Room for a little one with a massive debt?!

ramblingtree

Hey,
I've been here a little while, mostly posting on the long haulers thread, but I constantly lack motivation and positivity so was wondering if starting my own little diary might help keep me focused.

There are so many inspirational people on here that have helped keep me going (even though they don't know it!). I am not wise, or filled with ideas and plans. But my OH and I do owe an obscene amount of money, not through extravagance, just some hard times and difficult situations. We now have a good income, good habits and are making dents in the debt. But I want bigger dents more quickly!

I am hoping to be debt free by the end of 2012. A tall order, but I'm hoping with some hard work and a little bit of good fortune it just might be possible.

So, this will be my diary, if anyone wishes to join me for a chat that would be great, or I shall ramble onto myself, which I'm also fairly good at!
x

hypno06

Welcome to diaryland - I certainly find that my diary keeps me plodding on towards debt freedom, and I am sure you will find the same!

Tixy

Hi Rambling

A goal of debt free by the end of 2012 is great but have you also set yourself smaller goals along the way? Sometimes this can help with the motivation if you have mini goals you can reach every few months. Might help keep you focused as well

So maybe pay off X by next birthday
Or get debt to below X by easter
Or pay off a particular debt in 3months

something along those lines. Have you joined in any of the challenges? Maybe the monthly NSD challenge or the weekly spend challenge (knowing you are going to have to admit to others if you fail is always a good motivator for me!)

ramblingtree

Hi Guys,
Thanks for the welcome.
Tixy - good advice. My income is a bit up and down at the moment, my contract ends in March and I'm looking for something else, so its difficult to know exactly what our budget will be.
Our short term goal at the moment is to clear 3 of our smaller credit card debts. They're not the highest interest, but for motivational reasons it would be nice to get rid of them. So, yes, to take your advice I'll get the exact balances from my spreadsheet at home, then add them to my sig with a time that I want them cleared by. Small steps and all that.

I haven't had a huge amount of time to browse the challenges, but should definitely join the weekly spend thread. I've also been trawling through the OS boards and might have to take a deep breath and do the grocery challenge, Weezl is an inspiration to me!
Thanks again for the advice.

hypno06

My debt was originally a bit higher than yours, and we have flitted between paying off those with the highest interest rates, and those with the smallest balance - my motivation changes as time goes on, and I just find that I go with whatever feels "right" at the time, regardless if it is the most efficient way of doing things.

So, keep doing what suits - and the debt will come down......my debt is now at £21k from £100k three or four years ago......hard, but not impossible!

Happytogetdebtfree

Hi hi I've found it a nice new diary I look forward to following your journey. Ps the skys the limit with a little hard work I look forward to seeing some mini goals x

coldstreamalways

Hi, it's ace in here. That debt will be tumbling down before long. Good luck, I love reading diaries and looking at people's sigs to see how they are doing.

In_my_dreams

I also owe an obscene amount of money so you can join my club I have found that being on here has made a huge difference to my determination to succeed and helps when I am down to remind me not to give up the struggle.

Good luck

ramblingtree

Thanks for all the replies. I have loved using this site but today, ater being a bit more active on the forums I already feel a bit better about the challenge.
I have changed my signature to list the CCs in my name. I also have two loans, and OH has a loan and 5 CCs. Although our money is linked in all sorts of ways we do have separate accounts and so my mini challenges will mainly firstly be on my cards.

First up is my Natwest as its quite teeny, and also the Virgin one. I hate Virgin with a passion. They have been so unhelpful, especially to my OH. SO I want to not owe them anything. It also has a high interest rate (19.9%).

So, I would really like Natwest gone by my birthday in January, which with wages from my second job I should be able to do, and then I will put the extra money into my Virgin, which I would like to be under £2k by Easter.

In terms of challenges and budgets, we've had a lot of extra house costs and things lately, so I need to reassess the budget and decide on a weekly amount I can spend. Then I will post that as well, and stick to it! Any I don't manage to spend, I will put on the Virgin card, not carry it over. But I'm working tonight, so that will have to be another day!

ramblingtree

Hypno and InMyDreams - I wish you were debt free but I also like the fact you guys have or have had the huge amount of debt similar to mine, it makes it seem like a doable challenge. Hypno - you've achieved so much in a short space of time! I have read your diary on and off, its great motivation.
InMyDreams - do you have a diary? I'd like to subscribe if so.
x

In_my_dreams

Hi RT - I do have a diary somewhere but I'm not sure how to direct you to it still a relative novice on this site Think if you right click on my user name then you can find my posts that way?

Look forward to getting to know you and decreasing the debt