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    • AdventureWanted
    • By AdventureWanted 14th Dec 19, 10:29 PM
    • 1,339Posts
    • 4,640Thanks
    2020 1% challenge
    • #1
    • 14th Dec 19, 10:29 PM
    2020 1% challenge 14th Dec 19 at 10:29 PM
    Welcome to the new home for the 2020 1% Challenge - 100 ways to make your 1%. Little Miss Uni debt started this amazing thread, and Ive copied below her first post from the previous thread:

    What's it all about?

    Basically the idea is that money comes to us in lots of small ways and we don't often realise it. When faced with a big debt it can be overwhelming and we find ourselves just waiting for the next pay day when we can make a large payment.

    However, we shouldn't be counting paydays as that's really demotivating, we should be saying we're 100 steps away from being Debt Free or our Savings Target. Each step is 1%. You can do those steps as fast or as slow as you like, as long as you are making progress. There are many ways you can make your 1%. So many in fact that weve put together a list of over 100+ ways you can make 1%. Some can even be done several times!!

    When the budget has settled and you have a long journey ahead of you, it often gets tough, trying to look for the light at the end of the tunnel. We often push ourselves hard but always wish we could pay more, do more and save more. Sometimes it's hard to be satisfied with the baby steps that we know are good for us.

    By doing it 1% at a time and celebrating every milestone, you're on the debt-free ladder & you know exactly which rung you're on. You can take the steps as fast or slow as you like. When you need to, you can pause for a while and reflect on your progress and then carry on renewed.

    We need to enjoy the journey and not just the destination.

    Three Golden Rules

    1. You MUST pay your minimums to your debts each month (This is covering your interest) The percents you earn are in addition to covering your monthly minimums.

    2. Always work with accurate balances. Honesty with yourself now saves you from being disappointed with your balances later on.

    3. When you feel overwhelmed or demotivated just focus on your next 1%

    How To Join in on the challenge! -

    Post in BIG colourful letters, your name, 1% and total so far. I'll add you to the list. e.g LITTLE MISS UNI-DEBT - 1% is 80.

    What you might need :-
    Moneybox / petty cash tin (keep your s safe!)
    100 wage envelopes, or 100 paperclips - (the freer the better - useful if you are saving physical money eg. change/money made from Facebook sales, etc)
    Free printable 100 square

    How to...
    Take your exact debt or savings total and divide by 100.
    Round UP to the nearest 1 or 10. This is your 1%
    In your notebook start a list of 100 ways that you can earn 1%
    Print the ideas list below for inspiration
    Use the thread for support & motivation
    Contribute new ideas and what worked for you
    Shout up and join the list & get a member number.
    Post a weekly/monthly update of what you've done and how you did it!
    Colour in your progress on your 100 square
    Put your member number in your sig, and your % so far & spread the word!

    Important Notes

    ***You MUST MUST MUST pay your minimum payments to all of your debts.***

    Your 1%'s are what you owe, your min payments (if not 0% CCs) are the interest you are paying. I consider the min payments as a 'service charge' the cost of rolling your debt on to the next month. This makes you consider just how much your debt is costing you each month!

    As you pay your 1%'s to your cards, your min payments will start to drop. The faster you put your 1%'s to your cards the less interest you will pay.

    If you save up to 100% and pay it off in one go this is MORE expensive than paying each 1% as soon as you have earned it. (I try to save 5% then pay it off)

    This challenge is probably best for debts/savings 20k or less.
    If you find your 1% still too daunting, just decide on how much you want to pay off this year. Divide it by 100. That should give you a 1% figure that is more suitable. Some find it easier to do one card at a time, starting with the highest interest rate.

    If your debt is still increasing through spending, this challenge isn't right for you yet. You need to go back a step to your SOA and re-work it until your debt is steady and you have a little room for overpayments. Then come back when you're ready!

    Please contribute your 1% ideas - we need to build a fantastic list for people to choose from!

    Anyone wanting to join please post in BIG letters and youll get assigned a number.
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    • fudgecat
    • By fudgecat 13th Jan 20, 5:46 PM
    • 253 Posts
    • 494 Thanks
    Would love to join. Almost debt free now (and would be if I did not save money for the grandchildren), all debt at 0%, but would love to be debt free completely. 1% is 21.25. Have been debt free in the past, but helping children on the way put us back a bit - something I do not regret.
    • Optimistic Saver
    • By Optimistic Saver 15th Jan 20, 8:58 AM
    • 109 Posts
    • 211 Thanks
    Optimistic Saver
    Optimistic Saver

    Total debt (currently 23,776)
    I am aiming to pay off a quarter of this (5,944.06) by the end of the year.
    So, my 1% = 59.45
    Last edited by Optimistic Saver; 15-01-2020 at 10:30 PM.
    Jan NSDs: 16/20
    Make 2020 in 2020: 140.50/2020
    2020 1%: 5.8/100%
    Paying down my debt: (23,776.21 owed, Feb 2020) down 8,223.79 from Feb 2019.
    Feb 20: CC1 7,514.35 * CC2 7,595.23 * CC3 8,666.63
    2020 Target: Pay-off 6,000 * 2020 1% = 60
    • gettingtheresometime
    • By gettingtheresometime 15th Jan 20, 1:08 PM
    • 5,093 Posts
    • 12,667 Thanks
    Another ebay sale means another 1% can be ticked off. Now standing at 5%.

    Not sure if this is in the rules but I've decided to take the difference between the interest charged and the minimum payment and add that to my 1% contributions.
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card / JD Williams cleared thanks to the 1 debt v 100 day challenge
    • sunflowerlady
    • By sunflowerlady 15th Jan 20, 1:26 PM
    • 54 Posts
    • 98 Thanks
    Hi. How do I join please?
    • gettingtheresometime
    • By gettingtheresometime 15th Jan 20, 3:03 PM
    • 5,093 Posts
    • 12,667 Thanks
    Hi. How do I join please?
    Originally posted by sunflowerlady
    I just stated what amount I wanted to pay / save and what my 1% would be
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card / JD Williams cleared thanks to the 1 debt v 100 day challenge
    • sunflowerlady
    • By sunflowerlady 15th Jan 20, 8:06 PM
    • 54 Posts
    • 98 Thanks
    My 1% is 501.12
    Last edited by sunflowerlady; 16-01-2020 at 11:22 PM.
    Jan 2020: Loan 3,576.17, Credit Cards 42,401.86, Store Card 1,833.61, Overdrafts 2,300.00. Total Debt: 50,111.64 / 1% = 501.12

    Jan 2020 Update: Loan 3,301.08, Credit Cards 41,333.86, Overdrafts 2,300.00. Total Debt: 46,934.94 / 1% = 469.35
    • NorthMarineRoader
    • By NorthMarineRoader 15th Jan 20, 11:10 PM
    • 1 Posts
    • 2 Thanks
    Hopefully not too late to join this, had some delays getting my account activated.

    Have enjoyed reading some of the ideas above.

    My total is 20,000 so one per cent for me is 200. This year I aim to clear off 15 per cent of that.
    • lynneee
    • By lynneee 23rd Jan 20, 10:37 PM
    • 827 Posts
    • 3,554 Thanks
    Finally made some payments! I needed to wait to see if my very old vw beetle made it through its MOT first, it did!!
    #63 paid 507.50 14%
    So pleased with this!
    Good luck everyone we can smash this.
    Need to be more frugal! time to refocus!
    #63 pay off 1% challenge 14/100 #48 MFW 0/1000 pay off all debt in 2020 507.50/3625
    • Scloud
    • By Scloud 24th Jan 20, 7:29 AM
    • 7 Posts
    • 19 Thanks
    A few eBay sales in and I am up to 630/1000 so 63%!

    . Hoping to get this cleared by April and focus on my next debt.
    • natnat13
    • By natnat13 24th Jan 20, 8:19 PM
    • 620 Posts
    • 7,812 Thanks
    I've now paid 4% off through ebay sales. Seems a long way off clearing my debt but 4% is better than nothing.
    Mum, student, worker, dog mum, partner.
    Keen to live a healthly lifestyle and save money
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