Time to get off the hamster wheel!!!

mumstheword***

So I've been lurking a while....
Managed to almost get debt free (except the mortgage) around May 2014 - but went on maternity leave November 2014 and back to work Sept 2015.
We're not in any trouble and everything is being repaid (usually minimum payments) but we have ridiculous amounts of outgoings - mainly due to debt repayment.
So this year I am going to make a real effort to a). pay off two of the smallest debts and b). start building up a buffer!

Over the past month I have sold loads of baby clothes and bits on ebay. Started doing swagbucks again in earnest! Have applied to change energy supplier - which should save £80 a month.

mumstheword***

So we owe £8,313 over 4 credit cards, £2,000 on my next account (OMG), £16k over 3 loans and £5k to my parents, as well as a couple of overdrafts = £2,500.


Total debt £33,813 :-(


First priority to pay off OH's mint card - current balance £1,249.20

in_need_of_direction

What are the interest rates?

mumstheword***

To be honest I haven't a clue for most of them.


I know the Sainsburys loan is 6.1% - the two small Barclays ones are horrific I believe, but they were taken out in desperation. I guess we should focus on these first!


Task for today - find out the rates on each one!

mumstheword***

Have looked at the interest rates = scary!
Credit card 1 = 24.9%
Credit card 2 = 19.9%
Credit card 3 = 24.9%
Credit card 4 = 21.61%
Loan 1 = 6.1%
Loan 2 = 18.41%
Loan 3 = 26.9%

mumstheword***

So today has been rough!!!
OH's van has been nothing but trouble over the past fortnight, we spent £300 on it last week, another £180 on Tuesday and now the alternator has gone! So thats another £180 on Saturday.
OH is self employed and income is not always regular. His last job overran but finished yesterday and was hoping payment would be made today, but nothing - meaning probably won't hit the bank until Tuesday.
Pay day was 31st and that has all gone to pay the ridiculous amount of commitments we need to make on a monthly basis.... So in a nutshell we are brassic until Tuesday!
On the upside though, I handed in my notice yesterday and after 3 months notice I will start a new job 4 days a week on the same money - but I will get to spend Fridays as a mummy to my two little girls DD1 6yrs and DD2 1yr! Yay!!!
And I started the £10 a day challenge yesterday - even though I only signed up for £5 a day and already I've made £23 (or whatever it says in my footer) already!!
Frugal weekend ahead, lots of dog walking, visits to the park and maybe a spot of baking on the cards!

mumstheword***

Paid an extra £30 off of credit card 1 - from proceeds from ebay and facebook sales. Few bits running out on ebay tomorrow so hope to pay that straight against the card - I know its not massive amounts but its all we have at the moment.

mumstheword***

Today was a good day! OH managed to get his alternator changed under warranty - £180 saved phew!!!
Customer paid! And he got an extra £50 for a job I'd forgotten about!!
My £5 a day in April is going well so far and all the proceeds are getting paid off the credit card. Got another couple of bits ending on ebay tomorrow so fingers crossed a few more pounds to go straight off the card!

mumstheword***

Happy Easter! And what a happy easter we have had in our house, we've all had a lovely day! I cut down easter egg expenditure to a bare minimum and the egg hunt that OH devised kept the girls (DD1: 6 and DD2: 1) entertained for over an hour, so no complaints here! Had my parents over for dinner - am still stuffed! Managed a NSD = a first but am going to aim for at least another 5 this month, will be much easier when I change jobs and don't have to pay for parking.
Have constantly got my "can i make money from this" hat on! I picked up a scooter last week for a tenner and sold it on ebay for £41 = result!!! Also saw a dress in the M&S sale for £2.99 that i wanted for DD2 - so bought 2 and hopefully the 2nd will sell for a small profit!
Ebay proceeds today including the scooter £45.40 - wish everyday could be so lucrative, once it hits paypal it will be redirected to CC1!
Tomorrow is going to be a spending day as need to buy a few bits to take to a family party.
Will try and batch cook a few baby meals tomorrow for DD2's lunch at the childminder = which in itself saves a fortune!

mumstheword***

Am pretty fed up!! Have been really trying to bring in some extra pennies to pay off some debt. Our outgoings are so high that there isn't spare money to chuck at it. So in April ive made £90 selling bits on eBay, FB and doing swagbucks. Every bit of is going against OHs credit card, so I must've made about a payment everyday this month. I'm just getting a little disheartened and frustrated that I can't do it any quicker! We have a holiday to France in half term around the corner and a weekend away at end of April, so I should be putting effort into saving for those too!!!

clearmydebts

Hi Mumstheword,

Sorry to hear you're feeling frustrated. Think how good you'll feel when one of them credit cards are paid off and you can snowball that payment onto the next credit card!!!

If I were you I would be cancelling both holidays as, in reality,you can't really afford them and the cost of them would put a proper dent,if not clear a credit card. Repaying debt at a quicker rate means making some short term sacrifices. We've not had a holiday abroad since 2012 but I can finally see light at the end of the tunnel and would prefer to have a debt free holiday in 2016.