ChrisFilter
Like a boss.
Yeah, but I'd rather move closer to town and stretch myself a bit further
Yeah, that's fair enough. I'm boring and married, so it doesn't really matter where I live as long as it's easy to get to work and to mate's houses.
Debt-free Club
- Thread starter ChrisFilter
- Start date
Yeah, that's fair enough. I'm boring and married, so it doesn't really matter where I live as long as it's easy to get to work and to mate's houses.
Mr_Nice
A Weekend Warrior
Mortgages are a bit different to personal loans and creidt cards and all that shite though
I've got mine under control anyway, pay a fixed amount for x years. I could fuck it off but I think I'm better off just paying it. Plus the amount I've paid back now, to fuck it off and go bankrupt or whatever would be foolish - imagine what I could have done with the repayments!
Exactly, pay off your debts but don't go overboard paying off your mortgage and being some sad fucker that never goes out
marty21
One on one? You're crazy.
Exactly, pay off your debts but don't go overboard paying off your mortgage and being some sad fucker that never goes out
exactly - you might as well be a sad fucker who doesn't go out when you're old and that - spend all your life not going out and hoarding money, what's the point of that?
ChrisFilter
Like a boss.
Exactly, pay off your debts but don't go overboard paying off your mortgage and being some sad fucker that never goes out
I'm not planning on doing so. Just getting rid of the credit cards and loans. Have an extra £1700 a month between us to spend will be sweeeeet
2 years off though, so it's knuckle down time.
madzone
Physically unfavourable
Awwwwwww, I lurve shedsI really really want a shed!
Yokels are allowed in the spare room
I lived in one for 3 yrs - was fooking ace. If this was our place I'd put a fuck off big shed up as a studio.Let me know when you complete and I'll give you a week to move in before I come and visit. I'm good like that
ChrisFilter
Like a boss.
*BUMP*
Well, it's 3 months on and I think I'm doing pretty well.
This month is the first month (pretty much) in my adult life that I have finished a month within my means. Same for Mrs Chris for the first time in years. This means that this month we actually have our full salaries, not sullied by bank charges, late fees, and of course the deficit from the previous month. In fact, in Xmas month we paid back over a grand to get on an even keel as well as bear all the cost of Christmas.
So, my budget will actually properly work this month
We have a choice. If we want to pay everything we owe back in 25 months, this leaves us with £130 a week spending money each (food, clothes, expenses, entertainment, etc). If we want to pay it back quicker, we live off less. £90 a week spending money each would mean we've paid everything off in 17 months, for example.
I'm well pleased with this, because it means we can pay off our debts quicker than we ever thought possible (snowballing the debt) as well as enjoy life without feeling too restricted Also means that if Mrs Chris gets up the duff, we can step up the repayment several notches and clear it in just over a year (before her maternity pay dries up).
So yeah, it's a fantastic feeling. Not avoiding bank statements because they make you feel a bit sick, knowing where your money is and how much you can spend, it not being the millstone round our necks that we thought it'd be.
Hope other people are doing well with their financial plans
Well, it's 3 months on and I think I'm doing pretty well.
This month is the first month (pretty much) in my adult life that I have finished a month within my means. Same for Mrs Chris for the first time in years. This means that this month we actually have our full salaries, not sullied by bank charges, late fees, and of course the deficit from the previous month. In fact, in Xmas month we paid back over a grand to get on an even keel as well as bear all the cost of Christmas.
So, my budget will actually properly work this month
We have a choice. If we want to pay everything we owe back in 25 months, this leaves us with £130 a week spending money each (food, clothes, expenses, entertainment, etc). If we want to pay it back quicker, we live off less. £90 a week spending money each would mean we've paid everything off in 17 months, for example.
I'm well pleased with this, because it means we can pay off our debts quicker than we ever thought possible (snowballing the debt) as well as enjoy life without feeling too restricted
Also means that if Mrs Chris gets up the duff, we can step up the repayment several notches and clear it in just over a year (before her maternity pay dries up).So yeah, it's a fantastic feeling. Not avoiding bank statements because they make you feel a bit sick, knowing where your money is and how much you can spend, it not being the millstone round our necks that we thought it'd be.
Hope other people are doing well with their financial plans
kyser_soze
Hawking's Angry Eyebrow
Have you drawn a chart with your repayment schedule vs debt on it? The first time I got heavily into debt I found this was a great way of showing how the debt was coming down. At first you have this huge mountain-looking thing, and the monthly repayments don't look like much, but after 6 months you can literally see how much your debt has come down.
moonsi til
worked it out now!
It is a good feeling. These past few months and xmas included I wasn't scared about reaching the end of the month or writing cheques for food.
Due to receiving a cheque I was to be debt free but plumber just told me that my boliler is indeed knackered so it's the cost of a new boiler plus his £48per hour that will keep me in the red. I reckon I will be credit/overdraft free by about April/May. My BF finances will be a lot healthier Sept 09 and he has now got himself to a place where he is not getting regular £30 missed payment charges he has done this by sticking to a budget and online banking rather than guessing whats in his account.
Due to receiving a cheque I was to be debt free but plumber just told me that my boliler is indeed knackered so it's the cost of a new boiler plus his £48per hour that will keep me in the red. I reckon I will be credit/overdraft free by about April/May. My BF finances will be a lot healthier Sept 09 and he has now got himself to a place where he is not getting regular £30 missed payment charges he has done this by sticking to a budget and online banking rather than guessing whats in his account.
RubyBlue
faded and jaded
I've managed to pay off all credit cards - I now have one loan which is fairly big but the bank has allowed me to renegotiate the repayment terms and I've cleared a large chunk of it financially I'm not out of the woods but getting there. For the past 4 years I have been constantly paying back and not adding to debts - not even overdrawing.
financially I'm not out of the woods but getting there. For the past 4 years I have been constantly paying back and not adding to debts - not even overdrawing.
ChrisFilter
Like a boss.
Yeah, got a snowball chart stuck on the inside of a kitchen cupboard as well as a chart showing all monthly direct debits and regular payments. Makes it a lot more bearable
A good thing I've schooled myself to do is to imagine the interest saved when I don't spend my money on something I would have done in the past. I.E. ordering a massive takeaway on a Sunday.. I now imagine that £25 saved is actually £40 saved thanks to all the interest we're missing out on.
And, it turns out, being a bit thrifty is actually dead easy. It's no big sacrifice not spending £3 on brekkie and £6 on lunch every day. I'm not missing convenience food. I'm enjoying thinking about what I'm spending at the supermarket, etc.
Chester Copperpot
Triple stones
I finished my student loan about a year ago which was great (£70 a month) and have only got about £700 on the credit card which will be gone by May.
I still have about a £7k bank loan which I could certainly clear in the next few years but given the current climate any spare money I get I'm sticking in a savings account in case I lose my job. Really I should be putting it towards paying off the loan but it's nice to have a cushion.
I still have about a £7k bank loan which I could certainly clear in the next few years but given the current climate any spare money I get I'm sticking in a savings account in case I lose my job. Really I should be putting it towards paying off the loan but it's nice to have a cushion.
RubyBlue
faded and jaded
I'm in the same situation - any spare money I have instead of putting it towards my loan I save it - whenever problems pop up - plumbers / new boilers etc it's nice to have the cash and not worry about it. The loans still getting paid.
mrsfran
Well-Known Member
Nice one Chris
I made it and am now ending the months comfortably in the black, which is very satisfying. I have set up a good savings account (8% interest!) and am paying into that regularly every month as well as overpaying on the mortgage. It's nice to feel a bit more secure.
I made it and am now ending the months comfortably in the black, which is very satisfying. I have set up a good savings account (8% interest!) and am paying into that regularly every month as well as overpaying on the mortgage. It's nice to feel a bit more secure.
100% masahiko
i is a professor and is magical like totoro
Can I join? Recently paid of £16K worth of debt - it's a better feeling to not to spend most of the time worrying about cash.
I have destroyed all credit cards except one.
Never again!
I have destroyed all credit cards except one.
Never again!
feyr
evil evil monkey!
not including my student loan, as i only pay back £40 or so a month (which comeone told me is probably only covering the interest i only graduated in 2004, started paying it back in 2005 ) , and the same for mr feyr, we have a debt of £1489 , so should be easy enough to pay back over the year, despite being on a very tight budget. we rent atm, but want to start saving for a deposit so the plan is to be debt free by the end of 2009 to plung ourselves back into debt by getting a morgatge
combined monthly income after student loan ,rent and council tax is £1200. budget is now £500 for food, £100 for socialising (we dont go out often, so £12.50 a week each should be ok), £100 for phone ,internet,sky etc) £100 for essentails for the kids (nappys, clothes, general bits and bobs) £100 for gas and electricity , £100 for emergency/unexpected costs, which leaves £100 for debts, £100 for savings . at the end of the month, anything left over, or from overtime etc will go into savings
i only graduated in 2004, started paying it back in 2005 ) , and the same for mr feyr, we have a debt of £1489 , so should be easy enough to pay back over the year, despite being on a very tight budget. we rent atm, but want to start saving for a deposit so the plan is to be debt free by the end of 2009 to plung ourselves back into debt by getting a morgatge combined monthly income after student loan ,rent and council tax is £1200. budget is now £500 for food, £100 for socialising (we dont go out often, so £12.50 a week each should be ok), £100 for phone ,internet,sky etc) £100 for essentails for the kids (nappys, clothes, general bits and bobs) £100 for gas and electricity , £100 for emergency/unexpected costs, which leaves £100 for debts, £100 for savings . at the end of the month, anything left over, or from overtime etc will go into savings
mrsfran
Well-Known Member
not including my student loan, as i only pay back £40 or so a month (which comeone told me is probably only covering the interest
combined monthly income after student loan ,rent and council tax is £1200. budget is now £500 for food, £100 for socialising (we dont go out often, so £12.50 a week each should be ok), £100 for phone ,internet,sky etc) £100 for essentails for the kids (nappys, clothes, general bits and bobs) £100 for gas and electricity , £100 for emergency/unexpected costs, which leaves £100 for debts, £100 for savings . at the end of the month, anything left over, or from overtime etc will go into savings
If the interest rate on your debts is greater than that on your savings, you would be better off paying off your debt first and then starting to save after that. At £200/month you'll be debt-free by the end of August!
kyser_soze
Hawking's Angry Eyebrow
Thora
Differently Ethical
There is about a dozen mouths to feed!
Yuwipi Woman
Whack-A-Mole Queen
You have a point. One exception I'd make to this is if there isn't an emergency fund. You can run up new debt rather quickly and at high interest rates if you don't have an emergency fund to cover unexpected costs.
Yuwipi Woman
Whack-A-Mole Queen
That does seem a lot, but I don't know what the food costs there. If you could shave 20% off that you'd still be able to get the debt paid off quicker and still put money in savings. (Just a thought).
ChrisFilter
Like a boss.
We're paying back £1470 (£1670 including student loan (£2400 including mortgage)) of debt a month... this should reveal just how much debt we're in.. wankers 
Yuwipi Woman
Whack-A-Mole Queen
We're paying back £1470 (£1670 including student loan (£2400 including mortgage)) of debt a month... this should reveal just how much debt we're in.. wankers
Wow! That's more money than I make in a month, even with two jobs.
I'm fortunate in that I only have my mortgage and it's only $35K.
100% masahiko
i is a professor and is magical like totoro
We're paying back £1470 (£1670 including student loan (£2400 including mortgage)) of debt a month... this should reveal just how much debt we're in.. wankers
That is heavy going...what kinda mortgage you got?
ChrisFilter
Like a boss.
Mortgage is great, less than our rent was.. only £740 a month.
Got £20k in personal loans and £19k on credit cards. This is what happens when two people who are terrible with money meet, fall in love, live hedonistically, get married, by a house... then look at the bills
Actually, it's all proportionate. Our combined income (after tax and loan repayments) is over £4500 a month so it's bearable.
100% masahiko
i is a professor and is magical like totoro
Mortgage is great, less than our rent was.. only £740 a month.
Got £20k in personal loans and £19k on credit cards. This is what happens when two people who are terrible with money meet, fall in love, live hedonistically, get married, by a house... then look at the bills
Actually, it's all proportionate. Our combined income (after tax and loan repayments) is over £4500 a month so it's bearable.
Over £4500 per month after loans and repayments? That's real good and above average than most household incomes. Watch out for those credit cards - they're the worse.
It's strange to think that I probably have the same amount of cash to when I was a student. We may have own own home, a job, a nice suit and car - but still skint like a crummy 19 year old spotty student. Is this the curse of the modern 30s?
i finish paying my final loan off in 11 months - which is £300 a month. just finished paying a £250 a month off and doing £250 a month clearing my credit cards.
can't wait to get it finished in December - be first time in over 10 years i won't have had some kind of loan or other. should be able to tidy up the credit card in a couple of months after that and then finally! finally! can start thinking about a deposit for a flat or gold plating my feet or something frivalous. all that depends on being in gainful employment of course
i had fun racking up all that debt but i do wish i had maybe not been quite so silly
so good luck Filter and everyone else doing this!
can't wait to get it finished in December - be first time in over 10 years i won't have had some kind of loan or other. should be able to tidy up the credit card in a couple of months after that and then finally! finally! can start thinking about a deposit for a flat or gold plating my feet or something frivalous. all that depends on being in gainful employment of course
i had fun racking up all that debt but i do wish i had maybe not been quite so silly
so good luck Filter and everyone else doing this!
ChrisFilter
Like a boss.
Sorry, I meant we get that after tax and student loans have been deducted. Not that we have that after we've paid off the £1400 a month of debt...
That'd be sweet
ChrisFilter
Like a boss.
i had fun racking up all that debt but i do wish i had maybe not been quite so silly
Tell me about it... I was ridiculously naive. I wish I'd grown up with a better idea of the value of money. I worked from 14yrs old, so it's not like I was a spoilt little rich kid (though my parents have bailed me out of debt before..).
RubyBlue
faded and jaded
Sorry, I meant we get that after tax and student loans have been deducted. Not that we have that after we've paid off the £1400 a month of debt...
That'd be sweet
Even after tax & student loans - would still be VERY sweet for me
