Poor but happy at 55 need to be debt free to retire!!!

Claw_back_money

I listed loads of stuff on Amazon back along, and didn't sell anything so kind of gave up. Maybe its time to try again!

Glad the sig motivates you - but in some ways its gone really fast. I've only ever been able to cope with one debt at a time so only concentrated on a small target that was 2 or 3 months. Seems to have worked so far though!

Happy new year!

Cbm

Poorbuthappy55

I'm a bit excited today because I've had my first ever go on bingo and won - I could only withdraw £8.75 so I didn'y lose the free credit but I have £24.60 still to play.

Sold another DVD on Amazon - £2.05 profit.

I'm not updating my signature until the money is in my bank and I can pay it to my MBNA card which is the one I am aimimg to clear first.

I'm going to go for a walk with the dogs in about half an hour - healthy and free!!!

Claw_back_money

Well done on your money coming in! Sounds like we're both busting MBNA - we'll have to encourage each other along! I have been paying MBNA all the bits and pieces that come in - even if its only £5 - doing it over the internet is very easy, I think if I had to go to the bank I wouldn't get there!

Cheers
Cbm

Poorbuthappy55

No luck with the bingo last night but sold another DVD on Amazon £1.87 profit and have some bids on my Ebay stuff.

Had to pay postage today of £1.52 and buy guinea pig food £2.35 but no unnecessary spending!!

I'm also going to book a few days in Paris with our friends - I am doing another job one day a week for a few weeks which will pay for the trip. I can only live the DFW way if I have somethings to look forward to. Should I forego things like this until all debt paid off???

Claw_back_money

Poorbuthappy55 wrote: »

I'm also going to book a few days in Paris with our friends - I am doing another job one day a week for a few weeks which will pay for the trip. I can only live the DFW way if I have somethings to look forward to. Should I forego things like this until all debt paid off???

Oh tricky one!
There seem to be loads of different (strong) opinions on this across the site, and hopefully you'll get a nice sample in response to your question!

My ever so humble personal opionion is that I wouldn't take on more debt to do anything, including a holiday, and I wouldn't spend money on anything on impulse any more. The money that I/we scrape together that is 'extra' though, can be earmarked for a non-debt as long as we think really carefully, do the sums to ensure we get it as cheaply as possible. We haven't been on holiday for two years but we have had a new 3 piece suite, new dishwasher and had a couple of days away both years. Your trip to Paris would fulfil the criteria which we live by - planned, funded by 'additional money', deemed necessary in some way and hopefully costed carefully so it doesn't include surprise elements that will be ultra-expensive where you think to yourself 'I'd rather have had the money'!!!

That's really rambly... sorry!

Cheers
Cbm

elsie52

Hi,

No,,,,,definitely go on holiday. We are in our late 50's (ok very late 50's !!) and we started our debt free journey almost 2 years ago. We started out with £74k and now we are around the £38k mark. Its been hard and at times we have almost given up, but after time we got used to budgeting, and now we have christmas paid for with savings, no credit cards at all. We also have holidays, and take our grandchildren on holiday too. We feel that at our time of life, we have to make the most of things and our grandchildren will only be this age once. We pay our debts and manage our money now far more than we have ever done. Go ahead enjoy your break.

Poorbuthappy55

Thanks for your replies.

CBM it is planned and funded with extra earnings and it will make such a difference to our morale. It won't increase our debt but I suppose it slows down the DF date. I booked Eurostar via Quidco and will do the same with hotel booking. Please don't apologise for being rambly I love your posts.

Elsie thanks for your comment - I agree you have to make the most of things but I really, really want to be debt free. can I ask how you manage to make such large repayments in a year? Any hints and tips are always very welcome.

PBH

Claw_back_money

I think you've answered your own question - you can afford it and are paying with extra income, and its something that you will look forward to and really enjoy!!! And doing the Quidco etc so minimised cost (or saved pennies for yummy french wine maybe?)
Where are you going to stay?

Cbm

elsie52

Hi PBH,

We pay just short of £1500 back each month, fortunately we are both working. We are able to pay that amount, and could possibly up it a little, but I would rather have a little spare to allow for a holiday or two. Not expensive ones you understand, but at least we get away, we managed to go to Eurodisney with our grandchildren, Tickets were paid for with OH air miles that he had collected whilst travelling on business, we stayed in a mobile home, and travelled on the ferry, everything was done quite cheaply but we had a great time and everything was paid in cash. We do not have a credit card, so it has to be cash. I also want the debts to be gone, and they will be, but so will the time with our grandchildren. So we make the decision to pay slightly less than we can afford. Perhaps some people may not agree but it works for us. We are due to retire in 6 years, and in another 26 months we will be debt free and then we will save as much as we can for our retirement. Who knows what is around the corner, so live life whilst we can.

elsie52

PS

We shop as cheaply as we can, I use charity shops, I bulk cook from scratch and freeze meals. There are just the two of us and we used to waste such a lot but not any more. I turn the heating off when I don't need it, (thank god for hot flushes !). Just really watch every penny I spend, it can become quite boring at times, but the results speak for themselves, and I can't wait until I get down the the 1 year to go mark, and then we will make a final push to get it done before the year is out.

I will subscribe to your thread and see how you are doing, perhaps we can also help each other.