Debt, but "want" a holiday.

Seen_the_light

Trust me - when you're debt free every day is like a Holiday! (Oh alright, maybe some days you take it for granted - LOL!)

Thrifty_Pixie

if you do actually want our opinions, and haven't already made up your mind...i'd stick with the holiday that's already booked, and change your attitude to 'we will enjoy it'. one holiday when you are in debt should be more than enough, but perhaps your sense of entitlement to more holidays per year should tell us how you ended up in debt in the first place (hey i'm not judging, just saying how i see it )

according to your sig you are still £6488 in debt (it doesn't matter how much you've paid off).

you need a new house.

you need two new cars.

you have no emergency fund.

you say yourself that your job is not particularly secure (whose is?)

i'm not belittling how far you've come, but you need to stop looking back at what you've paid off and thinking of patting yourself on the back with expensive treats. this is how backsliding happens. focus on being rid of the debt FIRST so that you can potentially afford a holiday next year when you've built up an emergency fund.

just the fact that you're already spending money that you don't yet have whilst still in debt makes me worry that you've lost sight of your LBM.

ILW

assj wrote: »

Thanks for the reply. I can't say it's secure because of the industry that I work in, however I don't think I will ever be secure at work these days. Having said that I have been thinking can you put things on hold until you retire because you are scared that your job may go due to a number of reasons. Unsure, thanks again though you do make some nice points.

Possibly "put things on hold" until you have at least three months salary worth of savings in the bank.

postingalwaysposting

assj wrote: »

I'm expecting 4K in April (well it's certain but I don't get it until then) That's the money for the 1 car.

I then have to buy another, maybe? But again I may stick with the arrangement that I have, however it costs me £200 per month.

The arrangement you have now costs £200 per month, I am guessing you don't have a car at present. With a new car comes lots of outgoings, if you are paying £200 now how much extra will it cost to run a car? Thinking MOT, Tax, fuel, repairs, insurance etc. If you have/decide to get a car why not set asside £1k for that car... That then leaves £3k for debt repayments.

So if you don't take that EXTRA holiday and you use the £3k wisely (after buying a car) at the end of April you could clear:
Halifax Overdraft 0% charges - £2000
Barclaycard 0% - £700
Capital One 0% - £300

Leaving just:
Capital One 0% - £100
Mother - Halifax 0% - £2138
Halifax One Card 0% - £1250
= £3488 - Nearly half your debt gone in one swoop!

assj wrote: »

I cover my spends each month and repay maybe £400 of debt per month, sometimes more.

So if you spend £400 a month servicing your debts and you spent your compensation as above you could be debt free by Jan next year!

As you said:

assj wrote: »

I aim to get it all cleared by Christmas this year and I expect a compensation payment of a few thousand pounds too and a tax refund of the same.

If you also through your tax refund (presumably May) of the same amount then you could be debt free by June depending on the HMRC etc. Then you could save your £400 debt repayments from June till October which would give you £2k in which to book and pay the holiday outright in cash, and if you book last minute you may get a discount too

assj wrote: »

Life seems to go very quick and I feel like I'm getting old whilst doing nothing, if you understand what i'm trying to say.

Life is what you make it not what possesions you have, the car you drive, the house you own, the money in your bank account or the job you had. After all we will all die and you can't take any of that stuff with you. Your children will not remember a holiday because it cost Daddy £1200 they will remember a holiday because you spent time with them, your family spent time with them and you made memories with them. You can do that in a caravan for £150!

Money doesn't always buy you happiness.

FBaby

The question is: is it this type of dilemma and resorting to going for the fun rather than doing the responsible thing that got you in debts in the first place?

Many people think they are exempt from the disaster of debts because they can afford to repay monthly. It then grow and grow, but still think it is because they can pay the minimum. Before they know it, they face unexpected circumstances and they are then in big trouble.

If you getting into debts is you going for things you wanted but couldn't afford but couldn't resist, don't you risk being in the same situation next year, finding another reason to spend money you don't have, and the one after and on...

smartpicture

How does your mother feel about the loan outstanding to her, have you discussed it lately? I've lent money to family before, and I know if I thought they considered two foreign holidays a year more important than paying me back, I would be feeling very resentful about it, even if that never got expressed openly.

Not saying that's the case for you, just wondered if you've thought about it.

Own_My_Own

It always amazes me.
The OP will obviously never be properly out of debt, he hasn't got the mindset for it.

People stay out of debt by saving for things and only having them when they have all the funds in cash to pay.

I am not not having 2 holidays abroad this year. I can't afford to. I am having 1 week away in this country. I can afford that.

Mozette

assj wrote: »

Well I just wanted some opinion really.

I am in debt - see below, but it's all now at 0% and going down fast.

I have some savings but I'm using that to clear my partners hire purchase and then I'm saving again for my own "new/old" car.

Anyway, we go to Portugal next month for 7 days, we have had to pay £500 for flights and will need a further £500 spending money. - Not really wanting to go but it's a family arranged trip that we got caught up in !!! :cool:

SO, I was thinking of booking us a holiday for October 13, in Tunisia, have been before and liked it lots. Found something for nearly £1200. But seems a lot and I can't decide.

I work hard, very hard and we all get stressed, we don't really have anything ourselves and have two small children.

What do people think? Should we enjoy as well as making savings, keeping a really good balance. I know this would mean 2 holidays in 1 year!!! Ekkk never thought I'd say that :rotfl:

Undecided

To add, I work hard, I get stressed, but I can't afford a holiday, so I don't have one, because I'd be a sight more stressed having what I can't afford. I don't have a car either, but that's my choice and I have other things instead. You seem to think that you need what you in fact want. Decide what you can afford, then rank your wants in order. Life is not L'Oreal, you don't 'deserve it', you have to decide what you want most. Personally I think being debt free is pretty good.

[Deleted User]

Thanks for replies all.

I really want to be debt free, I have worked so hard so far!

The cars I do need two, because we have a school run and I also use my car for work, the school is very far away.

I also currently have 2 cars, one 11 plate, one 10 plate. But my 11 plate is only a hire car, so it needs to go back and I'd rather buy next time than pay for nothing (saving hopefully)

The house is a long term goal and I know it's going to take time. My current home is no longer suitable and I will not take a profit from the sale at all.

Not sure what to say now, I haven't decided anything at all yet, I'm waiting on circumstances

Funky_Bold_Ribena

Own_My_Own wrote: »

It always amazes me.
The OP will obviously never be properly out of debt, he hasn't got the mindset for it.

People stay out of debt by saving for things and only having them when they have all the funds in cash to pay.

I am not not having 2 holidays abroad this year. I can't afford to. I am having 1 week away in this country. I can afford that.

My bold. Flogging a dead horse I think though...