Wednesday, 2 January 2013

Frugal 13!


Hope your New Year is off to a good start?

This post is boring and I don't expect anyone to read or comment on it.I'm writing it as an online diary/reminder  to myself of how debt keeps you down and stops you achieving what you want.

I completed my financial review for myself and  Mr M. We're in Public  Sector jobs where we have to be vetted financially due to the information we are privy to, they want to see  how susceptible we are to being corrupted!
Things are better than they were last year mainly due to my wake up call  after reading Frugal Queen and SFT's blogs ( there are many others but  they get the credit for the initial light bulb moment!)
However  one debt has really perplexed me and then bloody annoyed me!

We have a credit card with H*****X and the outstanding amount in December  2011 was £2676
This year December 2012 the amount is £2701 !!!! How can that be? On a card that we cut up last year and hasn't been used for 12 months! Admittedly I have only paid the minimum amount each month but we actually owe more than we did when we started! Outrageous!

So it's been back  to the Snowball to see what can be swapped around and start throwing more at that debt. It's not the worst APR but it is the highest amount outstanding. Our credit rating isn't  brilliant or I would look to go for a 0% deal, we're just stuck with it and will have to wear it for now.

My financial  goal for 2013 is to pay off £11,267.29  of personal debt.

That's £938 a month. I already pay £750 towards it each month so will need to find an extra £188 a month.
I can't do extra employment because of my main job so the extra will have to come from overtime, cutting back and selling stuff!

I've already started and have been cutting back and selling on eBay. DVD's and old Wii games have gone to Music Magpie and  that amount will go straight off another debt. I also received a refund on a debt that I had overpaid and that's gone straight on another over payment (before it would have gone on the sales!)

So far so good! I'll do a post each month to see how I'm  progressing. : -)

(Of course if  I was really clever I'd do a spreadsheet but that's way out of my league!)


  1. What a fantastic and worthwhile goal you've set yourself! Good luck!

    1. You, young lady, are going to cost me a fortune in ASCP this year!! I've now decided that after reading your blog and seeing your wonderful makeovers, pine furniture shouldn't be orange and will have to be painted!! (As my husband rolls his eyes!!)
      Thanks for your support :-)

  2. You can do it! You must begin by ensuring you pay off much more than the minimum each month on that card. It is evil the way interest mounts up.
    And there are lots of us out here in blogland cheering on your efforts.
    Emmas blog IS beautiful - but you have to keep asking yourself - debt or paint? [you could always try freecycle before you go to B&Q]

    new year blessings xx

  3. You're doing so well with the debt-busting. I've been renovating furniture for 30 years and have only ever used up what I had in the garage - usually emulsion with a coat of wax to age and protect it - I did a kitchen at the old house using the same method. It may take a few coats more than the chalk paint but doesn't cost a fortune. I've seen blogs where people have made their own chalk paint too - maybe you could try that.

  4. What excellent advice. Scarlet is a fantastic inspiration!

    I agree that you need to pay more than the minimum.

    Make 2013 your year!

    Sft x


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