To move forward, the debt needs to go!

purplerose

Hello to anyone who feels like reading my diary.

This year I had my first sunny beach holiday in over 16 years, it was wonderful! However, the fact it contibuted to my increasing debt meant that it put a bit of a dampener on the memory. So, thinking on that, it gave me a bit of a push and I've decided I want to be clear of debt and if I want to make a big future purchase in the future, it will be with money already saved so that I actually own it.

After coming to the end of my time on one 0% card, I shifted the debt onto another on and now I want to use the time to pay it off.

At the moment I have:
£4200 credit card debt
£580 catalogue debt

So £4780 in total.

I did a budget last night and I can afford to put £250 a month toward this. At that rate, it should take around 20 months to pay off but I'd like it to go faster. I'll also add whatever is left from my monthly allowance for groceries/household/petrol etc. I'm hoping that after a month or two of watching my money that I'll be able to reduce my monthly spending allowance and increase the amount going to the debt.

Yesterday I sorted out my bank accounts so that I get paid one day and the next day various standing orders pay the debts and also put money into my budgetting accounts. So I'm feeling fairly sorted about my money going where it should be.

Next thing on the agenda is to try to sell a load of stuff - it serves a double purpose as I want to declutter big time mainly due to having a goal of wanting to simplify life in general. I've got lots of clothes/books/DVDs - not sure if I'll get much for them but I'm gonna try. There's ebay and the selling groups on Facebook.

After that, I'll see where I am but I have a few more ideas to speed it up. I'd consider another job or I used to have my own wee business on ebay that made me good pocket money. Only thing was that it was rather time consuming, so we'll see how things go.

That's the plan and this diary is to help keep me motivated

GunWharf

Hello and well done for making the start!

:j

Keep focused and keep a good Diary.......as this will motivate you when you look back over time.

purplerose

Well, not a huge amount to report but last week I was paid my first pay since doing the budget and £200 went straight to the credit card. I'm hoping to add another £50 to that but will see how I go on my budget, if it's available at the end of the month then it'll go in. So my £4780 has now reduced to £4580

Today I also looked out a pile of stuff to try to sell on ebay and that's the plan for tomorrow so I'll see how I get on with that

in_need_of_direction

Good luck with ebay.

Historybuff

Good luck purplerose, If you can carry on like you say, you will be rid of the debt really quickly. Wish I had had the sense to do the same at an earlier stage before my debt grew into a huge mountain.
Good luck with the selling.

purplerose

Thanks folks

First, I didn't get ebay done today as life got in the way but I'll do it tomorrow

Second, I had a look over my budget and I've not been spending so much as usual of late so decided to throw £50 at the catalogue debt which means my debt of £4580 is now £4530

Thirdly, I wouldn't say I had a big spending problem but I'd say my spending was getting out of control. I was buying too many things I didn't need and had stopped caring about adhering to any type of budget and I was living beyond my means. I've not been too well this past year and buying stuff seems to be a bit of a pick me up...which just didn't work at all!

So, instead of buying stuff, I've taken up my comping habit again - I used to do loads a few years ago and won a lot then it tailed off but I've started again. Not won anything yet but it's better than shopping online to cheer myself up!!

purplerose

Put another £30 to the debt so now I'm at £4500 Get paid a week on Monday, is it sad that I'm excited about paying off more debt? haha.

purplerose

Now down to £4190! The catalogue is now paid off and now it's just a case of chipping away at the credit card.