22 paydays until I'm debt free!

Pinkphoenix

Hello!

I'm a long time lurker on these boards and have tried to follow advice but have not been particularly successful! Too many years living above our means.

Recently, the OH and I have decided that we would like to start a family, but when we looked at our finances we realized we needed to get debt free first!
So here goes...

We have been sticking to a careful budget for the last couple of months but I feel that I need to stick to it even more carefully.

I'm going to write on here as a sort of financial therapy! Can't wait until it's sorted. Feels as though it'll be forever though.

hypno06

Welcome to diaryland

Why not head over to the "make £10 a day challenge", and see f you can bring that date forward a bit.

LeeSouthEast

Pinkphoenix wrote: »

Recently, the OH and I have decided that we would like to start a family, but when we looked at our finances we realized we needed to get debt free first!

That is so refreshing to hear. Personal responsibility isn't dead yet after all.

Welcome to diaryland ! :T

Pinkphoenix

That's a good idea hypno. I may try that.

Pay day today, most of which is going on bills or repaying credit cards. I used to get excited on payday and buy lots of 'treat' basically thinks I didn't need!

Today, I feel excited seeing how much I could afford to pay off on the cards. We are living on the bare minimum to pay off as much as possible, but it is excited seeing the balances come down! Can't wait to update my signature when the statements roll in.

I've decided to prioritise paying off the CCs first, starting with the highest interest. Is that the right thing to do? I figured if I threw majority of our money at paying of highest card first, that when I've paid them off, I could then move onto overdrafts...

hypno06

Absolutely the best thing to do - visit the snowball calculator at www.whatsthecost.com and put your figure in there, and it will tell you what to pay off first and how much it will save you in interest etc as a result. It will also give you an expected "debt free date".....

so_here_we_are

Hi Pink

I am hoping to be debt free in 15 pay days time (or less) I know what you mean about the balances dropping. I have just got a 0% cc so i can't wait to see that going down (got to wait for the BT to go through first though.

Good luck with your journey, I have subscribe to keep up today on how you are doing

SHWA

Pinkphoenix

Yay! Another payday, yesterday was OH's, today it is my turn.

Felt pleased because some overtime I had done a while back has finally been paid! I decided because it is extra and is not included in my monthly budget that I would use it as an extra payment on one of my cards.

I'm so proud of myself. Even though I'm pleased. I still feel a bit guilty for feeling as if I need a treat. So, instead I used some of the points on one of my CCs to order a HMV voucher! This in itself feels like an improvement, normally I'd have been off to House of Fraser with all 3 CCs in tow!

Had a little nose around MFW boards, feel totally inspired! We're lucky to only have quite a small mortgage (around £30k) but think that'll be my next project!

Lemon_Tree

quick question, are the 22 paydays in the title just your payday or do they include your OH's as well, ie assuming you get paid monthly is it 11 months or 22?
If the latter then we are heading for the same time zone for debt freedom. We're also doing it because we want a family and a nice house so the current mortgage will also be our next project once i'm debt free.

Pinkphoenix

Hi Lemontree,

Unfortunately it'll be 22 paydays each so 22months! But I have been looking at ways to make it quicker.

Going to have a look today for things to ebay, and I reckon I can try and shave some money from my total monthly petrol spend...

Will need to go through my spreadsheet...

It's nice to hear from someone who is in the same boat as me:j. Sometimes I feel like the only person in debt!

I keep focussing on how lovely life will be without it!

Lemon_Tree

unfortunately you're not the only one in debt. I'm over halfway through my struggle (fingers crossed) and it feels like forever. I wish i can shave money off my petrol but it's 50mile each day. but i've recently changed from asda to morrisons as i've worked out that now i only get 1p off a lt at asda i get more back with morrisons points and my mum has agreed to buy the voucher off me. It all helps!
I've just been brave and discovered Quidco, i've only used it for insurance so far but if they pay out it's going to be over £200 which will be gratefully received.

Pinkphoenix

Hello all!
Been poorly the last week or so, so haven't been on. Have managed to save £££ in petrol though as i haven't been out!
Managed to apply and successfully get a 0% credit card for balance transfers. It only lasts for 9 months so am hoping to get about £4,000 paid off interest free in that time! The new card's rate is 15.9% (much cheaper than my outrageous 30.9% with MBNA)
Managed to get our weekly grocery shopping to under £25 for me and the OH. We have planned it very carefully, and eat lots of the Asda basic stuff, but it's all food!
I am a bit worried about xmas tho... as far as the food is concerned we'll be at my mum's so no worries there. But we've drastically reduced the amount we spend on presents so that we can get out of debt. All of our immediate family are quite well off and I'm worried our gifts for them may look paltry. However, I'm not spending more, it's silly.