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  • FIRST POST
    • AdventureWanted
    • By AdventureWanted 8th Oct 17, 10:10 PM
    • 551Posts
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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
    Iíve 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 weíre getting nowhere I can remind myself of how things have improved.

    Anywho, Iíll give a brief overview of our life/debt.

    Iím 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 didnít 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 havenít paid them off at the end of the 0% deal.

    The future -
    We would love to travel. Firstly weíd 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.

    Weíd 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 weíd love to have savings for our childrenís futures and not waste the extortionate amount of money we do each month on debt repayments.

    Iíll post my current debt situation post LBM in the next post.x
    LBM Aug 2017. DFD - Oct 2020 / Dec 2021
    CC1 - £0 / £5,185 1/8/17. CC2 - £335.00 / £13,470 1/8/17. CC3 - £10,100.00 / £11,400 1/8/17
    CC4 - £11,960.00 / £13,000 20/11/17
    2018 1% challenge - #1 - 61%.
    PAYDBX 2018 - #29 Pd £8,285.60 / £12,500
Page 6
    • AdventureWanted
    • By AdventureWanted 8th Jan 18, 9:47 PM
    • 551 Posts
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    AdventureWanted
    Iíve paid £7 to CC2 today and the £130 dd for cc4 has also come out.

    Debt at 8/1/18
    CC1 - £0
    CC2 - £6,910
    CC3 - £10,820
    CC4 - £12,610

    Total debt - £30,340

    Getting closer and closer to being in the £29ks. Have got the dd for CC2 & CC3 still to come out, but will have a look at our budget to see if I can reduce spends further to help me achieve it.

    DH has come home from work tonight telling me about a training course heís been given the chance to go on. It would be good for his career, but costs A LOT and heíd be working reduced hours so Iíd rather he didnít do it. Itís strange that me & DH have such different attitudes to money. He knows we donít have the money in our account to pay for the course, but he has no problem putting it on a cc and subsidising his lost pay with a money transfer. Heís said he can make up some of the pay loss by working extra days, so heíd only have one day off. I feel like Iím always the bad cop, but ultimately I donít want to be in more debt, itís bad enough the amount weíve got. Just wish heíd have even a tiny flicker of a LBM at some point.
    • AdventureWanted
    • By AdventureWanted 10th Jan 18, 10:10 PM
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    AdventureWanted
    Yesterday I did a bank round down sending £9 to CC2 and 34p to the emergency fund. Today Iíve sent 36p to the emergency fund and the £130 dd for CC2 has come out.

    Feel a bit meh about the debts at the moment. DH is still talking about the course he wants to go on and is pretty adamant that as long as he can get on it and it is the price/length of time he thinks that it is too good an opportunity to miss. Iíve set myself targets for this year in terms of debt reduction, but if he does the course Iím not sure theyíll be achievable at all

    Had a get together with a friend today which was lovely, although stressful before she arrived as the house was messy. Spent 45 minutes manically tidying up and it still looked messy. Going to have to try harder to declutter the house and find a place for all our stuff. One of the biggest culprits is DHs paperwork. We donít have an office and currently lack cupboard space to house it all, so it just stays in the corner of the dining room in boxes/bags taking up space. It would be lovely to be able to invite friends over without the manic clean beforehand!! I think I need to be more organised and try and spend a set amount of time each day doing a bit of tidying/decliuttering.

    Anyway, enough feeling sorry for myself

    Debts at 10/1/18
    CC1 - £0
    CC2 - £6,771
    CC3 - £10,820
    CC4 - £12,610

    Total debt - £30,201
    • AdventureWanted
    • By AdventureWanted 12th Jan 18, 8:01 PM
    • 551 Posts
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    AdventureWanted
    Iíve had 2 lots of cashback become available for payment so have transferred just over £11 to my bank account from top cashback and Quidco, which Iíve subsequently paid off CC2. Balance is now £6,760. Looking forward to the end of the month when this balance will be under £6,500.

    DH has done another days extra work today and is planning on another in the early part of next week. Thatíll take him to 4 extra days already this month. Hopefully he can average at least 2 for the rest of the year, as this will help us with the debt reduction.

    Iím hoping to have a sort through of our finances again either tonight or tomorrow to figure out exactly where we stand with all our money, including the business. Need to take another look at our budget and see if there is anything we can do to reduce some categories. Our gas & electric dd is due to go down by £10 from next month, which will be good. Just need to make sure my meter readings are up to date and then do another comparison, as we had one of the money saving expert energy emails the other day saying we could save by switching.

    One thing I have been rubbish at doing recently is meal planning. I really need to get back into the habit of doing this, as it really helped keep our food bill down. I think Iím going to try to make a couple more vegetarian dishes, as we most probably eat far too much meat. I had a look earlier at the jack Monroe website and found a recipe for 12 hour rich lentil Ragu which I thought sounded nice. Theyíd got it costed up at 29p, which I presume is a per person cost?! Im pretty good at cooking from scratch, but could do with varying the meals I make. Most of them have minced beef or sausages in! I have been slightly better recently at using a smaller portion of meat and upping the veggie content.

    Iíve currently got our food budget set at £300 for 2 adults and 3 kids (DC1 eats the same amount as me, DC2 eats about half an adult portion and DC3 eats a small bowlful). The £300 budget includes nappies for DC3 and night time pull ups for DC2, as well as all toiletries. Not sure if this is a good price or if it can be cut by much, so will keep an eye on it and see if by eating more veggie meals the food bill decreases. At the moment we pay for the Tesco delivery saver and have our shopping delivered, but not sure whether when the prepaid period is up to cancel it and start going to Aldi instead. (We pop to Aldi every month to buy DC2s pull ups as they are so much cheaper compared to the branded ones). Itís certainly easier having the shopping delivered compared to taking all 3 DC to the supermarket, although a trip to Aldi hopefully wouldnít be as costly as Tesco as they have less toys to tempt the DC!
    • AdventureWanted
    • By AdventureWanted 15th Jan 18, 3:46 PM
    • 551 Posts
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    AdventureWanted
    Have made a couple of payments to CC2 since I last posted. So debt now looks like:
    CC1 - £0
    CC2 - £6,650
    CC3 - £10,820
    CC4 - £12,610

    Total debt - £30,080

    CC3!!!8217;s dd is due to come out around the 21st which will take me into the £29ks. Really pleased that it will be under £30k by the end of the month.

    No news on DHs course. Feel a bit in limbo about it, but have decided that there!!!8217;s no point stressing about it at the moment.

    DH has been trying really hard to work extra hours recently. This month he has worked 4 days extra so far and he!!!8217;s said he!!!8217;ll try and work at least 1 if not 2 more before the end of the month. It!!!8217;s hard when he does work extra days as we don!!!8217;t get to see him as much, but it will definitely help our finances lots.

    Still haven!!!8217;t got round to doing the meter readings and comparison. If it!!!8217;s stopped raining I!!!8217;ll head out in a second and do it whilst it!!!8217;s still fresh in my mind..
    • jwil
    • By jwil 15th Jan 18, 4:12 PM
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    jwil
    So close to the £29ks!

    It's hard about the course, but if it will benefit long term it's probably worth it. So frustrating though when things undermine debtbusting plans!
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 17th Jan 18, 7:33 AM
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    AdventureWanted
    Thanks Jwil. The course will benefit long term as there will be a lot more job opportunities, but like you said it is so frustrating.

    Today I have rounded down the bank accounts and sent £1.38 to the emergency fund (this is the pence round down from 2 accounts) and £5 to CC2.

    Emergency fund is currently at £305.45. Have been putting £150 in a month for the last couple of months, so should get this past my desired £500 balance in March. Might then reduce the monthly payment and send the extra £50 to the cc.
    • Storm89
    • By Storm89 17th Jan 18, 9:36 AM
    • 517 Posts
    • 1,328 Thanks
    Storm89
    I've not read this diary for a few days but just popped on to check and I really like the idea of rounding down the amounts on the bank accounts to allocate the payments elsewhere. Good luck on getting into the £29ks !
    • AdventureWanted
    • By AdventureWanted 18th Jan 18, 12:05 PM
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    AdventureWanted
    Blimey it was blowing a gale this morning. It knocked our bin over, which was fun at 7.30 in the morning picking up rubbish from the street The power went off briefly early this morning, so was woken by the sound of other houses alarms going off. The kids both have Philips hue lightbulbs in their rooms, which are usually great, but an absolute pain in the backside when there is a powercut, as the lights came on at full brightness which woke the kids up (luckily it was after 6). Think I may rethink the lightbulbs they have in their rooms in the future.

    The powercut in our area has meant that the kids swimming lessons have been cancelled, so Iíve just transferred the swimming lesson cost to CC2. Really getting close to the £29ks.

    CC1 - £0
    CC2 - £6,617
    CC3 - £10,820
    CC4 - £12,610

    Total debt at 18/1/18 - £30,047
    • AdventureWanted
    • By AdventureWanted 18th Jan 18, 12:13 PM
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    AdventureWanted
    Just checked DHs business account and have managed to repay the £50 owed to us, so have just paid it off CC2. It was far too tempting being so close to the £29ks!!

    Debt at 18/1/18
    CC1 - £0
    CC2 - £6,567
    CC3 - £10,820
    CC4 - £12,610

    Total debt - £29,997

    Balance is still ridiculously high, but itís now under £30k!! Hooray!!
    • AdventureWanted
    • By AdventureWanted 19th Jan 18, 8:11 AM
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    AdventureWanted
    Have had my daily check of my bank accounts and update of ynab. Have rounded down my account and sent 44p to the emergency fund, as well as £9 to CC2.

    So far this month we have done pretty well in not spending lots of money on days out/coffee shops. Usually the kids & I meet a friend and her home ed kids every week either at a National Trust place or local soft play/junior farm, which although we have season tickets, always ends up with coffees and cakes. (Coffee shops are my biggest weakness!). Monday will be a big challenge for us, as DH, DC1&2 all have opticians appointments in the city, which means the temptation of coffee shops and just shops in general. DC2 has to have drops put in her eyes to have an in-depth check, as she is only just 5 & her first check up. DC1 has told her it hurts loads, so I!!!8217;ve promised her a small treat if she!!!8217;s a brave girl.
    • jwil
    • By jwil 19th Jan 18, 3:39 PM
    • 8,621 Posts
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    jwil
    Well done
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 20th Jan 18, 4:03 PM
    • 551 Posts
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    AdventureWanted
    £3 bank round down to CC2 today and 60p to emergency fund. Emergency fund currently stands at £306.49. Looking forward to getting this to £500.

    Iím quite pleased with all my little savings pots for our annual expenses. I need to transfer some money from my home education subscriptions savings and my birthday gifts savings to cover payments Iíve made this month, but annoyingly I canít log in to my account as Iíve forgotten my pin. Hopefully I can sort this by popping into the bank on Monday.

    I need to call Volvo soon for a service cost estimate, so I can see if Iíll have enough in my car savings account in March when my service is due. I was told last year that iíd need the cam belt replacing this year, which I think is an expensive job.

    The debt is slowly coming down, although wish it would happen a bit quicker!! What I could really do with is a lottery win, which seeing that I donít do the lottery is pretty unlikely

    Only 10 days until payday now.
    • AdventureWanted
    • By AdventureWanted 21st Jan 18, 7:16 PM
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    AdventureWanted
    Small bank round down of our joint account today. Sent £1 to cc2 and 78p to the emergency fund.
    • charlies tribe
    • By charlies tribe 21st Jan 18, 10:39 PM
    • 767 Posts
    • 5,607 Thanks
    charlies tribe
    It's great to see each £1k disappear isn't it?
    Your doing really well, all those little amount's soon add up.
    LBM in April 17 - £7593/£33554 (22.6%) paid.
    2018 PAID OFF TARGET £1969/£5000 (39.8% paid)
    Mortgage@1 June 18 = £0/£76350 Total debt=£102311
    SPC #591
    • jwil
    • By jwil 22nd Jan 18, 4:35 PM
    • 8,621 Posts
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    jwil
    I'd like a lottery win too, and I do do it

    Also counting down the days til payday
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 22nd Jan 18, 8:50 PM
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    AdventureWanted
    Ooh itís been a reasonably successful day today. Kids & DH had opticians appointments in the nearby city, so we spent the afternoon running errands and browsing a couple of shops. The opticians went well, they all had a clean bill of health. DC2 had to have drops put in her eyes to help check her prescription and although she hated it she was very very brave. I promised her a toy if she was really good and this morning I remembered to take with me a Snow White doll which i had bought in the sales last January and hadnít given to her yet, so saved money not buying any new toys.
    Needed to get DC3s feet measured again, as her shoes seemed a bit snug and whilst we were there we thought we may as well get all the kids feet checked. It turned in to an expensive trip! DC2 had gone up half a size and DC3 a whole size, so they both needed new shoes and DC1s shoes are starting to fall apart so we found him a nice pair of boots in the sale. Itís ridiculous how a tiny pair of size 5 shoes for my 14 month old are the most expensive pair out of the 3. Spent £73 on 3 pairs of shoes, which although expensive isnít a regular expense and luckily I do have money set aside for clothing, although have had to reallocate some money from our days out fund to balance the books.

    A friend mentioned a few weeks ago that Virgin money customers can use the Virgin money lounge and help themselves to tea/coffee for free. We applied for a joint savings account as DH needed an account for his monthly car savings, and today we had our first trip to the lounge. I was very impressed with it. The lattes DH & I had were lovely and the kids both enjoyed a rare glass of squash. We popped to a cake shop after and spent £2.75, so Iím really happy that we spent a few quid, when we usually wouldnít bat an eyelid at spending about £15 at the coffee shop.

    Managed to pop into barclays and reset my account, as I have stupidly entered the pin in incorrectly too many times and locked myself out of my internet banking!

    DH wanted to buy a burger on the way home (not just a burger, but a ridiculously expensive burger!), but we decided not to bother, which Iím happy about, as it would have easily been £30 spent on food. So all in all a pretty good day, and fairly money saving.

    The dd for CC3 came out today, so our debt reduced by another £120.

    Debt at 22/1/18:
    CC1 - £0
    CC2 - £6554
    CC3 - £10,700
    CC4 - £12,610
    Total debt - £29,864
    • AdventureWanted
    • By AdventureWanted 23rd Jan 18, 9:22 AM
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    AdventureWanted
    Today I have rounded down the bank account sending 24p to the emergency fund and £5 to CC2.

    DH is off to a diy store one evening this week after work . The horror is due to him loving a diy store and having little self restraint! He has made a list, so hopefully he will actually stick to only the things we need right at this minute and not things he fancies doing at some point. Every month I put a bit of money aside for home maintenance type things, but I think I may have to think more seriously about jobs that need finishing in our house and try and save for them. For instance we really could do with a new carpet in our living room, and we need to finish our decking outside (currently only have half of the area done). Will have a ponder about where the money will come from or whether we will wait until cc2 is paid before starting these jobs..
    • AdventureWanted
    • By AdventureWanted 23rd Jan 18, 9:27 AM
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    AdventureWanted
    DH is back to work today and I should find out later if he is doing another extra day later this week. He is certainly putting in in the hours at the moment. So far he!!!8217;s worked an extra 5 days this month. We have worked out that a minimum of 2 a month would really help us bring down our DFD. I have some ambitious plans for our DFD, but not 100% sure if it!!!8217;s doable. It!!!8217;s all dependent on DHs work - he!!!8217;s self employed, so it!!!8217;s always a bit risky, although that being said his line of work is fairly in demand. DFD is currently March 2021 (38 months away), which is ages away.
    • jwil
    • By jwil 24th Jan 18, 6:24 PM
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    jwil
    It seems a long time, but it will fly by, especially if you manage to reduce it along the way
    "If you can dream it, you can do it". Walt Disney
    • Pismo
    • By Pismo 25th Jan 18, 1:45 PM
    • 36 Posts
    • 79 Thanks
    Pismo
    Hi, just found your diary!! Well done so far, you've done amazing getting to sub 30k.

    Have subscribed x
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