gingernutbizkit's dfb blog

azzywazzy

gingernutbizkit wrote: »

Just worked out that my current debt free date will be November 2010. Feeling somewhat depressed now

When I start my new job it should make a difference to this but even so we're wondering how we ever let ourselves get into this mess.

I know it seems like a long time away - our DFD will be at least 3-4 years (depending on if OH can find a better paid job - otherwise we'll be paying a bit more than the mins and obviously, it'll take forever!) - but the key thing to remember is that YOU DIDN'T GET INTO THIS OVERNIGHT. Unfortunately you're not likely to get out of it overnight either, but the main thing is that you WILL get out of it. And chances are, the 3 1/2 years to you DFD is probably less time than it took you to rack up all the debt - and that IS progress.

Life is life - we all make mistakes - heaven knows I have, but don't let it get you down - you are making efforts to sort it and build a better life for you and your missus, and for that you should be proud

gingernutbizkit

thanks skint and azzy.

I know you're both right it just feels a bit pressured at the moment. My wife admit to being rubbish with money so leaves all the finances to me which most of the time is fine but at the moment seems a bit overwhelming.

slowlyfading

I know things may seem hard, but you're doing great. Hang in there (hugs)
Nicola x

gingernutbizkit

Well, we have made a huge decision...... we're going to sell our house afterall! :eek:

The plan is to sell up and downsize to pay off our debts. Paying off debts currently cost us about £500 pcm so we will put this money into ISA's and high interest savings and keep the mortgage about the same level with means it will probably be paid off in 15 years instead of 23.

We hope to find something that we can make £10K profit on and then sell again in about 3 years time. By then we will have made a good dent in our morgage, saved approx £18K, added £10K value and can rebuy at the level we're at now with a mortgage 2/3's our existing one and no debts. :j

We know it'll be tough - we've a lovely house - but it'll be worth it in the long run.

We're aiming to put the house on the market during the summer to sell early autumn. we want the best price possible for it so we will spend about £500 doing all the final touches - repainting every room, new front door, bed for study etc etc

Never sold and bought a house before (my partner owned the house we're in and i bought into it). Any tips.......???????

gingernutbizkit

just been looking through the other forums. didn't ralise before how much money you can save by overpaying your mortgage. Stupidly i thought that saving the extra income was the best idea!

Going to look at paying as much as possible when we move house.

gingernutbizkit

Did really well with Pigsback today. Quite a few CT's and loads of competitions. Can't believe we've earned so much for spending nothing!:rotfl:

Decided we're gonna try and get as mch as possible for vouchers for b'days and xmas.

Every bit helps!

gingernutbizkit

been out to buy paint today to redecorate the house. Can't believe all the bits and pieces added up to £140!!!

Got a week off next week so the plan is......

* to paint both of the bedrooms
* to make a box of stuff for car booting
* to really get started with the allotment so we can have free veggies for the rest of the year.

*zippy*

Hi Ginger

I ummed and arred whether to post yesterday after reading you were planning on selling your house, buts its worrying me so I hope you don't mind me posting. Sometimes downsizing is the best solution so i'm not saying you shouldn't consider it, but just don't rush into a decision. I notice its not been long since your LB moment and I can remember how I felt after I had mine, I just wanted to be rid of the debt as soon as possible as it frightened the life out of me and I often thought about adding it to the mortgage as a quick solution. I know though that despite my best intentions, if I had done that It wouldn't have been long before I was in debt again as I wouldn't have learn't any financial lessons. I know 2010 seems a long way off and its hard work paying it off, but do consider all options and don't jump into anything. Give yourself a few weeks to settle down from your LB moment and then decide.

best wishes

zippy x

gingernutbizkit

thanks Zippy..... your comments have been noted.

To be honest we have discussed moving a lot over the last couple of years and it's not just financially that it makes sense. My partner often travels for an hour and half to get home from work and now my new job is half an hour in the same direction. We hope to move to somewhere more central to both jobs.

Also, we really don't need to size of house we have. It's a large 3 bed house with huge loft conversion and it's just the two of us rattling around in it.

Moving is the right choice for us but i take your point and maybe we need to consider how much of a downsize we make???

gingernutbizkit

looking forward to pay day..... things are getting tight again!

Next month will be hard.... one car needs tax and insurance and the other needs an MOT - which i doubt will go well!

Why does everything happen at once