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  • FIRST POST
    • AdventureWanted
    • By AdventureWanted 8th Oct 17, 10:10 PM
    • 518Posts
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    AdventureWanted
    Adventure wanted, but first we must rid ourselves of debt
    • #1
    • 8th Oct 17, 10:10 PM
    Adventure wanted, but first we must rid ourselves of debt 8th Oct 17 at 10:10 PM
    I’ve ummed and aahed about starting a diary on here for a couple of months, but have decided that it is a good way for me to keep track of how our debt reduction is going and hopefully on those dark days when it feels like we’re getting nowhere I can remind myself of how things have improved.

    Anywho, I’ll give a brief overview of our life/debt.

    I’m a Mum to 3 Kids. Hubby is self employed and I Home educate the older 2 Kids. In August I finally had enough of our debts and decided to do something about it. After reading lots of diaries I downloaded ynab and took control of our budget. Our debts are due to a car loan, house repairs and mostly a lack of control over finances so monthly spending got out of control and we didn’t really have much to show for it.

    As at 1 August (LBM) our debts were:-
    CC1 - £5,185
    CC2 - £13,470
    Cc3 - £11,400

    All of the credit cards are 0% and will be balance transferred to new 0% cards if we haven’t paid them off at the end of the 0% deal.

    The future -
    We would love to travel. Firstly we’d love to visit every county in the uk and then travel further afield to the likes of Canada and Australia. Hubby and I regret not taking the opportunities to see the world pre children, but are now very keen to share these adventures with our kids.

    We’d love to move to our forever family home, although we have no idea where in the country this would end up being in!

    And more than those above we’d love to have savings for our children’s futures and not waste the extortionate amount of money we do each month on debt repayments.

    I’ll post my current debt situation post LBM in the next post.x
    LBM Aug 2017. DFD - Dec 2020 / Dec 2021
    CC1 - £0 / £5,185 1/8/17. CC2 - £1,350.00 / £13,470 1/8/17. CC3 - £10,220.00 / £11,400 1/8/17
    CC4 - £12,090.00 / £13,000 20/11/17
    2018 1% challenge - #1 - 56%.
    PAYDBX 2018 - #29 Pd £7,020.60 / £12,500
Page 11
    • savingholmes
    • By savingholmes 10th Mar 18, 2:52 PM
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    savingholmes
    Commiserations about the long hours without OH but hopefully it is an investment and will work out.

    As you said - just focus on what you are doing to reduce debt. £12.5K reduction in a year will be an amazing amount - you should be proud.
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • AdventureWanted
    • By AdventureWanted 10th Mar 18, 7:43 PM
    • 518 Posts
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    AdventureWanted
    Thanks Jwil and savingholmes. Am feeling slightly more optimistic with debt repayments at the moment. Definitely think concentrating on debt repayment targets is healthier for me.

    Have spent the last couple of days sorting out DH's business accounts and we are back on track with the savings for tax,etc, so there's a possibility that by the end of the year there may be a little bit more money available to draw. I always feel slightly happier when I am more organised and in control .

    I've made a £120 payment to CC2 today. This takes me to £2,940.60 paid so far this year, so I'm 23.5% of the way to my £12,500 repayment target.
    • AdventureWanted
    • By AdventureWanted 11th Mar 18, 7:40 PM
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    AdventureWanted
    Happy Mother's day! I've had a lovely day today. The DC were very excited that it was Mother's Day and both DC1&2 had chosen a bunch of flowers and a Toblerone for me. DH let me have a lay in this morning and brought me a cup of tea in bed, which was a real treat. Visited my mum this pm and all my siblings were there with my nieces and nephews, so it was a brilliant family get together.

    Have managed to repay some tax money owed to us by DH business, so have sent £500 to CC2. Hopefully tomorrow the dd should come out for CC2 and if I make a small pad I'll be in the £3ks.
    • AdventureWanted
    • By AdventureWanted 12th Mar 18, 7:50 AM
    • 518 Posts
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    AdventureWanted
    The £130 dd for CC4 has come out today. Annoyingly the dd for CC2 hasn't (hopefully it'll be tomorrow!).

    Have updated my snowball calculator and the overpayments I've managed to make have taken another month off our debt free date. It now stands at Jan 2021. Hoping that if I meet the £12.5k debt repayment figure this year that the DFD will reduce to some time in 2020.

    I think once I've paid / balance transferred CC2s balance when the 0% ends in July I will pay the minimum on the other 2 cards and save the extra I was paying into a debt repayment savings account. It makes sense for me to be getting the interest, rather than repaying before the 0% ends. Just need to make sure i wouldn't dip into it.
    • jwil
    • By jwil 12th Mar 18, 1:55 PM
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    jwil
    Great movement on the DFD
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 13th Mar 18, 6:44 AM
    • 518 Posts
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    AdventureWanted
    Woohoo CC2s dd has come out! £180 dd payment and a £5 pad has meant that CC2s balance is under £4K! (only a fiver under, but it's still under ).

    Have now paid £3,755.60 of my £12,500 target. (30%)
    LBM Aug 2017. DFD - Dec 2020 / Dec 2021
    CC1 - £0 / £5,185 1/8/17. CC2 - £1,350.00 / £13,470 1/8/17. CC3 - £10,220.00 / £11,400 1/8/17
    CC4 - £12,090.00 / £13,000 20/11/17
    2018 1% challenge - #1 - 56%.
    PAYDBX 2018 - #29 Pd £7,020.60 / £12,500
    • Rachel24
    • By Rachel24 13th Mar 18, 7:16 AM
    • 161 Posts
    • 558 Thanks
    Rachel24
    That's amazing well done! 30% and only in March :-) xx
    • jwil
    • By jwil 13th Mar 18, 1:14 PM
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    jwil
    Well done! £5 under is still under
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 14th Mar 18, 12:31 PM
    • 518 Posts
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    AdventureWanted
    Thanks Rachel24 and Jwil. I cannot wait to get rid of CC2. The end is in sight (well for that one it is!).

    I've rounded down the bank accounts today and sent £5 to CC2 and 86p to the EF.

    DH has taken my car today, as it's booked in for it's mot near his work. Fingers crossed it goes through ok and without any additional expenses. DC3 has just gone down for a nap, so I'm going to make a quick cuppa and then attempt some decluttering of our cabin/summer house, also known as dumping ground 2!!
    • jwil
    • By jwil 14th Mar 18, 3:15 PM
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    jwil
    Fingers crossed for the MOT
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 15th Mar 18, 8:44 PM
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    AdventureWanted
    Phew my car passed the mot with no work needed. I'm glad I wasn't able to get it mot'd at the same time as the service, as Volvo were going to change £55 for the mot, where as it only cost me £35 at the garage near DH work.

    Have had a busy day today taking the kids to their home Ed groups. Had to fill the car up with some diesel today (£40). It's the first time I've filled up this month, which is pretty good seeing as we're half way through already. The bad weather definitely helped, as we didn't venture out in my car for a week. Apparently we're due more snow this weekend, so it may help my fuel budget even more!!

    I've rounded down the bank account today, sending £4 to CC2 and 23p to the EF.
    • savingholmes
    • By savingholmes 15th Mar 18, 9:38 PM
    • 8,955 Posts
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    savingholmes
    Great progress on your DFD and payments. Good news about your car too.
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • AdventureWanted
    • By AdventureWanted 16th Mar 18, 6:56 AM
    • 518 Posts
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    AdventureWanted
    Today's pads:
    £6 to CC2
    42p to EF

    I haven't managed a NSD in ages Today won't be one either, as need to go food shopping and DC1&2 are going roller skating for the first time. Hopefully next week will be better.
    • jwil
    • By jwil 16th Mar 18, 2:00 PM
    • 8,527 Posts
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    jwil
    Great news about the MOT
    "If you can dream it, you can do it". Walt Disney
    • Pauper1
    • By Pauper1 17th Mar 18, 12:42 PM
    • 318 Posts
    • 2,561 Thanks
    Pauper1
    I think it's admirable that you've managed to get your head back in the debt busting game so quickly after finding out about the course. I'm awful if we need to spend money on something unexpectedly; I just get into a headspace of 'oh well, that's come out so might as well buy this and this cos it won't make much more difference'. Which is bad of me, and explains why we were in the $h!t for so long! Well done anyway
    DMP start 1st May 2014 - £11,554.25 £39,349.41 Original DFD from Stepchange 6th Sept 2039... Now aiming for Summer 2021
    • AdventureWanted
    • By AdventureWanted 18th Mar 18, 9:39 PM
    • 518 Posts
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    AdventureWanted
    Thanks Pauper1. I was talking to DH about it today and he said he was worried I wouldn't be ok with it, but that I seem to have come round. The truth is that as long as I think about the course debt and our debt as two separate things I'm ok. If I tally them together I kinda lose the plot! Luckily I have 2 separate budgets on ynab, so the figures aren't together. The course starts in 2.5 weeks, so hopefully it'll go well and DH will be glad he did it (he better be glad!! ).

    Have managed NSDs both yesterday and today, so think that takes me to 5 this month (pretty rubbish, but better than nothing!).

    Have had a pretty quiet and chilled out day today, which is exactly what we all needed. DH had the day off today, so feel like I have managed to achieve a few things. Discussed our finances and have given strict instructions not to buy food. We only need milk and bread for the rest of the month as and when it runs out. DH sometimes brings us treats of cakes, which is lovely until I see our credit card account and realise he managed to spend £15 on stuff we didn't need!

    Paid £30 to CC2 yesterday, which takes total paid so far to £3,800.60 / £12,500.
    • AdventureWanted
    • By AdventureWanted 20th Mar 18, 4:55 PM
    • 518 Posts
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    AdventureWanted
    Rounded down the bank account this morning sending £4 to CC2 and 48p to the EF. EF is getting closer and closer to £1k, which I'm really pleased about (currently £829.41).

    We've had a lovely day out today at a national trust place. We came prepared with a packed lunch and thermos of coffee for DH & I. My car had its service today, so we were given a car to test drive, as the courtesy cars they use can't fit all 3 car seats in it. Had a lovely drive to the national trust property - the new version of my car is very fancy!! DH obviously immediately wants to buy one, but luckily I absolutely love my car and have no intention of changing it yet. My plan is once debt free to save up for a new car, rather than getting finance like we usually do. Car went through the service well and was given a lovely clean inside and out - I feel sorry for the person cleaning it! It was pretty filthy!! Service cost £307 , but is budgeted for. Next anticipated car expense is my insurance in May, so hopefully should have enough money in the car account by then. In fact, I'm hoping that I'll have money left over, but not sure at the moment if this is likely.
    • AdventureWanted
    • By AdventureWanted 21st Mar 18, 7:57 AM
    • 518 Posts
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    AdventureWanted
    Have completed my morning ritual of checking the bank accounts and updating ynab. I've paid £25 to CC2 today, so amount paid is now at £3,830.60 / £12,500.

    Need to get a few jobs done round the house today. All highly boring (cleaning bathrooms, hoovering, putting washing away). Hopefully I can get them done fairly quickly when DC3 has a nap later.
    • jwil
    • By jwil 21st Mar 18, 4:10 PM
    • 8,527 Posts
    • 26,100 Thanks
    jwil
    Glad you had a nice day out
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 22nd Mar 18, 3:56 PM
    • 518 Posts
    • 1,531 Thanks
    AdventureWanted
    Only a week until payday. Getting a bit impatient again with the whole debt busting, but I think this will be a regular feeling until it's all paid off. I've paid £12 to CC2 today and 66p to the EF.

    We had DC3s passport photo taken the other day and I have been filling in the passport application form. With the passport price going up and the possibility that DH could work overseas at some point we thought we'd better do it. I've had a look at the photo they took of Dc3 and it's awful. She'd only just woken up and is all red and blotchy. The question is do I get it retaken? The majority of me wants to, as she'll have it for 5 years, but a small mse part tells me not to! Hmmm.... decisions decisions.
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