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  • FIRST POST
    • jbkmum
    • By jbkmum 6th Jul 18, 11:15 AM
    • 88Posts
    • 214Thanks
    jbkmum
    £50k to £0
    • #1
    • 6th Jul 18, 11:15 AM
    £50k to £0 6th Jul 18 at 11:15 AM
    I've been a long time lurker, since 2012 and have never made a post before!

    I started off with 70k of debt, I currently have 50k. Its taken me 6 years to pay off 20k and quite honestly I've not really focused on it. However, due to my husband losing his job and starting one at a low salary I am trying to cut back and not spend £700 a month on food for 2 adults and a child (yes yes I know).

    £50,546.15 is my total debt. I would like to pay this off as quickly as possible. I'm currently paying £999 a month towards it. It isn't all interest free and I am unable to do a credit card shuffle at the moment. The most infuriating thing about the Dave Ramsey Snowball is that I know that my 5k credit card is accruing interest and I really want to concentrate on it but I'm committed to the DR method and when I paid off a credit card recently I did feel very satisfied.

    I'm decluttering our house and trying to reduce our bills in order to maximise this debt snowball. We did look at moving recently but we just couldn't afford it as a new house would have cost more to rent and I think we wouldn't have been able to meet our minimum payments.

    Hoping to do a few carboots in August and I'm still plodding on with facebook/ebay/gumtree selling. My next mission is to clear my DS toys out as he has far tooooo many.

    Recently won a £200 argos voucher so I've covered presents for DS and DH as well as whatever else we might need. Considering whether I should sell the voucher on ebay but not sure what the going rate is.

    Also want to plan no spend days, living from freezer etc. Basically lots of things I need to do in order to get this debt cleared and be able to save for a house. I shall be back with a plan soon!
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jul 18, 11:30 AM
    • 7,280 Posts
    • 15,964 Thanks
    enthusiasticsaver
    • #2
    • 6th Jul 18, 11:30 AM
    • #2
    • 6th Jul 18, 11:30 AM
    If your credit card is accruing interest you should tackle that first. Does the DR snowball target the smallest debt first? The usual advice here is target the most expensive one.
    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
    • jbkmum
    • By jbkmum 6th Jul 18, 11:51 AM
    • 88 Posts
    • 214 Thanks
    jbkmum
    • #3
    • 6th Jul 18, 11:51 AM
    • #3
    • 6th Jul 18, 11:51 AM
    I have £245 left of my petrol and food budget for the month of July.

    Technically only £45 of that is left for food as I did a big shop a week ago. We don't really need to buy any food at all this month. We're meal planning weekly and sticking to it, I just have an awful habit of popping into Aldi and spending £30 on things. I have actually used what I bought (mugshots and polish) but I need to have more control over this as I want to spend less than £200 a month on us whilst I eat through the freezer. If I see an orange sticker at the co op I'm straight in there and just refill the damn freezer. Got to stop this for a while I think.

    My plan for this weekend:

    Freezer food for tea tonight - probably going to be lazy and have paprika wedges, chicken nuggets and ice cream. Its a no veg Friday.

    Saturday I'm at a hen party so will defrost some bolognese and we have garlic bread in freezer (for DH and DS, although I think DS is at a party)

    Sunday I'm driving to Newcastle to pick my brother up from university. He's given me £20 for the journey which is £30 short of the actual cost but he doesn't have any other money and it will just have to be his present. I plan on taking a mugshot for lunch, lets hope he has a kettle! Or I might make a wrap - must resist fast food.

    Then I need to plan for the week after...
    • jbkmum
    • By jbkmum 6th Jul 18, 11:52 AM
    • 88 Posts
    • 214 Thanks
    jbkmum
    • #4
    • 6th Jul 18, 11:52 AM
    • #4
    • 6th Jul 18, 11:52 AM
    If your credit card is accruing interest you should tackle that first. Does the DR snowball target the smallest debt first? The usual advice here is target the most expensive one.
    Originally posted by enthusiasticsaver
    Yes DR goes for smallest debt first because he says that wins will help with motivation and he doesn't care what the interest is on a debt, he just wants you to clear the smallest one first and work through it methodically. His logic does motivate me, although the credit card always hovers in the back of my mind!
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jul 18, 11:54 AM
    • 7,280 Posts
    • 15,964 Thanks
    enthusiasticsaver
    • #5
    • 6th Jul 18, 11:54 AM
    • #5
    • 6th Jul 18, 11:54 AM
    I think it would motivate me more knowing I was saving interest by tackling the interest bearing debt first. Your call though.
    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
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jul 18, 11:55 AM
    • 7,280 Posts
    • 15,964 Thanks
    enthusiasticsaver
    • #6
    • 6th Jul 18, 11:55 AM
    • #6
    • 6th Jul 18, 11:55 AM
    What is the interest rate on your £5k card?
    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
    • jbkmum
    • By jbkmum 6th Jul 18, 12:12 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    • #7
    • 6th Jul 18, 12:12 PM
    • #7
    • 6th Jul 18, 12:12 PM
    What is the interest rate on your £5k card?
    Originally posted by enthusiasticsaver
    I think its 20%

    I wasn't sure whether I should clear smaller ones first in order to balance transfer (I get offers) or whether to focus on the 5k one. If I focus on the 5k, I might then get to the point where the 0% period ran out on the little ones. I can't work out what maths to do to work out what is cheaper
    • jbkmum
    • By jbkmum 6th Jul 18, 2:56 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    • #8
    • 6th Jul 18, 2:56 PM
    • #8
    • 6th Jul 18, 2:56 PM
    Ooooh good news, I've been in possession of a collectible which I've been offered £250 for. I don't know what it's real value is as there's nothing like it out there, its a music book from 1901
    • Kitten868
    • By Kitten868 6th Jul 18, 6:10 PM
    • 1,026 Posts
    • 2,398 Thanks
    Kitten868
    • #9
    • 6th Jul 18, 6:10 PM
    • #9
    • 6th Jul 18, 6:10 PM
    You'd have to write out your cards and how much you owe and aprs as if you have a couple of hundred here and there I'd stay as you are but I think I would tackle the £5k first if I were you as you want to get rid of the interest. Maybe try and motivate yourself with how much the interest charge is decreasing month on month.

    Have you gone on step change and seen how things would work out in a DMP for you? You've slogged for 6 years already! It would all be interest free and you could focus on your budget x
    Loan 1 £5400/£8000
    Loan 2 £3400/£5800
    Total £8800/£13800 36% PAID

    And CC £1475/1900
    • Karonher
    • By Karonher 6th Jul 18, 6:29 PM
    • 517 Posts
    • 2,162 Thanks
    Karonher
    Have a look at Zeek with regards to the voucher. Some people knock 5% or 10% off the value, so if you can sell it you should get a good amount.
    Getting ready for Christmas 2018

    Aiming to make £5,000 online in 2018.
    • jbkmum
    • By jbkmum 9th Jul 18, 2:26 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    You'd have to write out your cards and how much you owe and aprs as if you have a couple of hundred here and there I'd stay as you are but I think I would tackle the £5k first if I were you as you want to get rid of the interest. Maybe try and motivate yourself with how much the interest charge is decreasing month on month.

    Have you gone on step change and seen how things would work out in a DMP for you? You've slogged for 6 years already! It would all be interest free and you could focus on your budget x
    Originally posted by Kitten868
    Luckily most are interest free so it's really just a case of deciding whether to try to clear the 5k one or not. I'm going to finish the current card I'm working on as its got £800 left and then I'll look at the 5k one. If I clear the £800 quickly I should be able to BT £1000 to the 5k one which will help a little. Although I could also just pay £800 to the 5K one. ARGH
    • jbkmum
    • By jbkmum 9th Jul 18, 2:27 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    Have a look at Zeek with regards to the voucher. Some people knock 5% or 10% off the value, so if you can sell it you should get a good amount.
    Originally posted by Karonher
    Decided to keep it, have purchased birthday presents for DS and OH (board games etc) and also a few camping bits as we're going to start going camping with DS.

    Then I've saved the rest for Christmas, going to drag it out as much as possible! Also means my £10 gifts budget can go towards credit card.
    • jbkmum
    • By jbkmum 9th Jul 18, 2:49 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    Also just noticed today is a £1 fee day on ebay so I know what I will be doing tonight!
    • jbkmum
    • By jbkmum 10th Jul 18, 8:52 AM
    • 88 Posts
    • 214 Thanks
    jbkmum
    I mentioned before that I have been offered £250 for a collectible, I have no idea if it is worth more so emailed a specialist book dealer to ask but have not heard back. My issue is that what if it's worth £2000 and I sell it for less? The organisation who are buying it are specialists in a certain field of history (a famous family basically) and so its of interest to them.

    I'll wait until Wednesday I think to see if the specialist emails back - if not I might just take the leap and sell it for £250
    • jbkmum
    • By jbkmum 11th Jul 18, 10:00 AM
    • 88 Posts
    • 214 Thanks
    jbkmum
    Doing well at meal planning this week, the only things I've had to buy were bread rolls for some frozen burgers of which we've used two rolls. I don't eat bread so I had fish fingers and wedges last night (I was too tired to eat real food)

    Tonight DH and DS will be having sausages in bread rolls with the rest of the wedges and brocolli. That should leave one bread roll left but not entirely sure what to do with that.

    Thursday and Friday can't actually remember what is on the board, it's definitely something from the freezer.

    I think it's some saucy chicken thing I made. DS is going to his grandmas friday night so don't need to feed him for a few days. Then we'll have a roast dinner on Sunday using some frozen roast beef, I'll make yorkshire puddings from scratch and see if I can pick up some reduced potatoes. Co Op often has reduced pots of carrot and swede mash, I can't make it to save my life! And then we need coleslaw and wraps for DH's lunches. I noticed we spend loads of money on yoghurt as DH has to have muller corners and I have muller lights. DH agreed to swap to actimels when they're on offer and I'm trying the Aldi ones.

    So today is the last day I'll wait for a response re my collectible before selling it for £250, its annoying as I really think its worth more.

    There is also a huge financial hurdle on the horizon, we may have to move from our rented house to a more expensive one. We currently pay under the market rent, most houses are about £250 a month more than ours but the landlord has hinted they are selling so I would need to save around £2000 to cover first month rent, deposit and tenancy fees. So whilst I was using my ebay selling etc to make overpayments on debt I might well need to stop that for a few weeks and shove it into savings. Mum's said she can lend me £600 but I'd rather not. If we do have to move I need to fill in some holes in the walls, repaint the hallway and kitchen and then do all the gardening.

    Stressful!

    On the plus side, my house is slowly getting more decluttered and I can see a real difference now especially in the study.
    • jbkmum
    • By jbkmum 15th Jul 18, 5:55 AM
    • 88 Posts
    • 214 Thanks
    jbkmum
    Arggggghhhh

    My MacBook died a death and turns out its water damage cue repair bill of over £900. Refuse to pay that BUT realised that I actually have gadget insurance so need to pay £12 to get it sent back and then claim on that. Unfortunately really needed a laptop whilst that;s been happening as its been with the company for a month. As I work from home sometimes and need to take my laptop when I visit other offices I was lost without one. Unfortunately my company wasnt going to sign a company laptop out to me as I only need it once a month. So off I trotted to PC World, and as I had no emergency fund its had to go on a credit card. For the first time I was utterly devastated that I was doing this but I cant keep staying at office til really late and I have a training course I need to do from home.

    However, I;ve got a £150 cheque I need HMRC to reissue and have just been given a £100 goodwill gesture by a credit card company that sold on a debt that Id settled. I also will receive about £175 bonus in my paycheque this month and I think I should get an even larger once next month which means I can pay said laptop off. Additionally I can now crack on with eBay as I was struggling to list on my phone. The annoying part is I needed to save the above extra incomes to move house so I;m going to have to work really bloody hard to bring in some extra dough.

    Food budgets been blasted through so I;ve put my bank cards away and need to try harder next month. It!!!8217;s not as bad as last month though, I;m on the cusp of being over budget so need to put aside money for bread and milk.

    Its 6am so Im going to get up and continue to declutter, considering doing a car boot in two weeks
  • archived user
    Good luck with your journey.

    How about listing all your CC's and their min payments / deal info and see if a clever soul here can work out the best way for you to tackle them. A traditional snowball says to hit the interest paying ones first as this will save you most money in the long run.

    Ref your laptop - just throwing this out there - but you can get OK laptops for £300/400 -so you have to have a macbook?
    • jbkmum
    • By jbkmum 15th Jul 18, 1:10 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    Iím generally snowballing, changed from initial post..


    I didnít get a MacBook, old JBKMum wouldnít have settled for anything less but this time I just opted for a decent windows laptop. Iím going to insure it against breakdown alongside the MacBook. Iím also going to sell the MacBook once itís repaired on insurance but wonít count in that until itís sold.
    • jbkmum
    • By jbkmum 16th Jul 18, 1:55 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    Meal planned for the next 5 days. Not meal planned for Saturday as at a wedding and Sunday will probably be hungover fishfingers.

    Today's quandry - do I sell the ipad pro for £250 and buy a kindle for less than £100? I read all the time and currently have a year left on kindle unlimited. I use the ipad for surfing the internet and reading. Can do the same with a kindle fire.
    • jbkmum
    • By jbkmum 17th Jul 18, 3:09 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    Decided not to sell the ipad as the functionality of the kindle isn't as good. I use my ipad for making notations on PDFs both for work and also for studying (last module of an Open degree). I plan to make this ipad last another 5 years, I'll just get the battery replaced eventually. Same with my phone which currently has a cracked screen but as it still works fine I've not done anything about it. I think its due a battery replacement by the end of the year. Better get saving for the £30.

    Money wise, not much has been on ebay as I needed to take a break. I've been collecting stuff in the spare room for car boot and have sold a few bits on facebook selling sites. Not for much mind you but decluttering is really helping me feel less stressed.

    Need to return all the dresses I ordered for a friends wedding, as I had lost weight nothing fitted so I ordered a lot dresses on ASOS, because the wedding is this saturday I didn't really have time to order,return,order, return etc. As it happens, I tried them all on last night and none of them fitted - I then remembered there was a dress in my drawers buried at the bottom that I was sure would now be too big however it turns out when I originally wore it, it was too small! So all of the ordered dresses are going back to ASOS tonight. I've found some nice shoes in the back of the cupboard and I have a clutch that doesn't go with the dress but it will do as I'll probably not have it on me for most of the night.

    Received a £91 refund from BeautyBay for things that I bought and then realised I didn't need. Moment of weakness, usually so good and instantly regretted buying things when they turned up so sent them all back unopened.

    Sent about 15 parcels off for ebay last night, have already banked the money. The next few things I sell will pay for all the ebay postage from the last month. I've got a desktop on ebay at the moment which is at £300 and I listed it when there was a £1 fee day. Hoping whoever buys it will collect as I really don't want to post it! Money from that will go into the "might have to move fund".

    Was hoping to have a week where I didn't need to buy anything (excluding dresses which have been returned) but need to pick up set books for my final module of Open Uni. Currently looking at £44.72 from Amazon however am in a facebook group for the module and am hoping to buy some second hand books for about £20. Also listing the books for my previous module and hoping to make some cash from that.
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