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  • FIRST POST
    • Hmsxxxx
    • By Hmsxxxx 4th Jan 18, 2:10 PM
    • 10Posts
    • 1Thanks
    Hmsxxxx
    Get me out of debt!
    • #1
    • 4th Jan 18, 2:10 PM
    Get me out of debt! 4th Jan 18 at 2:10 PM
    Hi all! Iíve decided to do my own debt diary as I feel like I really need to do something about it. My partner and I really want to buy a house next year (concessionary purchase on his mums house) and so we need 3k for fees and to get this debt down as much as we can. Iíve been reading others diaryís for a while but never commented and I feel like doing my own will motivate me!

    Current debt:
    Joint Loan: 4370
    CC-5475 (0% until October)

    My partner is expecting compensation in the coming months for an accident he had last year, although not 100% sure of how much, we know it will definitely be enough to cover the loan (highest interest) so itís the credit card and 3k savings we are focusing on.

    Joint Monthly income:
    2322

    Monthly Outgoings:

    Rent-650
    Tax-12
    Council tax-105
    2 phones-76
    Tv -31
    Loan repayment-139
    Water-55
    Sky-57
    Sofa-28
    2 car insurances-135
    2 Life insurances-21
    Nationwide bank account-13
    Gym-36
    Dentist-13
    Spotify-4.99
    Gas and elec - 100

    Total- 1476

    I have tried to cut down what we can, but are in contract with everything until later this year apart from the TV which ends next month, Also will be glad to have the spare £139 every month to help once the loan is paid in full.

    846 left for petrol, food, debt repay and social.
    We spend around 60 a week for food for myself, partner and 2 children. And around 40 a week for petrol which is for both cars.

    So technically 446 left for debt and social!

    Goal is to pay £150 each month to the credit card and £150 savings plus to throw any money in overtime my partner gets at them both until 3k is paid off on the card and 3k is saved for house fees.

    Which leaves £146 for social/beauty/haircuts

    Letís see how this goes!
Page 1
    • Hmsxxxx
    • By Hmsxxxx 5th Jan 18, 9:19 AM
    • 10 Posts
    • 1 Thanks
    Hmsxxxx
    • #2
    • 5th Jan 18, 9:19 AM
    • #2
    • 5th Jan 18, 9:19 AM
    First payday of the year today and got paid £100 in overtime which has gone in savings as well as the £150 and £150 to the CC. Feels good!
    Did our first ever food shop at Aldi last night and couldn’t believe the price differences, even my little girls baby powder was nearly half the price we usually pay! We spent £55 of our usual budgeted £60 and got more than we would usually too. How have I never shopped there? Will definitely be shopping there from now on!
    • Hmsxxxx
    • By Hmsxxxx 8th Jan 18, 10:02 PM
    • 10 Posts
    • 1 Thanks
    Hmsxxxx
    • #3
    • 8th Jan 18, 10:02 PM
    • #3
    • 8th Jan 18, 10:02 PM
    Think this is the longest the credit card hasnít been used! Havenít overspent and still have £30 left to last me.
    Just did our weekly food shop at Aldi again, came to our budgeted £60 exactly, although we did get our monthly supply of nappies also! Still canít get over the price differences.
    Got a refund on an Argos gift card for £30 today and £50 MasterCard from Sky for referring someone to join which will be saved towards Christmas presents as well as the £30 I have in the Christmas fund.
    Having my wisdom teeth removed tomorrow which Iím really worrying about, but at least il be house bound for a couple of days and wonít be thinking about spending anything!!
    • fatrab
    • By fatrab 8th Jan 18, 10:45 PM
    • 125 Posts
    • 250 Thanks
    fatrab
    • #4
    • 8th Jan 18, 10:45 PM
    • #4
    • 8th Jan 18, 10:45 PM
    When u say £150 into savings, is that your emergency fund or actual savings? If its an emergency fund I'd be inclined to focus on the debts once you've saved about £1000.

    Best of luck with your plan and hope you're ok after your treatment tomorrow!
    Wannabe debt free by 31/12/2022 - Wannalose 3st in the process - 6lbs off so far
    8 x £2 coins (#32) - 6/12 NSD in January
    • Hmsxxxx
    • By Hmsxxxx 10th Jan 18, 9:31 AM
    • 10 Posts
    • 1 Thanks
    Hmsxxxx
    • #5
    • 10th Jan 18, 9:31 AM
    • #5
    • 10th Jan 18, 9:31 AM
    Teeth couldnít have gone any better! Popped out in around 8 seconds and Iíve had no pain at all - strange.

    My partners mum has offered for us to move in with her for £250pm and although itís just her living there in a nice roomy 3 bed house and we could save over 1k a month, I donít think I could live under someone elseís roof after living alone for so long (Iím sure Iíd get on her nerves too!) has anyone moved back home successfully to save money?

    Sheís getting the house valued tomorrow so we can go to a mortgage broker and see if we can actually afford to buy it! Exciting.
    • JoJoC
    • By JoJoC 10th Jan 18, 9:40 AM
    • 1,316 Posts
    • 4,305 Thanks
    JoJoC
    • #6
    • 10th Jan 18, 9:40 AM
    • #6
    • 10th Jan 18, 9:40 AM
    I know a couple of people who did this and although it wasn't easy it was worth it for them - they managed to save massive amounts of money, paid very little housekeeping and had an end date in sight so that helped having something to work towards. If i were you, I'd seriously consider it. Of course it won't be easy living under someone else's roof but for a short space of time (that's £12k of savings in 12 months!! rather than £1800 based on your £150p/m saving rate right now). Quite a difference!

    I'm also an Aldi convert since I moved into a flat right next door to one 8 years ago. I'd never do my full shop anywhere else. Of course i do need to go elsewhere now and again for bits i can't get in Aldi but it still saves me money doing it that way.

    Good luck with your plans
    CC1: £3804.52 / £3544.32 £300.20 paid | CC2:£5027.53 / £4781 £295 paid | Loan: £15,000 / £11,954 (£3,156 paid)

    July debt total: £23,832.05 | New debt total: £20,129 | Total debt paid: £3,703 (16%)
    *My debt busting and savings diary*
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