I wanna be a Debt Free Wannabe

gosavesomething

Hello there,

I have been an avid user of MSE for some time now, and I guess this is the proverbial 'lightbulb' moment.

Can some of the more experienced members of the forum advise me on the next steps to take.

I want to do this right so please advise and don't judge!

I am a little perplexed about all the information - and more importantly I want to do this right!

Thanks for all your help, I know from reading that there are some very lovely and kind people on this forum.

:money:

savingmummy

Hello and welcome

First step is to sit down, and do a full SOA http://www.makesenseofcards.com/soacalc.html (hit the MSE button to post here) including ALL your incomings and ALL outgoings. Include all debts good or bad and APR`s!
Post it here and we will take a look and advise you on how to reduce outgoings.

NOW some people don`t like this when they read replies on their soa`s BUT if your posting here for advise on how to cut back and be debtfree you have to make some cutbacks where possible. Its not judging but advising where they can!

We are all in the same boat, all been there did it or still doing it so don`t take anything to heart or be embarrassed about anything you ask or tell.
I have had a fab support base on here and as you can see it worked for me

My tips on becoming a DFW

1. You have to be wanting to do it!
2. Sacrifice things including luxeries
3. Take everything on board however irrelavent it seems.

Good luck xx

niksyg

Welcome gosavesomething!

Just wanted to say well done on making the first steps to becoming debt free...I know that sounds like a line at a self help meeting...reallydon't mean it to sound patronising!
I agree with savingmummy (who is very knowledgable...heed her advice!!) take on as much advice as you can.
Have a look over at OldStyle for ways of saving at home, especially with food and meal plans etc.

Good luck!

rictus123

1 rule. Budget...

niccatw

I second everything savingmummy has said!

I got together all the paper work I could find, sorted it all out, phoned up any creditors whose APRs I wasn't sure off and got my bank statements out to see what I had actually spent on things like groceries and entertainment. It took me a good couple of days before I was ready to post my SOA. Though many posters have posted the SOA within minutes of being advised to - I take my hat off to them

I'd add that, if you feel you need to, explain things on you SOA if you need to, to save you having to asnswer similar questions often, i.e. if you know your gas is high because you're also paying arrears. (Have a look at mine if you would like an example http://forums.moneysavingexpert.com/newreply.html?do=newreply&noquote=1&p=29703935 , though there will be plenty to have a look at)

And while you are on the Make Sense of Cards site, have a look at the snowlball calculator, if it's appropriate for your needs.

Welcome aboard and good luck

vaporate

Sorry to be nosey but what are your debts?

savingmummy

vaporate wrote: »

Sorry to be nosey but what are your debts?

This will show on her SOA

I recommend taking your time with the SOA. Some people `guess` this is no good as you may be better off or worse off in real life!!
Include EVERYTHING and it will make it so much easier and clearer to see exactly what can be reduced.