I want to clear my debt

u751904

Hi folks I have been around this forum for a while taken the advice like claimed back about £3000 in bank charges (first direct 2x current accounts). Fixed my mortgage at a lower rate a few months back. Now I want to clear my card debt and have some savings behind me.

I am one of those people who can't go into the supermarket and just get what I went in for. A shop for £3 can turn into £15 easily. I live right next to a co-op and I shop in small amounts on a near daily basis. The other thing is QVC - spent a fortune on that. I have to say I think I have nearly grown out of that.

I have about £3500 on my credit card - I keep switching to zero rate. Just moved to tesco which I think is zero for 12 months. My current account is usually about £200 OD each month.

I have been saving £25 into a friendly society account for about ten years and have another seven to go so I guess I have managed something. They usually get a lot or bad press.

I am quite good saving for my daughter. She has a child trust fund, monthly account and pension. £50 pm, £10 pm and £25 respectively. That I have no problem with. I know where my motivation is there.

I don't have lots of outgoing other than household bills which I go through with a tooth comb and its all in spreadsheets.

I earn £35K my partner is self employed and earns probably less than the national wage. My relationship isn't that good and I don't think it has been brilliant for a long while.

I think that I am rubbish with my own money because I use retail as therapy and I feel better.

I really want to get rid of that credit card debt have some savings. Especially important if I decide I need to go alone etc.

I am trying to find the resolve and determination to do this and not fall off the wagon and end up spending money unless I really need to.

Sticking to the budget is the hardest thing in the world and yet I remember as a kid having £3 in my purse and making it last for ages whilst I walked round town with my mates.

I think I am going to start using cash and store away my cards - might help me stick to my budget any one else with thoughts on this? Or why you spend too much.

I feel like I am constantly beating myself over this.

bandraoi

Well to clear your Credit card within the 12 month 0% period, you need to pay down £292 a month, on a salary of £35K that should be achievable. Anything over that sum that you can spare you should put into savings.

Now all you need to do is to work out your SOA and work out how much you have to spare.

Mozette

My advice, as always, is to keep a spending diary, see how much you spend on - in my case lattes - then think what else you could do with that money. Most spends I find are just habit, and something that makes you think about what you spend and why you spend it, and then makes you realise how much more productively you could spend it, is a good thing. Worked for me, anyway. Also have a play with the snowball calculator and work out that, e.g., 1 or 3 lattes a day equates to a debt free date of next year rather than a date you may not live to see! I hope this is a link to it! http://www.whatsthecost.com/creditCard.aspx
good luck!

Red_Fraggle_3

The things you buy from the retail thearpy can you sell - ebay amazon.

I get a buzz at watching the stuff sell even posting it - although I have never had the urge to buy stuff but I do see it in my exh and have friends who do it - deep down I have always been a saver at heart and only buy when I have the money saved up for something

exh did leave me with a lot of debt he liked to buy stuff so he would look good to his mates shame they could see right through him way before me !!

petetidball

One really good suggestion I've seen on here before is to freeze your cards in sandwich bags full of water. By the time they thaw out, you (hopefully) lose the urge to spend. BTW, you can't use a microwave to defrost them as it messes up the magnetic strip.:rolleyes: It also means you have pretty cool ice cubes come the warm weather.

angelavdavis

Hi and welcome to DFW!

As well as the spending diary and freezing the credit card tips, I would recommend the following:

1) Only leave a £10 note in your purse for emergencies and leave the switch card at home.
2) Order your groceries online to stop impulse purchases.
3) Sign up to quidco so if you do need to purchase anything, use comparison websites like Kelkoo (through quidco for cashback) and shop for the cheapest price - purchase if possible via quidco to earn more cashback.
4) If you run out of milk or bread, just visit the local corner shop. Don't go to the supermarket!

When temptation calls whilst out shopping, ask youself whether you a) really want it b) really need it c) it a and b are yes, whether you can get it cheaper online somewhere d) can I afford it e) is there anything I could sell to raise the money to buy it and finally f) do you really need it NOW. Then put off purchasing it. If you still want it, go back for it another day - if its sold - it wasn't meant to be.