overview of where I am financially.

    March was a fairly decent month. I made £337.14 in debt repayments, which is quite low for me. I had some unexpected household payments to make - house insurance and freehold management company fee. Plus, I put some cash aside for my EF, had two family birthdays and a few social events, spend some ££s on toiletries and clothes. The latter generally came from cashback but I did cover a small shortfall.

    So, not a brilliant MSE month, but the debt still went down. Just not at the speed I am accustomed too.

    Upcoming spends that need to be covered mostly related to our annual holiday. I've ferry and gite balances to pay in July of approx £800, plus I need to put aside about £300 for fuel and camp fees. Then there is spending money but that tends to just be daily living expenses (we're self catering).

    I've a small weekend away in May with family to cover too, but the flights are paid for so its just spending money and some contribution to fuel whilst were there.

    All the above spends are budgeted and accounted for in the months leading up to my planned debt free date of 30th September. My original aim last summer was to be debt free by July 1st. But that didn't account for boiler, teeth and holiday expenses so it was fairly unrealistic.

    Right, onwards and upwards. Need to keep my grocery spends down as they have crept up over the past few months and I've been lazy in not taking packed lunches in to work. DF and I have also started going out to eat a few times a month. Its something we never do as we like to cook, but we've found a couple of local places that we adore so I've factored that it too.

    DSL
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £2,529.99/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £1,263.28/£1,894.92
    Emergency Fund: £329.81/£500 (65.96%) | Total Debt Repayments: £5,359.34/£12,585.14 (42.58%) | LBM Debt Exposure: £13,915.17 | Average Monthly Repayment: £836.17 | Outstanding Debt: £7,225.80 | DFD: 30/09/18
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