Paid off 9k but still feel I'm getting nowhere

macymoo

Hi all

Just having a Sunday afternoon add up of the debts (as you do!) and although we have paid off just over £9K in the last year, I still feel like I'm getting nowhere fast!
I know realistically that it is an achievement but long for a magic wand to wish it all away.
Any tips out there for staying positive and on track?
I am hoping that once fixed term debts start to end ( 2 in 2014 ) I will feel better as I suppose psychologically it looks less on paper!

I'm getting a £5k pay rise starting tomorrow due to promotion so I'm hoping this will help make a dent in the coming months.
Thanks all for taking the time to read and any advice great fully received.

M

FlacosFloozie

Hi Macymoo,

I definately go through these phases as well. I found that thinking of things in percentages rather than numbers helped- it seemed more positive to me to say I'd paid off 25% somehow.
I also find that making little overpayments helps keep that feeling that you are getting somewhere- I found the extra payment a week challenge great for this.
Allowing a little treat budget helps too. I've learned to really appreciate this and stop the big blowouts- this month was a new nail varnish for the works xmas do. If I try to stop treats all together I just feel like I'm punishing myself the whole time.
Hope that helps and hang in there.

macymoo

Thanks for the reply, %'s sound like a good plan, will get the calculator out!
I usually pay minimums off by DD then overpay with anything I have left over at the end of the month, I do get travel expenses at work so was thinking about setting that aside for over payments, I also NEVER save for Christmas which I am determined to do for 2014!

Issuma

macymoo wrote: »

Hi all

Just having a Sunday afternoon add up of the debts (as you do!) and although we have paid off just over £9K in the last year, I still feel like I'm getting nowhere fast!
I know realistically that it is an achievement but long for a magic wand to wish it all away.
Any tips out there for staying positive and on track?
I am hoping that once fixed term debts start to end ( 2 in 2014 ) I will feel better as I suppose psychologically it looks less on paper!

I'm getting a £5k pay rise starting tomorrow due to promotion so I'm hoping this will help make a dent in the coming months.
Thanks all for taking the time to read and any advice great fully received.

M

Hi macymoo,
I've been doing this myself a bit like an end of year review for me and I know exactly how you feel we have paid off over 20k in just over 2 years and yet I wish it was more and I was closer to the end of my journey and I know we should concentrate on what we have done rather than what we haven't but it is hard sometimes also I find this time of year difficult when we all feel under so much pressure to spend money.

I was reading another post where you save money equivalent to each week of the year, £1 week one, £2 week two etc which would amount to over £1400 by week 52, for me I don't think my budget would stand that but I'm going to try and do this by halving the amounts 50p week one, £1 week two etc which would amount to over £600 by week 52, just an idea for a way of saving for Xmas next year.

I'm sure there are lots of DFW out there who are feeling just the same, hope you have a great Xmas and here's to a debt busting 2014 oh and congratulations on your pay rise I'm sure that extra cash will make a difference.

Newyorkdreams

Hi Macymoo - you have done incredibly well. Well done for busting that £9K debt - never to return! As you can see from my signature, I use the percentage method. It really motivates me to see my debt % go down each month and to see the % towards my target going up. I think it's good to acknowledge too that sometimes this journy is just going to be tough (I had a wobbler a few months back and posted on here and I got some incredible support) and that you will feel demotivated, disillusioned and fed up. It does get better.

Well done for everything you have acheived so far.

NYD x

macymoo

Thanks again for your kind replies, I feel like I'm now on a mission and am going to knuckle down! Your replies have given me the extra kick I needed

ValHaller

Can I suggest that you clear your overdraft? And you stay out of it.

There are 2 reasons. Firstly, an overdraft can be taken from you with almost no notice which can cause you to default or miss other payments. Secondly you will have the satisfaction of seeing that your day to day budgeting is running fine and that the debt is some history that you have to resolve rather than the debt being part of an ongoing failing.

Fmess

Well done macymoo, £9K in a year is fantastic!

I use the % method and I use a spreadsheet to track all my payments towards my debts. I have recently added pie charts to show how much I have paid off each year.

I also find setting frequent targets helpful, rather than just saying I need to pay off all my debts asap or by 2018 etc. I am aiming for 10% paid off by the New Year (I only started in sept) and then 40% in 2014 and 50% in 2015. I intend to break these down again, so 10% in each quarter of next year.

Good luck for your future debt slaying

macymoo

Thanks ValHaller yep the overdraft will be the first to go, hopefully pay rise will sort this from the new year- and onwards a not so nice surprise from the bank would certainly be annoying
Fmess, I love a spreadsheet/pie chart so am definitely going to try this! I have 2 meetings tomorrow at work but may have to slot in an hour to do this!
I actually feel excited!

Fmess

I update my spreadsheet with any payment I make, no matter how small or how frequently, and then I can watch my % increasing I find it really motivating. As soon as I make a payment, I practically race to my spreadsheet to see the new % total!

Eyes_wide_open

Wow well done on the £9k, you've done brilliantly xx