Advice on the final few months...what would you do?

Little_Miss_Uni-Debt

Hey all!

It certainly has been a while since I have posted my own thread on here! However I'm a regular reader througout the DFW board.

I just would like a little advice if anyone has any words of wisdom to share...
So here is the situation....I have been working on getting my debts down from around 12k since Nov 07. Nearly coming up for 2 years!!! Wow! I'd like to say it has flown, but it has been damned hard work!

I'm down to my last 3k left to pay off with 1 payment left to go on my dreaded HSBC loan which has the albatross around my neck for so long!!

So now I have no huge monthly debt repaments - for the first time in my adult working life. I have minimum payments of around £30 pcm (obviously Im not paying minimum payments but this is what I am obliged to pay) and I have around £800 pcm now to throw at the debt. I have two jobs and have been working 13 hours a day Mon - Fri since - well...forever!!!

The thing is now...do I keep working this hard until November and be completely debt free within the 2 year mark? I'm kind of aching to have my life back where I don't have to come in from one job and turn right around and go out for the next job within 8minutes!!!

Do I owe it to myself to cut me some slack or do I owe it to myself NOT to cut any slack and go straight for the end goal....

Basically my remaining debt is 1 credit card and £800 of overdraft (which strangely enough is more expensive per month than the CC is!!!)

I feel so near to the end, yet also so far. I'm in a hairs breadth of being debt free but it's killing me!!!

What will you all do/ what did you do when it comes down to the last few months?

Should I give up my 2nd job as soon as I'm debt free or keep going for savings?

I just feel I have no end date to this conveyor belt of sleep, work, work, sleep....! Would a definate end date help??

Any thoughts....???:o

KROLS

Hi

Thanks for sharing

I really think you should keep up with this 2 jobs when ever you can and after you have some space quit one of them.

and believe it or not although you have this two jobs you can still have wonderful life with them, it is whatever you choose.

Now if you will choose in the end to quit one of the jobs now, it will be ok too you know, as long as you choose it with clear mind and choose to do it for your own good :A

urg123

Hi Little Miss

You've done really well - kept your head down and dealt with the debt. That's brilliant.

My honest response is to stick for 2 more months to meet that debt free goal - it's hard but you are nearly there.

BUT you must also listen to yourself. If you really can't face carrying on do some sums. What will it mean if you give up one of the jobs. Yes you will have some more time to yourself but how will it affect your debt free date? One you know that, it might help to make a decision for you.

The other side of giving up the second job is that it would give you a chance to think about living on a realisic budget. Can you manage it without getting deeper in debt?

Do you have goals for when you are debt free?

Well done on getting this far - whatever you decide - you will be debt free soon!

urg x x

Karmacat

Hi there!

You're in a tough spot - tough, but great! I agree with Urg... do the sums. You could be debt free in two months! But if you make yourself sick, or spend £300 to make yourself feel better, then thats no good. OTOH, having a treats fund of a comparatively small amount, like a tenner, might help you stick at it, and only put the df date off by a day, literally.

In either case, good for you - that shows real determination, to work like that.

Gloomy_Past_Bright_Future

I know how you feel, I have been debt free for over a year now, after paying off 72k in 18 months (joint mine and hubbys debt). It was tough we worked our buttocks off and had NO life, and I mean no pub, takeaways, meals out etc etc for 18 months.

To be honest I was actually scared the last few months, about having nothing to "strive" for and to go back to our lavish lifestyle.

As for you, I would personally continue what you are doing, as I can honestly say last christmas was amazing for us, and this one can be the same for you, to have Christmas all bought and paid for without having that dreaded boxing day feeling of how the hell do I pay for this now.

We still live quite carefully and still budget for everything, but we do now have a life where we have had a couple of holidays this year, all bought and paid for without again having to worry about spending money, or the post holiday thoughts of now it needs paying for. Any bills come in we pay them straight away, it was great to pay all our council tax off by July. We also have substantial savings in our accounts.

So stick to what you are doing, pay it all off in November, have a wonderful Christmas, and then just think how 2010 will be for you!

Congratulations for doing so well

GPBF

poorandindenial

Hi Little Miss

I can understand where you are coming from, I get so exhilerated when I think of the freedom that I will have when I am DF and get so anxious to make the changes that I plan for that freedom now.

My gut feeling is that you should keep up the two jobs until your debt is cleared if you feel able to. You have made it this far, don't give up now...

Then, once you are debt free you can objectively decide what you want to do, do your SOA for debtfreedom with and without the second job and see what it means for you and your lifeestyle but I think that, if you can at all, you should keep on plugging away at it for at least these last two months if you can possibly bear to.

kissjenn

I'm with everyone else.

As a parallel I did a degree through work and after the exams which took two solid years without any breaks we had to do a disseration to get the award. Only 3 of us graduated that year out of the 18 who had the exam creits. After 5 years some were still putting off the dissertation and faced having to resit exams.

So the moral for me is keep going, once you take your foot off the gas its very hard to get going again.

sp1987

If you have 800 to throw at those debts, think of the fact that after the debt is gone, you will have 800 to throw at your life. Once you have cleared the debt would you be able to cut hours on one job, so you still have that bit of extra money but less hours in a job?

You should be very proud, but I think you will be even prouder if you get it paid off as soon as possible by working as hard as you have been. Imagine the day after you pay it all off, with you able to spend whatever you used to throw at debts, on whatever you want. Keep that feeling in your head, excess money to look at, save, spend, whatever!

Determined_2b_Debt_Free

Hey well done for getting so far so quickly, I would love to give you advice on personal experience but I can't I'm afraid (I'm miles away from my DFD and have been in debt my whole adult life!). I would however agree with everyone else and suggest you go that final hurdle, you've been doing it up until now and the time will fly (although it might not seem it).

Just think of being debt free by Christmas!! What a fantastic time you could have and what a great feeling.

Perhaps you need one final motivator, the first debt free month you have you could think of something you would really like and use the spare money you have to reward yourself. Then focus on that.

Good luck with the rest of your journey :-)

Little_Miss_Uni-Debt

Wow! Thanks for the replies! It has really helped. My First 2nd job (if you get me) was in a restaurant for the first year of my debt busting which was physically hard work - minimum wage too! After Christmas 08 the work kind of dried up there and I wasn't debt free which I was pretty miffed about. I had kind of built myself up saying 'once I leave here I will be debt free'. When it didn't work out like that I was more determined.

I could have easily let it all drift on and on especially since the general concensus around me was that I work too much and I would get a 'are you really that poor you need to do this to yourself' kind of comment at least once a week. possibly because I haven't really shared my circumstances greatly with many people.

However these replies on here have been a great boost.

It is good to hear from others who have insight into my situation and to hear many reasons why I should keep going! Also that I'm not crazy for doing it

I have enough determination to do it, I know I do. I'm kind of in shock that I can actually live on my day jobs wage should I wish to. Which is kind of reassuring as you never know how secure a job is. I know just how lucky I am to have one job never mind two!!

I now need to work on things to strive for after my debt has gone! It is going to be strange!!! I think though that it taking me a couple of years to do it has cemented good spending habits firmly in my subconsious mind. It was a inspiring thought as SP1987 said - if I keep this job up it will have £800 pcm to throw at my life!! I've never had that! Ever!

I managed to get another 2nd job a couple of months into 2009. It's a 22.5 hr pw contract. I highly doubt I could cut my hours down as they are a new distribution centre that is extremely busy and want people to do overtime left, right and centre. I have already been roped into doing 5 hours on a Sunday - I keep saying to myself 'it just brings the Debt Free date closer'.

I have also now completed their very long probation period which has given me a pay increase to a sound wage per hour (especially around this area!)

Karmacat is very right, it is easy to spend £300 on treats for myself to make myself feel better. I did feel like that a few weeks back and I was close to some major spending back on cards I had already cleared. In order to avoid this I took a few weeks holiday from my regular job and instead of sitting at home I temped for 3 weeks at another place of work and got a good wage. I used it for a 4 day holiday and a festival ticket also it bought me my own laptop (which I have really needed to do my job but have never had so far in my career in I.T) and £300 I have put in my bank ready for my last loan payment. I know part of me thinks I should have put that straight to the debt but I was seriously flagging and in need of some respite. Now, the treats are over and it is back to working hard.

I don't normally have such treats like this!!! I am very impressed by those who have gone the distance with no luxuries, treats, meals, pub or anything like that. It really shows such will power. I have done that through the majority of my debt busting, however I am inspired at such strength shown in those that have done it for the long haul.

It is also a very good idea for me to do my SOA again both with and without my 2nd job. I've been so focussed on what I'm paying off that I now need to look at my budget and see how my figures rack up. I feel I live reasonably cheaply. However my food bill is somewhat vague I really need to get into meal planning. That is my next target.

What little inexpensive treats do you all have to keep you going through the hard times?

What is your favourite inexpensive meal that is good when you are in a rush?

What things are you looking forward to doing/having once you are debt free?

I will be posting my new SOA's soon - hopefully you all could take a look and give it the best shredding possible I want the whole truth!!!

I think I may stay at my job until the New Year at the very least. I could probably stay indefinately with support like this! :T

Sorry for the mammoth post! Thanks guys!

Determined_2b_Debt_Free

[What little inexpensive treats do you all have to keep you going through the hard times? Some of my favourite things to do are fairly simple (cheap or free), I love going for long walks, taking a flask of tea to our local marina and dreaming of having a boat one day, picnic with family, friends or OH, or baking fairy cakes.

What is your favourite inexpensive meal that is good when you are in a rush? Off the top of my head...Toad in the Hole, homemade pizza or some kind of risotto

What things are you looking forward to doing/having once you are debt free?] Booking a holiday where I know I can pay for it outright and not being a slave to credit card companies... pure bliss