Pay ALL your debt off by Xmas 2017

kirtsypoos

Morning all!

#006 checking in with £13184.71/£10000 please muppets!

Thanks for updating the front page, and for running the challenge as always. Makes such a difference to so many people

kirtsypoos

sharronej wrote: »

Don't know why but today I feel totally overwhelmed by the amount of debt we need to shift, does anybody else ever get like this and how do you deal with feeling this way? thanks x

I had many days like this, strangely not so much at the start of the journey but when I had about £20k left to repay I got very overwhelmed and couldn't work out how to see a way through it.
For me the snowball calculator was a godsend, I spent hours adjusting the amount I could pay per month by £1 here or £1 there as a challenge to whether I could save that amount on a budgeted category (fuel/food shops) and therefore pay a little extra off the debt, it made a different to my DFD but I felt more in control and made it a game or challenge for myself.

It's so easy to get disheartened and overwhelmed but you are doing so well, keep going

Glittery_2

sharronej wrote: »

Don't know why but today I feel totally overwhelmed by the amount of debt we need to shift, does anybody else ever get like this and how do you deal with feeling this way? thanks x

Absolutely !
Especially as we have our first baby on the way, I am more aware than ever of not wanting to be in debt.
Some days it feels like the mountain is just too high, and days like that i read through old posts of mine on here.
Looking at how much you have already accomplished, can help get you on track.
Also someone on this thread told me about Dave Ramsey, and now I go on youtube and listen to the 'Debt Free Screams compilations', which always inspires !

sharronej

Thank you Kirsty poos and Glittery - I will have a look on you tube for those compilations and will see what little challenges I can find which will enhance our lives as well as trying to bring our dfd a little bit forward - at the moment we have 46 months left to pay x

leanne0121

sharronej wrote: »

Don't know why but today I feel totally overwhelmed by the amount of debt we need to shift, does anybody else ever get like this and how do you deal with feeling this way? thanks x

Regularly feel like this. Set myself targets with the belief that when it is reached, things will be better. I tell myself if we just get to the next £500 off......we reach it and the celebration is short lived as I realise how far we still have to go.
The forums on here have become a massive support, not only practically but emotionally. I now realise more how to live better for less and how far we have improved our finances for the future.
Keep checking in on the forums, so many people on here are able to offer normal, sensible, support and advice.

Take care and go easy on yourself, you are doing so well.

pennies_from_Heaven

Loan payment has come out of £368.56, making my totals now:-


#74 - £2502.94/£7000 = 35.7%


Thanks Muppets!

sharronej

Thank you Leanne0101,

I watched (half) of one of the Dave Ramsey video's last night.

Step one: save £1000 is complete
Step two: Clear your debt will take approximately 4 years unless I can improve something or earn more money.
Step three: Save between 3 and 6 months wages will take another 2 years.

I have cut all my cards up but will send in letters to close the accounts this week so that I can't be tempted.

Overnight, I have had a shift in my thinking because suddenly I'm not focusing on how bad my situation is but the fact that in six years I could be in a good place with a nice safety net.

I expect that now I am finally taking this problem seriously there will be days when I feel down and that's probably a good thing as I am finally holding us accountable for the hole we have dug. I took a consolidation bank loan on to clear a large amount and I did think very carefully about it but the truth is I got too good at shifting the debt ....not clearing it ....adding a bit more! My credit cards became part of my monthly income, just another bank account really so this loan stops me being able to do that.

I am going to focus on how much fun we can get into our lives for free and that should take away the temptation to use the cards to cheer myself up - comfort spending and eating seem to go hand in hand for me.


Sorry, that turned into a ramble! :rotfl:

muppets

sharronej wrote: »

Thank you Leanne0101,

I watched (half) of one of the Dave Ramsey video's last night.

Step one: save £1000 is complete
Step two: Clear your debt will take approximately 4 years unless I can improve something or earn more money.
Step three: Save between 3 and 6 months wages will take another 2 years.

I listen to Dave Ramsey daily on podcasts. While he is a bit hyped some days, I do like some of his money principles.
He recommends paying off the smallest balance 1st. The interest rate don't matter. It's all about the feeling you get when you see 1 debt less to pay.

kirtsypoos

Morning all

#006 checking in with £13232.50/£10000 please muppets

Glittery_2

muppets wrote: »

I listen to Dave Ramsey daily on podcasts. While he is a bit hyped some days, I do like some of his money principles.
He recommends paying off the smallest balance 1st. The interest rate don't matter. It's all about the feeling you get when you see 1 debt less to pay.

I think it was you that mentioned him to me!
Have to say it is really helpful, yes he is a bit OTT sometimes, but I kind of like that

When the calls come in about getting car finance, and he tells the calle they are bonkers.
That resonates with me.

We have a really crappy little hatchback that we paid cash for.
But now with the baby arriving, we have to size up.
Everyone at NCT classes is in White 4x4's, and Mercedes with personalised registrations.
Really been so tempted lately to get a finance deal, but good old Dave won't let me