How Can I Get The Debts Finished!!

art_student

Hi! I just read this thread and wanted to say that I don't think you're a failure - you've nearly paid off £11300 of debt - that's fantastic! However, you obviously want to be free of it completely (don't we all - that's why we're here!) so I would say hang on in there for a couple of months, enjoy your new sofa and rugs and then save for the rest of the home improvements you want to make. You'll be able to enjoy it then and not agonise about the money you have spent! Hope it all goes well!

finallydebtfree!!

So do you think it is better to give them things which you will need to work overtime to pay off, or to give them your time? You can do a little bit of both, but that ultimately is the trade-off - more of one means less of the other.

I dont think she meant that is how it will be forever (well thats how I read it) I took it that that was how things were for her to become debt free.

Im sure sacrificing a little time with her children (and Im sure that must have been awful for her) to pay off debts and to have a decent lifestyle (not meant in a nasty way of course) is much better.

I dont think she has worked herself crazy just to spend money on her children! didnt her first post say she spent £50 on each child for christmas? they obviously arent spoilt. how many children actually need £100's of toys for christmas which to be honest normally end up sat in a corner anyway! Im sure her children appreciate everything they were given!

silkglade

ZTD wrote: »

No I don't think you spend money like water. But the this
gives rise to thinking that you will spend up to the level of your excess money.

Then you will be spending money like water.

You need to do things like save for emergencies, save for a pension etc. Money for that comes out of your "spare" (disposable income) but it is not to live on.


I have not done overtime since xmas as things were going so well that we would reach our goal. I did overtime last month to make sure that even it the back pay did not come through at the end of this month I could still pay mum off in full. so if both come through then i should be able to pay for sofa's too this month.

The truth is that once we are debt free we will carry on as normal with regard to food shopping and get what we need. and maybe get something for ourselves occasionally - not weekly or monthly even. then whatever is there at the end of the month goes into a savings account ( have never done it before as never had spare cash - rather exciting to see what we can save each month) and if we get through may and have spent less than thought we will pay that bit more off credit card too.

sammy115

It doesn't matter now whether you have done the 'wrong' thing by spending the money and putting it on your credit card!

You have done what you have done. Yesterday is in the past. You have done it, you can pay it off and you will be two months later being debt free than you would have been. All I would suggest is that as it has made you feel so guilty you might not be so quick to do it next time.

OberonSH

Fair enough, you're feeling guilty about the overspend. The way I look at something is:

'I want that xxx. Buying it equals xxx days/months still in debt. Can I handle that if I get the XXX?' If I can stomach the added ime, it's worth it. If I can't, it's not.

I think you just need to be careful, especially as your DFW life is nearly at an end. It's a good thing that you've recognised the behavoiur that got you into debt. Personally I'd cancel all the cards except 1 0% one. Then if you spend on it, keep a running toal in your purse with a note of the maximum you can 'spare' to pay it once a month. Should be a total you'll be happy and can budget for. That way as soon as your spend hits your total, it goes in the cupboard, or you have to wait til next month. Don;t forget that budgeting treats and 'non-essential' spends are part of what we look forward to. But notice the word 'BUDGET'.

Well done on your hard work so far.

beverleyhills

Congratulations on your progress so far. Continue to use the lessons you have learned from taking control of your finances to become debt free.

Plan your finances for the coming year:

Work out your predicted income based on information available, probably last year's figures.

Plan your predicted spending based on last year's expenditure. Don't forget the one off items, eg MOT car service.

Estimate and allocate sums to the items and activities that you have not been able to afford, eg holidays and treats.

Make sure your expenditure matches your income.

Good luck

art_student

Hello. I posted a reply but it seems to have disappeared. Sorry if I am repeating myself. I just wanted to say that silkglade, I think you should be very proud of yourself for having nearly paid of £11300 of debt and that you should enjoy your new purchases but make a commitment to saving for things eg home decoration in the future as you know this is the best way and you won't be beating yourself up about the spending afterwards. Hope it all goes well!

art_student

Hmm. Now my post has appeared again. Something wierd going on with this thread? Or am I just wierd?!

silkglade

I do not plan on doing any more overtime and the debts will still be gone in a max of 2 months after we orig planned.

Thank you for that very sound advice oberonSH
and thanks for the amazing support from art_student, finally, and beverley

finallydebtfree!!

well I hope you feel a little happier now!! enjoy your new sofa and hope dd enjoys her bike and enjoy that birthday dvd!!

good luck for the next couple of months Im sure you will do it!!