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Time to re-think and get money wise
Rainbow8585
Posts: 14 Forumite
Hi Starting a diary to keep us on track of our finances and wake up to reality! We are about to enter into a DMP with Stepchange and so far have found this site so useful.
Current debts with my husband are just under £35k First thing is how the hell did it get that far..... well we were both silly and got separate credit cards when 18 (far too young in my opinion to have a cc) spent on it, had a great time, spent some more.... few years later met each other. Still didn't think it was an issue.... few years later had our first son thought we should get sensible (!) got a loan out to cover the cards and vowed to cut them up. Anyway, you guessed it, loan and spending on cards - Feel so stupid writing this as it is ridiculous! Anyway when I returned to work my wages dropped quite dramatically and then loan got extended when I went on second maternity leave and then cards have maxed out. We have finally had enough of wasting so much money just to pay minimums and find money for essentials, not nice when we have the kids. Despite my drop we still both earn good money and should not be in this mess.... how did we get here by not budgeting and being irresponsible.
So DMP about to start we are so eager to get on and see how we do the first month. I think it is going to pan out that we get a month of token payments before the real deal so plan is to put SC money away in one of our new piggy bank accounts (so excited to be so organised!) and have it as an emergency fund.
Hardest bit is going to be food - we spend a ridiculous amount on it - but I like a challenge and Aldi has opened near us which is so cheap.
Anyway enough for now, I will keep this up to date to keep motivated and to look back on when one day we are DEBT FREE!!!
x
Current debts with my husband are just under £35k First thing is how the hell did it get that far..... well we were both silly and got separate credit cards when 18 (far too young in my opinion to have a cc) spent on it, had a great time, spent some more.... few years later met each other. Still didn't think it was an issue.... few years later had our first son thought we should get sensible (!) got a loan out to cover the cards and vowed to cut them up. Anyway, you guessed it, loan and spending on cards - Feel so stupid writing this as it is ridiculous! Anyway when I returned to work my wages dropped quite dramatically and then loan got extended when I went on second maternity leave and then cards have maxed out. We have finally had enough of wasting so much money just to pay minimums and find money for essentials, not nice when we have the kids. Despite my drop we still both earn good money and should not be in this mess.... how did we get here by not budgeting and being irresponsible.
So DMP about to start we are so eager to get on and see how we do the first month. I think it is going to pan out that we get a month of token payments before the real deal so plan is to put SC money away in one of our new piggy bank accounts (so excited to be so organised!) and have it as an emergency fund.
Hardest bit is going to be food - we spend a ridiculous amount on it - but I like a challenge and Aldi has opened near us which is so cheap.
Anyway enough for now, I will keep this up to date to keep motivated and to look back on when one day we are DEBT FREE!!!
x
LBM Dec 2013 / £35K Joint Debts - DMP to start March 2014 - Debt free by Dec 2018 or before!
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Comments
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Best of luck, thanks for telling your story.
Looking forward to the next chapter, keep up the good work!£2 Savers Club 2014 #74 - £4840
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