Newbie wanting to be debt free!!

deanchilds1

Hi All! My names Dean and i am 23 and am wanting to get out of debt. Please can you offer any advice and help as to the bestways of doing so?

I take home £1100.00 Per Month

Here what i owe:

£3.8k BarclayCard
£1.5k VirginCard
£800 Mum
£370 Fiance
£100 Brother
£110 Dad
£210 O2

Heres My Monthly Outgoings:

£50 Per Month Mobile Phone Bill
£150 Rent
£50 Petrol
£10 Sky HD
£40 Car Insurance
£100 Lunch and Food Etc.

Dont drink or smoke, but do have a habbit of buying dvds and cds quite often.

Hope to hear from some of you and hopefully help me become the latest debt free wannabe!!:rolleyes:

Pressleyno1

Cancel yer Sky, its a luxuary you don't need. Get a freeview box. Bet you've got alot of old DVD's and CD's you never use. Stick them on ebay.

Pressleyno1

Also, I'm 21 with a claim and a Punto Sporting. My insurance is £36 per month. Who you with, get a quote from more than.

Pressleyno1

Same with the mobile, surely you can get a cheaper deal. £50 a month, do you use all your allowances, maybe reduce it, or get a whole new deal all together ?

deanchilds1

Im with Tesco, Only just re newed thats with 2yrs no cliams under My girlfriends name. Thats £40 each PM. RE: Sky Thats the one Enjoyment i get out of life so id rather cut back on something else if i can.

deanchilds1

Mobile is with T-mobile £35.00 per month half price for 12months. Only been witht them a year, I go over my useage. thats why it goes upto £50.

anniestar

Welcome and good luck. Why not start by selling some of your DVD's and CD's on amazon and do you have anything that you can shove on ebay? Also can you take sandwiches to work? That will save a bit.

duncans-mum_2

So, according to the figures, after outgoings, you have an excess of £600 per month. Do you actually have this left??? if so what do you spend this on?

1) Shop around for your car insurance, may not be a huge reduction, but every little helps.

Supposing you DO physically have £600 per month left, there are two ways of tackling you debt.
1) Although the debts to your family/fiancee are interest free, it might break a psycological barrier to clear these out of the way first, plus it is never easy to owe money to people close to you. Also remembering to pay the minimum on the others. Once they are cleared, then you can concentrate on just having the three outstanding debts.
2) Snowball the debts, ie pay the minimum payment on the lowest interest debts and chuck all the outstanding at the one with the highest APR. That way you will be paying less money overall on interest.

deanchilds1

Got loads of stuff to put on ebay, trainers and clothes that i have hardly worn, dvds that i dont watch and various other bits and bobs. Ive got a huge Lord of the Rings collection that i am very tempted to sell but dont think ebay is the place for that.

deanchilds1

duncans-mum wrote:

1) Shop around for your car insurance, may not be a huge reduction, but every little helps.

Im with Tesco, They say every little helps! Lol! Only just taken out the Insurance with them, so cant renew just yet.

deanchilds1

duncans-mum, Your right i hate owing money to those close to me and it would be an idea to clear this first. I prob do have £600 left over, but just manage to spent it on crap. I do pay the min of the CC's which is about £150.