Time to sort my finances out
Flowers123
Posts: 136 Forumite
I am in my mid 20's and I've decided to sort my finances out finally. I am lucky enough to own my house but I have a loan and 2 credit cards which have built up from frivolous spending on holidays and clothes and going out. My total debt excluding my small mortgage is £18,900 :eek: and I have nothing to show for it.
:beer:
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So my challenge is to pay off my credit cards over the next 18-24months so I can concentrate on paying off my loan.
CC1 = £1542.00
CC2 = £2080.00
Loan = £15,278.31
It feels like it's going to take forever.
My loan payment is £347.13 per month and I pay as much over the minimum on my credit cards but I always manage to dip into my overdraft which I'm going to stop! Most of my spending goes on food and socialising.:beer:0 -
:wave:, hello Flowers, wishing you well with your new diary and debt busting.0
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Happy shiny new diary
Baby steps are good.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Hi Grunge girl. Thanks for posting. I've been reading loads of diaries on here and it seems a really good way to get motivated and get rid of my enormous debt:beer:0
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Hi beanielou. Thanks for stopping by. Yes I'm hoping by starting with the smaller credit card debt first will help keep me motivated. Fingers crossed!:beer:0
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It's been a busy morning. I've been in work since 9am and I've managed to sell a pair of heels that I listed last week for £12.63 after e*bay fees. I still have to pay for the postage out of this which I'm hoping won't be too much. I can't decide whether to add it to my EF or put on my CC1. I only have £50 EF which I'm saving for car insurance which is due next May and anything else that may crop up. Also I've been paid today so I've transferred money to my second current account which pays all my direct debits and I also get a £5 reward which comes in handy. As I was in my overdraft last month due to going on holiday I have less money to spend on groceries and going out this month but I do have lots in the freezer to keep me going and I'm spending the weekend at my parents next week so hopefully won't spend too much apart from fuel to get there and back. I'm determined to get rid of this debt and get some savings behind me. As I don't have a partner or child (need a man for that) my outgoings are quite minimal. It's just my impulsive spending I need to keep in check. I've seen that lots of other people use the survey sites to earn vouchers for Christmas spending which I might look at as I always get to Christmas and panic buy and end up spending way more than I should. Anyway enough rambling. Flowersx:beer:0
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So £18.81 spent on the way home in the supermarket on essentials. Nearly £10 of this was on skincare as I have run out of nearly everything. Also picked up some pasta salads for work lunches. 2 for £3 which would cost me more to make and I'm slightly bored of sandwiches. I have also paid a minimum payment to CC1 of £37.75. I've only paid the minimum as I was in my overdraft last month and want to remain out of it this month. I should be ok if I am careful with grocery shopping and socialising this month. Flowersx:beer:0
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So I spent £2.85 on posting my e**y parcel. Took my pasta salad for lunch along with snacks and I also walked to and from work today so nearly a NSD. I'm currently at home watching tele and plan to remain on my sofa for the rest of the evening. I've been reading lots of diaries on here and I really need to set myself some goals to keep myself focused. I may save for a holiday in a few years once I have paid most of my debt off. I have just worked out my DFD will be June 2021!! Omg that is ages away. My loan interest is around 12% so I hope when I have cleared my credit cards I can find a better deal and clear this quicker than the 5 years it currently says. My Experian credit rating is 819 and I really want to improve this so I can look at moving to a bigger property eventually. I have a 2 bed semi detached at the moment and it's big enough for me but I would like a bigger garden. I will do a SOA shortly. Flowersx:beer:0
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Yay just sold another item on e*** which is another £14 then postage will be about £3. I've decided to keep any money I make in my current account this month as I want to avoid going into my overdraft this month. I have £100 interest fee but it still charges a £6 fee.:beer:0
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Flowers123 wrote: »Yay just sold another item on e*** which is another £14 then postage will be about £3. I've decided to keep any money I make in my current account this month as I want to avoid going into my overdraft this month. I have £100 interest fee but it still charges a £6 fee.
:j Hi and Welcome doing brilliant on the sales - :beer:Grocery challenge Feb £107/£100-epic fail due to cake and biscuits
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