how do you all do it

Broken_hearted

I find it helps to set targets, like paying each debt by a certain time and having a total I would like it all to come down each year.The more you pay off the easier it becomes and snowballing really helps, it makes you feel you've paid more off because you can see how much you've saved in interest payments.

ktkrunch

It's all about managing what money you do have. I was given a second hand computer and with it came a program called "Money 99". It's probably obsolete now, but I expect there are up-to-date versions. The program is very simple to run and it gives me an instant picture of accounts, projections, debts, savings etc etc so I can stay on top of it all. Our household income is around 2k a month net and 3 years ago I had £18000 of unsecured debt. All I have left now is a car loan of £170 a month that ends June 2007 and £2500 in 0% credit card that will be paid off by next Jan. It takes discipline and a tight rein on spending, whatever you earn.

free4440273

ceegee wrote:

I have concluded that people who earn fantastic amounts of money become complacent, because they know that there will be thousands of pounds going into the old bank account at the end of every month, :lipsrseal

maybe it's just myself, but i didn't quite understand what i have highlighted

Jaymz

I have been budgeting myself and also used savings to pay bigger chunks on mine. Last month I paid £2000 off my loan and this month it will be £900. The £900 is whats left over after bills etc so it will all be thrown at the debt to clear it quicker!

lynzpower

I think im a bit complacent at the mo, but hoping to get it all back on track any second new

I have been able to pay off quite a bit so far. I earn a fairly good salalry, an dont have kids or a car, the two most expensive additions it seems!

I am paying 350 a month as standard standing orders, Im overpaying bits, but not as much as Id like. Weve got nearly 400 in savings though, this is for our holiday in October. We are putting this into premium bonds, anything we win will be thrown at the debt.

Ive got a lodger in, which has been a massive help, 500 a month extra from that, getting the work done on my flat, and paying off debt with her income. in 3 months all the work on the flat will be done and half of her money is going to debt, the other half to savings for our impending house move, downshifting in the hope of being mortgage free!

earwig

hi thanks for all your repiles i have decide to put on a new soa as oh had payrise since the otherone and to be honest i dont know what im diong with the money all the debt is mine and is on a dmp as oh went bankrupt last year so i was left with this debt in my name as the or said it couldnt be inculed in oh bankruptcy as its my debt so the or didnt take our benfits into count on oh buget as she said that they couldnt touch childbenfit or childtax credit so my debt is bassed on my benfit but i will inculed oh wages as he is the mine earner and has more money than me which he is happy for me to use if i want
DEBT
MARBLES 4000
NATWEST 1689
NATWEST OD 315
NEXT568
CHOICE 1300
CAP ONE 500
ALL OF THESE ARE APROX AS SOME CHARGES ARE STILL BEING ADDED
INCOME
MINE CHILD BENFIT 113.00
CHILD TAX CREDIT 196.00
TOTAL 309

OUT GOINGS

MINE
DEBT MANAGMENT PLAN 79.00 PER MONTH
DENIST PLAN 65.00 PER MONTH
HAIR /FAGS/ 6O.OO
LEAVES 108

OH INCOME 400 PER WEEK

OUTGOINGS

RENT 600.00
COUNCIL TAX 132.00
WATER 35.00
SKY 28.00 WILL BE GONE SOON BROUGHT FREEVIEW BOX
MOBIL 14.00
CHRISTMAS 30.00
PETROL 140.00
FOOD 240.00
SAVING 60.00
AOL 18.00
PHONE 20.00
GAS 40.00
ELEC 32.00
OTHER 200.00

LEAVES 11.00

i have no idea what we do with money but we never seen to have any as you can see our soa is a right old mess so if any one can sort it out it would be good

lynzpower

Darling

Is it still the case you cant overpay on your DMP?

earwig

i would also like to say that our food bill used to 400+and takeaways but thanks to lynzpower i have cut right down on the takeaways and my foodbill by following lynz meal planer and the recipcs she has given me

lynzpower

DEBT
MARBLES 4000
NATWEST 1689
NATWEST OD 315
NEXT568
CHOICE 1300
CAP ONE 500
ALL OF THESE ARE APROX AS SOME CHARGES ARE STILL BEING ADDED
INCOME ( hun are these all with the interest frozen for now?)
MINE CHILD BENFIT 113.00
CHILD TAX CREDIT 196.00
TOTAL 309

OUT GOINGS

MINE
DEBT MANAGMENT PLAN 79.00 PER MONTH
DENIST PLAN 65.00 PER MONTH ( is this for the whole family? How much do you use it?- Ie can you cancel this? )
HAIR /FAGS/ 6O.OO
LEAVES 108 ( or possibly 173)

OH INCOME 400 PER WEEK

OUTGOINGS

RENT 600.00
COUNCIL TAX 132.00 ( have you checked you cant get Council tax benefit, even a small amount towards it?)
WATER 35.00
SKY 28.00 WILL BE GONE SOON BROUGHT FREEVIEW BOX ( great :J)
MOBIL 14.00
CHRISTMAS 30.00 ( this will add up to 360 if you did the whole year, could you take this down a little bit)
PETROL 140.00 ( :eek: does your OH get mileage still?)
FOOD 240.00 ( is this what you are spending now though? I guess you can shave a bit more off this- its still 60 a week)
SAVING 60.00 ( whats this for?)
AOL 18.00 ( you can get madasafish for 13.99 I believe)
PHONE 20.00
GAS 40.00
ELEC 32.00
OTHER 200.00 ( whats this though???!!)

LEAVES 11.00

fizzel81

earwig just a queary how many children do you have? as i get the same child benifit as you do (i have 2) but my tax credits are considerably lower than yours and many other people i know(i seem to get so little compared to many others liveing around me), my oh income comes in at approx 350 per week (i have suspected for a while that my tax credits are wrong i recieve 39.a month for a 2yr old and a 9month old)