Debt free I wanna be

tinodwg

Hi,

Im looking for some advice on which way to approach my finances or in particular debts, savings etc in the correct order.

I have a child on the way and currently have £4000 debts unsecured. I earn around £19500 net a year, however whereas this has always been my own income paying half of the mortgage and bills, I now am faced with having to support my family on this wage and have concerns that I dont have any savings but debts.

Does anyone have any advice as to what strategy I should adopt to build savings and pay off debts as quickly as I possibly can? Since spending on cards, I have since cut these up, no longer spend on them and the £4000 outstanding has been reduced from c£5500 since last year.

Does anyone also know where I can find a good debt repayment caluclator and work out if I can clear this load and save before the baby arrives..?

psychopathbabble

use the snowball function which can be found here http://www.whatsthecost.com/snowball.aspx

Try the pad thread too, encourages you to make a daily payment to your debts be it 1p or £1000.... it all adds up quickly. Lots of support to be found around the various threads.

Good Luck x

pixiechick_2

Hi

You could try the snowball calculator which helps you to work out which cards to pay off first http://www.makesenseofcards.com/snowcalc.html

Hope this helps x