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    • chelseablue
    • By chelseablue 1st Aug 17, 3:31 PM
    • 2,452Posts
    • 2,929Thanks
    chelseablue
    Journey to 0 by 2020, with a few bumps along the way
    • #1
    • 1st Aug 17, 3:31 PM
    Journey to 0 by 2020, with a few bumps along the way 1st Aug 17 at 3:31 PM
    Hi everyone!

    Just been reading some diaries on here and thought I need to add my own. Hopefully I will get some encouragement or just stop myself going insane

    A bit about me; I'm 34 and live in Berkshire with my partner and our 3 year old son.

    We are getting married next year so am saving towards that, plus we have a lease car that goes back in April so need to get another car. So am saving for that.

    Oh and we are going on holiday next December to Australia so need to save for that too!

    2018 is looking to be expensive

    Onto the reason I'm here: DEBT

    We owe the following:

    Lloyds credit card: 3,219
    Sainsbury's credit card 1,392

    Oh and a mortgage of 221,000 (!)

    The credit cards are 0% until 2020 so everything I send to those comes off the total.

    Currently the DD to Sainsbury's is 40, which will clear it by 2020 so I just leave that for now.
    The DD to Lloyds is also 40 so I need to concentrate my efforts here otherwise the balance will still be about 2,000 when the 0% ends.
    Determined not to have to transfer it on to another 0% deal!

    We earn 63,000 between us so am sure we can do it.

    Hopefully I've just paid the last 850 a month childcare invoice as our son is 3 now so is eligible for the Government funded hours from September.

    Will post our SOA shortly

    If you've read this far well done and thank you!!
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
Page 4
    • enthusiasticsaver
    • By enthusiasticsaver 24th Oct 17, 3:48 PM
    • 6,728 Posts
    • 14,313 Thanks
    enthusiasticsaver
    Those savings are building up nicely. Looks like you have your wedding paid for now Still the bonus to come next year as well.
    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
    • chelseablue
    • By chelseablue 24th Oct 17, 3:57 PM
    • 2,452 Posts
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    chelseablue
    Those savings are building up nicely. Looks like you have your wedding paid for now Still the bonus to come next year as well.
    Originally posted by enthusiasticsaver


    We need 13,000 for the wedding


    The 10,650 we have in savings, 3,000 is earmarked for the car deposit.


    So, 7,650 is for the wedding which leaves 5,350 still to save


    We are still due 2,400 from my Dad and 1,000 from mother in law. So for our contribution we have 1,950 still to save. Hopefully do that by Christmas, 6 months ahead of schedule


    Just hope nothing breaks down/goes wrong!
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • enthusiasticsaver
    • By enthusiasticsaver 24th Oct 17, 6:11 PM
    • 6,728 Posts
    • 14,313 Thanks
    enthusiasticsaver
    How does the car finance deal work? Is it a balloon payment?
    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
    • chelseablue
    • By chelseablue 25th Oct 17, 8:40 AM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    How does the car finance deal work? Is it a balloon payment?
    Originally posted by enthusiasticsaver
    No, the car my partner drives at the moment is on a personal lease, the 2 year lease is up in March 2018.

    The car just gets given back, no option to keep, no balloon payments. They'll just charge us for excess mileage.

    We don't want to lease again so in March we need to buy a car. Planning on putting a few thousand in as cash and borrowing the remainder (wont be buying a brand new car, will be about 4 years old)

    I was going to get a personal loan and pay off as quick as we can.

    But Barclaycard are offering a money transfer at 0% so thinking of doing that
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • SWSEGirl
    • By SWSEGirl 26th Oct 17, 11:55 AM
    • 110 Posts
    • 357 Thanks
    SWSEGirl
    Hi Chelseablue!

    Gradually catching up on your thread & see you're saving for a wedding Congratulations!

    We got married in 2015 - and managed to pay for it (almost) entirely from savings - but you've been sensible and bought a place first, unlike us!

    We did everything for our wedding ourselves pretty much (although we had no choice, getting married where we did!) Instead of a formal meal - we had picnic baskets on each table filled with picnic type foods, pork pies, hearty salads - this was far easier to serve and was a real talking point, I think people enjoyed it! Each of our family made a cake for a dessert table & the wedding cake was also pudding.

    My main wedding tips - make sure you factor in VAT where applicable, and I can honestly say that of all the weddings I've been to - it hasn't made a difference what money was spent - the people who are there make the day!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • chelseablue
    • By chelseablue 30th Oct 17, 9:23 AM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Thank you cant believe how expensive stuff for weddings is!

    If we weren't getting married in June I'd clear both cards today

    We are currently choosing what flavours to have in the wedding cake, so getting to the good stuff now
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • chelseablue
    • By chelseablue 3rd Nov 17, 11:14 AM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Direct debits gone to both cards:

    New balances are:

    Lloyds: 3,032 (looking forward to next month when this balance will start with a 2!)
    Sainsbury's: 1,217

    Its our nephews birthday over the weekend so will be going to see him tomorrow (he's going to be 8)

    Need to get him a card and gift. He's asked for a voucher for Smyths Toys so that's an easy one!
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • chelseablue
    • By chelseablue 7th Nov 17, 4:17 PM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Not having a good day! Seriously considering calling off the whole thing
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • enthusiasticsaver
    • By enthusiasticsaver 19th Nov 17, 3:47 PM
    • 6,728 Posts
    • 14,313 Thanks
    enthusiasticsaver
    Oh dear! Organising weddings is stressful. Hope you manage to resolve the problem.
    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
    • chelseablue
    • By chelseablue 5th Dec 17, 9:49 AM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Direct debits to the cards went out yesterday, balances are now:

    Lloyds: 2,922
    Sainsbury's: 1,177

    So Lloyds is now under 3k

    Our mortgage fixed rate is up in March, I spoke to our broker last week and the best deal at the moment is 1.79% for 5 years.

    Will mean the monthly payment will go up by about 80
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • enthusiasticsaver
    • By enthusiasticsaver 6th Dec 17, 7:00 AM
    • 6,728 Posts
    • 14,313 Thanks
    enthusiasticsaver
    Well done on getting below 3k on Lloyds. Next month you will be below 4K in total if you continue with the 150 per month DDs

    Once your expensive year is over you might be better off overpaying the mortgage rather than directing payments to credit cards as they are 0% anyway until 2020.
    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
    • chelseablue
    • By chelseablue 2nd Jan 18, 11:04 AM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Happy new year all!

    January's direct debits to the cards went out today, new balances are:

    Lloyds: 2,812
    Sainsbury's: 1,137

    So total debt is now 3,949

    Under 4 grand at last!

    Partner is driving me mad, he's totally different to me when it comes to money. Just wants to spend, spend, spend.
    This weekend he wants to go and look for a new sofa!!!!
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • enthusiasticsaver
    • By enthusiasticsaver 4th Jan 18, 6:24 AM
    • 6,728 Posts
    • 14,313 Thanks
    enthusiasticsaver
    That sounds like it could lead to conflict if you both have different views to finances. Not uncommon sadly.

    My DH is like me in that he hates debt but he is or was less enthusiastic about saving than I was. Having now seen the benefits by being able to retire 8 years early due to me insisting saving for the future was as important as new car, sofa etc and having the money to help our kids he is much more on board. Now the strings are loosened a bit I struggle a bit when I don't keep track of our finances like I used to.
    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
    • chelseablue
    • By chelseablue 11th Jan 18, 11:39 AM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Done a bit of account admin today, no longer use my Santander 123 account so phoned them and closed it.
    Before I did that there was 1,690 in there so I transferred that over to my Nationwide account.

    Which means the wedding is now fully covered AND there's still 2,400 to come from my Dad and 1,000 from Mother in Law.

    I'm sure they'll be a few wedding things that will crop up so they'll be a surplus there to cover them.

    Partner gets his bonus next month but that's already earmarked for the flights to Australia.

    My bonus is due end of March, it might be enough to clear most of the credit cards but I might keep it in savings for Australia spending money (I'm guessing for a 4 week holiday you need quite a bit of cash?!)

    Also the car purchase looms ever closer, lease car goes back end of March.
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • chelseablue
    • By chelseablue 23rd Jan 18, 4:01 PM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Nothing much to report today, pay day tomorrow and there's 65 left in the bank.

    Our fixed rate mortgage with Halifax expires at the end of March, had our broker look around and he found us a better rate with Nationwide than what Halifax were offering to stay.

    Application went into Nationwide and was approved so from April we'll be in a 5 year fixed rate at 1.79%

    Means payments will be going from 720 to 790 a month.
    Could be worse and at least it still starts with a 7
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • chelseablue
    • By chelseablue 13th Feb 18, 10:14 AM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    February's direct debits have now gone to the cards.

    Balances now:

    Lloyds: 2,702
    Sainsbury's: 1,096

    Total debt: 3,798

    Only major bill this month is the house insurance, purchased it yesterday for 128. Bought it through Quidco and getting 45 cashback so technically only costing 83 for the year building and contents

    Only thing is cashback doesn't get paid until June. Why does it take so long

    Oh, tv licence expires 28th February but doing that out of February's pay
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • chelseablue
    • By chelseablue 20th Mar 18, 12:51 PM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Well we've bought a car

    Where my partner works, they were selling one of their company cars so we've bought it.

    Good news is it cost a lot less than we were going to spend.
    Our original plan was to spend up to 10k on something that was a few years old

    But instead its cost us 5,500 for a 2012 BMW 3 Series.

    We have had to get a loan to pay for it, but the lease car is going back next week so just swapping one monthly payment for another.

    Lease car was 129 a month and the loan is 136 a month.


    Downside is insurance is higher on the bmw than a Hyundai, looking at about an extra 20 a month

    Upside is I've said we have to keep it as long as possible, so hopefully now I've got a few years without hearing about cars
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • enthusiasticsaver
    • By enthusiasticsaver 20th Mar 18, 4:09 PM
    • 6,728 Posts
    • 14,313 Thanks
    enthusiasticsaver
    Well we've bought a car

    Where my partner works, they were selling one of their company cars so we've bought it.

    Good news is it cost a lot less than we were going to spend.
    Our original plan was to spend up to 10k on something that was a few years old

    But instead its cost us 5,500 for a 2012 BMW 3 Series.

    We have had to get a loan to pay for it, but the lease car is going back next week so just swapping one monthly payment for another.

    Lease car was 129 a month and the loan is 136 a month.


    Downside is insurance is higher on the bmw than a Hyundai, looking at about an extra 20 a month

    Upside is I've said we have to keep it as long as possible, so hopefully now I've got a few years without hearing about cars
    Originally posted by chelseablue
    Another downside to BMWs unfortunately is the cost of parts and servicing. As the car is 2012 though I guess you may not use the BMW dealers and just use local garages which will be cheaper although parts will still be expensive.

    Still better than paying a small fortune for the car though. The reason for high insurance is apparently because a lot of older BMWs are driven by boy racers. Not saying your OH is but that may be the reason.

    At least you know that being an ex company car it will have been serviced regularly.
    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
    • chelseablue
    • By chelseablue 20th Mar 18, 4:47 PM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Another downside to BMWs unfortunately is the cost of parts and servicing. As the car is 2012 though I guess you may not use the BMW dealers and just use local garages which will be cheaper although parts will still be expensive.

    Still better than paying a small fortune for the car though. The reason for high insurance is apparently because a lot of older BMWs are driven by boy racers. Not saying your OH is but that may be the reason.

    At least you know that being an ex company car it will have been serviced regularly.
    Originally posted by enthusiasticsaver
    Yes wont be using bmw for servicing or any repairs, would need another mortgage

    I'll just use the garage I always go to with my car
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • chelseablue
    • By chelseablue 23rd Mar 18, 4:18 PM
    • 2,452 Posts
    • 2,929 Thanks
    chelseablue
    Just had the completion statement through regarding our re mortgage on 3rd April

    On completion we're due 117 back. Will try not to spend it all at once

    I'm sure I read that we get 500 cashback from Nationwide after the mortgage starts with them, will dig out the paperwork and have a look.
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
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