Later is here

determined_new_ms

I think that £80 budget for groceries is a tight but doable budget. You might even get it lower if you are able to go to the supermarkets at the times they reduce stock heavily and adjust your meals accordingly. But you do need fruit and veg and also occasional treats.

When I was in debt in terms of holidays I did have 1 holiday aboard which was a last minute all inclusive deal which cost £300 and I took £75 spending money (well it was for me and my oh & we took £150 between us) so I've just worked that out it would have cost £32 pm to save for, in reality we just reduced our debt repayment for 1 month and at that time we were sending around £800 a month to debt repayments.

We also did a sun holidays caravan thingy in Devon and went to 1 festival. But we committed to raising additional cash for these things, we took in students and we sold lots of stuff on ebay.

sanfrancisco

You are in a great position having no children.

You can rent out a room, get a second job, say yes to everything at work so you can either get a promotion or get a new job.

If you put your mind to it you can easily turn this situation totally round in 2 years.

That's all it is really. It's a decision. Once you have made that decision You just have to dedicate your whole existence to moneysaving. Every penny counts. Every single one.

I don't think you seem like you have had your light bulb moment. Otherwise you wouldn't even be thinking about holidays.

Do you want to have two years of fun? Learning the great moneysaving ways, sorting out yourself for life, feeling secure about your retirement? Or do you want two more years of stress? Going on holidays you can't afford and living a chaotic and stressful life? Choose the healthy option! Choose freedom.

Lotstogain

Thanks all. I am selling stuff and looking for another job. I dropped to 4 days a year ago to do a sort of consultancy elsewhere one day a week which didn't work out. That contributed a little but as you can see my pattern of overspending was entrenched way before then.

I will look again at the grocery budget. ... Ironically I think my diet would be healthier if I stuck to the ridiculous (unanimous verdict!) £20 a month as then I would be forced to eat veg instead of my two favourite food groups- cheese and wine.

"Humour" keeps me going. Thanks again!

gfplux

Good luck lotstogain. Please forgive me but I am not sure you realise how serious the situation is. As you say your over spending is heavily ingrained in your behaviour. You will and must work hard at changing this. It's not impossible as many others have done it but it takes a lot of self control. As I say good luck and keep posting On this thread as you will get lots of support and advise.

firesidemaid

IF you are going to BUY/DRINK wine, then you need to take advantage of supermarket special offers eg. Sainsbobs 25% off 6 bottles - plus use various coupons/bonus points etc.


We bought 7 good bottles for under £29 today - plus a 400 & triple points coupons used also. £8 bottles of wine for about £3.75 each

asparagus1968

I am being blunt- If you actually wanted to get rid of the debt you would cut out luxuries- the holidays (ALL of them for a couple of years)
Groceries doesn't just cover food and drink- what about toilet roll, sanitary towels/tampons, shampoo/soap ,toothpaste and brushes, washing up liquid etc.
If you want to pay off this debt quicker- up your income, get a lodger. Sell the Glasto tickets.

How long is your mortgage over?
budget properly and realistically- you can still have treats, but ones that are budgeted for, that you won't feel guilty for having when you look at your SOA.
It's all down to what you choose to do- you can't have it all unfortunately.
Good luck, you'll do it when you are good and ready.

tallyhoh

Do you really need a car, you don't spend much on petrol

Lotstogain

Thanks again all. I am working on your advice. Another question .. Part of what has prompted this realisation is that my mortgage deal is coming to an end and I am scared of looking for new deals as I am in worse (unsecured) debt than I was when I took it out.

There are some ok deals with my exisitng provider but even then I am worried I will be refused a new deal, or worse still, not allowed to continue any mortgage with them. Is this possible? I have had a quick scan of their information online and they do mention referring to credit reference agencies and looking at affordability criteria etc. as I mentioned earlier, my income has dropped by approx 20%. And although I have been able to switch around 0% credit card deals from exisitng providers in the last12 months, I have been refused a couple of deals from new providers in the last 12 months.

What should I do, please? If I apply for a better deal with my current provider, am I opening a can of worms? What is the worst that could happen. Can they cancel my mortgage? Should I just leave it and accept the new rate ( costing me an extra £30 a month) until I am in a better financial position. (I think this will have to be getting better paid/ more work?)

As always, any advice would be much appreciated. Thanks.

Lotstogain

tallyhoh wrote: »

Do you really need a car, you don't spend much on petrol

Yes, really - I live a bit in the sticks - it's about 20 mile round trip to work and public transport is not great. Also I live about 200 miles from my mum and sister; again public transport there is not great. Thanks though.

Lotstogain

asparagus1968 wrote: »

I am being blunt- If you actually wanted to get rid of the debt you would cut out luxuries- the holidays (ALL of them for a couple of years)
Groceries doesn't just cover food and drink- what about toilet roll, sanitary towels/tampons, shampoo/soap ,toothpaste and brushes, washing up liquid etc.
If you want to pay off this debt quicker- up your income, get a lodger. Sell the Glasto tickets.

How long is your mortgage over?
budget properly and realistically- you can still have treats, but ones that are budgeted for, that you won't feel guilty for having when you look at your SOA.
It's all down to what you choose to do- you can't have it all unfortunately.
Good luck, you'll do it when you are good and ready.

Thanks. Mortgage has another 22 years to run, sadly. Until I'm 70. So that's a whole other issue but unless anyone thinks differently, I feel like I need to sort out the credit cards first?