No Spend September

[StellaCruella]

Hi all
We have around £6.5k debt that I am determined to pay off as quickly as possible so we can start to build some meaningful savings.
To kick start this, I am planning a no spend September.
Anyone with me?

Found another good podcast The Frugal Spender.

Just listened to one about the snowball method of debt repayment which sounds good - the thing is I am only paying interest on one debt so makes sense to get rid of this first... I might look at trying to consolidate for 0% so they are all 0%...

There are two methods of debt repayment both have advantages
avalanche priortises paying off loan with highest interest first, so you make minium payments on all loans except one with highest interest and you throw all extra at this debt, this method minimises interest and overall costs less
snowball pay off smallest debt first whilst making minimum repayments on all this is not financially cheapest but the small wins on getting a few small debts out of the way can provide a psychological boost and so increases the amount you save towards getting rid of debts
if you can be financially disciplined avalanche makes the most financial sense, but if debt is tied in with emotional impulse spending then snowball maybe the way to go

@MooBaggage - great start!

I officially start on Friday as it's my pay day, but have no money left this month so feels like I'm already in haha

Just doing some meal planning now...

When is everyone else starting? Aug pay day or 1st Sept?

@StellaCruella
I think I'll be going 27th to 27th - pay day to pay day.

Argh!! Just been hit with a £105 fine for driving in a bus lane in June!! I missed the first letter somehow so now it's £105 - not a good start!

Hello all!
Have been watching this thread since it started....
Am eager to start up with you all.
I think my official start date will be towards the end of August, since it will be pay day then x

Me! I don't have debts but I don't have savings either an as a single mum I need an emergency fund .

@ThisOchreLemur @KaneelStokjes Hi!

I've just done my budget for the month and £1.5k savings was way off the mark haha

But I'm looking at a target of £750 saved, plus £465 debt repayments, so £1215 total towards my goals.

Just need to stick to it now...

For the first time I have started budgeting for the expenses coming up months in advance so I can chip away at it and have taken the effort to set up standing orders from my account into other accounts.

Am using my credit card a lot more too and paying it into another account daily but to build my credit rating up as I don't have credit apart from my mortgage.

@OKbutwhyplease same for me - haven't sat and done a proper budget in years. Just can never work out where all the money goes but looking back over my outgoings over the last couple of months has been... sobering!

Something sobering I have a Starbucks/coffee addiction and I'll be honest a tenner here or there (2of us) isn't really noticeable for a nice treat £960 a year. £960!!!! A year!!!! Probably more. That's literally an holiday.
It's rediculous.

Day one for me! Pay day! I've moved all the money to the places it should be, paid breakfast club until the end of the month and paid the driving fine.
Direct debits can now do their thing and I just have to not buy anything non essential for the next 30 days...

@StellaCruella good luck Bab

@OKbutwhyplease thanks!
So are you planning on cutting back on Starbucks or cutting out altogether?
I do love a take away coffee.

Can I ask what your monthly food budget is please?

You go first!

Cutting back on discretional expenses as much as possible without completely restricting myself.
When you have a toddler it's sometimes medicinal 😆 😂

I need to do this! Thanks for starting this @StellaCruella. I will be starting on 28th as this is payday. I have £3400 on a 0% CC and £259 on one accruing interest, so the one gaining interest will be my priority. Good luck to everyone starting soon and keep going to those who have already started.

That’s why I’m asking. Because I don’t know what I’m spending. I was just asking. Why so hostile?

I was going to ask to join this thread but I can’t be arsed with people like you.

Takeaways in a no-spend month?!

no huge surprise why you are in debt......

@pinkfleece please take your bad mood elsewhere, this is a supportive thread

Hello! We are a family of 4 - 2 primary age DC and I budget £500 per month.

Just scroll on by - seriously

Thank you and good luck to you!

Yes I am paying off the one with interest first too.