The 1% Challenge - 100 ways to make your 1%

liz-paul · 8 March 2013 at 11:20AM

Hi rexelpink - do what makes you feel happiest. Some people tackle their highest interest debt first to break it down. Obv remember to keep paying your minimum payments as well. You could always break it down into several debts but keep your 100 square chart as an overall marker...? good luck!

Update on my CEX sale - got an email this morning to confirm my goods were ok and payment will be in my account within 3 days. Fairly slow process but they have honoured all their quoted prices. Going to send another batch this week and see how that goes.....

rexelpink · 8 March 2013 at 11:47AM

Thanks for the ideas,

£11,000 is on a loan, which has got a penalty fee if paid early, so I will concentrate on the remainder.
Debt 1 - £250 / 1% = £2.50
Debt 2 - £800 / 1% = £8
Debt 3 - £1,000 / 1% - £10.

So I think I will start with 1% = £20.50 (which is so much better yippee!!!)

I couldn't bare to bin my square chart lol, so I have drawn up 4 seperate 100 smaller squares on the back... Will be like a total debt one side and a break down on the back.

Another question... When you make the payments by DD, should I take them off the total as well?
My loan for example is £346 a month... More then 1% even with the interest.....

Thanks

rexelpink · 8 March 2013 at 11:48AM

Well done with the CEX by the way, what did you sell out of interest?

clarabella23 · 8 March 2013 at 12:59PM

Little_Miss_Uni-Debt wrote: »

Also reclaiming bank charges is a very important one. It's already on the main ideas list and there is a HUGE section on how to do it under the MSE 'reclaim' header, however a few people have mentioned recently, wondering if it is worth it.

I would say without a doubt reclaiming bank charges has been my biggest percentage earner so far.

There's a bit of a psychological barrier that it takes a little effort and a bit of a wait, yes you do have to sit down and write a letter or two but the results could be huge and the templates are already done for you!

I'd just like to remind folks that have considered it or maybe have tried once in the past and got fobbed off with an initial "we think our charges are fair" letter - try again.

Is there a chance of getting them back even without being in financial difficulties? I wrote to them once, but it was just at the time they were going to the high court, so it got put on hold and nada

Never pushed it after I got the "sorry, we won in court, we were right, haha" letter, as I thought I didn't stand a chance as not in financial difficulty.

happytails · 8 March 2013 at 8:39PM

Done quite well at looking after the pennies this week

spent £19 on luxuries (costa with nana and kids and takeaway yesterday), £2 on slingmeet (turned down lunch, saving about £20) and then today I spent £1.34 on food

oh and £8 on Mother's Day and £2 on 3 birthday cards.

Still struggling with the luxuries but its alot better than it was and very proud of turning down lunch out with my friends after slingmeet. Lets see how well we can do at the weekend. We need to get some veg and eggs and finish off the mothers day gifts for mum and mil, shouldn't be more than a few £s. I'm going to budget £20 for the weekends spends

Sarah x

Natterjack88 · 9 March 2013 at 10:13AM

Sold some more items on eBay last night. Now up to almost 15.5% hoping to make another 6% or so today on a little opportunity I took advantage of.

LunaLady · 9 March 2013 at 10:18AM

What a great thread, and such a great idea to break down your debt and make it feel a little less scary.

Natterjack88 · 9 March 2013 at 4:19PM

Well my opportunity got me a bit more than the 6%

Now up to just over 34%.

Determined_diva · 9 March 2013 at 5:43PM

Hi everyone

I'm coming over from the old thread :-)

I hate admitting I've been a bit lax with the 1% a time. Sold stuff on eBay but needed to use it to live rather than pay a debt!

I'm back with a vengeance now though and going to list more things on e bay this weekend with the determination t pay it off the debt!!!!

DDx

happytails · 9 March 2013 at 6:40PM

Natterjack88 wrote: »

Well my opportunity got me a bit more than the 6% Now up to just over 34%.

Oooh intrigued. Care to share?!

Well not much to report here, got a bid on an eBay item. Hoping to list more things this weekend. Listing some bits for mum too, hoping she will give me a % of her earnings x

The 1% Challenge - 100 ways to make your 1%

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