Later is here

asparagus1968

Hi,
Do another SOA, with groceries (which include what I listed above!) at £80 more(so £100 altogether) and mortgage at £30 more (in case you need to stay with current provider etc), so outgoings will be £110 more than now.
No holiday fund plus the£62 you have left now= £175 ( and that's leaving your entertainment fund alone...) leaves £65 extra to pay off debt.
do a snowball calculator with the extra £65 and it will tell you how long it will take you to pay off.......it may focus you
Then when debt is gone you can reduce the mortgage term!

asparagus1968

Sorry, forgot to ask-did you consider getting a lodger?
good luck

Lotstogain

asparagus1968 wrote: »

Sorry, forgot to ask-did you consider getting a lodger?
good luck

I know I am not in any position to be choosy but I would like to avoid that if possible. Instead, I am wondering if I can occasionally do holiday rentals air bnb or something? But I would need to tart the place up a bit, (which im not sure i can afford) plus I am not sure if I can do any kind of letting with my mortgage? Any advice?

asparagus1968

I would imagine you would have to get mortgage company's permission if letting the house out.
But you could have a tax-free income from a lodger- how about a Monday to Friday lodger-weekends it's all yours.

gfplux

As you said, you can not afford to be choosey. If you are really serious about solving your over spending/debt problem once and for all you will have to make some hard decisions.
Have you started a spending diary?
Good luck

debbie_debt

asparagus1968 wrote: »

Hi,
Do another SOA, with groceries (which include what I listed above!) at £80 more(so £100 altogether) and mortgage at £30 more (in case you need to stay with current provider etc), so outgoings will be £110 more than now.
No holiday fund plus the£62 you have left now= £175 ( and that's leaving your entertainment fund alone...) leaves £65 extra to pay off debt.
do a snowball calculator with the extra £65 and it will tell you how long it will take you to pay off.......it may focus you
Then when debt is gone you can reduce the mortgage term!

Do you have a good link to a snowball calculator? I've been trying to use the What's the Cost one and it's rubbish - didn't take into account 0% offers I put in and wanted to be able to tell it I'll be putting a £19k windfall into the debts in February and there's no way to tell it that either. Any suggestions anyone?

MoneyWorry

I live on my own with cat and don't eat meat. Completely realistic budget for us both is £115 per month and that is eating frugally. I also will not go without my holidays and earn about £600 less than you a month. I do it by making a choice in that I only buy essentials for my home, have an evening out every two months, buy very few clothes etc etc. Even when you're out of debt you will still have to follow this philosophy as you can't have it all. My worry is that you may get out of debt, but will not adopt this new way of thinking. You have already mentioned cashing in pensions and maybe have another 18 years to run on your mortgage so it is not just your current debt that is the issue here.

asparagus1968

debbie_debt wrote: »

Do you have a good link to a snowball calculator? I've been trying to use the What's the Cost one and it's rubbish - didn't take into account 0% offers I put in and wanted to be able to tell it I'll be putting a £19k windfall into the debts in February and there's no way to tell it that either. Any suggestions anyone?

"Think " there may be one on the same site as the SOA- stoozing.com ?

asparagus1968

http://www.stoozing.com/calculator/snowball-calculator.php


yes, it appears you can add extras on it?

Lotstogain

MoneyWorry wrote: »

I live on my own with cat and don't eat meat. Completely realistic budget for us both is £115 per month and that is eating frugally. I also will not go without my holidays and earn about £600 less than you a month. I do it by making a choice in that I only buy essentials for my home, have an evening out every two months, buy very few clothes etc etc. Even when you're out of debt you will still have to follow this philosophy as you can't have it all. My worry is that you may get out of debt, but will not adopt this new way of thinking. You have already mentioned cashing in pensions and maybe have another 18 years to run on your mortgage so it is not just your current debt that is the issue here.

Obviously I have a very poor track record but I am determined to make the changes needed, although it is a very new way of behaving for me and there is definitely a lot of mental adjustment needed.