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    • middleclassbutpoor
    • By middleclassbutpoor 18th Jun 17, 6:28 PM
    • 3Posts
    • 15Thanks
    Stop the regret. Here is to the future
    • #1
    • 18th Jun 17, 6:28 PM
    Stop the regret. Here is to the future 18th Jun 17 at 6:28 PM
    My first post after lurking and reading many other peoples diaries, so here goes....

    Married with 2 dd's aged 3 and 7. Both of us work and are in what I would consider reasonably paid jobs (which may be well paid to some but not to others).

    We currently sit at approx £48k in debt, excluding the mortgage. Our total debt including the mortgage sits at approx 2 times our gross income.

    I have started the journey, had the lightbulb moment and entered all my debts in to the snowball calculator. Looks as though this is likely to be a 2.5 year journey but possibly 2 with some good luck behind us if we get a similar non-guaranteed annual bonus to what we received this year.

    Having our youngest starting school this September is going to massively help by putting £800 back in our pockets each month.

    Starting with the smallest debt which happens to also be the highest interest rate with Next. That will be paid off this month with approx £230 on that.

    We have also transferred the 2nd highest interest paying debt from our tesco credit card to a barclaycard which had space on it to get a 0% offer for 9months. We have set up a fixed amount on this which is above the min payment.

    Full overpayment capability will not start until September but doing what we can now.

    As a reminder to myself when I update and look back on this.. Why am I doing this?

    - To be able to promote a debt free life to my children
    - To be able to pay for a holiday of a lifetime for my 2 children in 3-4 years time where we can go to Disneyland as a family and not be worried about what it has cost.
    - To be able to not worry about one of us losing our jobs and it meaning we are in the deep brown smelly stuff.

    We have wills, life cover, private health cover, critical illness etc but yet I keep kicking myself for getting in to debt.

    I never think about what happens if I find myself needing any of the things we have put in place to protect our family.

    However it worries me now more than ever that we are one job loss/redundancy away from our worlds potentially becoming a nightmare.

    Having removed my credit card from paypal, amazon, asda etc, Im now working on the basis that any overpayment made to my debts wont just offset my additional spending.

    Anyway here is to the future of being debt free.
Page 1
    • Aaleigha
    • By Aaleigha 18th Jun 17, 7:46 PM
    • 355 Posts
    • 2,264 Thanks
    • #2
    • 18th Jun 17, 7:46 PM
    • #2
    • 18th Jun 17, 7:46 PM
    well done for posting its more than I have done

    my debt is so minimal to some peoples

    will subscribe and follow your journey
    • another casualty
    • By another casualty 18th Jun 17, 8:53 PM
    • 2,589 Posts
    • 3,985 Thanks
    another casualty
    • #3
    • 18th Jun 17, 8:53 PM
    • #3
    • 18th Jun 17, 8:53 PM
    Great start to a diary. You seem very responsible and focused .
    Some things just cannot be helped financially, and life in general .
    Wishing you all the best in your aims
    • clearmydebts
    • By clearmydebts 18th Jun 17, 9:07 PM
    • 6,009 Posts
    • 17,409 Thanks
    • #4
    • 18th Jun 17, 9:07 PM
    • #4
    • 18th Jun 17, 9:07 PM
    Wishing you the very best of luck. You sound really determined!
    Total debt (starting September 2016): €23,999/€27,000
    BOI credit card: €6,000/€7,000
    Loan:€17,999/ €20,000
    Emergency savings: €400/€1000
    • jelly head
    • By jelly head 18th Jun 17, 9:11 PM
    • 8 Posts
    • 27 Thanks
    jelly head
    • #5
    • 18th Jun 17, 9:11 PM
    • #5
    • 18th Jun 17, 9:11 PM
    Hi middleclass
    I am in the same boat as yourself so I am going to follow your diary very closely and make my own at the same time. Hopefully we can become debt free and spur each other on to do so.
    I think the hardest part is writing it all down so well done so far.
    • middleclassbutpoor
    • By middleclassbutpoor 18th Jun 17, 9:42 PM
    • 3 Posts
    • 15 Thanks
    • #6
    • 18th Jun 17, 9:42 PM
    • #6
    • 18th Jun 17, 9:42 PM
    Thanks all.

    I think it does help when you write it down.

    If one thing I have learnt on here is that even the best plan doesn't always pan out how you planned. However I think that as long as you keep moving with it the you are winning.

    I have also just started running doing the C25K program and one thing that has resonated with me is that by breaking down your goal into smaller chunks, it doesn't seem so big a challenge.

    Unfortunately my journey for this goal will be longer than 8 weeks however maybe I should consider looking at my journey in smaller periods. 2.5 years = 130 weeks = 10 x 13 week periods.

    One to ponder over the next couple of days and review my snowball calc and commit by writing here...

    Watch this space.
    • glass_half_full
    • By glass_half_full 19th Jun 17, 9:40 AM
    • 56 Posts
    • 236 Thanks
    • #7
    • 19th Jun 17, 9:40 AM
    • #7
    • 19th Jun 17, 9:40 AM
    Hi there,
    Good luck! You goals will help you stay focused.
    All the best.
    Total unsecured debt - LBM £17,420 now £12,538 June 2017 (28% paid off)

    Saving a buffer target £10000 actual £1350
    Longer term saving target (£7000) £500
    Debt free Target December 2019
    • middleclassbutpoor
    • By middleclassbutpoor 24th Jun 17, 10:37 AM
    • 3 Posts
    • 15 Thanks
    • #8
    • 24th Jun 17, 10:37 AM
    • #8
    • 24th Jun 17, 10:37 AM
    Well, just a quick update.. Paid off the next card as planned following pay day... So just waiting for that to show so we can close down the card.

    The next debt to focus on is my Barclaycard which has 13.5k on it... I have removed the card from all my online accounts and removed any regular payments that were coming from it.

    The Minimum payment is around £300 for this. I want this down to 11k if possible before end of September so thats a target of 2.5k over 3 pay days (plus interest).

    Remaining focused..
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