Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Storm89
    • By Storm89 3rd Jan 18, 2:45 PM
    • 483Posts
    • 859Thanks
    Storm89
    2 years to smash the debt !
    • #1
    • 3rd Jan 18, 2:45 PM
    2 years to smash the debt ! 3rd Jan 18 at 2:45 PM
    I'm starting a new diary because I didn't keep my last one up and I'm feeling rubbish about not paying off as much as I had wanted. My last target was to be debt free by the summer of 2020 but I'm determined to set a new target of December 2019. Taking it a year at a time though, so aiming for debt to be 10k by December and savings to be 3k (currently have no savings at all). I need to do this for my kids, I wish I could give them experiences and not have to cut back so much because of the silly mess we're in.

    As it stands the debt is
    Credit Card 1 - 6,330.83 0% ends in March
    Credit Card 2- 7,660.01 0% ends in November
    Credit Card 3- 1,873.59 0% ends in June
    Total - 16,027.43
    I need to figure out how to start shifting some of that debt onto other 0% cards soon I just don't know how to go about it. A card we have with zero balance has offered us 0% for 12 months and the amount we could transfer is around 5100 so not enough to cover the card that's up in March. So I'm not sure what to do really about this. I'm considering getting another 0% card but worry we won't get accepted.
    We're a family of 4 with a 7 year old and 4 year old and income from all sources is
    2816

    Outgoings are
    1516.62

    It gives us a surplus of 1299.38. I don't want to put it all on the debt but we're setting aside 500 a month for that. I've also created some savings accounts on my mobile banking that I've named and decided to set aside each month:
    General Savings - 250
    Very- 100
    Clothes- 40
    Center Parcs- 100
    Christmas and Birthdays- 100
    Anything we manage to save on top of this will pay off debt
    Having no savings in 2017 meant I had to use Very to buy things we needed. A hoover, pushchair, washing machine etc. We now have a balance of 1000 on there that's interest free as long as I pay within 12 months of when we purchased the items. I should count this in my total debt but it's too depressing to do so and I'll be paying it off anyway

    I've booked us a little holiday at Center Parcs for October half term. We've not been away at all last year and won't be going anywhere else until then , I just felt that I wanted to get the balance between paying off debt and having a little treat. I'll be using this thread to write my ramblings even if nobody reads it !
    Last edited by Storm89; 03-01-2018 at 2:51 PM.
Page 22
    • Storm89
    • By Storm89 8th May 18, 1:10 PM
    • 483 Posts
    • 859 Thanks
    Storm89
    Hi thanks for reading kitten and for the kind words, I like the idea of cancelling direct debits and just paying straight away. I've actually cancelled the virgin Atlantic direct debit this month because it was going out at the end of the month so I was waiting ages for it to go and the balances in the current account are quite deceiving. Haha it is annoying isn't it that the credit card balances aren't a more rounded number. I think once I have a more substantial amount for emergency saving, I might try and do that, or at least starting from 2019, I'll see how it goes. I don't mind adding them all up each month I quite enjoy it.
    Thanks Jojo, I was so exasperated and didn't want to cause a scene. I'm more relaxed about it now because it's over, I wish I had said something at the time but I was just embarrassed.
    I'm going to do a separate post for my finances the past couple of days but it's looking ok. The idea is that once we get to october, we put the Sainsbury's balance onto the post office card because the 0% is up in November. I'll pay off a good chunk of it using savings first (maybe to a more round number !) so that the balance transfer fee will be less. If the post office won't offer us 0% for a decent amount of time I'm sure we will find something else. In January the virgin Atlantic 0% ends so it's probably a good idea to shift that in December. If we're lucky, I'm actually hoping to clear that one by December but we shall see.
    • Storm89
    • By Storm89 8th May 18, 1:29 PM
    • 483 Posts
    • 859 Thanks
    Storm89
    8th May
    Yesterday was lovely . I absolutely love the gorgeous weather we had over the bank holiday weekend. We spent 1 on a gift bag for the prosecco but that's it. The kids had a lovely time visiting family and the BBQ was amazing, lots of yummy food that I wish I could eat everyday lol. I've had a meeting this morning with a multi agency worker because my son also has some additional needs, but now that's finished, I've dropped my daughter at playgroup and I'm sat in the garden typing this with a cold drink. I've got to set off in about 40 minutes. Doesn't this weather just make you feel so much happier?
    So the Barclaycard went out, and I paid the virgin Atlantic myself because I cancelled the direct debit so we're just waiting on Sainsbury's to go out next week. My husband got an additional 35 birthday money yesterday so that's paid for any of the extras we had to shell out for the past couple of days. I'm also waiting on a British gas refund of around 36 because it was taken by accident when I had cancelled the cover.
    The other direct debits that have gone out are
    Dental insurance 13.40
    Netflix 7.99
    My mobile 53.40
    looking at the amount still in the current accounts, I think we're doing pretty well considering we already spent 230 of mays income on center parcs before the month had even begun.
    A little note which I'm sure I've mentioned before but in case I haven't; because January was so tight and nothing was saved, I will be 100 down on my Very payments when the last one is due so I will have to borrow that from savings when the time comes. I had estimated 100 a month would cover it but we didn't save any in the first month of the year.
    I've just ordered some more bits for the kids , some sunglasses because my son has snapped his, a new hat for him , 2x shorts and then for my daughter I got a hat and a swimming costume. I have the money in my clothing fund and I'm so happy I've been saving for these things and don't have to worry about where the money is coming from!
    Last edited by Storm89; 08-05-2018 at 1:30 PM. Reason: Spelling
    • Storm89
    • By Storm89 9th May 18, 9:21 AM
    • 483 Posts
    • 859 Thanks
    Storm89
    9th May

    Well the weather is still glorious here. I have a meeting at playgroup at 1.30 with the senco from the school my daughter will be attending . It's all about her transition to reception . I'm probably going to spend money on some lunch in town, I'll be honest! I'm dropping her at 12 & the meeting is 1.30. It's 30 min walk home so no point coming home , I may as well hang around in town for an hour & a half. I'll ask if I can take her home after the meeting to save me hanging around again.
    I'm going to take the 35 husband had for his birthday . I'll put 30 in the bank and keep a fiver back for lunch .
    Nothing else to report, I just like to check in daily and hold myself accountable.
    • enthusiasticsaver
    • By enthusiasticsaver 9th May 18, 1:28 PM
    • 6,385 Posts
    • 13,110 Thanks
    enthusiasticsaver
    Lucky you having gorgeous weather. Has been cloudy here after the gorgeous weather over bank holiday. Hope your school meeting went ok.

    Savings for things is the way to go as you have found. Having a clothing fund when you have kids is a definite must. School uniform and shoes if nothing else will set you back.
    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
    • JoJoC
    • By JoJoC 9th May 18, 2:44 PM
    • 1,784 Posts
    • 6,530 Thanks
    JoJoC
    Thanks for the reminder about clothes funds - I still haven't set anything up for that and other areas that I want to save for so i'll need to get it on my list and sort it out. This is just a prime example of it coming in handy - plus it'll be new school uniform in 3 months!

    Hope your meetings went well today and you enjoyed a nice lunch?

    Weather is rotten where I am - 12 degrees and rain
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • Storm89
    • By Storm89 9th May 18, 4:55 PM
    • 483 Posts
    • 859 Thanks
    Storm89
    Yes clothing fund has come in handy a lot the past few months . I'm only putting 40 a month in but it's paid for a lot since the beginning of the year. It will have been emptied by the end of the month though so I'll have to build it up again. Dont remind me about uniforms, cant believe how fast the year is going already! The meeting went well thank you and I had a subway for lunch which was lovely. Was nice to just sit & have lunch playing on my phone in peace. The bank was closed so I'll have to go when I'm next in town.
    • Storm89
    • By Storm89 10th May 18, 6:53 AM
    • 483 Posts
    • 859 Thanks
    Storm89
    10th May
    The bank was closed yesterday so my plan was to put that money in at a later date. However, the letter I needed for the queues at Alton Towers is now ready for collection. I'll use some of the money to pay for it today. They now want 20 instead of the 10 I was originally quoted. Apparently this is because the doctor who gave me that quote is on annual leave. So if I pay the 20, they'll refund me 10 in a fortnight.
    There haven't been any direct debits gone out of the account yet so nothing to report on that front.
    I'm going to tackle my ironing basket today now the weather has cooled down a little & I won't be sweating doing it.
    • allthe7s
    • By allthe7s 10th May 18, 8:18 AM
    • 86 Posts
    • 301 Thanks
    allthe7s
    Did they say you had to have a doctor's letter? When we went to Legoland we could just take our copy the diagnosis report saying ds had autism.

    Terrible you had to pay for a doctor's note.

    Just started reading your diary, keep up the good work x
    • Storm89
    • By Storm89 10th May 18, 9:52 AM
    • 483 Posts
    • 859 Thanks
    Storm89
    Allthe7s yeah we went a while ago I can't remember if I posted about it in the diary or not, I've been bed since then haha. We got a carers pass with the DLA and diagnosis letter but we needed a doctors note to say why she specifically couldn't queue. We thought she would be ok but it was horrific so we thought we will just pay up and be prepared next time we go. Drayton manor didn't ask for anything extra so I suppose it depends where you go ? I guess we still have a ways to go in terms of understanding don't we .
    Thanks for reading my ramblings on here , I often read back and think you don't half go on haha.
    • enthusiasticsaver
    • By enthusiasticsaver 10th May 18, 11:31 AM
    • 6,385 Posts
    • 13,110 Thanks
    enthusiasticsaver
    20 for a doctors note !!!

    shocking of Alton Towers not to take just the carers pass and diagnosis letter particularly if they could see how distressed your daughter was. jobsworths!!!

    I guess early visits before these places get busy are best. you g kids don't like queuing at best of time even without autism/adhd diagnosis.
    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
    • Storm89
    • By Storm89 10th May 18, 12:12 PM
    • 483 Posts
    • 859 Thanks
    Storm89
    Exactly enthusiastic saver, it's stressful enough at the best of times isn't it. We ended up leaving after 2 rides last time . Want to make the most of the annual passes that we bought so I think paying for the doctors note was the best option really. Hoping to go on Sunday if the weather is ok. Will do a packed lunch & be home in time for tea so won't spend any money.
    • Storm89
    • By Storm89 11th May 18, 7:31 AM
    • 483 Posts
    • 859 Thanks
    Storm89
    11th May
    Good morning
    I've checked the account this morning & nothing has gone in or out so nothing to report there. I did however have 15 in PayPal which I've transferred to the current account this morning. This is mainly from swagbucks. I watched some center Parcs promotional videos on some site the other day & it got me quite a few SB for some reason . I haven't done surveys or anything since before Xmas but I always have the thing switched on when I'm shopping online at the relevant stores so it's probably added some from there as well. I'll probably go back to it when the kids are both full time school and I'll have more time.
    Last night , the husband and I wrote out our plan for having the debt gone by next Christmas . It's not changed drastically , just earlier in the year we had said "hang on this could be gone by next summer" but we've gone back to next Christmas because of all the things we have booked this year & next year that will need paying for. We have a medium term plan of needing 4k in general savings by October so we can then reduce the Sainsbury's balance down to 3k (by paying 2719.19) which will reduce the transfer fee (that we will pay straight away). We have longer term plans but for now that's what we are focussing on first. The way this month is going, we have realised how much we can save on a good month if we are strict with our spending. We've already spent 230 of May's income on center Parcs but have put 125 back in after husband's birthday. Still if we spend another 100 on petrol and 75 a week on food- we could end up with 570 general savings. It's opened my eyes to how well we could do if we put our minds to it.
    Hoping for another nice day today , it's lovely having the kids go straight out in the garden after school . Part of our debt is due to having the garden done last year but now it's in use I do love it.
    • JoJoC
    • By JoJoC 11th May 18, 9:43 AM
    • 1,784 Posts
    • 6,530 Thanks
    JoJoC
    I like a little reality check now and again and it seems like you've just given yourself one. "Look how much we could be saving if we're just more careful". It's nice to have that reminder now and again to keep you from falling off the wagon, and we all know how easy that could be!

    What did you get done to your garden last year? Ours is in serious need of attention, as it's more or less been neglected for 30 years since the house was built, but it'll be a massive job and that's probably 10 years down the line.

    Good news on the extra 15 back to your account. You just reminded me that I just sold a bag yesterday for 25+ postage so i'm going to transfer that to my holiday account where I'm storing random survey type earnings right now.

    Have a good Friday!
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • Storm89
    • By Storm89 11th May 18, 10:31 AM
    • 483 Posts
    • 859 Thanks
    Storm89
    It is a reality check jojo to pull our socks up some more ! At least it's a good reality check though. We are in a new build and the soil was like clay so we've flagged it all but with like a circle centrepiece and we've got some raised beds , a canopy, some stones, painted the shed and fences etc. Got some decking installed as well. There's no grass at all but it's been so nice to sit out in on the warmer evenings. My husband did a lot of it himself and got stuff off eBay and built the raised beds etc but it still cost a fair bit.
    That's a good idea using random earnings for holiday fund.
    If I do really well this month, I might throw an extra 100 onto Very cos I know I'll be 100 down in October when the last payment is due.
    • enthusiasticsaver
    • By enthusiasticsaver 11th May 18, 12:04 PM
    • 6,385 Posts
    • 13,110 Thanks
    enthusiasticsaver
    So the plan is to clear it within the two years as originally planned? I think you do have the luxury of doing it slower because you did not have a huge amount of debt to start with. It is manageable. As you said you wanted to move within the next few years I would urge you to carry on saving too. I think reducing the Sainsbury's to 3k to lower the transfer fee is wise.

    What you have learnt over the last 5 months is you can stick to a budget if you think about where every penny is spent. However things happen and emergency savings are the key to dealing with that. It also does seem like you like booking holidays so saving for those too is a must.
    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
    • Storm89
    • By Storm89 11th May 18, 12:13 PM
    • 483 Posts
    • 859 Thanks
    Storm89
    Yes enthusiastic saver the plan is to have it gone by next Christmas like originally thought out. I am aiming to always have a nice chunk of emergency savings as well. I am very glad I didn't throw everything at the debt at the start because I've found the additional savings pots very useful and I've not needed to use the credit cards at all.
    I will write out a rough plan on how I expect to get there once I'm home in a bit but obviously it's open to change depending on how things go. I need to see how much I can save this month so that I can assess how we would be able to do it moving forward.
    • Storm89
    • By Storm89 11th May 18, 1:42 PM
    • 483 Posts
    • 859 Thanks
    Storm89
    We've moved a few things around and cancelled a few direct debits but in a 4 week month, without my husband getting any bonuses , with us spending 25 a week on petrol and 80 a week on food, and with all the debt repayments and savings pots going out; we should be left with 769.72 for general savings. Now this won't work every month because some are 5 week months, things crop up, we have hair appointments, we spend more money on petrol because we might travel to see family etc. So we've decided to aim for 600 a month in general savings.
    The plan for paying down the debt is as follows
    2018
    -Save 600 a month
    -Continue to pay debt down by 500 a month
    -In October we would expect to have at least 4K general savings and the debt on the Sainsbury's will be 5719.19 . We would use 2719.19 of savings to get the Sainsbury's down to 3k and then also pay whatever the balance transfer fee was straight away (at 2% it would be 54)
    It might seem odd that I would be keeping all those savings rather than paying down the Sainsbury's more each month but I suppose the end result will still be the same. Very will be fully paid off in October, that's an additional 100 there which I haven't accounted for so that's another bonus.
    - In December I need to balance transfer what's on the virgin Atlantic which if the transfer fee is 2% of the balance will cost me 65.
    So the end of this year would leave me with 7620.57 debt but I would hope to get that closer to 7k for a nice round number. If I don't manage to find an additional 620 it's still fine. I want to have at least 2k in general savings also.
    At the end of this month my husband is due a bonus and again in August . I'm going to use this to pay for the Euro tunnel and the premier inn at Folkestone for our Disney trip next year (because you can book 11 and 12 months in advance) .

    2019
    Much of the same in the beginning of the year with paying debt down by 500 and saving 600. In April , the Disneyland balance is due and also the barclaycard 0% ends so I want to pay both off in full. Disney will be 1300 and barclaycard will be 1627.86. I also want to put the deposit down for Disney world in 2020 which is usually 200 for family of 4.
    In September, the debt should be 1211.90 so if we pay 500 a month it'll be gone by December. In September I also want to book our flights to Orlando for the following year using mainly the air miles we have been saving.
    I'll then start 2020 completely debt free , can carry on with my usual savings pots but add 2 more - house move and Walt Disney world.

    This plan may change but it's what we're working towards at the moment. if it changes I'll note it on here, if only to have it in black and white for myself to see.
    Last edited by Storm89; 11-05-2018 at 2:02 PM.
    • AdventureWanted
    • By AdventureWanted 11th May 18, 4:38 PM
    • 507 Posts
    • 1,506 Thanks
    AdventureWanted
    Your plans are looking good Storm. 600 a month savings each month would be a fantastic amount to achieve. You're doing really well and are very focused. I'm very impressed that you've got it mapped out so well. You've inspired me to have another look at my targets and forecasts for the rest of this year and next.
    • Storm89
    • By Storm89 11th May 18, 7:14 PM
    • 483 Posts
    • 859 Thanks
    Storm89
    Thanks AW. It does help to go over your targets every so often doesn't it. Things do change a lot as outgoings change. I'm so determined to reach the 600 target.
    • Storm89
    • By Storm89 12th May 18, 9:18 PM
    • 483 Posts
    • 859 Thanks
    Storm89
    12th May
    Spendy spendy today. We did the shopping this morning and then filled up with petrol on our way to Alton towers. We picked today over tomorrow because it's going to rain tomorrow apparently. It's rained since about 5pm this afternoon and not due to stop until Monday. We've had a lovely day and looking forward to a day in tomorrow chilling out whilst the rain falls outside.
    Todays spends were
    Aldi 73.44
    Sainsbury's 4.60
    Petrol 27.53
    Alton Towers parking 6
    That should be it for food and petrol until next weekend. Tomorrow should be a NSD.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,665Posts Today

7,251Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin