debt free wannabe

skye

The worsest thing about my debts is they only recently seem to have stablised, other they just seem to have gone up and up and up. I really can't seem them going, let alone knocking six months off the end repayment date.

Do you think it is worth consolidating again and this time get rid of all the credit cards etc so i can't make the same mistake?

mussgo

skye wrote:

Do you think it is worth consolidating again and this time get rid of all the credit cards etc so i can't make the same mistake?

No dont consider consolidation....you tried it once and it wasn't for you. It takes disipline to keep money matters in check.And its very easy to slide if you have not addressed the spending problem initially. (its too easy to think you have extra money when you have consoidated )

You have choices... basically two....increase your income...and or/decrease your outgoings. There is no magic cure.... its a hard slog.... but once debt free you are FREE ...it worth it.

M

Debt_Free_Chick

skye wrote:

The worsest thing about my debts is they only recently seem to have stablised, other they just seem to have gone up and up and up. I really can't seem them going, let alone knocking six months off the end repayment date.

Do you think it is worth consolidating again and this time get rid of all the credit cards etc so i can't make the same mistake?

Skye

If you're debts are going up, then you are simply spending more money than you have. Your first step is to get your spending under control - this is really important. Try keeping a spending diary so you can see where your money goes. After a month, look back at it and decide if you want to spend money in the same way in future. Ask yourself "Did I really need that?".

Work through the DIY Debt Management Plan on the National Debtline site. It has a process to help you manage your debts efficiently. You can download here

http://www.nationaldebtline.co.uk/england_factsheets/debt_advice_england_wales.php3#3

HTH

Finishrich

skye wrote:

ms_london wrote:

Hi

You could easily get by on £20.00 a week for the both of you. Read the "Money Saving Old Style" part of the chat forum, great advice on how to cut shopping bills yet still eat healthily, also ideas on recipes and things.


where do I find this section?

You'll find the Money Saving Old Style Board Here

Don't stop your pension contributions. Your real focus has to be your spending, in particular the small stuff which is why a diary to write down all the little purchases is a great idea, it's amazing how it all adds up without you realising it.

fazer6

Firstly download martins budget planner, be honest and see where your money goes. If you spend more than you earn used the desired spending column to bring it under your income.

Get a 0% card if you can, if not it's shuffle time. Find out the interest rate on your cards and move the highest debt to the lowest interest rate. Take your cards out of your wallet and never ever use them again. Get the snowball calculator http://www.geocities.com/schizeckinosy/Snowball.html to figure out which order you should pay your debts off in. Get a complete control over your debts and no matter what state they are in if you know how much you owe and how much you are paying off you will feel better. Don't stick your head in the sand.

Have a look at your bills - internet, gas, electric, phone, mobile... Can you reduce these by switching providers? Can you negotiate a better deal with existing providers?

Now with other payments like entertainment, going out, food, petrol... you will have to start to shave a bit off these. You could save hundreds a month by reducing your food bill. Why do you spend that much a week? Do you only buy expensive steak? Do you only buy the finest range? Why do you have to have take away all the time? Is it that you don't know what else to cook? Post your shopping list on money saving old style and ask for help with planning healthy meals which will reduce your bill. Start planning your weekly meals and write a shopping list based on the food you need for that week. Can you manage on what you have in the freezer for a few weeks? Do you shop at your local butchers, market and aldi/netto/lidl? If not why not?

Crown

I am probally not able to offer any further/better advice than the previous posters but I a can fully recommend the "Diary" plan.

I was amazed to find that my major out goings were magazines that I brought waiting for trains ect. It seems I was spending approx £25 - £30 on them and some times was not even reading them (just buying more out of habit), I managed to cut this down buy asking for a magazine subscription for a Xmas present to one magazine and taking out a subscription myself on another saving me than 50%.

Sorry I cant be of any more help but as mentioned there is light at the end of the tunnel. with the help of this site and martins book I have worked out that I will be debt free in 10 months (apart from mortgage) what I did not think would be possible. For as long as I can remember my family have been chased by creditors and it was taken for granted that it was normal.

Good Luck!

Crown

nh

skye wrote:

ms_london wrote:

Hi

You could easily get by on £20.00 a week for the both of you. Read the "Money Saving Old Style" part of the chat forum, great advice on how to cut shopping bills yet still eat healthily, also ideas on recipes and things.


where do I find this section?

Go to the bottom of this page, click and hold on Forum Jump, go to Forums and then Moneyaving Old Style from the list

badgermonkey

I second both the spending diary and the magazine subscription ideas. I have been diligently keeping a diary this month and plugged it all into a spreadsheet so now I have a really clear picture of where my money goes. This means I have been able to set myself a realistic budget for next month that I won't get sick of and rebel against!

I used to spend loads on mags, too. Now I subscribe to 2 magazines; the subscriptions are cheaper than buying them from the shop (and sometimes offer good free gifts - I noticed in this month's Eve you get a free Clinique mascara when you subscribe!) and it's a lovely treat to get them delivered, as I never realise they're due. And as I know I have two magazines already I don't even look through the rack at the shop any more, thus avoiding the "but this article will change my life!" syndrome I'm sure we have all experienced

skye

i am now using the magazine subscriptions, can't remember if it was £1 for 3 issues or £3 for 3 issues - good deal, then will cancel and get another subscription

mussgo

skye wrote:

i am now using the magazine subscriptions, can't remember if it was £1 for 3 issues or £3 for 3 issues - good deal, then will cancel and get another subscription

I dont magazines at all!

M