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  • FIRST POST
    • Bigskies
    • By Bigskies 4th May 17, 8:12 AM
    • 109Posts
    • 352Thanks
    Bigskies
    Head out of sand time! £63k to zero!
    • #1
    • 4th May 17, 8:12 AM
    Head out of sand time! £63k to zero! 4th May 17 at 8:12 AM
    Hi,
    Have dithered for a while about this diary. I've lurked on and off this page for years, but never really done anything about our debt. It's been creeping up for the last ten years and I've now come to terms with, and got help for my depression that had, I think, led to most of it.
    Initially, my hubby lost his job, which started us on the path, but I wasn't working, and bored and depressed at home with three young children led to me spending, and spending, and spending.

    Once I went back to work, I still wanted nice things and to be honest over the last ten years we have had amazing holidays, three or so a year. We've travelled most of Europe, and Australia and Asia, but all on credit.

    So anyway, now we are sitting on a debt of £68k

    Our eldest two go to uni in eighteen months and currently we don't have enough spare cash each month to pay their accommodation costs, so need this under control.

    We are both working and together have a combined salary of just about £80k. We currently pay £1900/month in debt payments and the snowball calculators reckons 4 years to clear.

    This diary will hopefully keep me on track. So, hello!
    Last edited by Bigskies; 11-01-2018 at 5:50 PM.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
Page 6
    • Cumbria lass
    • By Cumbria lass 25th Feb 18, 9:08 AM
    • 1,683 Posts
    • 9,916 Thanks
    Cumbria lass
    Hey BS at least it's gone down and not up , which is brilliant. It's a journey , with bends in the road. Keep going , you just need to be focussed and readjust if necessary.

    Everyone is different , but we all have the same goal (I think).
    CC1 £3655 April 2018.
    • Bigskies
    • By Bigskies 25th Feb 18, 9:34 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    Hey BS at least it's gone down and not up , which is brilliant. It's a journey , with bends in the road. Keep going , you just need to be focussed and readjust if necessary.

    Everyone is different , but we all have the same goal (I think).
    Originally posted by Cumbria lass
    Thanks Cumbria Lass! So true! I think the numbers this time scared me into action, as the figure was (marginally) higher than our mortgage! Is now less than the mortgage -hurrah! ( And our equity is significantly more than the debt, thank goodness and is the only thing that lets me sleep at night!) I know itís a long journey, and Uni stretches it out even further as we will be subsidising the kids so much, but as long as itís going down Iím happy.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • Bigskies
    • By Bigskies 19th Mar 18, 8:19 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    Hanging on in there.
    This month we have:
    -Redone the mortgage, which was on a fixed rate that was up for renewal. We briefly considered consolidating, then gave ourselves a good talking too, and fixed the rate for five years, which hopefully will see us through to our dfd.
    -Paid off a loan. This frees up a couple of hundred pounds a month, which is going to be thrown at a credit card (thatís on 0% and want to clear before it becomes interest paying) then once thatís clear will start to go to Uni savings/emergency fund.
    -eBay sales have dried up, I have not listed anything for ages, so need to get onto that.
    -I am at target at fat club, so that means I wonít be paying out for that anymore. It has been much, much needed, and I have dropped over four stone but it has gone and I feel so much more healthy. Iím walking and cycling now and that should keep it off as I do not plan on ever having to do it again!
    -Waiting on the last couple of bills so I can do month end totals. I am seeing totals dropping as the bills are coming in, which is really encouraging.
    -Youngest child has an appointment for an NHS service. We have been paying for private treatment for the last three years so this is a massive deal and will save us 30-50 a month, to go into credit card payments. Itís likely to be another five to six months before they pick up full treatment, but it is at least a light at the end of the tunnel!

    So all in all, going well. Some small spends are still happening, but actually we are in for such a long haul, we cannot live completely frugally for five years as life will just be miserable, but we are avoiding the big spends, long haul holidays and expensive clothes and handbags!

    Hope everyone is well, will update next week once totals are all in!
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • enthusiasticsaver
    • By enthusiasticsaver 19th Mar 18, 8:30 AM
    • 6,255 Posts
    • 12,398 Thanks
    enthusiasticsaver
    Some really good successes this month then.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • Bigskies
    • By Bigskies 19th Mar 18, 9:06 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    Yes, getting there, es. Itís a long slog and blooming hard work keeping motivated, especially I find at this time of year when itís dark and gloomy and cold. I do feel I have a bit of SAD as struggle so much over Winter, and especially at this time of year, when Spring seems so near, yet so far!
    Still no one else got us in this mess, so have to have my (slightly less) big girl pants on and just get on with it! I am determined to repay it all, and not go down the dmp or iva route. When weíve paid it all off, I want to move, so will need to be able to get another mortgage!
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • Sunkencosts
    • By Sunkencosts 28th Mar 18, 5:02 PM
    • 93 Posts
    • 93 Thanks
    Sunkencosts
    Keep going Bigskies - kudos for losing the weight - I've been trying to lose weight for about 5 years now and never seem able to manage more than half a stone!
    I think we're on a similar timescale and I'm at the very start, trying to look for inspiration from the long-haulers as I'm so good at starting something and not following through!
    Savings:
    Emergency 404.38/1000 Car 200/600 Christmas 250/800 Holiday 250/600
    Grading 30/90 presents 40
    Total debt Jan 2018 53,938
    April 2018 47,780.52
    • Bigskies
    • By Bigskies 28th Mar 18, 7:11 PM
    • 109 Posts
    • 352 Thanks
    Bigskies
    Another month end is here and so totals are in.

    Total reduced this month by £1176.65, so sub 65k!

    Total paid off so far, £3584.27 which is great.

    Iíd like it to be more, but this is the first time ever itís not gone up, especially for three months in a row, so really chuffed.

    Next target is sub 60k, which I am hoping to hit by the Autumn.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • Cumbria lass
    • By Cumbria lass 28th Mar 18, 9:55 PM
    • 1,683 Posts
    • 9,916 Thanks
    Cumbria lass
    Well done on getting below 65k , onwards and downwards .
    CC1 £3655 April 2018.
    • Bigskies
    • By Bigskies 30th Mar 18, 7:42 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    Well, Easter weekend is here, so four days off work -woohoo!
    We are having a quiet weekend. Budget done for the month now all pay is in and itís not too bad, April is horrific as there are loads of family birthdays (immediate, so this household and siblings and other small children) but have bought everything already from budgeted funds () so just need to wrap and give out. Weíre away for a few days the second week of the holidays but it was a super cheap break, in the UK. Really looking forward to just getting away for a few days, and spending some time as a family before the chaos of the exam season starts!
    No huge financial plans this month, just carrying on plodding on with everything, keeping the numbers heading in the right direction and sticking to the budget.
    Hope everyone has a relaxing weekend, if you can!
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • brizzlegirl
    • By brizzlegirl 30th Mar 18, 9:02 AM
    • 138 Posts
    • 868 Thanks
    brizzlegirl
    Just read your diary BigSkies... have subscribed and look forward to cheering you on to sub £60k and below!! I have kids of a smilar age to you..and supposedly had a LBM in 2003.... ....(idiot that I am) well clearly it has an intermittent fault as I have been in and out and debt since then..most recently cleared in 2015 ( I think...you would think it was etched in my brain)... but then have run up some more. Holidays to see dear friends and be with those we love has been a big drain, (like you I love NZ, but taking 4 has been very pricey!) as has sometimes being PT, although it has probably saved my and OHs sanity.

    Everything is a balance...just remember you need to keep everything afloat as you pay the money off. Exam season will be hard...I wish you and them the best of luck

    Have a relaxing Easter

    X
    Last edited by brizzlegirl; 30-03-2018 at 9:04 AM.
    MFW..aiming to pay it off in 2022.. 2018 Savings Rate - Goal 25% [25.2% March ] Income Goal £45/£750 April Goals: AFDs 10/15; Declutter 60 items 03/60; LSDs 04/10; NSDs xx/10 Exercise 10/30 Aiming to be a true Frugalista!
    • Bigskies
    • By Bigskies 9th Apr 18, 8:05 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    Dilemma time. Iíve come into some money. Itís not a huge amount, in the general scheme of our debt, but itís about £4.5k

    There are a couple of things we need at home, hubby needs new glasses, we need to replace a loo, and a window that are both broken, and have been for a while. But that should still leave us about 3.5k.

    Part of me thinks we should put it in a savings account as emergency fund, as our boiler will need replacing in the next couple of years and will cost 3.5k. (Itís a very old back boiler so need rads changing and pipe work and the tanks taking out, hence the cost)

    The other part of me thinks I should use it to clear a credit card. Which will bring our total to sub 60k.

    I do have anxiety about how we would replace the boiler if it goes, so I guess Iím thinking that whilst mathematically it makes sense to clear a card as we will save the interest, from a sanity perspective saving it might be a more sensible option.

    Thoughts?
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • Bigskies
    • By Bigskies 9th Apr 18, 8:08 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    To add, the initial Ďthat will pay for flights to Australiaí thoughtliterally lasted for about half a second and was then immediately dismissed! I am learning.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • enthusiasticsaver
    • By enthusiasticsaver 9th Apr 18, 8:23 AM
    • 6,255 Posts
    • 12,398 Thanks
    enthusiasticsaver
    Personally as the boiler is ok now and your debt is so high I would clear a card. If it helps your sanity though keep it in savings so long as you will not be tempted to blow it on a holiday or whatever.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • Bigskies
    • By Bigskies 9th Apr 18, 8:35 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    Thanks es.
    Iíve had a look and the highest rate card has 4.3k on, at 23.9% apr. So, if my sums are correct, the interest on that is just over £1027 a year. If I clear (or as close as I can get to it) that card, then in two years Iíll have ďsavedĒ £2054 in interest.
    Current payments on the card are £120 a month, and balance is reducing by £30 a month, so Iím paying £90 a month in interest.
    Itís a no brainer really isnít it?
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • enthusiasticsaver
    • By enthusiasticsaver 9th Apr 18, 8:47 AM
    • 6,255 Posts
    • 12,398 Thanks
    enthusiasticsaver
    Thanks es.
    Iíve had a look and the highest rate card has 4.3k on, at 23.9% apr. So, if my sums are correct, the interest on that is just over £1027 a year. If I clear (or as close as I can get to it) that card, then in two years Iíll have ďsavedĒ £2054 in interest.
    Current payments on the card are £120 a month, and balance is reducing by £30 a month, so Iím paying £90 a month in interest.
    Itís a no brainer really isnít it?
    Originally posted by Bigskies
    Yes it is really not worth sitting on savings any more than bare emergency fund when you are paying those sorts of rates. With any luck if you have not saved enough for the boiler by the time it goes your debt will be low enough to get 0% deals
    Debt free and mortgage free and early retiree. Living the dream

    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
    • Bigskies
    • By Bigskies 9th Apr 18, 8:53 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    Yes it is really not worth sitting on savings any more than bare emergency fund when you are paying those sorts of rates. With any luck if you have not saved enough for the boiler by the time it goes your debt will be low enough to get 0% deals
    Originally posted by enthusiasticsaver
    Yes, thank you so much. Itís hard to see the wood for the trees sometimes, as 4K off 64k seems like a drop in the ocean, but actually every penny helps! Appreciate your support.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • elsien
    • By elsien 9th Apr 18, 8:58 AM
    • 16,178 Posts
    • 40,889 Thanks
    elsien
    You could split it? I like to have a bit of a buffer even if it doesn't make complete financial sense - makes me feel more secure. So you could put a grand or so away towards the boiler/emergency fund if you think you'll be able to keep it there, and stick the rest towards the card.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
    • Bigskies
    • By Bigskies 9th Apr 18, 9:11 AM
    • 109 Posts
    • 352 Thanks
    Bigskies
    You could split it? I like to have a bit of a buffer even if it doesn't make complete financial sense - makes me feel more secure. So you could put a grand or so away towards the boiler/emergency fund if you think you'll be able to keep it there, and stick the rest towards the card.
    Originally posted by elsien
    I suspect that a grand would deplete quite easily, and leaving a extra grand on the card will cost £240 a year in interest, so might well just buy the bits we absolutely must, then throw all of it at the MBNA card and be done with it. It was money I wasnít expecting, so wonít miss it!
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
    • enthusiasticsaver
    • By enthusiasticsaver 9th Apr 18, 2:23 PM
    • 6,255 Posts
    • 12,398 Thanks
    enthusiasticsaver
    I suspect that a grand would deplete quite easily, and leaving a extra grand on the card will cost £240 a year in interest, so might well just buy the bits we absolutely must, then throw all of it at the MBNA card and be done with it. It was money I wasnít expecting, so wonít miss it!
    Originally posted by Bigskies
    I think that is sensible. Gets rid of one of the debts at least. If you leave it at nil you might get a 0% offer. How many other cards are you paying high interest on?
    Debt free and mortgage free and early retiree. Living the dream

    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
    • Bigskies
    • By Bigskies 9th Apr 18, 5:34 PM
    • 109 Posts
    • 352 Thanks
    Bigskies
    That!!!8217;s the highest. Thankfully!
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
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