Finally found the strength to get debt free 💪

Angela84 · 19 June 2017 at 4:40AM

I've come on here a little into my debt free journey but I still have a way to go so I want to stay accountable for motivation.

I started this year with £9850 debt. I was shocked when I added it all up in January, and after years of vows to do something about it, I finally decided it was time.

RBS overdraft £1250
NatWest overdraft £1600
NatWest cc £250
Barclaycard cc £2000
Lloyds cc £4750

My weekly budget after I've paid my rent and bills is £281. From this I budget £90 a week for food and fuel.

February I started paying £100 a week to NatWest CC. It felt good when it was £0 and I knew i would never use it again.
Next in march I started working on the rbs overdraft. I've had this overdraft for 11yrs since I was a student. All those £30 monthly fees, the thought of it makes me so glad I became finally free in May!
The next one was NatWest. I knew I'd find this harder as it's the account I use on a daily basis. In the end I decided to open an interest free credit card to transfer the balance.
So now NatWest is £0, and I had £1600 on a virgin card.

I am now on week 4 of paying it back. I decided on the figure of £123 a week as
1. This means it would be cleared by the end of August
2. This gives me £70 a week to live on, or £10 a day.

Not sure if that sounds high, but I have children and unexpected things seem to crop up almost every day. I would like to be able to budget better and build up a contingency fund but I got so motivated seeing these debts finally start coming down that I haven't.

After virgin is gone in August, the next plan from September - December is barclaycard. My plan is to start 2018 with only 1 credit card debt. My debt free date would be September 2018.

I have also started matched betting a week ago, I spend about an hour each night trying to understand it and it's slowly coming to me. That money will go straight to these debts and hopefully bring my debt free date forward!

Former_MSE_Andrea · 19 June 2017 at 10:54AM

Hi!

Well done for getting motivated Angela84 :T:T

Have you done a Money Makeover?

Which other forum boards have you looked at? Our Old Stylers have some fab tips for meal planning, recipes, cutting your food bills down, cleaning tips etc.

tootallulah · 19 June 2017 at 11:22AM

Hi Angela, brilliant start and well done for getting sorted out, you look to be organised and prepared - keep posting it helps, especially when there are bumps on the way.

doingitanyway · 19 June 2017 at 11:31AM

All sounding good. Well done

MeandThe2 · 19 June 2017 at 6:20PM

Well done on the work you have done so far! Your plan sounds good and you're clearly determined. I would look at a small emergency savings fund though, I know you want to pay all the money you can off your debt but having a little bit of 'just in case' money will stop you creating more debt should you ever need it.

I get what you mean about things popping up when you have children and £10 a day seems reasonable if you can afford it as well as paying off the debt.

Keep up the good work

Angela84 · 20 June 2017 at 12:04AM

Cheers guys!
It's not been easy, in the beginning I found it just like when I've tried to diet when younger, I'd save and pay some debt off and be 'good' and then get cravings and 'treat' myself to something as I wanted to cheer myself up.
Not anymore, I've become rather tight!
Things that have helped in my journey so far:
Converting to Aldi, meal planning, making the majority of our meals vegetarian as meat is pricey, and one every month or so setting a cupboard challenge (only buy essentials and use up everything else in the house)
Vowing to not grab lunches out and about. I am still guilty for buying fizzy drinks though &#55357;&#56895;
Found a great mobile hairdresser who does my highlights for £30!
Move my all direct debits to 1st so I can't be surprised or forgetful and risk charges.
Being a member of some lovely local Facebook groups and finding lovely things people are happy to give away, I haven't bought clothes or toys for any of my children for 6 months, until today when I managed to get my sons whole new school uniform for secondary school for £10 from the second hand shop. The same new would have been nearing £200 for it all.
I also spent 3hrs at the shops and only bought what I went for, baby food.

doingitanyway · 20 June 2017 at 7:51AM

You are making great progress in all areas but the school uniform was a major coup. Well done!

Angela84 · 21 June 2017 at 6:08AM

I need to commit some more time to this matched betting thing. I invested £110, and am nearly back to that now, I'd have done it a lot quicker but I'm so tired on a night I can't face having to use my brain I think!
I'm going to vow to try and place one bet per evening for a week and see what I will happen.

I run the school pta and it takes up a lot of my time, which is fine as I love it, but I need to find a way from September of streamlining that I think.

Also from September I'll have a new bill of around £80 for school lunches so I want to keep the matched betting income up for that as well as hopefully repaying my debts quicker.

Also unbelievable how quickly credit card companies start upping your limits when they can see you're paying stuff off quickly all of a sudden.

Angela84 · 23 June 2017 at 6:48AM

Almost rent day, i remember when I'd have to be borrowing to cover it all and then spending the rest of the month to pay it back, now it's always ready in my spare account.
I love my house, been here a year this month, always a worry with renting that they'll ask you to leave but I'm trying to stay positive and think I can live here for a long time, it's an ideal place for the children.

JoJoC · 23 June 2017 at 9:21AM

What a bargain for the school uniform! My eldest is starting school in 6 weeks and I must've spent around £200 on uniform...and I haven't even bought footwear yet! £10 is beyond a bargain

I've heard of this matched betting through a friend who invested £200 and took away £5k after a year... but it all sounds too good to be true!

Angela84 · 27 June 2017 at 10:27PM

Well this week has not gone as successfully as previous week. I got a spending craving last Friday so my debt repayment money didn't happen and instead went on finishing my garden off. I can try and justify it and make myself feel better a bit as it wasn't exactly just blown on rubbish, and it was the last thing on my list for my home to complete, but still. That's a week behind I'll be now. In fact have so badly miscalculated I'll be £9 short for my rent! Will have to borrow until Friday. Not impressed with myself on that one.
Have also done zero with the matched betting project.

Have been rather off the ball the last few days &#55357;&#56849;

I did get a traveling urge hit me yesterday and decided to forget about the debts and take the children exploring for the summer, but I think it's hit me how much that'll cost and how much further behind I'll be in my debt repayments so I think that one can be forgotten about until at least next year.
I want to be debt free so I can save up and fund travelling projects myself.

Finally found the strength to get debt free 💪

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