How much do you pay per month on debts?

jtr2803

My DMP started years ago at £186.09, I now pay just a touch under £260 which equates to 15.47% of my take home. When you look at it like that it seems miniscule but I have a lot of outgoings including maintenance for my daughter. Am trying to be good and do a strict budget so I can manage to save some to pay a lump sum off early next year.

sparklystar_2

Me and OH pay £220 for car - 9 months left and £260 for building work we had done on the house - 23 months left. We've been saving like mad this year and have nearly saved the balance to completely pay off the house loan - only another £200 to save and we'll reach £5600 target. We've also saved some money for a bigger car as baby number 3 on the way. before finding out i was pregnant we planned on overpaying on the mortgage but now I'm off work for 12 months we decided to try and reduce our monthly outgoings. Once we get to next March and the car loan is gone we can try and get rid of the overdraft. I've found it harder to save to accumulate enough of a lump sum to pay off the loan than paying of CCs last year which I could make small payments onto each month. I have felt tempted soooooo many times to tip into the loan saving fund to book a 2 week holiday somewhere hot but have been good and only dipped into it for baby essentials (okay and maybe the occasional take away!)

MoneyWasting_Expert

sparklystar wrote: »

Me and OH pay £220 for car - 9 months left and £260 for building work we had done on the house - 23 months left. We've been saving like mad this year and have nearly saved the balance to completely pay off the house loan - only another £200 to save and we'll reach £5600 target. We've also saved some money for a bigger car as baby number 3 on the way. before finding out i was pregnant we planned on overpaying on the mortgage but now I'm off work for 12 months we decided to try and reduce our monthly outgoings. Once we get to next March and the car loan is gone we can try and get rid of the overdraft. I've found it harder to save to accumulate enough of a lump sum to pay off the loan than paying of CCs last year which I could make small payments onto each month. I have felt tempted soooooo many times to tip into the loan saving fund to book a 2 week holiday somewhere hot but have been good and only dipped into it for baby essentials (okay and maybe the occasional take away!)

Speaking of takeaways, 2 for 1 Tuesday @ Dominos what should I have?:money:

FireWyrm

Turtle wrote: »

Around £180 on my loan, no cards. May I ask if those of you who are saving hundreds each month still live with parents or something and aren't paying a mortgage/rent/bills?

I'll bite. £178 on a loan from bank with 24 months to pay, £65 minimum payment on a card with an outstanding balance of £2567 (yes, I know....try harder) and £1500 overdraft which is now down from £2200 to £1062 at it's deepest point this month, but then I only really got going two months ago.

No Turtle, I'm in a single income household and I work full time. I pay rent on a commercial property and shortly, this will be converted to a 128K mortgage. I pay all bills in the house, I'm just lucky enough to have a good income, just not enough sense to use it wisely as my father told me to when I got my first pay packet.

MoneyWasting_Expert

rictus123 wrote: »

Nope i want to hear all plans for what will happen to the money when its finally not going to bankers bonuses!!!

I will be in debt again in the form of a mortgage....NEVER will i EVER have car finance again! I think more of leasing a car now as once the term is up you hand it back(if its in good enough condition) and thats the end of it! With one on finance theres lump sum payments, hassle with warranty, servicing etc...completly changed my opinion of it! However i needed to take it on to believe its not a good idea! So lesson learned!

Never had a car, and now at the age of 28 I feel less desire for one. No mortgage, never tying myself down to one. No plans for a wife and family either so when I live on my own it likely will be rented.

Lisa1978

Approx £800-£900/month. Paying every brown penny i have at the mo off my credit cards. I've 3 totalling £8800 (however this was £4k extra in january!!) and i have a loan of £157/month (due to be paid off in April 2012).
I'm aiming to have 1 credit card paid off in September, another by Xmas and the other by next June. Hoping to be DF June 2012. I'm soooo stressed out at the minute with paying every penny i have on debt, feel like not much of a life at the mo and constantly bickering with husband, but i must look at the bright side, i can see the debt dropping slowly. We've a holiday booked to Mexico for next June, which will be my 'reward' for a hard 18months of saving and paying debt!!!

PS, what will i do with the extra £800-900/month next year, yikes, can't wait, plus in for promotion so hopefully earn an additional £3-4k/year extra . Nxt year can't come quick enough! Would you increase your mortgage payments? I hate the thought of doing this but i guess it would be nice to be DF earlier than retirment age!

Hoping this stress headache leave me soon, lol. Have a great wkend everyone :)

skaps

I would OP some on the mortgage. I did this when I got promoted last year I upped my payment by an extra £100. Not alot but it all helps.

determined_new_ms

we're now debt free but the last 10 months between us we were paying £1000 a mnth minimum to clear our debts. It was hard going but thrilling to see it coming down so consistently each month. Kepp with it guys x