Need a Plan!

Malta

Hi,
I have been reading the Debt free diaries and feel very similar but have decided to post my own. I am married with 3 children and have about £30,000 debt which has accumulated over the years. I have a large mortgage (£900 per month) as it has 4 bedrooms and my eldest is at University.
We both work but never seem to have enough at the end of the month. Do not go out much, no clothes, mags, coffees or furniture etc. Just on living costs. I don't know how it is ever going to get better at the moment.
I would love to be debt free and not have this in the background.
I think your ideas sound good of selling items on e-bay and we are trying not to spend on anything that is non essential.
:mad:
Mainly debts spread over 5 credit cards between us. I am always reading Martin Lewis website and tips and doing 0% bal transfers.
Today was upset when trying to arrange new mortgage after end of 2 year fixed. Was only offered high rates from our bank as they say we have poor credit rating. It is so embarrassing and worrying.
Sorry to moan but need to get a grip and make a plan before it gets worse!
Thank you for your post Goodlife, it is inspiring to me:)

Igamogam

Welcome Malta - you will find lots of helpful friendly people on here in a similar position who will have lots of advice and info - ignore the bossy ones! I started by looking around some of the challenges and got hooked - so I say make money saving/debt free wannabeness ( dont think that word exists !) a hobby. By which I mean devote a set amount of time to it each week and make it a priority - whether that is updating a diary making a meal plan/budget, checking challenges, finding better insurance deals doing surveys etc etc. Good place to start is with a spending diary - just paper one. Lots of people will come along and say upload and SOA - I didnt because I saw too many others being ripped to shreds and criticised and saying that could feed a family of 6 with 3 dogs on a quarter of what poster was spending....you get the picture! But its a personal thing...................

Good luck and I will subscribe

Malta

Hi Igamogam Thanks for your words of support, I will start by doing what you say and devote some time each week to tackling the beast!
I am not going to upload by SOA as you say because everybody is different and have their own opinions!
But thank you once again.
I have been looking on ebay to see what kind of things I could sell that I don't use/need.
Thanks for subscribing too!

beanielou

Baby steps is the way to go.
Keep posting!

Malta

Thanks for your support. Pay day is here but sadly only covers the overdraft on the account so not much scope there really to plan with. Hopefully next month will be better as I am not spending on anything non essential this month at all!:o

Igamogam

I know you where turned down by your current mortgage lenders but try another one you never know.............. we went through a no fee broker to get the best deal.

Igamogam

Malta wrote: »

Thanks for your support. Pay day is here but sadly only covers the overdraft on the account so not much scope there really to plan with. Hopefully next month will be better as I am not spending on anything non essential this month at all!:o

My pay just replaces the OD with a line of noughts so I know the feeling. I concentrate on reducing the CC debts - I see the the OD as a necessary evil IYKWIM. Like you we both work and seem to spend very little on anything special. Ebay is a good place to start with a de clutter and selling old tat - sorry pre loved items. There are also specialist sites for books and DVDs CDs - Music Magpie, Zapper and others. Also Amazon. You dont make huge amounts but every little helps!

Then there is the food bill - meal planning and running a tidy freezer made a difference to us.

Survey sites? Can be good money adds up nicely can can come in handy - gain not huge amounts - some give vouchers others pay straight into bank account

The MSE challenges.....pick some easy ones:rotfl: Some are very scarily full on frugal - but inspiring none the less - others are very easy and can make such a difference.

Dont forget cash back sites too - especially if you are choosing new insurance policies

Malta

Thanks your advice is really helpful and today I sold a book on Green Metropolis site so am pleased about that:T
I will try the ones you suggested and tackle ccs first.
The interest is very high now on the ccs as I have swapped so many times on interest free!
Thanks again

Igamogam

Definately get some if not all that CC debt on 0% if you can

Malta

Hi, Feeling more positive today:
Managed to go in shops and not purchase any clothes! even though I did like some!

Transferred some debt from a card to a 0% one for 6 months, only short time but may help as interest is £120 per month on other one.

My aim this month is to keep my current account out of overdraft as much as possible, the other one is always up to the limit!

Also am keeping a spending diary which I fill in every night to see what I spend and how much (will see what that says)

And have planned meals for packed lunches and each night this week and shopped just for them and nothing else, but making sure they are part of offers too. Used coupons to get points too.

:beer:
Here's hoping these plans work!!
Present debt excluding mortgage - £30,080

kittiej

Hi Malta

Well done on starting your diary :j I find that with mine I will rabbit on, but my mutterings do give me ideas of how to go about sorting myself out. It's therapeutic

You know your personal circumstances and what your family is capable of achieving so cutting back slowly is probably the best way. You will find that those who try to cut back too severely will fail so don't feel bad if you achieve small savings to begin with.

Have a think about where you want to cut back, what you want to do with the money saved and how you can make this happen.

Most of all good luck to you!

PS

Shout if you need help