Are we really in debt? YES WE ARE

Shineyhappy

Well done! I am glad you are making so much progress!

Keep it up and remember to find ways to treat yourselves that doesnt involve spending much, if any, money! For me its always a long hot bath and a good book!

Verbatim

Thanks for updating. I'd been wondering how you were getting on and hoped you'd return.

£7k in 2 two months is some going! Well done on such fantastic early progress. Here's hoping your next two months will be as good if not better. Hang on to that motivation too.

solventguy

tolip wrote: »

Hypno06, I think thats a wise idea, maybe taking on too much too early !! will leave loan on its own, still at the snowball !!

Monthly Outgoings:

Mortgage/Rent - £1400
Council Tax - £120
Gas - £35
Electric - £35
TV License - £11
Insurances (life, Crti Ill) £130
Phones - £80
Food - £500
Car Insurance - £115
Petrol - £100
Servicing Credit Cards / Loans - £2600

Total: £5,126

Hi Tolip -

I've enjoyed your posts. Looking at your SOA above, I was wondering how you got into debt in the first place. Do you mind sharing? It might be instructive. Without your debt, you'd easily have £2k a month extra to play with. So presumably, you've been spending more than this for a while....

I second the recommendations for the Millionaire Next Door - it reinforces the view common to this forum of living below your means.

Best of luck.

skirt

wow that must have been some car boot sale

hypno06

Fantastic start Tolip :T Keep up the good work and keep on posting!

moj1966

Just read this thread from start to finsh.
It so intresting seeing how people approach dealing with debt

Bimble_2

Tolip.. :j Well done!

Please do keep posting every now and again.. helps keep you on the ball and you are giving lots of MSErs light at the end of the tunnel.

:beer:

choccywokky_2

Hi Tolip & Mts Tolip,

A really inspiring thread - please keep posting. Isn't it amazing the amount of support everyone gives each other on here. I am sure that this board is responsible for so many people keeping their motivation when there doesn't seem to be a light at the end of the tunnell.

I think it is always harder for people who have really well paid jobs (I do too, but that doesn't make any difference am still £25k in debt!) and I think one poster hit the nail on the head - you always have a bonus to look forward to that you kid yourself you will pay the cards off with, or you just think "oh well its only £100" when treating yourself to something that you really don't need!

I think you and your wife will definitely be one of the success stories on here if you continue in the same vein in which you have started.

Choccy

asp746

hi tolip,

my kids were my inspiration for sorting my debts out. I'm in the debtfree club now and although it took 5 long yrs to pay off £15k my timing was perfect - when kids are young they don't really realise they're missing little treats etc - but now they're older they sure would - but fortunately i'm now in the position to spoil them - and i do!!

It was a very hard lesson - but one thing I have taught my kids is to learn from my mistakes - to only spend what you have and save for larger items. Also shop around for things and.....don't be jealous of what other people have as chances are they've got loans/hp etc for them and it's better to be debt free than have an item that in a short space of time will be out of fashion but leave you with a monthly debt.

good luck to everyone paying off their loans/cc etc - it's a painful process but there IS light at the end of the tunnel and you WILL get there sooner or later.

findingmyownway

an inspiring diary, well done for your rapid progress!

i echo another poster in wondering what you spent the debt on? anything you can sell on ebay?