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    • findingthisdifficult
    • By findingthisdifficult 26th Jan 19, 7:46 PM
    • 118Posts
    • 181Thanks
    findingthisdifficult
    Wobbling my way out of debt
    • #1
    • 26th Jan 19, 7:46 PM
    Wobbling my way out of debt 26th Jan 19 at 7:46 PM
    Having joined the DFW board 4 years ago, I decided it's time for a diary. When my husband and I got together we both had a small amount of debt, shortly after we moved in together we consolidated our debts (mistake number 1), throughout the years we furnished our rental accommodation using loans and HP finance (mistake number 2, although pretty unavoidable)
    Throughout our time together we've refinanced our loans several times, sometimes adding more money on and extending the time we're borrowing for (mistake number 3)

    During the last 4 years since joining DFW, we've been fortunate enough to get on the property ladder with a little help from family (a gift, so no repayment required)
    I think becoming a homeowner made me realise that we need to stop this living outside of our means and sort our finances once and for all, hopefully if all goes to plan we'll be clear of the unsecured debts by May next year. Ideally we want to put our house on the market and move to our forever home within the next year so the less debt we have the better.

    I will update this first post every month to reflect the progress we have made or indeed if we slip up.
    TSB Loan 12.4K Now 11,897K due to end January 2021 (hoping to clear this by May 2020)
    MBNA Card 2151 (0% until June, hoping to clear this without needing a balance transfer)
    Last edited by findingthisdifficult; 01-03-2019 at 8:08 PM. Reason: updated my loan amount following planned payment today.
Page 4
    • pidge04
    • By pidge04 30th Mar 19, 4:32 AM
    • 644 Posts
    • 2,092 Thanks
    pidge04
    Hello!

    Really sorry to read that - hope it’s all sorted out quickly.

    Wow! Well done ... you are doing brilliantly! Well done for all the NSD. You’re paying off really decent chunks.

    I find it’s a right old rollercoaster of emotions!

    Keep going... you are going to smash this!
    O/D 1000/800
    CC 5400/2950
    LOAN 10000/3692
    • findingthisdifficult
    • By findingthisdifficult 31st Mar 19, 8:04 AM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    Thanks Pidge!

    Whilst I sit and enjoy my Sunday morning coffee, I'm thinking about how the journey has been so far and maybe I've been too hard on myself.

    Just at the start of this year, I had no savings to speak of at all and was only making tiny over payments to the debts whilst frittering away money on who knows what?! It's not like Mr FTD & I are walking around in the latest fashions or driving a brand new car, literally been throwing money away.

    This morning when I did my banking app checks, all 5 of them I can see I have:
    Enough money in the bills account to cover the month's outgoings with a tiny buffer too
    A little savings pot for the home emergency fund - it's tiny to some but it's the furthest I've got so far without dipping in.
    A little savings pot for holidays/weekend away plans - I can dip in to this for Mr FTD's birthday as this is what it is there for.
    The spends account is looking a little tight, we've got a longer than usual month so going to have to stretch this out.
    The joint business account is looking a little on the light side, probably for the best given this was the one that some douche tried to nick money from. Also the business isn't our main income so not worrying too much about this one right now.

    I never thought I would become somebody who has money in multiple accounts, reading the above update back to myself, I guess some people might say quit the savings and get that debt paid off but my issue would be that if I don't build up the savings I will have to resort to credit if anything goes wrong.

    Happy Sunday to you all, back hopefully tomorrow with a signature update!
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
    • findingthisdifficult
    • By findingthisdifficult 4th Apr 19, 8:29 PM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    So today I got to update my signature for the loan, down to 11,385, at least it's going the right way.

    I'm holding off on the credit card payment at the moment, I have a few days before it is due and as I'm resigned to having to transfer the balance anyway I'm going to pay a little less off this month to allow me a little extra funds to put towards Mr FTD's birthday present.

    When is the best time to transfer the balance? I've never done it before.
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
    • findingthisdifficult
    • By findingthisdifficult 4th Apr 19, 8:39 PM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    I just remembered something else, this morning I had a revelation and said to Mr FTD
    "do you know, I think this is the first time we have got to Thursday without having to go to Mr T at all?!"

    4 NSDs in a row, I'm pretty pleased with that

    This has got to be a first! We had to go tonight as I had nothing in for my breakfast tomorrow and our dinner plans for tomorrow night have been cancelled so we got a few bits to tide us over until we go shopping Saturday evening.
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
    • findingthisdifficult
    • By findingthisdifficult 8th Apr 19, 7:01 PM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    Another Monday over with and fortunately a bank holiday is now in sight, I could really use a long weekend!

    So I've paid 150 off the credit card, not a lot but better than just the 25 minimum payment that will take the balance down to 1600, I'll update my signature when the payment has cleared in the account.

    In other news I've been busy sorting Mr FTD's birthday, I'm pleased that I've managed to plan 3 days out that I know he will love and some special presents all for under 200 so far thanks to some shopping around and Mr T vouchers, not a single bit of credit used
    Any spending has come out of the account specifically for weekends away/days out.

    I know some may think this an excessive amount especially whilst we are trying to battle the debt pile, however it is a special birthday for him so I felt I wanted to do more than just a card and meal out.
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
    • Sofee3
    • By Sofee3 8th Apr 19, 7:20 PM
    • 16 Posts
    • 11 Thanks
    Sofee3
    Well done you are doing great, we spend too much topping up too but have been getting better a it.

    Sounds like Mr FTD is in for a lovely birthday ��
    • enthusiasticsaver
    • By enthusiasticsaver 10th Apr 19, 4:43 PM
    • 8,356 Posts
    • 19,107 Thanks
    enthusiasticsaver
    So today I got to update my signature for the loan, down to 11,385, at least it's going the right way.

    I'm holding off on the credit card payment at the moment, I have a few days before it is due and as I'm resigned to having to transfer the balance anyway I'm going to pay a little less off this month to allow me a little extra funds to put towards Mr FTD's birthday present.

    When is the best time to transfer the balance? I've never done it before.
    Originally posted by findingthisdifficult
    Loan is going down nicely.

    Apparently the 0% deals are starting to get shorter. I would transfer the balance any time from now until June. Ideally though look for a long deal so you don't need to transfer again.

    Well done on savings pots.
    Early retired in December 2017

    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
    • findingthisdifficult
    • By findingthisdifficult 10th Apr 19, 6:57 PM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    Loan is going down nicely.

    Apparently the 0% deals are starting to get shorter. I would transfer the balance any time from now until June. Ideally though look for a long deal so you don't need to transfer again.

    Well done on savings pots.
    Originally posted by enthusiasticsaver
    Thanks enthusiasticsaver, I will look to sort that out at the weekend then whilst it's still fresh in my mind.
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
    • findingthisdifficult
    • By findingthisdifficult 13th Apr 19, 8:36 PM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    I think I'm nearly done on Mr FTD's birthday now, just need to get a couple of helium balloons the day before, I've sorted the presents, cards and decorations. Now I can concentrate on rebuilding the treats/weekend away funds prior to our next big spend in July.

    Mr FTD is busy doing his own thing, so I've got me a nice lemon squash on the go whilst watching Bridget Jones' Diary. Enjoy your evening all and I'll be back for another update soon.
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
    • enthusiasticsaver
    • By enthusiasticsaver 14th Apr 19, 12:16 PM
    • 8,356 Posts
    • 19,107 Thanks
    enthusiasticsaver
    I think you have found a nice balance between living and repaying debt. You have a savings account for treats/weekends away and as you say it is a special birthday. Life cannot only be about repaying debt.
    Early retired in December 2017

    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
    • findingthisdifficult
    • By findingthisdifficult 15th Apr 19, 7:03 PM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    Thanks enthusiasticsaver, I think we could definitely clear the debt quicker if we didn't spend so much on food in 21 days we have spent 345 on groceries just for the 2 of us excluding takeaways but including toiletries/cleaning products.
    I think we're stuck in a food rut, always seem to be eating the same thing, we generally buy fresh food and cook from scratch most nights.
    I'm super fussy about food, I worry about how long to leave before chilling or freezing, then I'd worry about reheating so we've always avoided batch cooking and leftovers.
    Maybe I need to research this as I think it could save us lots of s and lbs in my case.
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
    • findingthisdifficult
    • By findingthisdifficult 20th Apr 19, 8:10 PM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    Mr FTD and I had a lovely long walk by the coast today.
    We only sat and looked out to sea for about an hour but by the time we got back to the car we were a little pink, note to self - buy some sun cream.

    We also had a big wobble today on whether we could afford new watches on finance, technically we can afford the payments, it's interest free and we get corporate discount, however is it the right thing to do whilst we are paying off debt?!
    I know I NEED new glasses, yet I haven't budgeted for them yet and I definitely NEED some spring/summer work wear which I could use some money for.
    Sometimes being sensible with money is a real struggle.
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
    • enthusiasticsaver
    • By enthusiasticsaver 20th Apr 19, 8:52 PM
    • 8,356 Posts
    • 19,107 Thanks
    enthusiasticsaver
    Personally I would not take anything else out on finance if not essential. Saving for things you need like glasses and clothes sounds more like a priority.
    Early retired in December 2017

    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
    • findingthisdifficult
    • By findingthisdifficult 21st Apr 19, 2:23 PM
    • 118 Posts
    • 181 Thanks
    findingthisdifficult
    Happy Easter!

    Mr FTD has suggested that we use musclefoods going forward to see if that helps us break our ridiculous groceries expenditure. I'm apprehensive, I'm not sure what they're like, anyone have any experience of them?

    The weather really is beautiful here today, we had a wander around a local National Trust garden and have now come home to relax, although I have some washing to be getting on with and there are some chores that need to be done so will probably do them slowly this afternoon.

    This evening, I'm going to shop around for pet insurance as ours is up for renewal and also look at the spreadsheet to see if there are any other bills that could be reviewed. I'm pretty sure we're paying 2 providers for critical illness cover, I need to look in to the documentation and figure out what's covered. I also need to find another book to read as I've just finished one this morning.
    Wobbling my way out of debt one month at a time.

    Credit Card starting balance 2467 2151.64 1750current balance 1600 0% until June
    Original Loan amount 23,179 11,897current balance 11,385
    21 payments left to go
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