Can I tame the debt beast in 2014??

judi24

I have been around these boards for many years and still haven't managed to tame the debt beast once and for all!


I have had a relationship with the debt beast for most of my adult life - since i got my first credit card when I was 18 in fact! It goes up and then goes down like some kind of yo-yo but I just can't tame it completely!


2014 is going to be the year to get rid of it!


In total I have approx 9k on 3 credit cards and a loan of 7.5 k which i took out last July for 3 years - my aim is to get rid of all the CC debt this year


I hope to use this diary to chart my progress in taming the debt beast - and I'm hoping you loveley people will help me find and use the money saving wheapons to destroy the debt beast for ever!

judi24

So a bit of background - I have 4 kids - 3 DD's 22, almost 21 and 9 and a DS 11
I have 2 ex husbands and have recently split from my partner after 6 years so really need to get a grip of my life and take charge and the first step in doing that is to sort my finances out!


I have a reasonable job and on paper things don't look too bad - but I would love to show my kids the world and take them on some adventures and at the moment can't do that with this debt hanging over me!


I have done many SOA's and they look like I can pay a fair bit off my debt each month but I never seem to be able to so I have come up with a way to simplify my finaces and pat off all of the CC debt by the end of 2014 leaving me with just the loan.


Things to do to make the plan happen
1. Move direct debits for daughters car loan and my loan into standing order acount (Nationwide 1) - 1 currently goes from my spending account (Smile) and the other goes from an acount I don't use anymore(First Direct) - this means all standing orders and direct debits will come from my main acount - this should mean less moving things around at pay day (DD1 will be finished uni and is starting her first job in August so will be taking over the car loan payment in full - she pays some of it now and I pay the rest!)
2. once all the standing orders etc are paid ther will be £1250 left of my wages - £1000 of this will go to pay of CC's each month and £250 will be transferred into my other Nationwide account as a savings pot for emergencies/holidays/presents etc
3. This will leave other income - Child support, older girls rent and child benefit going into my Smile acount - this totals £600 per month which would be for food, fuel, clothes, hair cuts, school lunches, pocket money etc
4. Transfer Tesco CC to Barlclaycard (offered me 0% until Dec 2014) and get rid of Tesco card which is my emergency card - I am supposed to pay this off each month but this hasn't happened and now totals over 4 k!!! Realised that having an emergency card is not a good idea for me - So I need to get rid once and for all (or at least freeze in Ice - for real emergencies not just when there is more month than money!)


If i join challenges and be carefull I should be able to save some from the £600 to add to my debt repayments


If this plan works I could have my CC debt paid off in 9 months at the most!!! Just need to stick to it!


It feels really good to write this down! Just need to make it happen!

judi24

Had a rubbish sleep last night - my head was all over the place thinking about my life and how different it is to waht I had imagined this time last year! Trying to be upbeat and positive but the deamons appear when i try to sleep!


I do feel a bit better that I have taken some control of my finances and on paper it now looks quite simple - I just need to stay motivated!


I have checked and rechecked the numbers and there really is no reason I can't pay £1000 a month off my cards - and if I can do that for 9 months just imagine what I could do if I kept it up? me and my kids could have some serious adventures!!!


Just need to curb my day to day spending - I think a spendind diary might be the way to go

icontinuetodream

good luck judi!!:D

try not to think about what could have/should have been....the only thing that matters is where you are and where you are heading...the curveballs in life just make it more interesting and highlight strengths in us that we never knew existed!!;)

judi24

Thank icontinuetodream - I know you are right and in the day I am fine and quite up beat about the whole situation - its when I try to go to sleep when it all just keeps going round in my head!


On a positive note - my younger kids are due back from thier dads this morning - we have lots to do as I am hosting a New Years party - I am a little anxious about it cos my ex and I would of done it together but my friends are great and wont be the least bit worried if i am not the hostest with the mostest - the kids are really excited about it!


We are also going to the pantomime tonight - the kids don't know yet! I was going to take them for tea first but I am going to resist and use some left overs to make tea at home first as this is exactly where my extra money goes!!!


Just need another coffee to wake me up after my rubbish sleep!!!

beanielou

Happy shiny new diary
Keep posting & keep plodding!

judi24

Thanks Beanilou - been a busy old day! Lots of cleaning and decluttering - I think its the Scot in me that needs to clear the house before New Year!
Pantomime was great but managed to spend £12 on drinks and Ice cream and £6 on chips on the way home!!!! and i wonder where my money goes???


Busy day tomorrow finishing house and doing food for the party - I will be so glad to see the back of 2013 and look forward to a more positive 2014! I have signed up to the Cancer Research UK Dryathlon challenge so will not be having any alcohol from 9am on the 1st Jan for a month. This hopefully will make me feel better but will also help the weight loss and money saving.


Just need to get my sleep - or lack of it - sorted!

novagirl

Came across your diary and just wanted to wish you the best of luck with your debt-busting. Definitely start a spending diary and how about a few pictures in it of where in the world you'd like to take your children once the debt has gone? Bit of motivation maybe

judi24

Well Happy New Year!!! Thanks for stopping by to say hello Novagirl


Had a party last night - I had promissed the kids we would have one even though the last couple of months have been pretty horrible! I did too much food as usual and people kindly brought stuff too so will be living on leftovers for the next week I think!!!


I have joined the frugal living challenge and plan to live on the 'extra' money i get (older kids rent, family allowance and child support) each month for food, diesel and general spends (hair cuts, treats, pocket money, dinner money etc) - it works out at £600 a month - ideally i would like to be able to save some out of that for presents for birthdays and Christmas - but will need to fully embrace the frugal lifestyle to do that.


Would like to learn to be more frugal for ever not just to clear the debt- we waste so much food and money. If i can learn to live on this £600 a month and have a good life then I would be able to have £1000 a month to do whatever I want - just imagine the adventures we could have on that!!!


Its funny - when I start thinking about places i want to go I don't think about usual beach type holidays - I would love to take the kids to Africa. I lived in Kenya for a while when I was a kid and would love to go on a safari!
I would also love to go to India and China - but the usual places like Florida are at the top of the kids wish list!


Oh well no point arguing about it until my debt is paid!!!


Jobs for tomorrow - do a freezer/ store cupboard inventory and meal plan for the month - I was sent at £15 off a £60 shop voucher but it has to be used by the 4th - I don't really need anything right now but might do later in the month - so might try to plan as many meals as possible and do an online shop to get use out of the voucher and hopfully save me doing a shop later in the month - all I would need then would be fresh bits.


Also going to transfer a CC balance to a 0% card


Getting quite excited about saving money and paying off the debt - lets hope I can keep up the energy and excitement for 9 months!

judi24

Not a bad day money saving wise! Got kids new school shoes saved £24 on full price at the outlet store - I don't mind mind buying decent shoes - my DD3 has funny shaped feet so it is important that the shoes she wears most of the time fit properly.


I did a freezer/fridge/cupboard inventory and the amount of food I have in is massive! I have tried to plan meals and there should be very little need to buy much more food except fresh stuff this month - although did need tiolet rolls, washing powder etc! so used my Sainsbobs voucher and did an online shop - got lots of offers on the things i needed to total should of been £105.92 and I paid £55 inc delivery - the household stuff will last longer than a month too!


on day 2 of my Dryathlon! Quite pleased considering all the drama happening in my life just now!


My DD1 has asked if she can pay all her rent for the next 5 months when her student loan comes through next week - will need to think about how to manage that so I don't just waste it!


Also ordered a hose for my vacuum today - in the past I;m sure I would of just gone and bought a new vacuum! I didn't even pay extra for express delivery!


So not a bad day all in!

beanielou

Why don't you pay the rent off the debt?