Large single Parent Family getting Debt free

JustAboutThere

Glad to see you back on the forums and look forward to hearing how things are going for you and yours.

JVCAccountants

Hi everyone, and especially Kim as she started this thread, I'm a newbie as just joined. but I run a firm of accountants and part of what I do is give people advice and some of that is about finance. So I thought I would share a tip for getting your debt under control.
Probably if you review your budgets and finances you can squeeze a bit of money somewhere. you might forgo spending on one thing to pay for another thing ...but the key is to find some money that you can spend in a different way. If you are really up against it this might be £10, if not it might be £100 or more.
Then rank your debts by interest rate - and choose the one with the highest interest rate. Then you spend that £10 or £100 extra, regularly each week or month, on repaying a little bit extra of that debt.
Mathematically, you know that this is a good choice. if you have a credit card you are paying 30% interest on, then that £10 not only saves you some interest for that month, but for the remainder of your contract. And you have reduced the balance by a bit more than the payment you have paid to them anyway.
£10 or £100 extra this week or month might not seem like a huge deal. but this really works!

Then when you have dealt with that debt, take the amount you would have paid off that debt and the £10 or £100 extra and use them both to help deal with the next debt. Don't fall into the trap of thinking you have more money to spend just because you have paid off one of your debts - keep spending the same amount of money to pay of the next debt. What this means is not only are you making your normal payment but now you are paying the same amount you were before but this time to pay off a different debt. meaning that you will pay it off much quicker.
And then when that one is paid off, the amounts you were paying to the first two get added to the amount you are paying off your third debt, as so on.

smallholdingsister

Hello Kim. Welcome back!

kimplus8

hi ya'll.
soooooo a quick update.
Me: Bipolar is finally stable, im on a lovely cocktail of med now that stop the highs and lows from being so dramatic and I am no longer a paranoid wreck.
I am working in a preschool voluntarily for a few hours a week to stay in some sort of work while little man is small and I am taking a year to get anchored and on the higher ground so I can see my future plans more clearly and not rush into any decisions.
kids: all doing amazingly well, school reports have all been amazing and they are so much happier now.
home: we are settled in a lovely 3 bed home that's really starting to feel like its ours.
Money: is tight but the BR is going through and I am saving as much as I can (tho sometimes that's only a few £ per week) and im looking forwards to a life without all that debt around my neck.
Church: amazing life at church, friendly church family, good worship and fellowship and I feel my relationship with Christ is stronger than ever.
Ex's: not in my life and no longer a problem, paying adhoc child support but frankly I no longer worry about their actions as they are not in mine all the kids lives and we are all the better for it.
mum: shes doing well and sees me and the kids most weekends, I have such a lovely relationship with my mum now that I am older and a bit wiser.
you guys: ive missed you all so so much and I am so happy to be back on the forum.
Stay happy and beautiful- lots of love K+8

Smodlet

KIM!!!! YOU'RE BACK!!!!! I expect you probably noticed that too, huh? Gods, I've missed you so much! Can't wait to hear your news, or that which you wish to share on 'ere (Where's Mila to correct my grammar?) Innit?

Smod xxx

kimplus8

Smodlet wrote: »

KIM!!!! YOU'RE BACK!!!!! I expect you probably noticed that too, huh? Gods, I've missed you so much! Can't wait to hear your news, or that which you wish to share on 'ere (Where's Mila to correct my grammar?) Innit?

Smod xxx

ahhh smod!!!!!!!!!!!!! me miss u long time!
im replying to your PM

Bobarella

kimplus8 wrote: »

hi ya'll.
soooooo a quick update.
Me: Bipolar is finally stable, im on a lovely cocktail of med now that stop the highs and lows from being so dramatic and I am no longer a paranoid wreck.
I am working in a preschool voluntarily for a few hours a week to stay in some sort of work while little man is small and I am taking a year to get anchored and on the higher ground so I can see my future plans more clearly and not rush into any decisions.
kids: all doing amazingly well, school reports have all been amazing and they are so much happier now.
home: we are settled in a lovely 3 bed home that's really starting to feel like its ours.
Money: is tight but the BR is going through and I am saving as much as I can (tho sometimes that's only a few £ per week) and im looking forwards to a life without all that debt around my neck.
Church: amazing life at church, friendly church family, good worship and fellowship and I feel my relationship with Christ is stronger than ever.
Ex's: not in my life and no longer a problem, paying adhoc child support but frankly I no longer worry about their actions as they are not in mine all the kids lives and we are all the better for it.
mum: shes doing well and sees me and the kids most weekends, I have such a lovely relationship with my mum now that I am older and a bit wiser.
you guys: ive missed you all so so much and I am so happy to be back on the forum.
Stay happy and beautiful- lots of love K+8

What a wonderful update! So glad you are doing well.

mandz1

glad youre doing well kim. Welcome back

Smodlet

At the risk of sounding contentious when all any of us should be doing on this thread is rejoicing at your return, Kim, I cannot but think the post by JVCAccountants has the whiff of advertising to it. I hope this was not the intention since, as we all know, advertising is not allowed on this forum.

All your advice, JVCAccountants, while kindly meant, I'm sure, can be found all over this forum, notably here: https://forums.moneysavingexpert.com/discussion/4895819

louby40

I wondered how you were doing Kim, so glad to see you back and sounding very positive!

Looking forward to hearing lots of updates