Mopping up the mess - my final debt free journey!

clearmydebts

Hi all! I am a fairly regular poster on here! Here is a link to my older diary: https://forums.moneysavingexpert.com/discussion/3991383


I am 39 and we have just bought our first house (2nd time buyers, we bought a flat first!). We have been married for nearly 10 years and I've been on MSE as long as then. We now have 2 kids, aged 6 and 4 and live in Ireland.


Some of the debts are from we lived in the UK and some are from when we bought the house 5 weeks ago (no appliances left behind so we were starting from scratch). The bad news is that the debt figure is so much. The good news is that we should have about £1000 to pay off the debt each month as that's what we were saving for our deposit. So it can be done, and it will be done!


Ideally I would have loved to have been debt free for my 40th birthday but that's not going to happen in 9 months so my aim now is to be debt free before I turn 41, so in my 40th year.


So how are we going to do it? Well, as I said, we should be able to pay £1000 off most months. I will also have some over-time the next few months and OH should get a decent bonus in December. All is going off the debt! I want to be able to enjoy my kids, my life and my house without worrying about debt!

[purplesignup][/purplesignup]

clearmydebts

Just realised my first post all sounds very clear cut. But of course it's not. I've serious issues with money and spending more than I have, otherwise I would have paid off all my debts a few years ago.


I always underestimate how long it will take to clear my debts and get impatient. I really need to stick to it this time though. It's now or never

chevalier

I can so relate. Getting older and thinking, I don't want to be worrying about money my entire life. So make sure that you keep your eye on the ball. Good luck
chev

starnac

Happy new house CMD (and diary). I want my debt gone this year too so we can spur each other on. We can do this.

clearmydebts

chevalier wrote: »

I can so relate. Getting older and thinking, I don't want to be worrying about money my entire life. So make sure that you keep your eye on the ball. Good luck
chev

Thanks Chevalier! I definitely don't want to be worrying about money for my entire life. It's taken up the whole of my 30s. Want to get rid of it before it takes up all of my 40s.

clearmydebts

starnac wrote: »

Happy new house CMD (and diary). I want my debt gone this year too so we can spur each other on. We can do this.

Thanks for the continued support Star. I finally feel like I can make proper inroads now because we have our house. So let the debt slaying commence!

clearmydebts

Happy Monday everyone


We will have a surplus amount of money this month which is great. Payday for OH is next Monday thankfully! So to kick things off I've paid off the Next account and will be closing it down as soon as the balace is 0. I've scrubbed it from signature and it feels good. Although it wasn't high (£123), it's a UK Next account and it's been hanging over my head for a good while! So debt number one is done and dusted!


Will definitely get under the 20k mark this month and if we are lucky get under the 19k mark too as OH is due expenses, I am being paid overtime and we will have a surplus in the bank. None of these unfortunately are typical of a usual month but it will certainly get us up and started!


So the aim is to pay off OH's UK overdraft and his Tesco card (UK) which also hang over our heads as they are much for difficult to keep track of and pay, with them being in a different country. If we could get both of them paid off that would be amazing, but as I mentioned in anther post. I am always more optimistic about what we can pay than what we actually do pay.


I've also started an emergency fund, which is essential, especially due to us being home owners. So I am hoping to add €200 to it every month just in case of emergencies and then we can use some of it towards Christmas.

starnac

Great start. I'd be tempted to pay Santander off too. I know people say about getting rid of the highest interest ones first but I like paying smaller balances off in order to actually close accounts and cross it off my list.

clearmydebts

starnac wrote: »

Great start. I'd be tempted to pay Santander off too. I know people say about getting rid of the highest interest ones first but I like paying smaller balances off in order to actually close accounts and cross it off my list.

Thanks Star! Am definitely going to pay off Santander when I can find the details for it! It's another UK account and has disappeared into the spare room abyss since we moved. I would love to get rid of it though!

clearmydebts

Am itching for OH's payday so we can get rid of his Tesco credit card and make a start on his overdraft.


I placed an order for smart storage for under the stairs today. I am getting it for June so we can save for half of it from the April pay and half from May pay. Told OH we aren't putting anything on the credit cards from now on. Hope we stick to it, I really do. Anyway the smart storage will really tidy up under the stairs and get rid of the cluttered look. Also need to get downstairs painted and wallpapered. Trying to figure out when we can get that done and afford it. That will be the last of the big payments for stuff in the house.

clearmydebts

Evening all,


OH got paid yesterday so am trying to make all the minimum payments and then sort out what I have left over. OH's overdraft is going this month anyway, as will Santander. Definitely won't get to pay off OH's Tesco credit card as well as a few things have cropped up. £51 from being under £20K. Literally can't wait to get under that mark. No way are we going there again.


Would love to be under £10K by Jan 1st 2017 but not sure how realistic that is.


OH has been working crazy hours to reach a deadline by this Friday. He doesn't get paid overtime but they have hinted they 'might' get a holiday if they reach the deadline. Am also hoping he will get paid a good bonus at Xmas as that could pay a nice chunk off off one of the credit cards too.


I've also been working crazy hours but I do get paid overtime. I am using the overtime money to pay for understairs storage and also to bring the kids away for 2 nights next week for mid-term. We've not done much as a family lately so it will be lovely to spend time together, just the 4 of us.