When it's just a waiting game...

Softlass

So I've had my light bulb moment. I've even got my husband on board ( thanks in part to me telling him about Alex K's issues - cheers Alex) but now it's just a waiting game, looking like 2 years to get the debt cleared so how do you maintain the enthusiasm?

Our main problem is credit cards but we've moved it all (7k each) to 0% cards and will pay £300 each every month. I've reduced my insurances utilities etc, budget my meals and even persuaded my husband to cut back on unnecessary spends (no more petrol station lunches) I finally cleared, two months early, a tesco unsecured loan that I'd had for the past 5 years so even cracked open a bottle of red tonight (first time in a few weeks) but now I've got my house in order and its just a waiting game I'm finding it so frustrating to sit it out.

Any tips or hints gratefully received!

Eyes_wide_open

I feel the same as you, what I have found helpful is signing up to the payment a day challenge. I make the main payments following pay day and then on a daily basis make an additional payment. It may only be a £1 to the emergency fund or rounding of an account balance and paying it to my loan.

The amounts add up quite nicely without you missing it but I also feel that I'm making a little step towards my goal everyday rather than once a month.

Good luck xx

Softlass

Thanks for the reply (first time post, bit nervous no one would reply,) I was reading about last night, mentioned it to OH but he just laughed at me but personally I think I might find it useful. Also thinking about calculating the actual days so at least everyday I feel like a step closer rather than having to sit out to huge chasms between pay days.

Managed to clear my loan thanks to OH getting some tax back. He's also due a bonus around January but trying to encourage him to pay it straight off a card is impossible especially as he works very hard and in his mind it's holiday money. Is it worth pushing it or should I just let him have his hard earned perk?

AlexLK

Well, well it appears I am famous !

As for maintaining your enthusiasm, how about keeping a spreadsheet as Mrs. K. and I do to illustrate just how much money you are saving? Writing my diary does help me to keep enthusiasm but I am somebody who has always enjoyed writing.

ETA: One thing I have learned from these boards it is important to work together with my wife and for us to share common goals. Write a list of what you want to do together over the next couple of years (being realistic) and work out how to fund it.

Softlass

And here lies the problem. I'm excited about being debt free..... he is excited about clearing enough of the debt so we can buy a yacht (a cheap one) and be back in more debt

Eyes_wide_open

I'm not in that position as I'm doing it by myself but is there a way to compromise, maybe a cheap break away ? Or maybe once he sees how focused you are he will get on board.
Popping a soa on here us quite a good way as there are lots if brilliant people in here that can offer you advice on cutting your budget without it restricting your life too much. Maybe with a few other trims in other area you can still pay off your debts quicker and still enjoy the holiday.
For me balance is important and I still want to live, however I am much more aware of spending. Keeping a spending diary makes me see where I spending and potential areas I could make savings.
The o/s board is great for money saving ideas and doing a diary on line helps to keep me focused and everyone on her is brilliant.

A xx

mum2one

Softlass wrote: »

Thanks for the reply (first time post, bit nervous no one would reply,) I was reading about last night, mentioned it to OH but he just laughed at me but personally I think I might find it useful. Also thinking about calculating the actual days so at least everyday I feel like a step closer rather than having to sit out to huge chasms between pay days.

Managed to clear my loan thanks to OH getting some tax back. He's also due a bonus around January but trying to encourage him to pay it straight off a card is impossible especially as he works very hard and in his mind it's holiday money. Is it worth pushing it or should I just let him have his hard earned perk?

Hi
Wow two years I envy you, but any bonus helps, the bonus in jan the miney saving side says yes should go to the debts, but my heart says holiday, - the money is an extra, and sometimes you need a "bit of normal life" to make you appriciate your debt busting.

A couple of yrs ago when it was big 40 - took DD to Dom Rep, but for trips, I ebayed, car boots, coupon clipped and really appriciated those, those values I am using towards dream hol, the hol would do you both good xx

debt-freeoneday

Hi Softlass

Well done on starting to tackle your debt (and getting your hubby on board). It sounds like you are doing really well and congrats on getting the tesco loan cleared.

Have you thought about trying to earn extra income to put towards the debt payments to get it paid off faster? That's what my hubby and I are trying to do at the moment. We had a little success with selling bits and bobs on Ebay and every penny made has gone towards the debts.

I stay positive about my progress because I look at my debt tracker spreadsheet most days to watch the figures coming down. It's very motivating!

Good luck and keep posting your progress!

AlexLK

Softlass wrote: »

And here lies the problem. I'm excited about being debt free..... he is excited about clearing enough of the debt so we can buy a yacht (a cheap one) and be back in more debt

You need to establish what you both want and reach a compromise that you are both happy with. Am I correct in presuming it is your husband who likes to spend money and has got you into debt? As it was my thread which was mentioned.

Softlass

I know we are lucky and I should be focusing on it being only 2 years after reading other horror stories we are extremely fortunate to be just turning things around before they get too bad. We got in a mess after we didn't slow our lifestyles down after having our son. I barely earned £200 quid a month after having to pay out £750 - £800 a month child care but now our son is in school and I've had a pay rise we can finally start to sort stuff out. We don't have sky, gym memberships, or any unnecessary stuff so I'm happy we can manage it.

Maybe you are right and I should let OH have his treat. In the back of my mind I just keep thinking that 2 years could be 18 months:rotfl::rotfl:

Softlass

Both of us have over spent so we're both to blame really. We have nil will power so the only way we can do it is ensure the money goes straight out DD on pay day. But that's what is set up now so fingers crossed it works. I'm a scrimper (tight northerner) at heart so find it really easy and could even cut food back even more but OH is 15 yrs older in his mid 40's so does really see why he should have to cut back. We have compromised with treat tea (this week steak from the butchers) every Friday. Food/wine bills were out of hand so I think this will be our best budgeting fix