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  • FIRST POST
    • DirtyPaws
    • By DirtyPaws 6th Jan 18, 7:56 PM
    • 8Posts
    • 16Thanks
    DirtyPaws
    January 2018 - Debt free freelancer
    • #1
    • 6th Jan 18, 7:56 PM
    January 2018 - Debt free freelancer 6th Jan 18 at 7:56 PM
    Here goes....

    I am feeling super excited but a little bit stressed out at embarking on this debt free journey.

    I have been hovering round the threads for a year, gradually paying stuff off but never really !!!8220;giving it my all!!!8221; and rarely having a NSD (Just realised what that means!). Anyhoo, i feel ready but have a few things making me nervous.

    1)my job contract finishes in August
    2) my DH is a freelancer (New venture after redundancy) and his income is sporadic at the moment.
    3) my DH is so focused on his job and so I feel that I am doing this alone - The bonus is, that it is not him who is the spend thrift! He just has little interest in my latest fads LOL

    This makes planning past August tricky and demotivating - it is what has been putting me off as it doesn!!!8217;t seem worth it.... but seeing how well people have done on here is making me want to try. I know I can save on groceries and cutting out the mindless (cheer me up) purchases.

    Our debts are:
    25,000 Personal Loan - 7.1%
    13000 Personal Loan - 3.5%

    Baby Steps:
    Purchased bread maker with Xmas vouchers
    Cancelled Ocado delivery - Aldi here I come
    Audited the cupboards and the fridge and created recipies using all the leftovers and store cupboard items.
    Opened a 5% savings account to save for Tax
    Audited my expenditure

    Bills and Debts = £1668
    AVERAGE EARNINGS = £2445
    Leaves = £777 for food entertainment and servicing debts

    Really trying for a groceries bill of MAX £75 per week including dog and household items = £300
    MAX £200 for other stuff which comes up

    We have £700 in savings but I am not sure whether to use it to pay towards Tesco or keep it in savings until DH has invoiced a little more to add to the pot. Anything he earns is extra as my wages cover our bills and food...it is just that I never know when it is coming or how much...

    Decisions decisions

    My aim to to be accountable by posting my spending (itemised) and groceries each week to help me to focus and my debt levels each month for motivation.

    [I] Have no CCs and have a fully paid for Ford Fiesta LIVIN THE DREAM
    Last edited by DirtyPaws; 06-01-2018 at 8:51 PM.
Page 1
    • fatrab
    • By fatrab 6th Jan 18, 8:31 PM
    • 861 Posts
    • 2,229 Thanks
    fatrab
    • #2
    • 6th Jan 18, 8:31 PM
    • #2
    • 6th Jan 18, 8:31 PM
    Assuming you have no other savings, build up an emergency fund first - £1000

    Focus on paying the highest interest debt first.

    Don't expect results overnight. It will take a little bit of time.

    Chip away at it and best of luck!
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • DirtyPaws
    • By DirtyPaws 6th Jan 18, 8:41 PM
    • 8 Posts
    • 16 Thanks
    DirtyPaws
    • #3
    • 6th Jan 18, 8:41 PM
    • #3
    • 6th Jan 18, 8:41 PM
    Good advice £1000 seems sensible.

    I get your point about paying the highest interest debt first but I think I need to medium term motivation of getting down to one debt only and then snowball the bigger one. I think without a medium term goal and visible result of seeing one debt fully paid off, i will lose my vision and motivation. I will keep my options open and decide when i build up a surplus
    • redofromstart
    • By redofromstart 6th Jan 18, 8:49 PM
    • 1,772 Posts
    • 10,715 Thanks
    redofromstart
    • #4
    • 6th Jan 18, 8:49 PM
    • #4
    • 6th Jan 18, 8:49 PM
    Happy new diary, and good luck with your aims.
    • fatrab
    • By fatrab 6th Jan 18, 9:57 PM
    • 861 Posts
    • 2,229 Thanks
    fatrab
    • #5
    • 6th Jan 18, 9:57 PM
    • #5
    • 6th Jan 18, 9:57 PM
    I think you need to ask yourself if you're happy paying more in interest than you need to? Throwing more money away each month than if you paid the higher interest loan first? Unfortunately I'm in a similar position. I am due to remortgage this year so I need to clear off as many of the smaller things as possible which includes a loan at 3.1% before I tackle my car loan at 6.9% next year.

    Your medium term motivation should be halving the total debt in the most efficient way possible. It will really snowball if you pay the highest interest off first.

    3.5% of 13000 is a lot less than 7% of 25000!

    I wish you well whichever route you choose
    Last edited by fatrab; 07-01-2018 at 7:30 AM.
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • DirtyPaws
    • By DirtyPaws 7th Jan 18, 10:17 AM
    • 8 Posts
    • 16 Thanks
    DirtyPaws
    • #6
    • 7th Jan 18, 10:17 AM
    • #6
    • 7th Jan 18, 10:17 AM
    Dear Diary...Here goes Week 1

    A way to go on my NSDs but groceries bill is promising. Planning to shop in Aldi each week and make bread from scratch - lots of soups and slow cooker recipies

    Week 1 Food £48/£75

    2/1/18 - Aldi = £10.49
    4/1/18 - Sainsbury!!!8217;s = £15.06
    7/1/18 - Sainsbury!!!8217;s = £22.32

    Food bill = £47.90

    Other Spends £76.10 / £0- But had £100 bday money

    Dog Food = £1.20
    Dog Toys = £3.70 (0ne off)
    Smaller Plates = £4.00
    BDay cards = £4.00
    Stamps = £8.00
    PJs = £26 (Bday voucher)
    Parking = £2.40 (Bday money)
    Bday Lunch = £26.00 ([Bday money)

    Fuel and Heating spend £45/50
    £15.00 Coal
    £40.00 Petrol

    Food:

    Slow cooker - Sausage casserole
    Slow cooker chicken Casserole
    Chickpea and spinach Curry and rice (No more packet Rice)
    Broccoli and Stilton soup (Use up Xmas cheese)
    Tuna and Pasta Bake (Use up Xmas cheese)

    Lunch - cheese and pickle sandwich, banana / Apple (Lunches maybe leftovers in the future)
    Last edited by DirtyPaws; 07-01-2018 at 10:20 AM. Reason: Typo
    • DirtyPaws
    • By DirtyPaws 7th Jan 18, 10:23 AM
    • 8 Posts
    • 16 Thanks
    DirtyPaws
    • #7
    • 7th Jan 18, 10:23 AM
    Anyone know how I make a signature?
    • #7
    • 7th Jan 18, 10:23 AM
    How do I make a signature so I can include my weekly goals and mantra
    • fatrab
    • By fatrab 7th Jan 18, 10:27 AM
    • 861 Posts
    • 2,229 Thanks
    fatrab
    • #8
    • 7th Jan 18, 10:27 AM
    • #8
    • 7th Jan 18, 10:27 AM
    How do I make a signature so I can include my weekly goals and mantra
    Originally posted by DirtyPaws
    At the top of the page click profile then settings then edit signature.

    If you're on mobile go the bottom of the page and go into desktop version first
    You can have results or excuses, but not both - Wannabe debt free by Dec 2022
    June's targets - Be 15st by end of month, 19/30 AFDs
    39 x £2 coins (#32)
    • DirtyPaws
    • By DirtyPaws 7th Jan 18, 10:53 AM
    • 8 Posts
    • 16 Thanks
    DirtyPaws
    • #9
    • 7th Jan 18, 10:53 AM
    • #9
    • 7th Jan 18, 10:53 AM
    Testing Testing
    My mindfulness mantra before making a decision “Will this take me closer to my goal or further away from it”
    Grocery envelope £50 pw; Fuel envelope £60 pw; Other stuff / emergency envelope £25 pw
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