Debt consolidation?

KLou

HI there, I agree with the majority of other posters - debt consolidation success stories are very rare. With a spending overhaul you can hammer the debt down by budgeting properly and overpaying. I'm fortunate enough to have no debt - I frequent this forum because I work in debt advice. However, I am saving for home improvements (because I don't believe in lending for them!) and I challenge myself to have as many 'no spend days' in the month as possible - that means no cigarettes, no fuel, no coffees, no extra food or treats, literally not spending a penny. It's a good way to re-evaluate your habits and start making better use of your money. Good luck! I think you have had your lightbulb moment just in time!

andyfromotley

Check out YNAB or a similar program for budgeting, it can totally control your spending.

Readytomakechanges

Thank you.

One of the areas that we really overspend in is food. I've posted what we currently have in our store cupboards on the old style money saving board with the hopes that some people, savvier than me, will be able to help me make what we have last as long as possible, so I don't have to spend anything else this month.

12_month_challenge

When I first began my debt fee journey I was spending a ridiculous amount on food. When I finally woke up to it all I raided 2 freezers and cupboards and realised that I had enough dinners for approx a week.

2 adults 2 grown up kids and 1 dog in house and we never went without that week.

I have been making mince and freezing it, bolognaise, shepherds pie etc.

I have also been meal planning with good old pen and paper. working out basically what we will have for dinner for the week.

It saves a lot of time and a lot of money buying thing you don't really need.

I also now shop in Aldi or Lidl. At first the kids were like errr I'm not eating that. I just shrugged and said if you are hungry you will eat it.

I was amazed at how much shopping I got for my money in these 2 shops as opposed to the others.

NOW the kids have actually asked for certain things from there like, DS loves the sage and onion stuffing a big box for 35p DD loves the savoury rice for 38p

Firewalker

Consolidation can work but it requires a very high level of discipline and determination. We paid off £100,000 by consolidating. I wouldn't advise it in your case. Also, the 50% rule someone else mentioned (where you can tackle your debt when it is less than 50% of your income) doesn't work very well with relatively small incomes (people on small income have less cash to put on the debt once they meet the necessities of life). You strategy will have to be to start clearing high interest cards first and increasing your income.

Firewalker

Readytomakechanges

So far we're on week 2 of only eating what we have in, with the exception of milk/bread. Planning an Aldi shop soon.

Managed to pick up loads of extra shifts for over then next few months. Hoping to pay off the overdrafts this year.

poppasmurf_bewdley

Readytomakechanges wrote: »

Thank you.

One of the areas that we really overspend in is food. I've posted what we currently have in our store cupboards on the old style money saving board with the hopes that some people, savvier than me, will be able to help me make what we have last as long as possible, so I don't have to spend anything else this month.

There is a series of programmes called 'Eat well for less' currently airing on BBC1, which is a real eye opener about people overspending on food.

Try and see last weeks episode about a family of four spending £275 a week on food!!!

fatbelly

poppasmurf_bewdley wrote: »

There is a series of programmes called 'Eat well for less' currently airing on BBC1, which is a real eye opener about people overspending on food.

Try and see last weeks episode about a family of four spending £275 a week on food!!!

Didn't the BBC 'experts' get the spend down to £130?

Still seems a lot to me - I would have thought £100 was a sensible budget

just checked - £200 per week down to £132 per week (Parsons Family)