TMWM

As you may have read from my recent Money Wise Talks 07/10/2021, I have decided to do a Mini Debt (Pay Off) Challenge between now and Christmas.

I want to clear the rest of the balance of £1567.25 from the MBNA card as the 0% interest free period ends 31/12/2021. The finer details around how this amount came about can be found in the Money Wise Talks 07/10/2021 blog post.

If I don’t clear that amount by that day, the interest will default to 29.93 %. I could transfer the balance again but really want a new challenge to refocus me in paying the debt off. I have been on this debt journey so long now that I’m starting to get fed up of it. Can anyone else relate?

To get me in the mood, I made myself a funky new Pig Savings Tracker which you can also download for FREE below. Cute isn’t it!

There are 20 lines on the pig tracker, so each line is worth 1/20^th of the total. To work out how much each line is worth just divide the total by 20.

My total on the MBNA card is £1567.25, so each line is worth £78.37 (1567.25/20) .

Every time I make some extra cash, I will put it in a spare online savings account I have attached to my current account and when I get £78.37 I will transfer it to the credit card and colour a line of my pig in. If you have paid off all your debt and have savings goals, you can use it for that instead!

As I mentioned before, I have been a little deflated recently whilst on this ‘paying off debt journey’ so wanted or maybe needed to spice it up a bit by focusing on a lesser number than the massive amount of £16,363.74 and adding a little fun of course. There is also a little bit of pressure and urgency as the deadline is the end of the year.

I just want to be debt free. I just want to start the next chapter.

In all honestly, I think it will be tough to do. I’ve just had some bad news (again) about the maintenance I receive so it looks like that money won’t be coming in, so I’ve decided not to rely on it anymore. If it comes in, bonus. And if it doesn’t, it doesn’t.

Sad news is, I’m now effectively down £200 a month.

The timing is awful being so close to Christmas but thank goodness I saved money every month since last December. At least Christmas won’t be ruined.

Anyhow, yes it will be tough. Going to try my usual tricks of selling, match betting, possible more delivering and being more frugal.

After my last no spend month, I realised I was a little spendy on Monday and Tuesday’s even though I do our weekly shop at the weekend so I’ve now taken my debit cards out of my phone case. I will only use them now on the one day I need to draw out cash for shopping and petrol.

Hoping this will be enough to clear it.

Why not do something similar with me and download the Pig Tracker for FREE. Tag me on Instagram so I can support you and you can support me and GOOD LUCK!