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Desperate to be debt-free, but where to start?
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Thankyou for your comments antonia1... my soa is actually taken directly from my bank statements. I basically pay everything by DD and so the amounts are spot on. The only thing I pay adhoc for is petrol. I take out the £250 cash and don't touch my bank account after that. I admit that obviously hasn't always been the case, hence the debt ! But two months ago, I decided to get a grip and stick to a budget, which is working. Gizmo111 quite rightly pointed out I should budget for known upcoming expenses like car tax instead of waiting for the bill, which I will do from now on as it does make sense (someone in work said you can buy saving stamps for this?). I'm not a lover of shopping thankfully so I don't sneak any clothes or shoes in the house or anything. If I need anything I'll take it out of the £250, like my sons school shoes for instance. What I also didn't budget for in the past was emergencies which also was a suggestion from Gizmo111, and again, I'll budget for that too as again it makes sense thinking about it.
One thing I didn't add was in my job, I have to be on-call, which I get a basic rate for (included in my soa), what's not included are the payments I get if I'm called out, which for example this month so far is an extra £65. I never include it as it's obviously not guaranteed.
I think my plan of action is as follows:
Keep a spending diary, noting every penny
Check out new insurance company quotes (quidco)
Cancel Sky movies and get them to get me off BT connect (they put me on that because they weren't in my local exchange at the time but are now and I believe switching could save at least £10?)
Look at my monthly shop and see what could go
Check the old-style board for tips
Cut back on the booze/cigs (quit if I can)
Look at Payment a Day thread (can someone post me a link?)
Re-do SOA using make sense of money
I think its a good place to start and looks like i'll be busy next week on my week off !
Thanks again for all your advice, really has been very helpful x
I'll let you know how things go !0 -
Hi holsinthesun
Link for PAD: https://forums.moneysavingexpert.com/discussion/3702521 brilliant thread. See you there if you pop over!
A very inspirational diarist is Flying_Fresian. She has a few old diaries and one current one.
You are actually in quite a reasonable position in comparison to some people. I know it is hard but debt freedom can be achieved and you will do it if you really want to. Hard work and determination
Gap xMortgage at 12/07/2022 = £175,000
Mortgage today = £161,690.76
300 271 payments to go.House buyout fund £21,000/£40,000
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