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  • FIRST POST
    • DebtFreeDuo
    • By DebtFreeDuo 20th Sep 17, 8:43 PM
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    DebtFreeDuo
    This Duo's debt free journey
    • #1
    • 20th Sep 17, 8:43 PM
    This Duo's debt free journey 20th Sep 17 at 8:43 PM
    I had a previous thread but having problems locating it so thought I would start a fresh one. Brief intro, the duo is me and my little one, just over a year ago my debt was at a figure of around 12k, as of today it stands at 6124.40. This is made up of 2 loans (one car) and one credit card which is 0% until April 2019.

    My aim is to save up over the next 6/8 months so that I can overpay 6 months worth on the loan with the shortest term, this will clear the loan completely as the last payment is December 18. Then I will tackle the second loan which is due to end April 19, I aim to clear this by around December 18 and then clear the 0% card last but well in time for the 0% ending.

    I can't do much until January, I'm currently studying and therefore get my income 3 times per year which I use to overpay, I have just cleared 1500 which is all I can manage until my next payment. This includes a monthly saving to my Help to Buy ISA. I have around 4k in my ISA but I am reluctant to use this to clear my debts as I will earn more back on this then I will save in interest with the governments 25% bonus.

    I have gone over all of my monthly bills and I am certain that I cannot make any further savings than I have made recently. I am currently listing as much on ebay as I can to give me a little extra money for treats that I haven't included in my budget up to December.

    Will update my signature shortly but as it stands my debt free date is April 2019, I aim to bring this forward to Dec 2018 at the very latest.
Page 42
    • DebtFreeDuo
    • By DebtFreeDuo 22nd Dec 19, 6:09 PM
    • 1,008 Posts
    • 4,845 Thanks
    DebtFreeDuo
    2020 The year of budgeting
    Following 2019 reflection I wanted to set out some goals for 2020.

    2020 Goals
    Clear an item a day - Tried this in 2019 and even though it didn't last the year I still cleared 162 items that otherwise wouldn't have been cleared. Hoping this will help prevent the use of the overdraft during Summer 2020
    No new clothes - Buy used where needed, hoping I can manage this for at least the first few months to help build the holiday pot.
    Savings goal - I attempt this every year, one year I will complete it! Week 1 - 52, 1 - 52 but staggered as and when I can afford a little extra. Total of 1378 if I complete it
    Debt free by October 2020 - This is more to cover the overdraft use over the summer. If I can get a good start to the year and avoid this then my debt will be cleared in April 2020 but I'm just trying to stay realistic.
    Stick to budgets - Always learning with this one
    Change the way you see things and the things you see will change
    • Nicnak
    • By Nicnak 22nd Dec 19, 6:16 PM
    • 2,738 Posts
    • 16,540 Thanks
    Nicnak
    Some great goals there. I always try with the save money every week and it never works out for me either. x
    September 6th 2017 - Updated December 2019
    Credit Card 0 now: 0 Consolidation 15,000 = 7,365 Total = 25,330 7,365 71% gone EMF #252 = 1100/1000
    Pay off all your debts by Christmas #071

    Decluttering target 462/365 items
    • DebtFreeDuo
    • By DebtFreeDuo 22nd Dec 19, 7:24 PM
    • 1,008 Posts
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    DebtFreeDuo
    Some great goals there. I always try with the save money every week and it never works out for me either. x
    Originally posted by Nicnak
    Its worth a shot though right?! Even if we only manage it for a few weeks and put that money to good use. Hope you're well, I need to head over and have a catch up soon when life is a little less hectic. Hopefully I will be around a little more soon.
    Change the way you see things and the things you see will change
    • DebtFreeDuo
    • By DebtFreeDuo 27th Dec 19, 5:36 PM
    • 1,008 Posts
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    DebtFreeDuo
    Well Christmas is all over, I don't have any big plans for NYE so its time for me to focus. Exams are looming and I have some good goals for January.

    I have come up with a plan for January and hoping I can work hard to stick to it, I really struggle with my motivation levels at times so plans don't always work out well for me.

    I was gifted a little money for Christmas and have put this to one side to put towards the debt in the new year, this will go to January's payments now that I have done my reflection for 2019. January is currently looking around 240 cleared from the debt, if I can find another 24 over the course of January then this will mean I will be below the 1k mark.

    I hope anyone reading has had a wonderful Christmas, here's to 2020!
    Change the way you see things and the things you see will change
    • Nicnak
    • By Nicnak 29th Dec 19, 8:43 AM
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    Nicnak
    It is definitely worth a shot. Even if you keep it up for a month, that is a lot of items! I have planned to try to clear the house of 365 days. One per day for the year. That is obvs a huge thing, and will prob not reach that month, but you never know. x
    September 6th 2017 - Updated December 2019
    Credit Card 0 now: 0 Consolidation 15,000 = 7,365 Total = 25,330 7,365 71% gone EMF #252 = 1100/1000
    Pay off all your debts by Christmas #071

    Decluttering target 462/365 items
    • DebtFreeDuo
    • By DebtFreeDuo 2nd Jan 20, 2:46 PM
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    DebtFreeDuo
    Well I think I can finally start getting back to normal! I have felt really all over the place with Christmas. Not a bad start to the year, I'm a little stuck at the moment until my student finance comes through but I'm spending as little as possible.

    Instead of putting the weekly savings amount into a separate account I have decided I am going to send it straight over to the CC, this way I won't be tempted to spend it in a few months time and it will be going somewhere useful. I will do this at the end of each week so I can split my grocery and entertainment budget into weekly amounts and whatever is left will go there. This is in addition to sending some of these budgets over to the holiday pot. I know its going to be a stretch and it will likely require some amending down the line but if I can get off to a good start then that will be great.

    I think I have decided on a holiday destination, the holiday I want will be around 1000 mark I think. I'm going to see how I get on over the next couple of months before booking anything and making the commitment as I don't want to just jump in and then really struggle. When I looked over my spreadsheets previously when considering a holiday I worked out that by cutting other pots I could get together around 1400 so its absolutely doable and will be worth making the cutbacks for.

    I better get back to the books!
    Change the way you see things and the things you see will change
    • Nicnak
    • By Nicnak 2nd Jan 20, 6:36 PM
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    Nicnak
    Good luck with your exams. I am sure you will be fab x
    September 6th 2017 - Updated December 2019
    Credit Card 0 now: 0 Consolidation 15,000 = 7,365 Total = 25,330 7,365 71% gone EMF #252 = 1100/1000
    Pay off all your debts by Christmas #071

    Decluttering target 462/365 items
    • DebtFreeDuo
    • By DebtFreeDuo 6th Jan 20, 7:24 PM
    • 1,008 Posts
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    DebtFreeDuo
    I'm not doing massively great on my goals so far, what with exams and school holidays. Back to some kind of normality from tomorrow although not so much on the goal front for another couple of weeks I think.

    Not spending much with revision and everything else going on, still waiting on my student finance to come through so that I can start with the savings goal so not really much to report. Posting regularly just keeps my mind focused.
    Change the way you see things and the things you see will change
    • DebtFreeDuo
    • By DebtFreeDuo 8th Jan 20, 8:26 AM
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    DebtFreeDuo
    Work is currently getting on top of me, I have so much to do and so little time! I'm praying that my exams are kind to me this year!

    Haven't really spent anything the last few days, did a food shop on Monday and I only got what I needed which helped keep the cost down. We made spag bol yesterday at the request of DS which means I now have another 3 meals for us both in the freezer! Once exams are over I might do a week without food shopping (except for things like milk and fruit) and clear out the freezer and the cupboards. Maybe a goal for February to get a little extra in the holiday pot!
    Change the way you see things and the things you see will change
    • DebtFreeDuo
    • By DebtFreeDuo 8th Jan 20, 4:11 PM
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    DebtFreeDuo
    Received my usual message from student finance today which means by Monday I will be able to go over my finances. I have an exam on Monday so I may do my finances after that to give me a little break from revision. I have assigned my first weeks savings to the CC which will be sent over as soon as I receive my student finance. This means I have 40.85 to go to bring my debt total below 1000, reduced slightly from a little over 43 so it's headed in the right direction.
    Change the way you see things and the things you see will change
    • Nicnak
    • By Nicnak 8th Jan 20, 8:30 PM
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    Nicnak
    Good luck with your exams. I hope your finance sorting goes well. x
    September 6th 2017 - Updated December 2019
    Credit Card 0 now: 0 Consolidation 15,000 = 7,365 Total = 25,330 7,365 71% gone EMF #252 = 1100/1000
    Pay off all your debts by Christmas #071

    Decluttering target 462/365 items
    • DebtFreeDuo
    • By DebtFreeDuo 10th Jan 20, 1:45 PM
    • 1,008 Posts
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    DebtFreeDuo
    Thank you Nicnak, I'm slightly terrified over my exams! Luckily the university have worked hard this year to make the timetable quite nice but there's only so much you can do with 5 exams in 2 weeks! Fingers crossed I get through them all just fine.
    Change the way you see things and the things you see will change
    • DebtFreeDuo
    • By DebtFreeDuo 10th Jan 20, 1:49 PM
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    DebtFreeDuo
    Student finance has come through today so I have sorted it all out and assigned things to where they belong. Paid what I needed to off the CC so debt total currently sitting at 1039.67, fingers crossed I can get a couple of the middle numbers marked off from my 52 week savings challenge and send those over to bring it below 1000 by the end of the month, 39.68 needed!
    Change the way you see things and the things you see will change
    • EssexHebridean
    • By EssexHebridean 13th Jan 20, 11:20 AM
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    EssexHebridean
    Good news on the finance being sorted already, and what a great set of goals there to start the year with. I think the idea of staggering the weekly savings plan is a good one too - I'm long said that the reason the majority of people end up failing on this one is that the sheer amounts required per month past the halfway point is effectively excluding anyone who wouldn't be able to save quite large amounts anyway - so staggering it makes it altogether more doable, I'd have thought.

    Good luck with the exams, although I'm pretty sure that you've put the work in and so won't require the luck!
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • DebtFreeDuo
    • By DebtFreeDuo 15th Jan 20, 12:10 PM
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    DebtFreeDuo
    Thank you EH,I agree with the staggering, I've done it previously where I have tried from 1 - 52 based on the week number but I give up when it starts getting too difficult. Even if I only manage to do it for a couple of months, that will still be money paid off the debt that otherwise wouldn't have been!

    First exam has been difficult to get over for me, I prepared really hard for it, I knew what I needed to know to do well on the exam and I went in there and messed it up. I didn't plan out what questions I was going to answer very well so ended up potentially losing a third of the marks that I could have otherwise got. I don't think I've failed it but it was the exam I was supposed to do the best in. We just weren't given enough time for the questions we had to answer and there's not much I can really do about that.

    Anyway, I need to get past that and shift my focus to my next exam, don't let it get me down and then affect all of my other exams, only 20% through!

    On the finance front, I'm not doing too badly, haven't made any further payments as of yet but I do have some available funds to send over for week 2's savings which I will get done as soon as I find a little more time.

    I feel like my grocery spends are a little out of control this month, I just don't have time to plan my meals with everything else. Luckily I have been using up what I have in the freezer so I have only done one big shop this month but I really need to do another soon. My available funds left in the pot are 68.69, I'm not sure this will get me through the rest of the month, I need some cheap meals! How much does everyone else spend on their groceries over the whole month? Including both food and household things such as cleaning products etc.
    Change the way you see things and the things you see will change
    • EssexHebridean
    • By EssexHebridean 15th Jan 20, 12:33 PM
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    EssexHebridean
    We allow 175 for the month for two of us - and this includes cleaning products and occasional toiletries, as well as a takeaway once in the month.

    As for the exam - not being given enough time to answer questions doesn't sound like you "messing it up" to me! As you say though - put it behind you and move on to the next.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • OnlyPariah
    • By OnlyPariah 15th Jan 20, 12:36 PM
    • 123 Posts
    • 304 Thanks
    OnlyPariah
    We budget to 300 a month for 2 adults and 2 children. A third child is around every other weekend.
    Tesco 7647.88 7,488.96 Asda 2,552 2,300 Virgin 4,204.95 4,204.95
    Halifax 2,853 2,796.64 Barclaycard 7,866.32 7,866.32 Wedding 488 EF 63
    • DebtFreeDuo
    • By DebtFreeDuo 15th Jan 20, 4:23 PM
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    DebtFreeDuo
    I feel like I messed up for not taking a couple of minutes to read through first and make a decision on which questions I was going to answer but yeah, there is nothing I can do about it now, I have emailed the lecturer to let him know how I felt about the exam.

    I feel slightly better about my grocery spends now, I'm always disappointed in myself for how much I spend on groceries but I started this month off with a budget of 150, down from my usual 200 as I am trying to put 50 each month into the holiday pot, if needed I will take it back out. It's just one area I always struggle with, I feel like I should be spending less as it is just me and DS. I think the small shops are my downfall, I pop to the shop for something for dinner and end up spending 10 as I pick other things up.
    Change the way you see things and the things you see will change
    • Nicnak
    • By Nicnak 15th Jan 20, 7:54 PM
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    Nicnak
    I am sure your exam will be ok. I have had exams like that.

    Groceries are hard to budget for. It is ever changing, and to eat healthier is a lot more expensive. x
    September 6th 2017 - Updated December 2019
    Credit Card 0 now: 0 Consolidation 15,000 = 7,365 Total = 25,330 7,365 71% gone EMF #252 = 1100/1000
    Pay off all your debts by Christmas #071

    Decluttering target 462/365 items
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