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  • FIRST POST
    • Nicnak
    • By Nicnak 10th Sep 17, 7:30 PM
    • 2,101Posts
    • 12,426Thanks
    Nicnak
    Debt Free Year
    • #1
    • 10th Sep 17, 7:30 PM
    Debt Free Year 10th Sep 17 at 7:30 PM
    Hi,

    I've pretty much buried my head in the sand over the past 15 years about debt and what it means. I've always seen it as 'normal' to have debt for things, and never thought twice about it. Recently though, I have wanted to think about cutting down my work hours, and I just can't. I can't be the mum I want to be to my 4 year old because I need to work to make sure I can pay the bills and debts. That is when it hit home, that I can't continue like this. I am having a wedding reception in December, which I know is going to take up most of my 'spare' cash, but from January 2018, I will make a difference to my debts.

    Currently have
    485 0% credit card. It was 2000 in July, So I have been ensuring that I am working on it.
    7500 Tesco loan at 3.2% - Paying 220 a month and due up in Three years
    17,450 car loan. Car is in negative equity and I'm stuck in the PCP. The car also is over mileage and has damage. I am 10 months away from handing it back, but with excess mileage and damage, I am thinking this might not be the best idea. Currently paying 351 a month for this luxury that I am thinking I don't need. (I shouldn't have got it, but I did, I can't change what I have stupidly done, and now need to work on the best options).
    I spend money every month on things I don't need, and really need somewhere to record and focus on what it is I am doing, and the inspiration to keep going when I see progress is being made.

    I've started a written diary as well to try to help. If I pay off these debts, then I know that I will be 500 better off. In April, my phone is due up for renewal, and I have already looked at the SIM only deals which will take it to the 500 a month mark.

    i am going to try to earn some extra per month to pay off the debts, which in the short term might reduce the time I have with my daughter.

    Here goes...

    I really need to do this now.
Page 46
    • Nicnak
    • By Nicnak 26th Sep 18, 7:00 PM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    Aawww that is very sweet of her. Children can be so lovely (when they're not causing you to tear your hair out).
    Originally posted by HairyHandofDartmoor
    Yes, agree. 5 minutes later, I was tearing my hair out with her.
    She is 5. I just didn't expect that level of kindness and compassion from a 5 year old. She has become a lot more loving since it is just the two if us.

    We are having a movie night on Saturday. I know she will love it. I will make it special for her by only spending a few bits. Not sure what movie yet, but will make sure we get to watch something.
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 26th Sep 18, 7:24 PM
    • 9,717 Posts
    • 77,179 Thanks
    HairyHandofDartmoor
    That will be lovely, you can really do some bonding .
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    EMERGENCY FUND 1 = 4,105/5,000. EMERGENCY FUND 2 = 2,005/5,000.
    CHRISTMAS SAVINGS = 129.37/500
    PREMIUM BONDS ME = 100. PREMIUM BONDS DH = 50
    • Dorastar
    • By Dorastar 28th Sep 18, 10:20 AM
    • 2,010 Posts
    • 16,345 Thanks
    Dorastar
    Sounds like a lovely plan, children can be so lovely about things even when we don't tell them they often sense it. Well done on the money making side hustles too.
    Mr T 11026 Bank 524 Mortgage 160,000
    Emergency Fund 1000 Blanket squares 33/60
    3monthfund 5660.75/4737
    • Nicnak
    • By Nicnak 29th Sep 18, 5:50 AM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    Thank you both!

    Happy weekend everyone.

    I was proud of myself last night. Mu tutoring was cancelled by the student and I had planned on having a takeaway and a non alcoholic wine as a treat for being able to get myself back into work for the week. I decided not to in the end because it would equal around 18 in total. Non alcoholic wine I like is 5 and minimum order on the kebab to get it delivered (little one is always in bed). Instead, I cooked what was in the freezer and just had a smaller tea and some juice. It is little things like that that make a difference to me now. I need to be making these savings.

    I have decided to opt for working part time. This is not ideal as the money situation is tough, but health wise I can't continue like this. Between now and doing it, I need to build up a buffer between now and me going part time to cover me for the rest of the academic year. My contract is only till June so marking for the exams will pay my wages for July/August if I don't manage to find anything.

    The future seems so uncertain at the minute. It's really scary. I don't have a permanent job. Taking on the house. I'm sure I'll survive.

    Christmas shopping will commence after Tuesday's house change over. I've already cut out a couple of presents so I am not spending as much.

    I've been earning vouchers so I have tons of wrap up gifts for little one saved in my online basket ready for them to come in. I am hoping for around 50 in vouchers by the end of it so I can pretty much get her wrap up presents and then a few other people's bits and bobs.

    I think most people know I am not going to be able to buy as much so hopefully will be understanding. I quite enjoy plotting and planning things out to make sure things are the best deal I can get.
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • Nicnak
    • By Nicnak 29th Sep 18, 6:42 AM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    This week is another expensive one.
    Allergy testing 50 - private on Tuesday
    Lock changes on Tuesday too. (just waiting for a quote).

    I should be tutoring twice next week, but not till Thursday and Friday so that will offset the cost a little. All I can do is try to make that money up.

    I would have had 30 last night but that's the downfall of tutoring that it can be unreliable.

    I'm struggling finding the right balance at the minute. i guess because it is all new to me.

    I'll get there though.
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • enthusiasticsaver
    • By enthusiasticsaver 29th Sep 18, 7:34 AM
    • 8,526 Posts
    • 19,792 Thanks
    enthusiasticsaver
    You are doing well. Take care of your health and your DD. All the rest can wait. Well done on not getting takeaway.
    Early retired in December 2017

    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
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 29th Sep 18, 8:04 AM
    • 9,717 Posts
    • 77,179 Thanks
    HairyHandofDartmoor
    You're doing really well Nicnak. Your health is very important.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    EMERGENCY FUND 1 = 4,105/5,000. EMERGENCY FUND 2 = 2,005/5,000.
    CHRISTMAS SAVINGS = 129.37/500
    PREMIUM BONDS ME = 100. PREMIUM BONDS DH = 50
    • kindofagilr
    • By kindofagilr 29th Sep 18, 11:17 AM
    • 6,701 Posts
    • 22,693 Thanks
    kindofagilr
    You are doing so so well Niknak xx
    Current Debt 38,709.88/44,856.56 ~ 13/06/19 - 13.70% Paid Off

    POAMAYC 2019 #87 6582.44
    POAMAYC 2018 #87 13,912.57

    POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    81,513.70/104,409.00 (as of 31/05/19) ~ 21.92% Paid Off

    Christmas Savings 19: 0
    Cyprus 19 Savings: 1200/2000 ~ Centre Parcs 20 Savings: 0/1000 Centre Parcs 20 Christmas: 0/1000
    Emergency Savings: 100



    My Debt Free Diary (Link)
    • Nicnak
    • By Nicnak 30th Sep 18, 7:44 AM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    You're doing really well Nicnak. Your health is very important.
    Originally posted by HairyHandofDartmoor
    Thank you. I am realising this now more than ever.

    You are doing so so well Niknak xx
    Originally posted by kindofagilr
    Thanks. Some days are easier than others.

    You are doing well. Take care of your health and your DD. All the rest can wait. Well done on not getting takeaway.
    Originally posted by enthusiasticsaver
    The takeaway was a big thing for me.
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • Nicnak
    • By Nicnak 30th Sep 18, 7:56 AM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    Morning,

    I had a good day yesterday. Next doors boy was one and we always have little get togethers at events like this. Yesterday was no different. I went to a toy shop and found they have an event on where if you spend 50 you get 10 off. Mum had 40 of gifts for Christmas, and I have 10 so we combined. I split the 10 with her and ended up with the gift for 7 and mum got the other savings as she had more. It was a few pounds but that was important.

    I bought a bottle of nosecco non alcoholic wine for 2.98 from a shop and it was really nice to taste, but sadly, also caused a reaction. Not a huge one which convinces me even more that it is alcohol as it only had 0.5% in it.

    The guy changing the locks has quoted me 20-30. It's my dad's friend so I think he is doing it as a favour for me. That's not as expensive as the other 125 minimum I was told.

    I did my shopping yesterday and spent 28. That included some Christmas gifts in it too, which made me quite happy as I feel I am getting somewhere now, and slow and steady is better.

    I also then was asked by my neighbour if I had any wax melts to sell her. I went and got my bag of them and she bought 8 worth. It'll just pay for little ones dancing tomorrow, but that is good.

    Little one broke her DVD player as well last week. She was asking for a new one, but I just don't have the money. My mum counted out her spends and she had exactly the right of money she needed to get one. We asked her if she definitely wanted one, and she said she did so that was a way to not have to pay out for something at the minute.

    I'm going to make up gift sets this year again with my melts for those people who haven' had one previously. It doesn't cost me much money to do, but they get a beautifully displayed hand made gift!

    Hope everyone has a good Sunday.
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • Nicnak
    • By Nicnak 30th Sep 18, 8:53 AM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    Just looking at saving on my gas and electricity. I didn't realise it was due up on the 16th November. I would be around 30 a year better off and around 3 a month so I'm not drastically overpaying at the minute. I would still rather have the 3 a month though in my pocket.

    I'm going to count my penny jar today to get a rough idea of how much I have ready for Christmas. We always dip in and out of it so never actually save mega amounts. Usually get around 20-30 and buy a bottle each with it. This year, it will definitely be going on treats for little one though.

    My mortgage comes out tomorrow, which isn't good because the mortgage redemption statement that they have is based on last week so on Tuesday they'll pay what I owed not counting tomorrow's payment. I can't not pay tomorrow as that will go as a bad credit, but then have to wait till the week after for the payment to be officially returned to me. At least I know I will get it back. I'm not sure of the payment date of the new mortgage yet, but if it is after the 16th, then that stands me in good position for this month as effectively I would have had a month off.

    That will counter though as the first mortgage payment is considerable higher than all of the others. I'll still be better off, and I'll use that to create myself a monthly buffer.

    I'll update on counted pennies later!
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • Nicnak
    • By Nicnak 30th Sep 18, 9:59 AM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    I have jus been reviewing my diary from the beginning.

    I started this journey on the 10th September 2017.

    I have paid around 13k off my debt since then and even more importantly, and with me now paying off all the bills, I am around 600 a month better off. If I was with hubby still, I would be around 1k a month better off. I'm not going to go back and be unhappy, but I hadn't realised how bad things were and how much I was now saving.

    By Christmas this year, I will have my debt under the 10k mark for the first time in absolute years. I don't ever remember it being under that amount. it must have been when I was 17 as I had student loan when I was 18 and debt started to go from there. By the time I was 20, it was certainly over the 10k mark.

    I'm not proud of my debt and the way I have been managing money, but I am proud of how far I have come, and the lessons I have learned along the way. I can now work part time like I wanted to, and will chase this dream for January.

    Now to build up an emergency fund and overpay the mortgage by a little bit every month. I'll need to be really on this as my part time wage won't get me a new mortgage for the amount I need. My aim is to bring this down massively.

    I have a long way to go, but I know I will get there. I have to look at what I have done this year already, and the obstacles that I have also overcome. Sepsis itself was one of the biggest things, and then the split and having to take on all of the bills.

    I'm excited to see what I can achieve next year too. It might not be as much savings and debt reducing wise, but it will be even more learning.
    Last edited by Nicnak; 30-09-2018 at 11:01 AM.
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • kindofagilr
    • By kindofagilr 30th Sep 18, 11:30 AM
    • 6,701 Posts
    • 22,693 Thanks
    kindofagilr
    I really wish I could love your last comment rather than just liking it, you really have come so far and I am pleased that you see that, being under 10k is amazing xx
    Current Debt 38,709.88/44,856.56 ~ 13/06/19 - 13.70% Paid Off

    POAMAYC 2019 #87 6582.44
    POAMAYC 2018 #87 13,912.57

    POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    81,513.70/104,409.00 (as of 31/05/19) ~ 21.92% Paid Off

    Christmas Savings 19: 0
    Cyprus 19 Savings: 1200/2000 ~ Centre Parcs 20 Savings: 0/1000 Centre Parcs 20 Christmas: 0/1000
    Emergency Savings: 100



    My Debt Free Diary (Link)
    • Nicnak
    • By Nicnak 30th Sep 18, 1:03 PM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    I really wish I could love your last comment rather than just liking it, you really have come so far and I am pleased that you see that, being under 10k is amazing xx
    Originally posted by kindofagilr
    Thanks. It does feel like a real milestone. That will mean over 15k gone since September last year. Most of that was by getting rid over the car I had. I'd say about half is getting rid of the car.

    Then I guess the next milestone will be under 5k.
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • enthusiasticsaver
    • By enthusiasticsaver 30th Sep 18, 1:17 PM
    • 8,526 Posts
    • 19,792 Thanks
    enthusiasticsaver
    That will be great to get below 10k and that you will achieve your goal of going part time. Better for your health and for spending time with your DD. Did you manage to get the mortgage on just your salary? Presumably you did not need to buy out your ex?
    Early retired in December 2017

    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
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 30th Sep 18, 3:37 PM
    • 9,717 Posts
    • 77,179 Thanks
    HairyHandofDartmoor
    You have done amazingly well despite a very difficult year, and I'm glad you realise how well you've done. Think what you can achieve next year.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    EMERGENCY FUND 1 = 4,105/5,000. EMERGENCY FUND 2 = 2,005/5,000.
    CHRISTMAS SAVINGS = 129.37/500
    PREMIUM BONDS ME = 100. PREMIUM BONDS DH = 50
    • Nicnak
    • By Nicnak 30th Sep 18, 4:41 PM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    That will be great to get below 10k and that you will achieve your goal of going part time. Better for your health and for spending time with your DD. Did you manage to get the mortgage on just your salary? Presumably you did not need to buy out your ex?
    Originally posted by enthusiasticsaver
    The mortgage completes on Tuesday hopefully with a buy out for him too. x
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • Nicnak
    • By Nicnak 30th Sep 18, 4:42 PM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    You have done amazingly well despite a very difficult year, and I'm glad you realise how well you've done. Think what you can achieve next year.
    Originally posted by HairyHandofDartmoor
    Thank you. x
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
    • Dorastar
    • By Dorastar 30th Sep 18, 5:26 PM
    • 2,010 Posts
    • 16,345 Thanks
    Dorastar
    Another one just popping on to say I think you've done brilliantly. With everything you've been through it's amazing you have managed to pay so much off. Part time is becoming more available now so it's a good time to start looking around for it.
    Mr T 11026 Bank 524 Mortgage 160,000
    Emergency Fund 1000 Blanket squares 33/60
    3monthfund 5660.75/4737
    • Nicnak
    • By Nicnak 30th Sep 18, 5:29 PM
    • 2,101 Posts
    • 12,426 Thanks
    Nicnak
    Another one just popping on to say I think you've done brilliantly. With everything you've been through it's amazing you have managed to pay so much off. Part time is becoming more available now so it's a good time to start looking around for it.
    Originally posted by Dorastar
    Are your blanket squares for crochet? x
    September 6th 2017 - Updated February 2019
    Credit Card 0 now: 0 Dad 1500 = 0 Consolidation 15,000 = 9,603 Total = 25,330 9,603 61% gone EMF #252 = 671/1000
    Sealed pot challenge #024
    Pay off all your debts by Christmas #071
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