Five year debt free plan :-/

rag31

We are on a low income but have 25k of debt. We have had this level of debt for years and I could see no sign of getting rid of it.

So, last night I sat down and worked out a plan and full budget which would mean we would be debt-free in five years time. I was really pleased to see that we could do it, albeit making a lot of sacrifices (but easily doable imho).

My problem is that my dh immediately looked at it and said no, he didn't want to stick to the budget and live a 'miserable' life for 5 years. He said the solution is earning more, not spending less - this has been his impenetrable stance for years and as I pointed out, has got us nowhere.

Basically the 'cuts' are cuts in food shopping and days out mainly. Also, holiday budget at £500 a year for five years. He is moaning about not going on holiday abroad for five years. I said thats fine, if he earned more suddenly he could buy a holiday abroad but this is our baseline budget and it doesn't change unless our income goes up.

Basically, he's not going to stick to it which means *my* attempts to stick to it won't work.

I have already spent a lot of time finding the best life of balance cards, and low %rates loans with MSE and am sure that we couldn't get any better deals.

What should I do? (don't worry, am already considering getting rid of husband!!)

Becky

FrankieM

Hi,
Have you thought about asking your DH to put together a budget? Or put together some sort of plan to earn more, if that's what his solution is?

I just wondered if he 'owned it' would he be more likely to stick to it?

laura2481

Hmm, this is a tough one. I'm guessing to some extent that not wanting to live a 'miserable life' is what has racked up some of this debt. I guess you need to make him see that living beyond your means is making you miserable as you are constantly trying to improve the situation, while he ignores it.
See if you can meet some where in the middle- him finding a way to earn more while you make some cut backs. Maybe it would need to be a 10 year plan?
What would happen if one of you lost your job? Would you be able to afford the debt?
I think Mr rag31 needs a wake up call.

Good luck!