Following another night of purgatory feeling sick about MY debt..

Cat_girl_2

Thanks CG.
The daughter can't get a credit card and I have already added interest on the sum she owes and come to the £11000 total.
Hubby pays all the other bills that I haven't included. The house insurance includes buildings and contents insurance plus mobile phone and some jewellery , iPad , laptop insurance all in one.
I did the snowball calculator thing and it estimates 3.6 years to pay this off but I think it will be longer when my interest rates on the cards go up so I am having a figure of prob another yr and a half on to get fully sorted.
I hope I can earn some extra cash in various ways and the offspring to give me some lump sums off what she owes over the next couple of years....fingers crossed eh...
CW xx

12_month_challenge

Cat_girl wrote: »

Thanks CG.

I did the snowball calculator thing and it estimates 3.6 years to pay this off but I think it will be longer when my interest rates on the cards go up so I am having a figure of prob another yr and a half on to get fully sorted.
CW xx

Hi Cat girl

I tend to look at my snowball as 36 payments rather than 3 years

It just looks and sounds better
Good luck with it all.

Once you get everything organised it will be a huge weight off your mind.

You have come so far alreafy so it proves you can do it. Try not to look at the whole picture. Slow and steady wins the race

Cat_girl_2

12MC, you have been really great helping me see things in a way that help my anxiety...
You are a real star... I think once my numbers start to go down and I can see it on here in black and white it will help.
I'm just whittling about the interest that will build up on the credit cards.
Anyway I have done this and next months budget and will be able to pay an extra £250 or so on my minimum payments next month...
CG xx

12_month_challenge

I too have a card that is gaining interest every month. Its not huge but as I have been sticking to my snowball method I try to ignore it.

I know its not ideal but I am finding my one card that I am targeting at the moment is coming right down by making all of my overpayments on it once cleared I will move payments on to the next one.

I honestly thought back in August I was a lost cause. But I have read and re read many diaries on here for inspiration.. I would never have dreamt that I would have an emergency fund either. Its my little secret from my OH as he is not brilliant with money so I like to know that I have it just in case.

I also love the Debt Free Roll of Honour board. When you see the amounts people have paid off its amazing

One particular one I keep a copy of it inspired me so much I will share it with you

x

12_month_challenge

Have a read CG
I love this post


Hello!

I am sneaking in to say a few words then I am going to disappear again. Today marks the 1st day of my second year travelling the world. I am writing this from Sydney, Australia.

MSE has played a MASSIVE part in my life over the last few years and as much as I haven't posted in a very very very long time it's for a good reason. Whereas I will never leave the MSE family entirely my life is now about something else.

This is what I wanted to tell you all - it gets better.

No matter how much debt you have, no matter where you are mentally - it gets better. You are in the best place possible to tackle your debt - you are surrounded by like minded people but watch out cause this debt busting stuff gets addictive.

I should know - I had to clear £16,600. Then raise more in order to travel - about £15,000. That was 1 year and 1 day away now. I have covered 9 countries, taken 17 flights, and my next country is New Zealand on the 2rd January 2016. I have another 3-4 countries to hit this year before coming home for a visit.

Seriously so not give up, get meticulous, know what you owe, set a DFD (debt free day) and most importantly HAVE A GOAL - you are your own boss and I truly believe each and every person that comes on here has the ability to get rid of their debt.

I don't mean to be cheesy in any way - everybody's life is so very different but I never thought I would make it here - never. I was saving for a house so my goals changed and hey presto I am now living out of a rucksack...

You CAN do it. Just make being debt free your number one goal.

Over and out - Upwards and Onwards.

NSK.

Cat_girl_2

Fantastic 12MC "...
Thank god for MSE and kind people like you. I need to make the decision which debt to pay off first... The one with the highest interest or the smallest....xxx

12_month_challenge

Once you get a snowball that you feel will work for you, you will be away and running. Keep posting whether good or bad. I have days where I feel I am trying to climb Mount Everest in flip flops. Other days I feel like I can do this.

You will too but keep plugging and we will help each other hobble/skip/jump over the finish line just like the London Marathon :j

12MC

Cat_girl_2

Too right we will...
Xxx

satchmo1

Cat_girl wrote: »

I need to make the decision which debt to pay off first... The one with the highest interest or the smallest....xxx

Hi


Just read your first few posts, and wanted to cheer you on. Well done for posting your SoA.


First, could you reduce your monthly payments into the emergency fund by a little (maybe £10/month) and put that towards your debts? Unless this is joint with DH and he'll want to know why.


Second, you could reduce your grocery spend by using Aldi or Lidl. The quality of their produce is excellent. If you don't want DH knowing, keep empty top brand bottles and packets and top them up with cheapo products.


Third, try ringing your mobile provider and hassle them to drop their price or you'll go elsewhere. They generally will agree.


Fourth, tackle the card with the highest APR first, as this means you pay less interest on the debt. Yours looks like its the Next card. Is there anything you can take back to Next and get a refund?


Fifth, get your daughter to do an SoA and get her into a healthy MSE mindset. Tell her how much you are struggling, and get her to understand that she has to be as money savvy as you are learning to be.


Sixth, selling on a closed local Facebook page is often better than selling on eBay, as there are no fees and no postage costs. You don't get people bidding, so you have to set a realistic price.


Think that's it.
Good luck!

enthusiasticsaver

Can you reduce the groceries bill at all? £300 is quite a lot for just 2 people. Do you shop at a discount supermarket L...ls or A...is?




You need to focus on reducing the highest charging debts first - Next and then MBNA. I would also come to an arrangement with your daughter for her to pay you something even if only £50 a month to pay off her portion of the debt. I would not rely on just leaving it to her bearing in mind your own situation but come to a definite arrangement.