Just want to be Debt Free..

JacobMale2

Oh I've learnt with the girls and just got a cat! He's literally the best thing I've ever had in my life, I know I'm in debt and shouldn't really have pets if I can't afford them, but I always make sure he has his food and litter (Cheap as I can get it though!)

Everyone is way too young in my company for the plans of a promotion, plus it's in education where money at the moment is being taken from every corner.

I've just spoken to my HR and they've said they could offer an interest free loan to pay off all my debts and for them to take a fee out of my wages (An affordable fee!) It just means I have to put more overtime in, which I don't mind..Just get it all up in writing for them to document!

I have been productive today!

Naturalbornspendthrift

Hi Jake,

I hope you don't think I am being mean but your post about "having it all sorted" by 30 made me laugh!

I turned 30 last year and I definitely don't have it all sorted yet and neither do most of my friends! What I do have though is a plan of where I want to be and how I am going to get there.

It's not worth having a huge house, a flash car or luxury holidays if it's all debt. Two of our close friends (a couple) are facing redundancy and will lose their home as a result. Rather than cut back they've had a very lavish Christmas including a rather expensive holiday which they justified by saying "they needed it due to the stress of potential redundancy!" My point is you don't know other people's circumstances in detail, a stranger or work colleague may have an enviable lifestyle but maybe they inherited money, have wealthy partners or just a lot of credit cards. Equally, maybe they scrimp on some things and save on others (I used to work in a family planning clinic and one colleague, who used to take great pleasure in telling us he didn't have to work as he was so well off got disciplined for stealing the free condoms we used to give out! Talk about tight!!)

Good luck on your journey!

bobobski

Your council tax is extortionate for a single person. I live in a much more expensive area than you and mine is only £91 per month for 10 months (not 12). Are you sure you're in the right band and that you have single occupier's discount? Your tax bill is almost 150% of mine and the only other explanation I can think of is that you live in a giant house. I urge you to check your code!

northerner999

Please don't take this the wrong way. But having such a an early wake-up call over what many on here would consider a small amount could really help you in the long run.

You now understand the serious impact any debt that you cannot repay can have, especially mentally, and I hope you avoid it as much as possible in the future.

I am *the other* side of 30 to you and despite always considering myself good with money, found myself with credit card debts that were oppressive and needed sorting (again, some on here would dream of my debts at their worst).

The point is, well done on getting your head around it when so many others - including most of the regulars on here - have out their head in the sand. It is a tough lesson but will leave you in good stead for the rest of your life.

pennystretcher

Naturalbornspendthrift wrote: »

Two of our close friends (a couple) are facing redundancy and will lose their home as a result. Rather than cut back they've had a very lavish Christmas including a rather expensive holiday which they justified by saying "they needed it due to the stress of potential redundancy!"

:eek: seriously? That's nuts!

Jake - very sensible approach, and for someone your age, this will be a good incentive in the future to keep eyes on finances.

Glad you have stopped and decided to take a look at your finances at this point of time before they get out of hand. Keep updating the debt part of the SOA until they are clear, and then replace debt repayment with adding same amount to savings.

When I was your age, I read somewhere that a good guideline was 1/3 of income against mortgage/rent, 1/3 for food and bills and 1/3 for rest (savings, entertainment, holidays etc) and by following that rule, I have managed to stay debt free, save money for deposit and am now almost mortgage free. (20 years later )

Good luck with your journey.

ps. your rent seems really high - if it is a 2-bed flat, could you get someone to share flat with you? Or look for somewhere cheaper once you have paid off the debt with estate agents?