£23k in 12 months, how close can we get?

mrsmoneybee

Well, the title says the target so here's the explanation: quite simply we want to move house but our debts are stopping us, our house is the small starter we bought years ago thinking we'd move up the ladder but we've been so careless that the next rung is a long way off and we now have 2 children to squeeze in. We don't have an awful lot of equity in our house and the debts pretty much cancel it out. I've been on here 8 months and have only paid £4.5k off the debts so really haven't been hitting this seriously and would really like it if anyone could give me advice on how to really attack this and do it properly. I know £2000 a month is beyond unlikely but it's nice to have a target and I'm sure some of you have managed this somehow!

rictus123

Post an SOA and it will all become much easier!

mrsmoneybee

Oh no, if I post an SOA you'll all rip me apart for my £100+ Sky bill and wine subscription! Oh.. ok I guess that's kind of the point! I'll have to look at the bank to see exactly what we pay out but there's a lot which is pretty horrifying on a debt-free forum!

elantan

100 a month for your sky is 1200 a year for your new house .... Although tbh if you really want sky you should have sky. ... As long as u can afford it ofcourse

beanielou

Could you reduce Sky even slightly?

mrsmoneybee

Hi, thanks both for posting, keeps me coming back and confronting that signature! I'm sure Sky can be reduced, HD is a waste of time as far as I'm concerned but my hubby is the devil on my shoulder - he works really hard and we can afford that monthly payment now, however 3 years ago we couldn't and got into debt (he's an Electrician and the financial climate hit us hard, we were borrowing to pay the mortgage at one point as I was on maternity leave at the time). He'd watch every football game on tv (as he says - he never wastes money in the pub watching) if he was ever here so we pay for ESPN too. Hard to say no, really when he's working so hard. However, on a sunny note, he got a tax rebate this month that should pay off one of the CCs so we're making a good start!

mrsmoneybee

Tomorrow I will pay off my CCs. That leaves 1 loan and 1 OD. Why does my brain tell me to start looking at new cars? Need a distraction quickly or I will be out car shopping by next weekend!

chevalier

why not look on rightmove instead of car sites. that way you can find your perfect house. then print a few copies of it and put it on the fridge, by the computer, in your purse, so that you will see it when tempted to spend....

but the wine subscription has to go....lol. Oh and don't forget to close accounts that are at 0 as this improves your credit rating.

mrsmoneybee

chevalier wrote: »

why not look on rightmove instead of car sites. that way you can find your perfect house. then print a few copies of it and put it on the fridge, by the computer, in your purse, so that you will see it when tempted to spend....

but the wine subscription has to go....lol. Oh and don't forget to close accounts that are at 0 as this improves your credit rating.

That's a whole bunch of fab ideas there! I might just print random dream houses as inspiration, much better than replacing a car that's not causing me any problems anyway!

Suppose the winebank can go , can't guarantee it'll stop me buying cheaper stuff though :beer:

And finally I'd never thought of closing accounts that are paid off, I think I've had this mentality since we were really skint that I need to keep the credit available 'just in case'. Thanks, off to the bank now to pay off the Barclaycard, woo hoo!

artyfartyem

Just wanted to say good luck for your challenge, I'm looking forward to reading how you get on!

Eliza_L

Just dropped to say hi. Wine is one of my vices too. I don't have a subscription but spend more than I will probably ever want to know. I have started to buy shloer or equivalent and drinking from a wine glass. Better for my waist line, purse and liver all round. The wine does still sneak in though.

Will be reading, good luck on your journey