Adventure wanted, but first we must rid ourselves of debt

Today I’ve paid £3 to CC1 and a gigantic £2 to the emergency fund! Although, I’m pretty pleased that I’ve actually got various savings accounts. Our emergency fund currently stands at £260. It will take quite a while to get to the recommended £1000 emergency fund, but hopefully I’ll be able to reach this level before we need to use it. Luckily we had the boiler replaced last year (it was condemned during a boiler service 2 weeks before my due date with DC3 :eek: luckily a very nice boiler man took pity on us and rescheduled work to fit a new one) and it’s just been serviced, so hopefully we won’t have any big costs this winter.

The £3 paid to CC1 takes the balance to £4,190. I need to pay £1,070 before the beginning of January to clear the 0% balance which will be expiring then.

I have been looking at our budget for the month and I currently have £170 left in my grocery budget. I’ve got some frozen meals from batch cooking in the freezer, so hoping that even with top up shops and maybe a few extra ingredients for meals I can have some money left in the account. Now the question is whether to pay the additional money (if there is any) off the credit cards or save the money for food at Christmas. I guess I’ll have to wait and see (and hope and pray) that the grocery balance is under budget.

Goals for the rest of 2017
• Pay £1,070 off CC1
• Get emergency fund to £600
• Reduce grocery budget to £280 p/m (currently budgeted £325).

jwil wrote: »

Great news about the remortgage!

The additional bit is technically your highest interest debt, so in theory would be the one to concentrate on paying first. However as your 0% deals are ending soon, I'd focus on those first and then try and do something more long term with the mortgage bit once they have been cleared.

Good luck with the goals!

Hi Jwil,
Nice to see you here. Thanks for the advice. It is nice to have someone else’s opinion on it. Hopefully the mortgage interest rates won’t increase too much before I can reduce the debt or at least balance transfer it.x

Goals for the rest of 2017
• Pay £1,070 off CC1 made another PAD today. Was only a small £2.05, but as they say every little helps. Since making up my goals I’m now up to £62 paid.

• Get emergency fund to £600 Currently at £260

• Reduce grocery budget to £280 p/m (currently budgeted £325). Have sorted through the freezer today to see what we have in and have decided to batch cook a load of meals. Just done a large online shop which takes my grocery bill for the month to £246.74. This included a couple of boxes of nappies & a lot of milk which we’ll freeze. Hoping that we can last through to the end of the month now or at least we will only need bread and maybe some fruit.

Wish DH would have his LBM soon. He would like a new car and told me this morning that he thinks we should get one now. It’s strange as he is well aware of the level of debt we have, but he just doesn’t seem bothered by it. He thinks I’m being really unreasonable saying no to a new car (second hand car, but new to us), as he wants a nicer, more comfortable, nicer looking car and I have the car that I’ve always wanted. Have told him I’ll have a think again in January once we know how much tax he’ll have to pay, but really hoping I can delay it without him being to stroppy!!