Approx how soon to clear £3k debt?

Miffi_2

I was just interested in peoples initial thoughts about my situation. I earn around £1,100 a month after tax and pay the usual bills etc (am currently 'reviewing' suppliers and hopefully will get a better deal very soon).

I know what I'm asking is a bit like sticking your finger in the wind (as 'they' say) but how much would you on face value, expect me to be able to put to one side to pay off my debt every month?

Thanks in advance. :beer:

magentadreamer

Have you tried the snowball calculator it might help https://www.whatsthecost.com/snowball.aspx

us,thecat&thedebt

hi

it depends what your earnings and incomings are...

i would say 60% of excess income min if you want to knuckle down as much as 75%

if your earning 1100 a month and have outgoings of 600 per month then try to use 300-400 per month paying debts

beanielou

It all depends on how much you have left after your essential exp every month and how much you want to pay off your debt every month.

*Sparkle*_3

How longs a piece of string?

Yep like everyone as already mentioned, it depends... how determined you are to live below your means.
how much disposable income you have?
can you earn extra?
If you list all your incomings and outgoings then perhaps we could give you a better idea.
Good luck!

Batgirl

I'd say if you really work at it 2years and keep focused on the fact that 2 years of hard work and going without means you will be free and no longer paying interest. I think if you set yourself a goal of 2 years you should still be able to live a realistic way. I think if you set a goal to clear it quicker it may seem impossible and you may give up altogether so be realistic!

Good luck :A

K9cuddles

As mentioned defo do the snowball calculator.. I plan to clear £6k in under 2 years.. i'm on same take home as you but have to do atleast £150 worth of OT a month to keep to my targets!!! My aim is £350 towards debt a month... but it all depends on your indivdual factors.

ms_london

I could pay off £3,000 in 3 months, but thats my circumstances, and takes into account what I earn, the bills I take, the budget I live on etc. It depends if you want to get rid of it sooner rather than later. How do you want to live in the meantime? Would you rather be debt free & live a little tight until it is paid off? Or live with a few luxuries and take a little longer to pay it off? Its up to you hun!! Good luck & let us know what your plan of action is :0) xx

Miffi_2

ms_london wrote:

I could pay off £3,000 in 3 months, but thats my circumstances, and takes into account what I earn, the bills I take, the budget I live on etc. It depends if you want to get rid of it sooner rather than later. How do you want to live in the meantime? Would you rather be debt free & live a little tight until it is paid off? Or live with a few luxuries and take a little longer to pay it off? Its up to you hun!! Good luck & let us know what your plan of action is :0) xx

I want to get rid of the debt as soon as possible, I hate it, so I suppose I am going to have to really look at making some sacrifices. I would be interested to know what you earn and what your budget is, as a kind of guide.

I've only really realised that I need to buckle down in the last month or so, so although I've reduced my spending, I haven't yet felt or seen a big difference. It has taken me a while to change my mind set of going out and spending, but now I've cut up my credit card and I don't have that temptation anymore, I do feel a lot more confident about saving money.

Any more advice would be very welcomed - thanks!

8pnoodles

I bring home £1078 and I am paying £480 off my debts from my salary.

It really all depends on how cheap you can get your bills. How little you can use the phone (and mobile). How little you can live on to eat, how little you want to go out.

And whether you have a mortgage to pay off or you're living in a shared house.

Try writing out a manageable budget and see if you can stick to it for a month. Then fine tune it every month.

I started off paying off only £100 or so off my debts a year ago but I'm very determined now! I have £7k to go. Hopefully it'll be paid off by Christmas, due to some extra money making stuff I'm doing (ebaying stuff, car boot sales, making as much money as I can from freebies off the internet!).

Miffi_2

Thanks, I think I really need to pull my socks up and get this debt cleared ASAP. I feel really frustrated that I didn't have the lightbulb moment a lot sooner, so I wouldn't owe as much and would be clear of it by now!

I think about the money I owe and think what I could have done with that money instead of just squandering it. Makes me so :mad: when I think about it.

I think I'm going to have to start to learn to go without more.