PH Debt Free Wannabees 2018
Discussion
Sadly we are unlikely to achieve it but this year sees a massive shake up between us aiming to clear as much as we can in as short of a time period as possible. Who knows, we may almost manage it!
First up Credit Cards - Spare cash being fed to the smallest one as of payday and should be clear next payday, then we start the avalanche method for the rest.
Anyone else working towards this?
First up Credit Cards - Spare cash being fed to the smallest one as of payday and should be clear next payday, then we start the avalanche method for the rest.
Anyone else working towards this?
Me and my partner have both decided this is one of our many goals for this year.
Having started our own company late last year, we are looking to scale up, and personal finances are high on the agenda.
we have roughly 50/60k of debt combined, so no easy task! how we are going to do it.. well... i havnt quite figured that out yet!
Having started our own company late last year, we are looking to scale up, and personal finances are high on the agenda.
we have roughly 50/60k of debt combined, so no easy task! how we are going to do it.. well... i havnt quite figured that out yet!
We aren't far behind you there, and clearing that figure is an impossible ask for us this year however its not going to stop us trying and who knows, we may over achieve on our initial projections!
No harm in trying
Keep us posted, PH can be (although recently you wouldn't know it) a good place for moral support with this kind of thing and occasionally offers of encouragement and tips come up that you otherwise may not have considered!
No harm in trying
Keep us posted, PH can be (although recently you wouldn't know it) a good place for moral support with this kind of thing and occasionally offers of encouragement and tips come up that you otherwise may not have considered!geeks said:
Yes the mortgage is unobtainable for us for a while, its due to redone this year in September(ish) courtesy of Sarnie!
Its the stupid debts we need to clear, Credit Cards are first on the hit list, costing us £600 pcm without really budging much from them!
Ouch that’s chunky. We’re debt free but not properly debt free that’s a long way off. Its the stupid debts we need to clear, Credit Cards are first on the hit list, costing us £600 pcm without really budging much from them!
BoRED S2upid said:
geeks said:
Yes the mortgage is unobtainable for us for a while, its due to redone this year in September(ish) courtesy of Sarnie!
Its the stupid debts we need to clear, Credit Cards are first on the hit list, costing us £600 pcm without really budging much from them!
Ouch that’s chunky. We’re debt free but not properly debt free that’s a long way off. Its the stupid debts we need to clear, Credit Cards are first on the hit list, costing us £600 pcm without really budging much from them!
king daft and we feel pretty stupid letting it get so far, trouble was we were each loading cards without telling the other assuming the other knew and that they weren't doing the same!Its the trouble with paperless billing if you ask me, save your salary, not the trees
geeks said:
It's fking daft and we feel pretty stupid letting it get so far, trouble was we were each loading cards without telling the other assuming the other knew and that they weren't doing the same!
Its the trouble with paperless billing if you ask me, save your salary, not the trees
You're not alone don't panic, although slightly different circumstances. Last year I bought a house I didn't expect to buy, and it was a total doer upper! When you don't expect to buy somewhere but it was too good an opportunity to turn down it really can turn you finances on its head! I had 4k left after the transaction had gone through so credit cards at the time were the saviour to not having to live in a building site. They just need paying back now, it'll be the biggest payrise about though, so determined to get them smashed off this year!king daft and we feel pretty stupid letting it get so far, trouble was we were each loading cards without telling the other assuming the other knew and that they weren't doing the same!Its the trouble with paperless billing if you ask me, save your salary, not the trees
House has gone up in value by a fair amount, so could remortgage, but kinda saving that gambit to hopefully extend and build a monster garage!
We are far from alone in this we know that, its also (thankfully) not the end of the world, we have the headroom to do something about it, but if it had got much further we wouldn't have and it would have been extremely painful!
Hence the thread really, thought it couldn't hurt to get a few in the same boat daring each other to get it paid lol!
We have room in the mortgage too (circa 100k) but it seems silly rolling anything into it if we dont need to (there are other debts besides the CC's but they are standard loans, one finishes up next year and the other in 2021) and aspiring to build our own house in 5 years or so means tearing equity out will put that back even further, something neither of us are keen on!
Hence the thread really, thought it couldn't hurt to get a few in the same boat daring each other to get it paid lol!
We have room in the mortgage too (circa 100k) but it seems silly rolling anything into it if we dont need to (there are other debts besides the CC's but they are standard loans, one finishes up next year and the other in 2021) and aspiring to build our own house in 5 years or so means tearing equity out will put that back even further, something neither of us are keen on!
This is my focus for this year.
I live fairly frugally (ish) but have actually put together a spreadsheet detailing all of my income and outgoings following a frankly ste bonus announced this morning which won't clear them.
My monthly costs look like this (grey = annual cost split over a year):
Leaving me about £80 a week spending money (food, clothes, beer, petrol) to live within the means of my basic salary (ex. bonus) and before I start paying off debt, which is fairly substantial. Thankfully the weekly shop should be covered by my fiance....
I am also hoping the insurance costs for the car reduce this year (they should....hopefully!)
With a number of commitments this year (wedding venue/service deposits, a £3-5k one-off service charge expense amongst others).
My intention is also to lose a little weight so going out/reducing the current £100 a week eating out/food/drink bill should hopefully happen whilst minimising the £20 a week the motorbike costs me to get to work on by cycling 2.5 days a week instead. Only thing is I don't think I', having a holiday this year
I live fairly frugally (ish) but have actually put together a spreadsheet detailing all of my income and outgoings following a frankly s
te bonus announced this morning which won't clear them.My monthly costs look like this (grey = annual cost split over a year):
Leaving me about £80 a week spending money (food, clothes, beer, petrol) to live within the means of my basic salary (ex. bonus) and before I start paying off debt, which is fairly substantial. Thankfully the weekly shop should be covered by my fiance....
I am also hoping the insurance costs for the car reduce this year (they should....hopefully!)
With a number of commitments this year (wedding venue/service deposits, a £3-5k one-off service charge expense amongst others).
My intention is also to lose a little weight so going out/reducing the current £100 a week eating out/food/drink bill should hopefully happen whilst minimising the £20 a week the motorbike costs me to get to work on by cycling 2.5 days a week instead. Only thing is I don't think I', having a holiday this year
PurpleMoonlight said:
BoRED S2upid said:
No more a regular outgoing.
Yea, debt free then.
kiethton said:
<stuff>
Snipped you quote for the massive image, however well done for putting it down in black and white, we only did this recently as we had separate accounts (still do) but moved to a joint account as things weren't adding up, we now know why and are determined to see it through!Are you in sales then with a monthly bonus type thing? Anything you can do to effect it and or improve?
kiethton said:
This is my focus for this year.
I live fairly frugally (ish) but have actually put together a spreadsheet detailing all of my income and outgoings following a frankly ste bonus announced this morning which won't clear them.
My monthly costs look like this (grey = annual cost split over a year):
Leaving me about £80 a week spending money (food, clothes, beer, petrol) to live within the means of my basic salary (ex. bonus) and before I start paying off debt, which is fairly substantial. Thankfully the weekly shop should be covered by my fiance....
I am also hoping the insurance costs for the car reduce this year (they should....hopefully!)
With a number of commitments this year (wedding venue/service deposits, a £3-5k one-off service charge expense amongst others).
My intention is also to lose a little weight so going out/reducing the current £100 a week eating out/food/drink bill should hopefully happen whilst minimising the £20 a week the motorbike costs me to get to work on by cycling 2.5 days a week instead. Only thing is I don't think I', having a holiday this year
Even a cursory 30-second glance at that sheet indicates you're overspending by £5-8k a year. You could save £50-100k over a decade by trimming expenses.I live fairly frugally (ish) but have actually put together a spreadsheet detailing all of my income and outgoings following a frankly s
te bonus announced this morning which won't clear them.My monthly costs look like this (grey = annual cost split over a year):
Leaving me about £80 a week spending money (food, clothes, beer, petrol) to live within the means of my basic salary (ex. bonus) and before I start paying off debt, which is fairly substantial. Thankfully the weekly shop should be covered by my fiance....
I am also hoping the insurance costs for the car reduce this year (they should....hopefully!)
With a number of commitments this year (wedding venue/service deposits, a £3-5k one-off service charge expense amongst others).
My intention is also to lose a little weight so going out/reducing the current £100 a week eating out/food/drink bill should hopefully happen whilst minimising the £20 a week the motorbike costs me to get to work on by cycling 2.5 days a week instead. Only thing is I don't think I', having a holiday this year
And that service charge, relative to the council tax (and assumed property value), looks ridiculously expensive.
If you put your mind to it, you can save a fortune from that list.
Yipper said:
Even a cursory 30-second glance at that sheet indicates you're overspending by £5-8k a year. You could save £50-100k over a decade by trimming expenses.
And that service charge, relative to the council tax (and assumed property value), looks ridiculously expensive.
Yes, it's fAnd that service charge, relative to the council tax (and assumed property value), looks ridiculously expensive.
king ridiculous.£3,480 a year, but with an application underway for further emergency works necessitating a one off top-up of £3-5k resulting in a total cost of £6.5-8.5k for this year, just what we f
king need :/Thankfully the over-spend this year will be one off, my salary was growing at 12% a year, until now. I haven't been given a pay rise and actually had a bonus reduction......still sufficient to absorb the above thankfully but not enough to pay down debt in a meaningful way - especially when booking a wedding for next year. Hence the maintain for the year target and an intention to dust off the CV.....
geeks said:
Are you in sales then with a monthly bonus type thing? Anything you can do to effect it and or improve?
Its not sales, just a city job where the bonus (annual) represents a significant proportion of your annual earnings, near 40% last year and 20% this year - all done on a discretionary basis by the head of department, the excuses given for it not being increased are beyond my control but suspect it's linked to attire (myself and team only wear suits to meetings, not around the office else some trousers last 3 months) rather than anything I have or haven't done - MIFID st probably hasn't helped either.Other than that it's moving firms, something that will be progressed this weekend as every recruiter that's spoken to me over the past year has said I'm 25-50% behind market which would change things a lot.
. Great at feeling owing nothing to nobody. We had let credit cards build up and whilst they were all interest free we had about 7k and it was like a monkey on my back. I was paying 800 a month trying to clear them and in the end I bit the bullet and paid them off from savings just to kill it. Feels great even though on paper I should have paid off the most expensive debts first.
Paying them off has eased cash flow no end though. They are now all set to pay in full each month so the repayment is still about 250 but better than 800.
Next target on the list is the car loan.
Paying them off has eased cash flow no end though. They are now all set to pay in full each month so the repayment is still about 250 but better than 800.
Next target on the list is the car loan.
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