Am I doing things right?

Nuclear_Tom

Just to add, my spreadsheet will show you your debt free date, you can play around with interest rates, general expenditure etc, and see how the debt free date changes - its a bloody good motivator to start moneysaving!

mjdh1957

Lots of good advice from everyone. I hope you can act on it and get sorted out permanently.

Xmas is not an excuse for debt. Be honest with people, tell them you are in financial difficulties and they won't be getting expensive presents this year.

Make a budget, stick to it and pay off your debt as fast as you can - though watch out for early redemption penalties for your big loan.

HazelEyes_3

Nuclear_Tom wrote:

Just to add, my spreadsheet will show you your debt free date, you can play around with interest rates, general expenditure etc, and see how the debt free date changes - its a bloody good motivator to start moneysaving!

Hi Nuclear Tom
Your spreadsheet sounds great - I have used the snowball one but it doesn't really help when I am moving debt around from deal to deal. Is your spreadsheet generally available to other DFWs?

miggy

Hi there, can I just second what others are saying about sorting yourself out financially before settling down?
DH and I got married in our mid-twenties with next-to-no savings between us and looking back, things would have been easier financially if we had just waited a little longer. Houses and kids are HUGE expenses! We have three kids so I know ;-)
It's not just the cost of rent/mortgage and nappies/food/clothing. If you think Christmas cost a lot this year, you should try it when you have to budget for a holiday for five, Christmas for five, birthdays (and parties) for five, bedrooms for five, plus school trips, (£675 this coming year), mobiles all round, not to mention food bills for teens!
I'm not trying to be a killjoy - the planning and saving could be fun if you do it together. Just get yourselves a really good financial footing.
And I wish you both all the very best: you will get tons of great advice here to speed you on your way!