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  • FIRST POST
    • AdventureWanted
    • By AdventureWanted 8th Oct 17, 10:10 PM
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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 - £496.00 / £13,470 1/8/17. CC3 - £10,220.00 / £11,400 1/8/17
    CC4 - £11,960.00 / £13,000 20/11/17
    2018 1% challenge - #1 - 61%.
    PAYDBX 2018 - #29 Pd £8,004.60 / £12,500
Page 9
    • AdventureWanted
    • By AdventureWanted 11th Feb 18, 12:50 PM
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    AdventureWanted
    I think I am getting better with spending and have often told DH that we have to save for something before buying it. I definitely struggle on bad days not to make myself feel better by either buying something or more often eating chocolate/sweets! I know itís completely unhealthy, but itís such a hard habit to break.

    With CC2 coming up for renewal so to speak in July should I continue throwing extra money at it and try and pay it off or put that extra cash in the EF? If I donít balance transfer it then I will save the fee (unless there is a 0% fee card available at the time). I really would love to not have to use credit cards again and have a substantial EF - at the moment I know if DH goes on a course and doesnít earn money we would end up doing a 0% money transfer. One of the problems Iím always fighting is DH! He still doesnít really see a problem with our debt balance and wouldnít think twice about borrowing more so he could go on a course, as he knows we can repay it (as long as he is working!). On the plus side I deal with all the joint and business finances (he has his pocket money each month), so hopefully I can build a savings buffer before we need it.
    • AdventureWanted
    • By AdventureWanted 12th Feb 18, 4:47 PM
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    AdventureWanted
    The dd for CC2 has come out today taking the balance to £5,280.

    I was reading a comment someone had made on TOPM's diary about the fall out from brexit and it really has made me think that I should get a very good emergency fund as soon as possible. Brexit is one of those things that I realised was happening, but hadn't really thought about the potential implications to food, fuel prices, etc. I must admit I am quite ignorant to a lot of it and have no idea when the price increases are likely to happen??

    Today has been a pretty good day. Firstly I managed to get the DC to their tennis camp by 9 this morning!! I know to most people this isn't much, but it's pretty miraculous that we managed to get ready for a day out and leave the house before 8.15. Usually most groups we go to involve leaving the house at 10, so we have a more leisurely time getting ready.
    I had a nice wander around the local park with DC3 whilst DC1&2 were playing tennis. The camp is on again tomorrow so fingers crossed it will be sunny again tomorrow (although absolutely bitter out) and I can go for a slightly longer walk.

    Hopefully this week I can have a trip to the library and they can give me some suggestions for chapter books for reluctant readers. DC1 can read pretty well, but doesn't enjoy it. School unfortunately gave him very negative associations of reading during reception (he was 4) and I've had a HUGE struggle ever since to get him to practice. It's such a shame as I love reading and so does DH. DC1 does love being read to just not doing it himself.
    • AdventureWanted
    • By AdventureWanted 13th Feb 18, 9:09 AM
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    AdventureWanted
    Have received a refund from DC3s cancelled swimming lesson last week, so have paid that money to CC2. Also sent £2.67 to the emergency fund.

    Going to the library today and then for a nice walk at the woods with the DC, my mum and her dogs. At the moment the sun is shining, so fingers crossed it stays bright.
    • savingholmes
    • By savingholmes 14th Feb 18, 7:01 AM
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    savingholmes
    I think the emergency fund is a good idea. Think of it as stoozing and try to get a decent interest rate for it - win:win. My Dad pays his mortgage interest each month with interest on capital he's saved.... It's just another way of doing it... He moves it between accounts if need be to get "reward" payments too.
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • AdventureWanted
    • By AdventureWanted 14th Feb 18, 8:04 AM
    • 541 Posts
    • 1,607 Thanks
    AdventureWanted
    I think the emergency fund is a good idea. Think of it as stoozing and try to get a decent interest rate for it - win:win. My Dad pays his mortgage interest each month with interest on capital he's saved.... It's just another way of doing it... He moves it between accounts if need be to get "reward" payments too.
    Originally posted by savingholmes
    Wow that's really good paying mortgage interest with interest received. I'm not sure how great my interest rates are on my barclays savings accounts. At the moment I've got lots of little pots for various savings, but the emergency fund has the most in it. Will try and have a look today to see if there is a better savings account. Think I may need to set myself a goal for savings as otherwise I tend to lack focus and motivation.
    • AdventureWanted
    • By AdventureWanted 14th Feb 18, 8:22 AM
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    AdventureWanted
    Feeling a bit fed up with money today. Well sort of... DH bought himself a new coat yesterday (which he definitely didn't need!) and has transferred money from his car savings to pay for it. He's also put extra fuel in his car than usual which has meant I've had to readjust my whole budget. I told him it had messed the budget up and he couldn't care less. It's just so frustrating when I'm trying so hard to pay off the debt and using my own pocket money for our takeaway so it doesn't mess the budgets up and he does whatever he likes.

    I think I may have to have another look at the budget next month. I give myself £45 a month pocket money, but to be completely honest it usually gets spent on treats for the kids or coffee shop trips! Possibly I should reduce my debt repayments down a fraction and increase our days out fund so that I can save any pocket money I don't spend on myself for a day I do want to splurge. That way I hopefully won't be so envious of DH buying what he likes when he likes.

    In money news I've had an extra £250 in my account (repaid from business account) for a few days. I've been mulling over what to do with the money - whether to pay it all off debt or put in EF or a mix of the two. Anyway today I have paid £35 to CC2 and put £100 in to the EF. The extra money I'll most probably pay small amounts to both accounts over the next couple of weeks. This slow process will also give me a bit of a buffer in our current account.

    Debt at 14/2/18
    CC1 - £0
    CC2 - £5,230
    CC3 - £10,700
    CC4 - £12,480

    Total - £28,410

    Emergency fund is currently at £618.89.

    This month I've still got £120 dd to come off CC3 and on pay day I transfer £325 to CC2, so I should get into the £27k bracket at the end of the month.
    • enthusiasticsaver
    • By enthusiasticsaver 14th Feb 18, 8:22 AM
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    enthusiasticsaver
    A regular savings account would pay the highest interest. Most you can access although some restrict it so you would need to check that. I sympathise with you re your DHs attitude. It is sadly all too common and some don't see an issue with debt until they are made redundant or get ill or retire. The main way to sell it to debt deniers is to say surely the monthly repayments are better in your pocket than your lenders?

    It is generally accepted that Brexit will make prices go up due to exchange rates but how long that goes on for is anyone's guess. It is all a total mess but it makes me angry that this was so unnecessary so I won't say any more as I am sure that people who voted for it think it is for the best.
    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
    • AdventureWanted
    • By AdventureWanted 14th Feb 18, 7:05 PM
    • 541 Posts
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    AdventureWanted
    A regular savings account would pay the highest interest. Most you can access although some restrict it so you would need to check that. I sympathise with you re your DHs attitude. It is sadly all too common and some don't see an issue with debt until they are made redundant or get ill or retire. The main way to sell it to debt deniers is to say surely the monthly repayments are better in your pocket than your lenders?

    It is generally accepted that Brexit will make prices go up due to exchange rates but how long that goes on for is anyone's guess. It is all a total mess but it makes me angry that this was so unnecessary so I won't say any more as I am sure that people who voted for it think it is for the best.
    Originally posted by enthusiasticsaver
    Thanks enthusiastic saver. I'll have a look at these tonight.
    • AdventureWanted
    • By AdventureWanted 14th Feb 18, 7:19 PM
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    AdventureWanted
    So today has been NSD number 5. Half way through the month, so need to try a bit harder to achieve the 15 NSDs I want.

    In other MSE news I phoned sky today and managed to get a good deal, so will save just over £50 a month from 17 March. Also swapping broadband/phone as my contract has ended which as long as it goes through ok will save £10 per month.

    The new keys i had to buy for my gas and electric meter box arrived today, so tomorrow I plan on doing meter readings and hopefully I will receive an updated bill at the end of the month. The money saving energy email keeps telling me I'll save money to swap, but last time I checked it worked out the same as I have a cancellation fee with the energy company I am with. They have reduced my dd this month by £7, so hopefully the bill will be about right.

    My goal for 2018 is to pay £12,500 towards the debt (currently at £2,270.60). I have been thinking about shorter term goals and would really like to have saved £2k in my emergency fund by June. Fingers crossed no emergencies crop up between now and June.
    • Treadingonplaymobil
    • By Treadingonplaymobil 15th Feb 18, 5:01 AM
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    Treadingonplaymobil
    Sounds like you are going great guns at the moment - easy wins like the Sky deal will really help.

    My DH took a while to get on board with the whole debt-paying-off thing, but what eventually got through to him (I think) was seeing our minimum repayments reduce and seeing how much more money we would have every month if we actually cleared the debts and had no repayments to make. It also took us about six months to really nail down our budget, so I wasn't topping up family spends from my kitty, or robbing peter to pay paul in some other way. Don't be afraid to adjust categories as needed to make your budget work for you.
    £67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: £38,608 unsecured debt/£20,000 parental loan/£173,282 mortgage = £231,890
    debt on 6th June 2018: £13,265 unsecured debt/£20,000 parental loan/£191,971 mortgage = £225,236
    • AdventureWanted
    • By AdventureWanted 15th Feb 18, 7:34 PM
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    AdventureWanted
    I think I need to be a bit more generous in certain budget categories to stop using my pocket money. In ynab each month I transfer any unused money from each category and pay that off the debt, but maybe I should leave the money until the end of the following month as a buffer just in case we do more the next month. For instance we didn't do many days out in Jan as everyone was poor after Christmas, but so far this month we seem to have already spent the same as we did for the whole of Jan. We're still in budget for days out, but we don't have much left.

    I've rounded down the bank account today sending £4 to CC2 and 67p to EF.

    Have had a nice day today. Weather was glorious which definitely helps - car said it was 9 degrees! So positively warm!! Watched DC1&2 at their swimming lessons and they did brilliantly. Best they've swam in ages, so had a very proud Mum moment. Bought some bits we needed for DC3s bedroom and some towel rails for the bathrooms (which will hopefully stop the kids chucking the towel on the floor after they've washed their hands!). Money has come from our home maintenance pot, so need to keep adding to this next month ready for decking being purchased in a few months.

    I've spent a good hour today on Pinterest searching for plants for our garden which provide good height and fence coverage to block out a neighbours house. They had a tree taken down recently and although our garden is lighter, we now have a lovely view of someone else's house!
    • savingholmes
    • By savingholmes 15th Feb 18, 9:14 PM
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    savingholmes
    HI - I have a days out pot and a meals out pot - I do rob it if I really have to - but it gives us all something to look forward to eg one Chinese or meal out a month - and perhaps a cinema trip or something. When you first join MSE people encourage you to go cold turkey on many of your financial commitments - but I think after a while when you have got better at budgeting overall - it is more motivating and less like a crash diet to allow some money for treats.

    I used the £10 a month challenge to help fund it.

    Last year - I got my main bank account to pay me £13 (minus £3 a month fee) for the privilege of my custom and transferred some money for part of the month to another bank account with the Nationwide who at the time offered a 5% interest on a balance up to £2,500. I don't know if it is still the case but if you get someone who has a nationwide account to refer you - I think they and possibly you get a bonus. Worth checking on MSE and quidco for best offers. Weirdly I got a better rate on that current account than I would have on a savings account with the same bank. It was only a 1 year rate though so I now need to review. There were some months - where because of saving money to pay off CC in one go rather than each month - that I earned £10 or more in interest... Worth looking into.
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • AdventureWanted
    • By AdventureWanted 16th Feb 18, 8:07 AM
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    AdventureWanted
    Thanks savingholmes, I'll definitely look in to this.

    Have just completed my daily bank checks/bank round downs. Have updated ynab and sent £3 to CC2 and 40p to the EF.

    DH has the day off today so we are planning on a day out, although we're not sure where yet. We've got national trust membership so may go to a local NT place or to our local adventure park which we have season tickets for. Hopefully whatever happens it won't be too expensive. Going to take a thermos and some cheapy Apple juice cartons I got in the last food shop (45p for 3, whereas in cafe they're usually £1 each) with us to try and eliminate coffee shop stops. Might even make some flapjacks before we go.
    • AdventureWanted
    • By AdventureWanted 17th Feb 18, 11:00 AM
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    AdventureWanted
    Well our day yesterday was different to what we had planned. We couldn't decide where we wanted to go, so thought we'd go out for the afternoon only and then we found out that the kids tennis lessons were on (we thought they were cancelled over half terms), so we ended up going there. We were very good and took a thermos of coffee with us and a small thermos of hot chocolate for DC2. Whilst DC1&2 played tennis me and DH went for a walk with DC3. After tennis we popped to a secondhand children book shop, as I had seen some dinosaur books which I hoped DC1 would like. Spent £13 on loads of books (all budgeted for out of home ed expenses). The fantastic news is that DC1 decided to have a look at one of the books with me when we got home (Seriously silly stories - Little red riding wolf) and has read more with me this morning. He's almost half way through the book already He thinks the book is hilarious and even gave himself hiccups from laughing so much. He said he is enjoying reading it!! (*faints from shock*) This is such a huge relief for me. Hopefully he will continue to enjoy reading from now on.

    This morning has been fairly quiet so far. DC3 is now napping so we're about to finish the game of
    Monopoly we started yesterday, then might head out this afternoon. Can't believe how glorious the last few days have been.
    LBM Aug 2017. DFD - Oct 2020 / Dec 2021
    CC1 - £0 / £5,185 1/8/17. CC2 - £496.00 / £13,470 1/8/17. CC3 - £10,220.00 / £11,400 1/8/17
    CC4 - £11,960.00 / £13,000 20/11/17
    2018 1% challenge - #1 - 61%.
    PAYDBX 2018 - #29 Pd £8,004.60 / £12,500
    • AdventureWanted
    • By AdventureWanted 17th Feb 18, 8:59 PM
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    AdventureWanted
    Well I got totally thumped at monopoly. Even beaten by my 5 year old!! Was good fun and DC1&2 loved playing the game with me & DH.

    Ended up playing in the garden this pm instead of heading out, as DC1&2 didn't want to go and DH started cooking dinner ridiculously early! Definitely need to spend some time in the garden soon tidying it up. Have got some outdoor toys which DC3 could make use of stored behind the shed, so need DH to dig them out and then we need to give them a really really good clean. He's back to work tomorrow, so will have to wait until his next shift off.

    As we didn't venture out today has been another NSD. Think that takes it up to 6/15.

    Have transferred £2 to CC2 today and 50p to the EF. Have cashed out just over £3 from top cashback, so will most probably pay that in to the EF when it comes in.
    • savingholmes
    • By savingholmes 17th Feb 18, 9:41 PM
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    savingholmes
    Hi - I went past a nationwide today and if you get a friend to refer you and then join within 90 days you both get a £100 each.

    We went to a national trust property today.... Good to get out in the fresh air. I feel like I have been cooped up since the new year between illness and too much work!
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • jwil
    • By jwil 18th Feb 18, 9:14 AM
    • 8,603 Posts
    • 26,499 Thanks
    jwil
    Catching up, you are doing really well
    "If you can dream it, you can do it". Walt Disney
    • AdventureWanted
    • By AdventureWanted 19th Feb 18, 7:31 AM
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    AdventureWanted
    Yesterday was NSD number 7. I paid £11 to CC2 and £1 to the EF.

    Today's PADs
    £5 to CC2
    48p to the EF

    I've been looking at the regular savings accounts and I think the nationwide one looks really good at 5% interest and no penalties if you withdraw. The only thing is that I world rather not switch my current account. I'm not sure if you can just open a new account? Online it looked like you could only open one if you switch. Think I'll have to go into the bank next time I'm in the city and ask.

    The EF is now at £621.94. Looking forward to getting it to £1,000.
    • savingholmes
    • By savingholmes 19th Feb 18, 8:15 AM
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    savingholmes
    By all means go in to the Nationwide and ask. I didn't switch - I just opened one.
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • AdventureWanted
    • By AdventureWanted 19th Feb 18, 8:20 AM
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    AdventureWanted
    By all means go in to the Nationwide and ask. I didn't switch - I just opened one.
    Originally posted by savingholmes
    Ooh that's good to know. When I looked online it only mentioned about how to switch accounts. Thanks.
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