Adventure wanted, but first we must rid ourselves of debt

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  • Bank accounts have been checked and rounded down - £13 paid to CC2 and 96p to the emergency fund.

    DH is currently sorting through our garage and will soon be taking bits to the tip. We found mice in our garage a couple of weeks ago, which have now gone, but they’ve ruined lots of stuff. Annoyingly I had quite a bit of clothes to sell in there left over from a garage sale late last year which we’ve had to bin. Oh well, at least it’s gone from the house now!!

    Payday tomorrow!! Looking forward to my monthly debt summary.
    LBM Aug 2017.
    Debt at LBM - £30,055
    Debt at highest - £43,148.59
    Current debt - £18,880.00
    EF - £1,000.00

    Challenges
    PAYDBX 2021 - #29 Pd £2,355 / £8,000 PAYDBX 2020 - Pd £6,459.00 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • Morning,
    I am seriously sleep deprived today, so will be having a quiet day today surviving on coffee!! Tried to move DC3 into her own room last night (I know at almost 15 months it’s quite late) - it didn’t go well!! I’m sure at some point she will sleep through the night, well I’m hoping that at some point she will!

    Today is pay day - hooray!! Have paid £325 to CC2 and £200 to the emergency fund. That means that my emergency fund is now at £512.46. I’m really pleased that I’ve managed to get it to £500. Not sure whether to carry on putting a small amount in each month or concentrate on increasing my car account savings or putting it to debt..

    Debt at 31/1/18:
    CC1 - £0
    CC2 - £5,682.00
    CC3 - £10,700.00
    CC4 - £12,610.00

    Total debt at 31/1/18 - £28,992.00 - I’m in the £28k’s :j:j

    I’m quite pleased with how the debt reduction is going. Can not wait until I’m debt free and can increase my savings.

    Total debt at 30/10/17 = £35,163.00
    Total debt at 30/11/17 - £32,130.00
    Total debt at 31/12/17- £30,581.60
    Total debt at 31/1/18 - £28,992.00 (£1,589.60 paid)
    LBM Aug 2017.
    Debt at LBM - £30,055
    Debt at highest - £43,148.59
    Current debt - £18,880.00
    EF - £1,000.00

    Challenges
    PAYDBX 2021 - #29 Pd £2,355 / £8,000 PAYDBX 2020 - Pd £6,459.00 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • Bank checked and ynab updated. Have transferred £7 to CC2 and 68p to the emergency fund.

    EF = £513.14
    CC2 - £5,675 - the 0% period ends in July this year, so need to either pay it off or reduce it as much as possible.

    With CC2 I currently pay £545 a month (£180 DD, £325 on payday & about £40 throughout the month). This would leave a balance of around £2.6k to transfer. If I’m doing well with other budget categories I can reallocate more to the debt and if DH does additional days at work then we may be able to pay an additional £500 a month, but it is not guaranteed. An extra £500 a month should pay it off on time, so DH is going to try hard to put extra days in each month. The issue is that DH wants to do a training course which would mean not working for about 8 weeks. I’m hoping he won’t get on this course and will either do it in Sept or ideally next Feb (although he’s not keen on waiting this long).
    LBM Aug 2017.
    Debt at LBM - £30,055
    Debt at highest - £43,148.59
    Current debt - £18,880.00
    EF - £1,000.00

    Challenges
    PAYDBX 2021 - #29 Pd £2,355 / £8,000 PAYDBX 2020 - Pd £6,459.00 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • You are doing great! The amounts are coming down very quickly!

    The glass factory sounds great. We have had some lovely days out with the HE groups.The places are a lot less busy and the staff so much more willing to spend time with the children, especially my DS who's favourite word is 'why?'.
    LBM in April 17 - £14998/£33554 (44.6%) paid. Mortgage@1 June 18 = £9935/£76350 paid.Total debt @june 18 £102311 now £84972GC Jan £40.99/£500 2021 declutter 85/2021 items 0/20 bags clothes
  • Thanks charlies tribe.

    Feel a bit meh today and not really too sure why. I think I’m becoming a bit too obsessed with my debt figures. I know the total debt is going down really well at the moment, but there is always that worry that DH will do his course this year which we will have to finance somehow (most probably via a 0% CC). I’m so fed up with looking at my debt figures and although I’m trying to make a payment a day the figures are still HUGE. I think I’m just really impatient and want to be free of this burden as soon as possible.
    It’s crazy the amount of money we are spending each month on repaying debt we accumulated over the last 7 years.

    Anyway... I’ve paid £5 to cc2 today.

    Yesterday was a pretty spendy day. Had to get fuel (£40), food shop ordered (£77), went to coffee shop (£10) after Dc1&2’s swimming as they had done brilliantly and DC3 had only just fallen asleep. Bought birthday cards, flowers for a friend, nappies, etc also from shop (£22). It’s all budgeted for luckily, but really need to cut the coffee shop spends. It was a nice coffee& cake, but to be fair I didn’t need either. Should have just bought something for the kids. Hopefully today will be less spendy. DC1&2 have tennis lessons today, so hopefully I can resist the lure of buying a coffee at the coffee shop!
    LBM Aug 2017.
    Debt at LBM - £30,055
    Debt at highest - £43,148.59
    Current debt - £18,880.00
    EF - £1,000.00

    Challenges
    PAYDBX 2021 - #29 Pd £2,355 / £8,000 PAYDBX 2020 - Pd £6,459.00 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • Is all the debt on 0%? Could you pay minimums and put the rest into savings? If he then dies the course you'll have money towards it without/less use of the CC, if not it can be chucked at the closest ending 0% when needed. I know it wouldn't be going down as quickly but at least it may not go back up.
    I keep thinking of all the things we could have done with the extra money each month.
    LBM in April 17 - £14998/£33554 (44.6%) paid. Mortgage@1 June 18 = £9935/£76350 paid.Total debt @june 18 £102311 now £84972GC Jan £40.99/£500 2021 declutter 85/2021 items 0/20 bags clothes
  • Is all the debt on 0%? Could you pay minimums and put the rest into savings? If he then dies the course you'll have money towards it without/less use of the CC, if not it can be chucked at the closest ending 0% when needed. I know it wouldn't be going down as quickly but at least it may not go back up.
    I keep thinking of all the things we could have done with the extra money each month.

    Yep it’s all on 0% cards:
    CC2 (£5,670) ends on 10/7/18
    CC3 (£10,700) ends Dec 2019
    Cc4 (£12,610) ends Oct 2020

    I think if he does the course it’s likely to start in September, so could try and pay as much as possible until end of June to either pay off CC2 or reduce it before balance transferring it and then save the money I would have been paying. Just wish he’d find out if he’s doing the course. The place he’s working at is so disorganised and I don’t think they actually want him to do it, as they’d rather have him working.
    DH is reluctant to put it off, as we’ve already put it back a year. The main issue is that he doesn’t see a problem with 0% cards, as his argument is that we’ll pay it back eventually. He doesn’t really have much to do with our finances & isn’t particularly interested! He gets his wages each month, out of which a very large chunk goes to our joint account, but he still has about £300 to put towards car savings and the rest is his spending money!! No idea what he fritters it on, as he rarely has money left over and has only just started saving something towards his car.
    LBM Aug 2017.
    Debt at LBM - £30,055
    Debt at highest - £43,148.59
    Current debt - £18,880.00
    EF - £1,000.00

    Challenges
    PAYDBX 2021 - #29 Pd £2,355 / £8,000 PAYDBX 2020 - Pd £6,459.00 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • JoJoC
    JoJoC Posts: 1,836 Forumite
    Hi Adventure, I just caught up with your diary from the beginning and I can really relate to becoming obsessed with the figures! I'm a bit like that myself.

    In terms of your husband's course - is it possible that the course is booked through his business and so it's business debt rather than personal debt? That way the business is responsible for paying it back. I know that ultimately it'll just mean less money coming to your joint pot either way it works but it would mean that it isn't added to your figures?

    How much money are you talking for the course? I feel your frustration, my husband's job involved him always needing to fork out for tools, equipment, work clothes etc despite the fact he works for a company (apparently that's just the way it works...) but it's always messing up my budget.

    Your PAD approach is great - I've recently started to round off my accounts (supposed to be daily, but it's more like 3x per week) after some advice from someone on here and it's amazing how all the little amounts add up.
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
  • JoJoC wrote: »
    Hi Adventure, I just caught up with your diary from the beginning and I can really relate to becoming obsessed with the figures! I'm a bit like that myself.

    In terms of your husband's course - is it possible that the course is booked through his business and so it's business debt rather than personal debt? That way the business is responsible for paying it back. I know that ultimately it'll just mean less money coming to your joint pot either way it works but it would mean that it isn't added to your figures?

    How much money are you talking for the course? I feel your frustration, my husband's job involved him always needing to fork out for tools, equipment, work clothes etc despite the fact he works for a company (apparently that's just the way it works...) but it's always messing up my budget.

    Your PAD approach is great - I've recently started to round off my accounts (supposed to be daily, but it's more like 3x per week) after some advice from someone on here and it's amazing how all the little amounts add up.

    Hi JoJo,
    We would book the course through his business. The course will be around £4K, which isn’t too horrendous, but it’s the loss of earnings that are the killer, as it’s an 8 week course. We don’t have enough savings in the business to pay for 2 months salary (both of us are paid through his company, as I do all admin/accounting work) and whilst he isn’t working we will have no income coming in to the business. Well, we do have business savings, but the money is earmarked for tax payments, etc. You’re right that it will be a business expense, but i had thought about getting a 0% deal personally (DH) and introducing the capital into the business, as it would be cheaper. Maybe I’ll have to look into proper business loans... Either way we’d get the money back from the business eventually, but we only have ‘x’ amount of money we can withdraw each month, depending on how many days DH has worked. Annoyingly we withdrew a lot of business money over the last year or two to pay off our monthly CC when the statement came through and we’d be shocked at the amount :eek: Thank goodness I now use ynab religiously and won’t get in that situation again.
    LBM Aug 2017.
    Debt at LBM - £30,055
    Debt at highest - £43,148.59
    Current debt - £18,880.00
    EF - £1,000.00

    Challenges
    PAYDBX 2021 - #29 Pd £2,355 / £8,000 PAYDBX 2020 - Pd £6,459.00 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
  • Todays pads:
    £4 to CC2
    90p to EF

    To do this week:
    1 Need to double check my direct debits/standing orders this month and increase a couple of my savings payments.
    2 I had a renewal letter for tumble drier insurance DH took out which I dont want (gone up to £4.50 p/m). Need to phone them to cancel it.
    3 Change reference details on banking for CC2 so I can make direct payments rather than making online payments via their website.
    4 Accounts work
    LBM Aug 2017.
    Debt at LBM - £30,055
    Debt at highest - £43,148.59
    Current debt - £18,880.00
    EF - £1,000.00

    Challenges
    PAYDBX 2021 - #29 Pd £2,355 / £8,000 PAYDBX 2020 - Pd £6,459.00 | PAYDBX 2019 - Pd £16,945.60 | PAYDBX 2018 - Pd £15,010.60.
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