When will I learn? Ideas to bust the big fat debt!

*Vikki* · 20 March 2013 at 2:00PM

Hi all. Feeling a bit down in the dumps

I Feel like my debt is not going down fast as id like. It seems to be stuck on the 6month marker to be paid off for the last 2 years and I never reach the end. Any ideas on how to make more money to pay it off? I have next week off work and would love to earn a bit of money but cant think of any ideas. I have stuck loads of items on ebay, 85 so far and hoping to make some extra dosh there/ I will owe end of March £3640 all on a credit card. I am desperate to shed this debt. Before I move in with my boyfriend sometime next year. I was to stop this vicious cycle of out of debt in debt. I cleared all my debt in 2010 and saved up £5000 as I was lucky selling stuff on ebay. I then ended up loosing a lot of money on a car selling it back to the dealership (£4000) Then having to by another £3000 on top. Due to it being faulty and them not wanting to fix it. So this is where the debt has come from. Its making me really unhappy and down. Having recouperated from a spite of depression last year I don’t want my money problems bringing me down but they are. So I want to do something about it and shed this debt. Any ideas how I can make more money? I have done the usual look at what im spending, have a spending diary etc. But now stomped. Id love to cut this debt down by making £670. That’s my target as then I can have it paid off end of August this year! Any ideas?

Thrifty_Pixie · 20 March 2013 at 2:08PM

put up your SOA here and let the good people take a look at it. maybe we can suggest some places you can cut back

*Vikki* · 20 March 2013 at 2:27PM

Hi im not sure how to do the soa but here is my monthly outgoings without paying back debt. I have already bought birthday presents for this year. I have £500 needing to be kept back for holiday in September food,fuel etc (yes I know shouldnt have booked it up) and £240 end april for car insurance. Apart from that everything else paid for.

Monthly wage £1066.78
-£180 rent
-£90 food/petrol for month
-£12 phone
-£21.45 weight watcher fee
=£763.33 left.

[Deleted User] · 20 March 2013 at 2:46PM

Only £180 pm rent?

Likewise, only £90 for food and petrol?

These figures seem awfully low.

*Vikki* · 20 March 2013 at 2:54PM

£180 rent as I live at home with parents. £90 food/petrol is what i am forcing myself to live on, guess thats why im failing

Work is 1.5 miles away, I could walk which would help with diet but easier said than done. So fuel is about £50 a month with the odd trip out now and then. It varies. The rest is food for lunces/breakfast and a small low fat ready meal for dinner. Toiletries I dont need as I have enough to last for ages.

Thrifty_Pixie · 20 March 2013 at 3:03PM

*Vikki* wrote: »

Hi im not sure how to do the soa but here is my monthly outgoings without paying back debt. I have already bought birthday presents for this year. I have £500 needing to be kept back for holiday in September food,fuel etc (yes I know shouldnt have booked it up) and £240 end april for car insurance. Apart from that everything else paid for.

Monthly wage £1066.78
-£180 rent
-£90 food/petrol for month
-£12 phone
-£21.45 weight watcher fee
=£763.33 left.

if you're going to bust your debts you need to budget for everything and your list seems very sparse. even if you say you have the money for one bill or other and already have lots of toiletries, you need to be budgeting a little something for each as going forwards you will need to pay for them again next time.

also, if you're back in debt and aren't paying your debt off as quickly as you'd like, i highly doubt you actually have £763.33 left every month, otherwise you could be debt-free in 5 months. so you really need to keep an actual spending diary (in a notepad or something so it's handy). i suspect you are spending way more than you think on food, petrol, magazines etc.

you can fill out a more complete SOA by going here
http://www.stoozing.com/msoc/soacalc.php
and formatting for MSE at the bottom and posting it here

*Vikki* · 20 March 2013 at 3:12PM

Hi thanks for your feedback when I get on my laptop ill do the soa. I dont buy anything as im trying to bust my debt. Havent for ages. No magazines, clothes nothing. Probably why im feeling

I have a budget for when debts paid off, like I save £100 a month for bills/presants etc but as thats all done for this year to Christmas I havent been focusing on that yet. Its the debt busting. I really have no idea how much money I spend on food or fuel on average as it changes so often. But its never more than £120 inc petrol and food.

*Vikki* · 20 March 2013 at 3:13PM

Oh and it will be paid off in 5 months that the plan, well 6 as I have my holiday money coming out of August, so end September it will all be paid off if i stick to this. But I want it gone sooner so i can have my life back!

*Vikki* · 27 March 2013 at 9:21AM

Well I went away and made £1030.85 profit on ebay :-) In two weeks, so thats a big chunk off my debt! I am now on track for paying it ALL off end of August this year :-D

Little_Miss_Uni-Debt · 27 March 2013 at 10:12AM

Hi *Vikki*

Just wanted to pop on to say hello & that it's great you're cutting back to get this debt cleared! Fantastic result with the ebay sales! Amazing!

I will say from experience, that if you dislike every single step of the way then it will feel way longer than 6 months. It will take it's toll on your wellbeing & health.

You need to focus on a part of this journey that is enjoyable no matter how small. I know it sounds strange but it really helps. Maybe it's the feeling of earning money on ebay! Or the promise of a small treat (like a magazine or a cinema trip) after every £150 cleared. For me I enjoy keeping a notebook, getting daily balances and making a list of small tasks that I'm going to do that day that will help me get to my goal. I like flicking back through and seeing all the things I've done so far & how far I've come.

I like coming on here and sharing ideas and seeing how people are progressing.

You're totally right in the fact that there is only so far you can cut back but there's no limit to what you can earn!

I started a challenge on here (The 1% Challenge) and I wrote out a HUGE list of all of the ideas for making more money. Here's a link to the pdf so you can print a copy. Maybe you could find some more ideas to tackle on there! If you want to pop over to the thread & join in on the challenge too that'd be awesome. It'd be great to have you join in

FatVonD · 27 March 2013 at 10:20AM

If you're still looking for ideas (on top of your fantastic ebaying!) have you thought of signing up to a temping agency and working somewhere else on your holidays from your normal job (unless you really need the break, that is!)