Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Disco Dolly
    • By Disco Dolly 5th Apr 14, 3:03 PM
    • 192Posts
    • 208Thanks
    Disco Dolly
    Disco Dolly V's Debt
    • #1
    • 5th Apr 14, 3:03 PM
    Disco Dolly V's Debt 5th Apr 14 at 3:03 PM
    I have just discovered this forum and the Debt Free Diaries board. I think a diary is a great idea and am really hoping it will keep me on track on my debt free journey. I am from Ireland not UK so hope you don’t mind me posting here.

    Basically I have had my head in the sand for a long time continuing with credit and living way beyond my means. My light bulb moment came this January (New Years Resolution if you like!), I realised I owed a lot of money, I had no savings/emergency fund and nothing to show for my years of working – just massive debt! I earn good money but have little or no disposable income due to servicing this debt.

    I am a single mother of one working full-time. I earn €45,000 approx per year, my ex pays €50 maintenance per week and I receive child benefit of €130 per month, no other benefits. I have a mortgage on my own and it’s fully up-to-date. The good news is I have a good credit rating and have never missed a payment.

    Since January I have been reviewing where I am going wrong, I am in the process of cutting back on expenses, grocery bill is substantially lower, eating out is reserved for special occasions only, I have reviewed insurance and utilities and changed companies where possible, I am debating getting rid of Sky TV but have cut down to the lowest package for the moment, I have started car pooling to work, cancelled my mobile phone contract and switched to pay as you go and I have changed to a new bank current account with no fees. I have cleared my overdraft and the new bank account has no overdraft facility. All debts are up-to-date and also all utility bills, etc. I am also just starting to look into what I can sell at the moment.

    I have recently discovered Dave Ramsey and am going to try following his Baby Steps. I have ordered his Total Money Makeover book but it hasn't arrived yet. I am working on building a €1000 emergency fund and at the moment I have €700, I am hoping to have the full €1000 by the end of next month. And then I am moving on to my debt snowball, starting with first credit card. I have also done up a budget and am sticking to it so far.

    Embarrassed to write all this down but currently my debts stand at:
    Overdraft - €2400 to €0
    Loan 1 - €2397.13
    Credit Card 1 - €2,736.00
    Credit Card 2 - €4,381.49
    Loan 2 - €9,831.72
    Current Debt Total - €19,346.34

    My aim is to be debt free apart from my mortgage as soon as I possibly can. Then hopefully I can work on building savings and tackle the mortgage after that!
    Last edited by Disco Dolly; 25-01-2016 at 10:17 PM.
Page 11
    • Disco Dolly
    • By Disco Dolly 1st Nov 17, 8:34 AM
    • 192 Posts
    • 208 Thanks
    Disco Dolly
    Monthly update below:

    01 Jan - €9,092.38
    01 Feb - €8,570.04
    01 Mar - €8,051.90
    01 Apr - €3,600.00
    01 May - €3,700.00
    01 Jun - €3,450.00
    01 Jul - €2,950.00
    01 Aug - €2,750.00
    01 Sep - €2,500.00
    01 Oct - €2,050.00
    01 Nov - €1,550.00

    €500 paid off debt this month and over €7,500 paid off this year, not too bad at all. I have 5 paydays left in 2017 so if I pay €310 off each payday I will just about make it. I'm hoping to stick to this plan but with Xmas coming up I'm not sure its possible. I have to be strict with myself & my spending (story of my life, hopefully I can put it into practice!).

    I cant believe its 1st November, this year has really flown by!
    LBM Jan 2014: €21,746.34
    Total Nov 2017: €350.00
    • Disco Dolly
    • By Disco Dolly 3rd Nov 17, 10:43 AM
    • 192 Posts
    • 208 Thanks
    Disco Dolly
    Morning DFW's,

    Payday has rolled round again and I have paid €300 off the credit card so new debt total is €1250. I have a lot of bills due this fortnight so thats the extent of debt repayments this payday I think.

    On the savings front I am still saving €2 coins all year in one of those crockery pots that you have to smash to open, its about half full now! I'm trying to decide whether to keep going and fill it or whether to break it open for Xmas shopping so that I can put more money towards debt! I can always start again in the new year when I am debt free and xmas will be out of the way. I'm dying to know how much is in it.
    LBM Jan 2014: €21,746.34
    Total Nov 2017: €350.00
    • Disco Dolly
    • By Disco Dolly 19th Nov 17, 11:58 AM
    • 192 Posts
    • 208 Thanks
    Disco Dolly
    Hi DFW's,

    Its payday week again here so €200 paid off the credit card. Debt total now stands at €1050 which is just under 5% of my original debt total back in Jan 2014. I'm nearly there . I am trying to decide whether to pay a bit more off before the next payday or whether to start my Xmas shopping, I usually have started by now but I have nothing bought yet. I probably should start by opening the savings pot!

    Hope you are all having a lovely weekend
    Last edited by Disco Dolly; 21-11-2017 at 10:55 AM. Reason: I cant spell!
    LBM Jan 2014: €21,746.34
    Total Nov 2017: €350.00
    • Disco Dolly
    • By Disco Dolly 3rd Dec 17, 11:59 AM
    • 192 Posts
    • 208 Thanks
    Disco Dolly
    Monthly update below:

    01 Jan - €9,092.38
    01 Feb - €8,570.04
    01 Mar - €8,051.90
    01 Apr - €3,600.00
    01 May - €3,700.00
    01 Jun - €3,450.00
    01 Jul - €2,950.00
    01 Aug - €2,750.00
    01 Sep - €2,500.00
    01 Oct - €2,050.00
    01 Nov - €1,550.00
    01 Dec - €700.00

    Below the €1000 mark now, definitely on the home straight. I have 2 more paydays this year so hoping to start 2018 debt free!
    LBM Jan 2014: €21,746.34
    Total Nov 2017: €350.00
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,728Posts Today

6,346Users online

Martin's Twitter
  • RT @bearface83: @MartinSLewis check out the @Missguided new 60% off offer. Upping the cost of items almost double to make us think it?s a?

  • RT @efitzpat: Thank you SO SO much @MartinSLewis for your Student Loans refund advice! I just got a grand refunded right before Xmas! Whoop?

  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • Follow Martin