Debt Free in 2015 - Who's with me?!?!?!?

the_storm_fisherman

I know its late
but i have been looking at repayments and i have just had a wake up call on one of my credit cards:(
if i only pay the min of £33 and keep on paying that amount till the balance is cleared it will take me 7 years and £1500 in interest to pay off a whopping 100% cost on my debt on a balance of £1500.
So now i will take a much closer look at getting every spare penny to work for me, so that i am not giving them anymore than is necessary to clear this debt. snowballing is the way to go and i will start to pay off the highest interest first.

Just think thats £1500 of my hard earned wages or 115 worked hours(just over 3 weeks):eek: i have to stay at work just for them:mad:
As an exercise i see how the others stack-up as well .This should be all the motivation i need to stick with the plan :money:

Newlywed_Saving_Ninja

Our aim is to be debt free by December 2013 (this is ambitious though, I suspect it will actually be some time in the first half of 2014). Can I still join this thread even though it is debt free by 2015?

the_storm_fisherman

sungiggs1 wrote: »

the storm fisherman thanks for the help :T


I have bought myself a new bill book for 2013, I have always used a bill book but I have bought a bigger one to log what we are spending non-bill money on :eek:

that's great that possibly one of best ways to find out where the money goes

the other thing if you can remember all your outgoings for the year and try and do a forecast budget for the year, it is surprising what is required and some of the things that you may forget about. it shown you where think you got the finds but in reality you don't have.

Newlywed_Saving_Ninja

My signature below shows our debts as they stand at the moment. That said, I have just realised I have forgotten two small catalogue accounts, and two overdrafts! You really don't realise how much there is until you write it down do you?!

the_storm_fisherman

Newlywed_Saving_Ninja wrote: »

Our aim is to be debt free by December 2013 (this is ambitious though, I suspect it will actually be some time in the first half of 2014). Can I still join this thread even though it is debt free by 2015?

Hi Newlywed saving ninja,
welcome to the thread please feel free to pop in at any time and have a chin wag, i am always lurking on the thread here most eve,s and weekends and i always try to give any encouragement and help that i am able to give, not so much on the legal side but more so on the techie things or weight loss but i am sure others will comment later.
just for starters we are about to start next week with our own weight loss challenge for the year
watch this space.

Newlywed_Saving_Ninja

Thanks for the welcome, the weight loss thing sounds good. I got married a few weeks ago, and the weight I put on during our honeymoon was shocking! I want to get back to my wedding day weight asap!!!

sungiggs1

ooh the weightloss thingy sounds good can I join? Do people attend classes or just weigh in on here? I still havent lost my prenancy weight and my baby is 9 months old:o I go back to work in March and need to fit into my nurses uniform :eek: I have done slimming world in the past

FiftyPents

Hello, i'd like to join in

I think it's a combination of my anxiety (sorting that in the new year) and just realisation that I have not a lot to show for my 28 years on this planet, that I have decided enough is enough and I need to start clearing my debt.

I have two credit cards, an MBNA that i've just opened (transferred a balance) with 5000 on it, and a natwest platinum (had for a year) with 5750 on it. They both have quite long interest free periods on them although the natwest has been going for a year so probably only another 6-8 months on that one.

Looking through my statements I racked up debt so quickly, i'll spend it at supermarkets, stupid little gadgets I don't need, so much through ebay.

Anyway, step 1 - I've given both of my credit cards to a member of my family to look after. If an emergency happens and I need them I can get them back, but ill have to justify it being an absolute emergency.

Step 2 - I've had a mass ebay sale. Sold 15 items last week raising around 250 quid after postage costs, and i've got about 35 items on there now, hoping to raise some more.

Step 3 - As of new year, I'm cutting out takeaways (girlfriend won't be happy) with the exception of one every payday.

Step 4 - I'm leaving debit cards at home, and drawing out cash to spend each week, setting myself a budget. When i'm out of cash, i'm out of cash. I want a nice clean, short statement at the end of each month.

That's it really, I think the absence of my credit cards (removed them from all my online accounts too) and leaving the debit card at home should stop the impulse spending. I'd appreciate any more tips if possible to get it down as quickly as possible.

kittiej

I still havent lost my prenancy weight and my baby is 9 months old:o

Don't worry sungiggs1, I haven't lost my pregnancy weight and my baby is 7 on NYD :rotfl:

seriously, don't stress about it.

gobbygal_2

Hi

Right I have looked at my debt and it's not a pretty sight !!!

Credit cards - Lloyds TSB - £560.15 - o% ends Jan 2013
Sainsburys - £2163.37
Capital One - £4316.74
MBNA - £4802.41
Barclaycard - £8668.80 ( this belongs to OH)
Overdraft -£700[

---

Total debts £21211.47


I have been recording my bank transactions over the past 12 months so have a fair idea where my money goes, now I have to work on reducing the outgoings to free up money to pay the debts - sounds simple !!

1) I'm going to confiscate all credit cards and lock them away.

2) Withdraw cash to pay for OH monthly petrol allowance,£200 for work and if he insists on being taxi to DD's they will have to cough up extra.

3)Cash for food shopping will be limited to £100 per week - have Aldi nearby so will be checking out their prices against other shops.

- Question - is it better to spend £60 at Sainsburys and get 10p off litre petrol or stick to Aldi if it's cheaper?

4) I'm going to allow myself and OH a weekly allowance which will hopefully prevent us from just taking cash here and there when we only need little things - don't usually carry cash but use debit cards and never really think about where that money goes!

5) Joined Sealed Pot challenge 6 so am saving for next Christmas, saving £2 coins too but gave one to OH this morning for newspaper - that will stop in the new year !!

6) Must sign up to NSD challenge - have not spent any money for 4 days since Christmas so can do it.

That's my plans for now - am going into the new year in a positive frame of mind.

Good luck everyone and Happy New Year:beer: