Positive Balance: Focused on Budgeting

Shelbi wrote: »

Hi Positivebalalnce:hello::hello:

Hellloooooooooo Shelbi! :wave:

Shelbi wrote: »

Ive just read through your diary and subscribed to cheer you on from the sidelines!!:T:T

Much appreciated - thank you very much!

Shelbi wrote: »

youve done amazingly well so far, Im really looking forward to seeing you kick this debts butt and hearing about the shenanigans along the way.

Thanks. To be fair, I was planning on being a lot further along but ended up having a large £600 unexpected expense in January and then realising that there would be no way I could wiggle out of going for a holiday in May. but hopefully I'm getting there.

Shelbi wrote: »

The MNBA card will soon come lovely, probably at the same time as the others. Can I ask if you wont be using the MNBA card for the 0% will you then be cancelling it, or will you split your balance over the two cards?

If I can get the outstanding balance down to £2945 or less I just won't use it. I doubt I'll cancel it straight away as I think it would look really weird to open then close a CC straight away on my credit file, but I will leave it somewhere very safe in my house or destroy it (perhaps not the latter as there's 0% purchases for 3 months so in case the boiler packs in before I get my emergency fund up and running....)

I can guarantee I won't be doing any frivolous spending on it, though. I want the debt gone, CC first. I think it's fair to say I really truly had my LBM last year and I just can't and won't do this anymore. :idea:

Shelbi wrote: »

Have one of them got 0% on purchases, I only ask as perhaps you could use this to put your house insurance on (nothing else mind) It make take some of the pressure off. I would then take care of the minimum balances until you get your emergency £500 saved. Then chuck everything ive got at the smaller one (covering the minimums) , I found for me when split into 2, I got a small win claring the first and that kept me going..and then move to the biggy. I was also thinking (and just a suggestion again but could when you tackle the cards could you pay over in small amounts (directly- like a small payment a day) rather than save up for card over payment? I only suggest this as when I did that I found id dip into my savings:o:)...

I like your thinking! I think I should be OK for the insurance by the time I've finished my game of financial tetris. I will then start my emergency fund and once I have hit £500 start paying off the CC with gusto. If I manage to only move over £2945 that would mean that I would have to pay off £490/month to pay it off by the end of the year which seems quite a large target each month given my wages, but I'll definitely give it a go....even if I get there a few months into next year, what have I got to loose except the debt? And there will be no more 'OMG will I get a good balance transfer deal?' pressure to deal with, which will take a load off mentally.

Shelbi wrote: »

I love the envelope system, I way over spent with food last month..i think ill try that too this month..

Honestly, I've bought barely anything this month and appear to have spent a fortune already this month! :eek: I went into a local supermarket at the weekend and they had lots of expensive soft fruits reduced as they were on the last day. I bought the lot and froze them when I got home. I'm going to turn the fruit into jam as presents for people during the year, but it will cost me a bit to buy prosecco to make it with. I think I might have to take this out of the present budget. I REALLY need to get this food budget thing nailed...this is one of my biggest weaknesses![/QUOTE]

P.S. MBNA card has just arrived as have many login passwords for my various online banking apps. Phew! Still waiting for the new Barclaycard so I can do the balance transfer though!

So, I've come home to find new cards delivered to me (phew!) so have just done the balance transfer!


That's £2945 balance transferred at 0% with a 0% balance transfer fee until August 2020. :j


It's not all good news, though: I called my bank to ask why I can't seem to log in with the new details I received yesterday and they say it's because I've locked myself out again and they need to send me new details.


WHAT THE ACTUAL....


I'll be gone soon...seriously...how can their security be *that* sensitive?!


Turns out my minimum payment will be £29.45 so it looks like I will be aiming at paying £411.09 next month to cover the new minimum payment plus the remaining balance on the old CC. That's no small order, but I will be over the moon if I pull it off! :cool:



Also, something that made me think just after I applied for the new cards: given that I already had a £5000 credit limit on my existing card, I was approved for an additional £5100 of credit in a matter of minutes. Given that my basic annual salary is £18500, that's a scary amount of credit. :eek:


Thankfully, I plan to use it carefully. To put myself in a position where I never need it again. :rotfl:

Hello everyone,


I think it's fair to say I've had a rubbish few days.


My mobile has been stolen. Thankfully, I have insurance so I've only had to pay a £30 excess to pay it back.


I'm also suffering from a terrible case of The Needs.


You know when you want something so badly you don't WANT it any more - you NEED it?!


There's a gadget I have always wanted to buy for my house. It's not cheap, but would be extremely useful for doing multiple things. I made the (rare) mistake of looking at Martin's email and looking on Tesco Direct's closing down sale and they have it for sale about £62 less than I've ever seen it for sale, anywhere. And now I NEED it.


I can't justify it, but this has been weighing on my mind all week.


I'm trying to be sensible about it, but I'm failing.


If I buy it, it would cost me £187.50, which is huge and unbudgeted.


I NEEDS the precious!