Can I do it?

Positively

Gosh, this actually feels quite exciting doesn't it?! I always thought we would take years and years to pay our debts off but now I'm wondering if we can actually do it in a year? I daren't get overexcited but it's got to be worth a go!

So we have
Mortgage I £88,000 with 23 years to go
Mortgage II £48000 with 23 years to go
Car loan I £4900 2 years 8 months
Car loan II £4800 4 years
Bank loan £3450 2 years 8 months
Barclaycard £2675
Lloyds CC £565
Next catalogue £589
Littlewoods catalogue £281

I'm going to go with snowballing because quite frankly, I just prefer the psychological aspect of paying off whole debts, even little ones.

I have already had one week of no spending, except for Saturday because my fridge bulb went and it was driving me completely potty but shopping about I got one for £1.99 in Boyes (instead of £6.99 in morrisons, same brand!). I do have two kids and I have to work so it's not going to be easy.

So far I have
Switched utilities saving £40/month
Switched phone and broadband saving £26/month
Switched car insurance saving £8/month
Will be going onto sim only plan in March instead of upgrading
Cancelled unnecessary DDs and standing orders
Checked my credit file (that was VERY depressing but onwards and upwards!)
Sold some stuff on eBay making £60.10

Don't know what else I can do for now except stop spending and get creative at tea time.

Off to see how others are doing it!!

Positively

After all my determination this month I have saved all of the above, had 18/24 no spend days, have run down the cupboards and freezer and feel like I have worked my socks off.

And the result? Actually worse off than any month we've ever had since I sarted my new job in 2013. Thanks to a hefty bill of £260 and a £200 car service we are seriously down and Positively is struggling. All that for nothing, we have three days till payday and I am scraping for coinage to buy milk. Saying that, I haven't increased any debt and after paying my Littlewoods payment I have £190 (exactly, I like round numbers!) left and I think I might just got it next month, that will be £70 extra a month I can put towards other debts.

I have learnt so much from reading through everyone's diaries but don't feel confident enough to comment yet, perhaps I will make that my aim this week

Thinking Positively

ellesbellesxxx

Wow, you have already made a great start though - great savings and good selling too! Will look forward to seeing you positively cut down those digits

fuzzyduck22

Hiya

I'm new too, well after years of lurking. When you say a year do u mean the non-mortgage debts?

Good luck on your debt free journey, it is quite exciting

Positively

Oh yeah, defo not the non mortgage ones, and TBH the car loans are probably a bit ambitious but all the ones in my sig for sure.... thanks guys

Positively

Hurrah, a positive day at last!! Got my wage slip through for Thusrday (only the day after tomorrow) and there's an extra £150 in there for some overtime I did!

So income for March
Salary £1260
child Benefit £136

Outgoings
New electricity account 52
broadband and phone £28
Pet ins £6.97
Car ins 18.89
Home ins 27.16
computer payment £14.82
AA £17.86 ( I know this seems a lot but includes parts insurance, I do about 25,000 miles a year and my car is getting on a bit so I want to be covered)
Life ins £12
contact lenses £20
Subs 26
Mobile £33
Swimming lessons £49
Cubs subs £30
Pay off old elec account £89
TOTAL £480.98

Fuel £200
Food £200 (family of four)




Debt payment
Barclaycard £2675 .... £100
Lloyds CC £598.... £50
Next £520... 60
Littlewoods £190.... Am going to pay the whole lot and close the account, this was at nearly £2000 4 years ago so this is a HUGE deal for me!!
TOTAL DEBT REPAYMENTS £400

So £1396 coming in, £1280.98 going out which leaves me £115.02 for my emergench fund. hurrah for budgeting, this is amazing!! I have my envelopes ready for divvying up the different amounts, cannot wait to go to the cash machine on Thursday and actually allocate the money to their envelopes, can't wait to call littlewoods and tell them to close my account, next up is Next, gonna smash it!!

What are your plans for payday?!

Positively

Excuse my multiple posts but I am thinking a bit today.

I read someone else's 'confession' about buying designer bags and selling on at a loss when the guilt sets in.

I have to admit that I do similar stuff but not with any one particular item. I have o er the last few months sold a load of things that I have bought in haste and never used, I have usually felt awful the minute I have clicked buy but hate returning things. That horrible feeling you get when you buy something you don't need AND can't really afford, I wish I could bottle that feeling and have a sniff every time I feels like buying something.

I would be intrigued to know more about the psychology of this 'must-have-it-now-regardless-of-the-consequences' attitude and how to break it. I have been soooo good with my spending this month but have bought two just eat takeaways when I have got home from work and just too tired to make anything (I work 12 hour shifts). The second I pay I just feel awful and know that I've wasted money when I should have just got up and made something. I try really hard to remember that horrible feeling and will make effort to do so! At the moment I am desperate to paint my sons bedroom (it's a fairly inoffensive share of blue from before we moved in but it doesn't match the rest of the house and drives me crazy). b&Q are doing Dulux for £10 a tin this weekend and I a soooooo tempted, someone dissuade me!

iarniee

Positively wrote: »

Gosh, this actually feels quite exciting doesn't it?! I always thought we would take years and years to pay our debts off but now I'm wondering if we can actually do it in a year? I daren't get overexcited but it's got to be worth a go!

So we have
Mortgage I £88,000 with 23 years to go
Mortgage II £48000 with 23 years to go
Car loan I £4900 2 years 8 months
Car loan II £4800 4 years
Bank loan £3450 2 years 8 months
Barclaycard £2675
Lloyds CC £565
Next catalogue £589
Littlewoods catalogue £281

I'm going to go with snowballing because quite frankly, I just prefer the psychological aspect of paying off whole debts, even little ones.

I have already had one week of no spending, except for Saturday because my fridge bulb went and it was driving me completely potty but shopping about I got one for £1.99 in Boyes (instead of £6.99 in morrisons, same brand!). I do have two kids and I have to work so it's not going to be easy.

So far I have
Switched utilities saving £40/month
Switched phone and broadband saving £26/month
Switched car insurance saving £8/month
Will be going onto sim only plan in March instead of upgrading
Cancelled unnecessary DDs and standing orders
Checked my credit file (that was VERY depressing but onwards and upwards!)
Sold some stuff on eBay making £60.10

Don't know what else I can do for now except stop spending and get creative at tea time.

Off to see how others are doing it!!

Best of luck to you, you can do this if you put your mind to it!

You have really motivated me to sort myself out by the end of the year.

Positively

Last year I completed the NHS C25k programme which I stopped after the Easter holidays, I'd done 5k in 28 mins which was my target and was so pleased with myself. Then I just went off running. No matter how much I chastised myself I just couldn't put my running shoes back on. And then today that light came back on!!

I got up having just decided "today I will go for a run". I don't know where it's come from but I did, I put all my gear on (worrying about my wobbly bottom which is considerably wobblier than it was this time last year), dropped the kids off at school, tied the dogs lead round my waist and off we went. I was expecting to only be able to do a few metres but I am shocked at having run over half the way round my 5k route. It took me 50 mins but that was with a lot of walking interspersed between runs, even managed a short sprint towards the end.

So the fitness must still be there somewhere! I had that runners high for over an hour after, had a lovely soak in the bath and am actually looking forward to getting out on Friday. I wonder if part of it is because tomorrow is payday day and I am so excited about paying off and closing my first DFW credit account that I need something else to think about ?!

snowscreamer

Good luck Positively, subscribing

janeypoo

Goof luck, subscribed also!