DFWers Where is

michael1983l

your none debt payment money going....

ok i pay £800 off debt each month and was wondering where the rest of people money went.


£140 towards rent

£120 to food and petrol

£50 to broadband and phone

£600 towards crap mainly booze and nights out :mad:

maybe I should cut my social fund to pay off debts quicker.... what do you think.

Kevicho

In a word, yes, if you are happy to so, sometimes you have to strike a balance of paying off debt and keeping a life

immoral_angeluk

We rarely go out (As I'm heavily pregnant and we have a toddler already.) so we save a lot of money from that which means extra to go towards debts. I'd say it depends on how much your debt was and how much you're willing to sacrifice your social life.

michael1983l

immoral_angeluk wrote:

We rarely go out (As I'm heavily pregnant and we have a toddler already.) so we save a lot of money from that which means extra to go towards debts. I'd say it depends on how much your debt was and how much you're willing to sacrifice your social life.

about 20k, at the rate of 800 pounds a month it will be paid by xmas 08, I do however enjoy my social life and I cannot decide wether to pay an extra £200 reducing my "pocket money" to £400 for the month. as this extra 200 quid will only reduce my payment period from 24 to 20 months. Although I know I really should i am so torn.

Mrs_Sparkle

I know I could pay my debts off sooner if I cut down my social life even further- I've already made some cutbacks. £600 is a lot though- do you go out a lot? One good way of cutting back is to go out later in the evening. Or have a party at home instead. Still, you're doing well to clear £800 a month so you deserve a few good nights out as well.

michael1983l

Mrs_Sparkle wrote:

I know I could pay my debts off sooner if I cut down my social life even further- I've already made some cutbacks. £600 is a lot though- do you go out a lot? One good way of cutting back is to go out later in the evening. Or have a party at home instead. Still, you're doing well to clear £800 a month so you deserve a few good nights out as well.

the £600 quid doesnt just cover my beer fund :beer: it also covers anything i need clothes wise and anything else that comes up but because of the nature of my job the social part is very active. I am convinced I could reduce this spending to £300 but it would mean servere lifestyle changes Im just not sure that it is worth that much change in the long run.

pollyanna24

Maybe split up the £600 even more, i.e. so much for clothes, so much for entertainment, and then make a note so you know exactly where your "free" money goes each month. Then you can decide which bits you can easily cut down on.

Me and bf have £400 each a month "pocket money." I think this is excessive as we don't go out much and we have nothing important to spend this money on. It's all booze, takeaways, clothes, luxuries basically. The joint account pays the bills and necessities.

Mrs_Sparkle

I know what you mean. You have to ask yourself if a severe lifestyle change would really be worth it for the few months it could knock off your debt-free date. Remember that all work and no play makes for a very dull person

michael1983l

I see what your saying about the £600 but it is almost impossible for me to get correct figures as everything under the £600 bracket is very irregular. Like I can sometimes go 3 months without buying clothes, or one month my shift cycles might fall at a time where im much more likely to get takeaways.

but I'll try my best on average per month


£25 take aways
£40 clothes
£30-40 activities e.g. water park cinema bowling
£450 Social drinks/meals or emergencies like car breakdowns ect..