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  • FIRST POST
    • FiscalPickle
    • By FiscalPickle 4th Dec 17, 5:38 PM
    • 116Posts
    • 285Thanks
    FiscalPickle
    Time to turn this around
    • #1
    • 4th Dec 17, 5:38 PM
    Time to turn this around 4th Dec 17 at 5:38 PM
    I had my lightbulb moment recently. Despite the fact I have a good job in an industry that means I should know better, I've got myself into a bit of a pickle. The goal for the next 2 years will be getting out of debt, out of the consolidation trap and into a good position re savings. The 2 years after that will be aimed at saving for a house deposit. My debts are:-

    HSBC loan £7872.48
    Virgin credit card £4019.39
    MBNA credit card £2825
    Car loan £5011
    Tax bill £139

    Grand total of £21,266.47 - I realise this doesn't add up please see post dated 18/12/17 for explanation!

    Once Christmas is out of the way and I've paid the tax bill, which is due at the end of the year, I've worked out a budget as follows:-

    Rent, household bills, food 1060
    HSBC loan 238.56
    MBNA CC 75
    Virgin CC 400
    Car 94.89
    Car ins 29.08
    Car service & repairs 50
    Contact lens scheme 26
    Entertainment 50
    Christmas & birthdays 80
    Clothes/shoes 50
    Hair 40
    Holiday fund 60
    Emergency fund 50

    This comes to £2303.53, my nett wage is £2,305. I'm throwing all I can at the Virgin balance until I've paid the spending part off, £1200 of this is on 0% until November. Then I'll concentrate on the MBNA, then the HSBC loan. Then I'll reevaluate. The HSBC loan is 7% APR, I'm halfway through paying that so most of the interest has probably been paid. I've set up the piggy accounts for car maintenance, holidays and emergencies. I've been in the habit of saving for Christmas and birthdays all year for some time now. Here goes!
    Last edited by FiscalPickle; 18-12-2017 at 4:58 PM. Reason: Amending total debt figure
Page 5
    • FiscalPickle
    • By FiscalPickle 12th Feb 18, 5:27 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    Week 11
    Mondays seem to roll around quickly, here we are at the start of another week. It's so cold here, I thought the beginnings of spring were happening. It's nice that the mornings and evenings are noticeably lighter though. I missed my WW weigh in last Tuesday so I'm looking forward to tomorrow, as I know I will have lost weight. I'm hoping for 2lbs over the 2 weeks.

    The only money spent this weekend was £62 on the food shop, I find meal planning ahead then basing the shopping list on the plan so much easier budget-wise. I think it's all helping with weight loss efforts as I can research WW recipes ahead of time. Trying a few new ideas this week, such as veggie quiches made in soft taco shells that look like little boats.

    £3 spent today on a V-Day card for Mr P, we've said we're just doing cards and no gifts this year. I hope he sticks to it, we won't even see each other that day because of work patterns. Cynical old me thinks it's just a marketing scam!
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 12th Feb 18, 5:29 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    Have fun, I love set menus in restaurants, nearly always my choice if dining with friends.

    I miss my old work mates too, left my job in October and went self employed. It was the right decision for a whole hosts of reasons, but I miss the job and people so much, my self employed work is dull and boring and I tend to be on my own. But it is paying the mortgage and allowing flexibility with the kids so is worth it in the long run.

    I am meeting up with my old work mates next week, stupidly excited lol!
    Originally posted by Drawingaline
    Hope you enjoy your catch up this week, I had a great time at the meal so I don't mind the spendy part at all as it's budgeted for
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 14th Feb 18, 5:20 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    The debt total now stands at £18,649.50, so £2,616.97 has been paid off since LBM on 1st December. When I think about that, it is quite impressive given that Christmas happened followed by Skint January. I'm so pleased I've managed to pay over 10% of the debt in just over 3 months, without accruing any more credit card debt. I'm not missing my spendy splurges at all, the feeling of being in control and reducing this liability is so much better than the 5 second spending thrill.

    2.5lbs off at Weight Watchers over the last 2 weeks, for a total of 4.5lbs lost in the first month. I'm happy with that, if I keep going at this rate I'll be done before the end of the year.
    Last edited by FiscalPickle; 23-03-2018 at 5:28 PM.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • redofromstart
    • By redofromstart 14th Feb 18, 8:31 PM
    • 1,765 Posts
    • 10,783 Thanks
    redofromstart
    That is great progress, both on the debt and the weight!
    • enthusiasticsaver
    • By enthusiasticsaver 15th Feb 18, 12:20 AM
    • 6,614 Posts
    • 13,913 Thanks
    enthusiasticsaver
    Great debt reduction in only a few months. Keep that up and by the end of the year it should be down to £10k or less.
    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
    • FiscalPickle
    • By FiscalPickle 19th Feb 18, 5:03 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    Week 12
    Monday is here again, I spent £8 on a drink for me and Mr P on Saturday afternoon, managed to only spend just over £20 on the weekly shop as the meal plan for this week involves lots of using things up.

    Pay day later this week, looking forward to chucking more at the debt. The budget for the whole month including entertainment plans is all worked out, if something else crops up I will just say no or suggest it happens after the next pay day.

    We have 2 weddings coming up, I need to remind Mr P he needs to sort the gifts as
    1. they are his friends
    2. I haven't budgeted for this!

    Usually, I would remind him about something like this, remind again, then nag, then buy something myself. Not this time pal, your friends = you pay
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Drawingaline
    • By Drawingaline 19th Feb 18, 7:26 PM
    • 431 Posts
    • 1,450 Thanks
    Drawingaline
    Lol!

    Well done on the amount paid off in such a short time.
    • FiscalPickle
    • By FiscalPickle 22nd Feb 18, 1:29 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    Half a pound on at weigh in, grr. Not sure why that was, will just carry on and hope for a better result next week. Tomorrow is payday, so I'm looking forward to paying some debts and squirrelling a little away into saves. The emergency fund isn't going amazingly well, I'm really not sure whether to work on that first and then go back to debt-busting once I've saved £1,000. I don't think that approach would particularly motivate me, I might be tempted to dip into a growing EF. Hmm, will have to think on that one.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 26th Feb 18, 3:34 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    Got £600 now towards paying off part of the balance on MBNA that is due to start accruing interest in April. By next payday I will have £1000, the chunk I am looking to pay off is £1174 so good progress on that front. At this rate will be able to clear the joint loan early, providing theres no early repayment penalty. Good progress so far, must keep going
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 26th Feb 18, 5:13 PM
    • 1,474 Posts
    • 7,054 Thanks
    wishingthemortgaheaway
    Excellent progress I would call it.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • Onebrokelady
    • By Onebrokelady 26th Feb 18, 10:17 PM
    • 371 Posts
    • 1,007 Thanks
    Onebrokelady
    Wow,well done on the debt and weight reduction so far,Ive been on diets on and off for years but have trouble maintaining once I get to goal,Ive always done WW in the past but this time I tried SW and it worked really well,I got to goal a couple of months ago but Ive been ill for the last three weeks so havent been to be weighed,Im going tomorrow to assess the damage and get back on plan,hopefully it won!!!8217;t be too bad
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £770.00 Total Now Owed = £16,860
    Emergency Fund = £400.00 Xmas savings = £250.00
    • FiscalPickle
    • By FiscalPickle 28th Feb 18, 5:35 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    Week 13
    Pay day was Friday, all of my repayments and squirrelling are done so it's just a case of living frugally until March payday rolls around. I've decided to work on an EF once the CC debt has been dealt with, once I know I owe no more credit card liabiliities with 0% balance transfers ticking away towards expiry I'll be able to sleep much easier. Couldn't get to weigh in last night because I had to work late, also the weather was starting to close in so I wanted to get home and batten down the hatches. The wind today is so icy, roll on spring!
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Cherryfudge
    • By Cherryfudge 28th Feb 18, 7:32 PM
    • 1,761 Posts
    • 9,641 Thanks
    Cherryfudge
    Pay day was Friday, all of my repayments and squirrelling are done so it's just a case of living frugally until March payday rolls around.
    Originally posted by FiscalPickle
    I think that's the shortest monthly summary I've ever seen!

    Well done on being so organised.

    I think we're all looking forward to spring!
    • FiscalPickle
    • By FiscalPickle 1st Mar 18, 4:56 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    I think I spoke too soon, I have a work suit at the dry cleaners which will cost £12.50 and a friends birthday meal on Saturday, so far going to be short by £28 for the month. I have a plan though - I have had my eye on a few bits around the house for eBaying, I will put those up later and fingers crossed, hope for the best. They are fairly decent items so I should be able to make up this shortfall, I am desperately trying to not use my emergency overdraft.

    I got an alert from MSE Credit Club that my credit file has been updated, according to Experian I now have a credit score of 996. The weak points are credit cards and loans affordability, I really am aware now that my finances are stretched too thin. I still dream of the day next year when I've paid my last bit of debt off and I will be almost £900 a month better off.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Cherryfudge
    • By Cherryfudge 3rd Mar 18, 10:49 PM
    • 1,761 Posts
    • 9,641 Thanks
    Cherryfudge
    Well done for having a plan. I can't imagine being £900 a month better off - what a thought!
    MFW #30 Paid off £1,622.77/£3770 as of 4/5/18
    • groovychick69
    • By groovychick69 5th Mar 18, 8:59 AM
    • 162 Posts
    • 280 Thanks
    groovychick69
    My score and bad points are exactly the same - Iím never sure if itís better to have ďavailableĒ credit that Iím not using, or to get rid of the card so that I have less cards but them obviously I am then using more of the ďavailableĒ ??
    • FiscalPickle
    • By FiscalPickle 5th Mar 18, 6:37 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    My score and bad points are exactly the same - Iím never sure if itís better to have ďavailableĒ credit that Iím not using, or to get rid of the card so that I have less cards but them obviously I am then using more of the ďavailableĒ ??
    Originally posted by groovychick69
    I think if you have the credit available and arent using too much of the credit you do have, this can bump up your score. Another negative I had was for loyalty, probably from shuffling cards around. I dont really get this one though, have been with the same bank for donkeys and had loads from them. Been with the same mobile phone company, albeit not on a contract the whole time.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 5th Mar 18, 6:43 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    Week 14
    We always make a menu plan for the week ahead and base the food shopping list on it, adding in things like pet food, cleaning products and packed lunch ingredients. Iíve noticed over the last few months that the budget isnt going as far, we only buy treats on offer, same goes for bulk buying meat or fish to freeze. Things like meat (chicken, beef mince, the odd bit of lamb) and salmon are staples. I have no desire to go veggie but might have to start factoring in 2 vegetarian meals each week. Food seems more expensive than ever, dieting and budget shopping dont always go together
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 7th Mar 18, 5:10 PM
    • 116 Posts
    • 285 Thanks
    FiscalPickle
    More musings re 0% CCs
    I was reviewing the statements for the CCs last night, I currently have £6,683 total CC debt. This is spread across Virgin and MBNA, with various 0% deals on various bits of the total coming to an end between April this year and September 2020. My original plan just after LBM was to chuck money at the Virgin balance, but I've now rethought that tactic as that has the longest expiry date.

    So the plan going forward is to attack MBNA, the savings pot for the first batch of £1174 due to start accruing interest in April is continuing to build up nicely. Once that is paid, I will start building up the pot for the next chunk due in December. The final balance isn't due until September 2019, but all the CC debt should be paid by next February according to my spreadsheet. This approach will avoid any transfer fees, interest (if any) will be mere pennies.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • enthusiasticsaver
    • By enthusiasticsaver 7th Mar 18, 5:39 PM
    • 6,614 Posts
    • 13,913 Thanks
    enthusiasticsaver
    Excellent plan re the credit cards to repay over the coming year with no balance transfer fees. How wonderful that will be to see that gone. I guess after the debt is gone you will be saving for a house deposit?
    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
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