Chops Chipping the credit card debt!!

chops22

Hello I have been reading the MSE tips and ideas for a while, been trying to make extra payments on my debt....but still over spending and living way way beyond our means.

Well today I have added up all my debt and I feel sick and shocked. It’s almost £30k

In our little family there is myself, my lovely hard working OH and our gorgeous two boys. I look at the money I pay of my debts each month, and just wish I could be spending this on over paying my mortgage, saving for fantastic holidays...I just want to have money in the bank and think oooo shall we go to soinso this weekend.

I think in essence we have just lived beyond our means, and not saved for emergencies and then ended up putting things on credit cards. I feel guilty for all the things I bought that I really did not need. What a waste....but time to change now.

We have four big debts...and an overdraft that is up and down like yoyo!!

NatWest : 5123 (0% till aug 2010)

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MIN PAYMENT £120
Bcard : 4210 ( 0% till aug 2010)

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MIN PAYMENT £100
MBNA : 1180O :eek: 6.9 % LIFE OF BALANCE...MIN PAYMENT £80
LOAN : 8000 I think this is 7.9%, ends Sept 2013 ---£200 / month.


also have Next and additions, but only owe £18.90 and £23 so shall pay these off this week.

After we have paid all out bills we have £730 a month left for food and living. So my aim is to live off £100 a week and then over pay the debts by £300 a month and save £30 a month for emergencies.

I would like to pay off the barcley card or Natwest first...as it seems a bit more manageable.....

However I think I am best to chuck any extra money at the MBNA as paying the minimum is almost like wasting that money, as the interest is about £40 a month.

Not sure if I am making sense any more or just waffling now. Although its scary admitting how much we owe , I do actually feel better and like I am actually doing something about it.

chops22

hmm I am going to be tired tomorrow but can't sleep...I keep running figures through my head.

I have had a look at the OS board, and think if I meal plan each week and make sure all pack up food is kept out of site (OH is a muncher!!) I will be able to keep my food shopping to £40 a week.

I am already bulk buying loo rolls, wash powder, dishswash tablets and these are lasting around 6 weeks and cost about £15.

I have allocated one bank account for swimming lessons, so I can add to that each month, so no big shock when it's suddenly time to pay the next ten week course AGAIN!! Seems only just paid and its that time again.

I have joined Top cashback and Quidco so the plan is that anything I make will go in a savings account...maybe to pay for xmas next year?

I have a feeling this saving money is going to be addictive..I can't wait for the morning to discuss my ideas with OH.

Right best get to bed, or will need to use rakes and rakes of make up tomorrow to look alive..and that is not MSE!!

homegrown_life

MSE can be addictive! Good luck with it all, you sound ready to tackle it head on

chops22

Thanks HG, I am feeling a little sleepy today...have not sleept very well, as lots of things wizzing round in my head.

I have done a snowball and my debt free date is August 2013...seems a long way off. So think I need to find extra money to try and get this down.

My first mini goal is to pay off 10% of my debts by March the 1st next year...which does not seem too far away.

I am also going to take back some marks pj's I bought for MIL fo xmas...Primarni here I come!!!!....I get my pj's from there, they are fine. Family and friends think we can afford to buy lots at xmas, so think we need to explain that this year we need to cut back.

I have also got a list of things to ebay this week and I am waiting for Scotish power to give me a final figure on my gas account...its been a good few weeks so going to give them a ring.

Need to get dressed and do some house work, as at the minute on here and having snuggles with DS2...he is only at nursery part time so making the most of it before he goes to school full time.

chops22

fab.. I am in credit by £208 for my gas and electric...so they are ending the cheque and that can go towards my overdraft. Yippee

ramblingtree

Hey again, thought I'd write on your diary as well as a hello on the long haul thread.
I'm in the same position as you regarding smaller debts with low interest versus larger debts with high interest.
I've decided next year to tackle some of the smaller ones, we currently have 14 separate debts, so getting rid of the smaller ones seems like a good motivation, if not the best for the snowballing. So, as I was advised, if tacklign the smaller ones is what you want to do first, do it! You can always change your mind later on.
Enjoy the snuggles and the payout from the gas and electric!
x

chops22

I have had a busy day today, and I am looking forward to gaining some control over my spending. So today I have:

* cancelled my gym membership @ £30 (need to use runing machine and wii fit more instead..saving petrol too!)

* Made a list of all the food in my freezer, fridge and cupboards

* made a meal plan for the week (stuck it on the fridge)

I have £20 to last until thursday, and not planning on buying anything, so should make my budget this week.:j

coldstreamalways

Hi! Have you tried ebaying things? It's a bit of a pain but it's amazing what will sell. I list things on a Sunday and post on a Tuesday so if you get into a routine it's ok. I've run out of things to list though so going to raid my mum's house at Christmas!
Good luck

chops22

hmm thanks colds, I shall have a look. I am sure we have our old wii...so might see if I can sell that for spares maybe. I have done ebay in the past, but not for the last year.
I have a good few books, but not sure if the postage would be really high, so will look now.

Just remembered we are at the dentist today...so that's £30.........although I am sure OH has HSA via work, and said that may cover it. Not seen any paperwork for HSA tho so off to google them now.

chops22

Hey everyone, just having a quick look on here whilst at work! I am now checking MSE more than facebook...I think I have the bug.

I am going to look at joining the bingo sites tonight and also try to do some reviews. Would love to earn an extra £50-£100 a month to go towards the MBNA card.

I have recieved my payslip and got an extra £200 overtime....so that is going to one side for xmas. So feeling quite possitive.

Also thanks to the OS board have a casserol in the slow cooker for tea when I get home. Just need to reduce the ironing to a pile rather than a mountain...and will be a domestic godess! x

chops22

Thanks spendthrift, at the moment I think I can manage the minimum payments, and also pay off an extra 200 a month. If I do this I should be debt free in around Aug 2013..If I pay off 300 extra a month then the date is only April 2013. So not a lot of difference. so plan is to save that £100 for any other things that crops up..so we don't rely on the credit cards anymore.

This all depends on us continuing to be able to shuffle our credit cards about to keep as many as possible on 0%. So at the moment think this is the plan.

Sorry to hear about your redundancy, but well done on getting another job. If our job situations were to change there is no way we could manage, and that is one of the reasons that I am so determined to change my spending habbits forever.