Time to stop burying my head in the sand!

[Deleted User]

I've just been in tears thinking about the debts and how to clear them. I don't know whether to try to pay off the credit card first, look into 0 percent transfer - though may not be able to do this because of bad credit rating, pay off the smallest loan first. . .


I live in the sticks where there is no bank -well 1, but not mine, and work long hours.


Today I just feel like I don't even know where to start.

LauraB89

Hi SWG - just dropping in to say you can do it!

The way I budget (and this might not work for everyone) is to get all the payments I know are going out, less the allowances for spending FFF (food/fuel/fun) and use the leftover for debt repayment. The FFF money is all tracked in a spending app - it helps because if I spend less on food or fuel, that means more fun money! That way I don't have any surprises when I look at my account

You will find your own way that works - and there are lots of people/tips on here that will help you.

Lots of people will look to pay off their smallest debts first - it helps psychologically to know that they are gone!

xxx

Money_spending_mummy

I think it makes sense to pay off the loan or credit card with the highest interest rate first.

Good luck on your debt free journey.

[Deleted User]

Thank [EMAIL="L@auraB89"]@LauraB89[/EMAIL] and @Money Spending Mummy. Spending app sounds good - I'll look into that. Thanks for the tip.


I know what you mean psychologically. Also the highest debt paid off first. . . Thin I might try and tackle the credit card first as that's the one that keeps going up and up without me spending anything.


Thank you both for your tips.


Am quite proud of myself today because as of last Friday I have actually spent no more than £2.55. :-). A lot of that was stopping myself impulse buying diet coke, chocolate and crisps to have I in the evening. The little things actually add up don't they?!


Wish I knew how to write and change my signature at the bottom.


I have loads of clutter here too . . . I bet if I sold some things, I'd make a bit of spare cash. I can't really do ebay as can't get to the post office - closes before I finish work. I'm sure there are other ways though.


I also did the snowball calculator which has also motivated me, because as it stands, I'll only clear those debts in 4 years if I carry on the way I am.


I know I'll be a bit up and down with life, but am determined to clear those debts!

LauraB89

Well done - it really is the little things that add up to big lifestyle changes. I know mine has affected my wallet AND my waistline

It's easy to update, choose user control panel in the drop down and it's an option on the left hand side.

You can do it! Just keep going!

xxx

runnerrunner

Good luck! I'm in a similar boat, and will look to tackle it when I've sorted my council tax issue out, I have a number of outstanding payday loans that total up to about £2700, and then some older debt bring me up to nearer the £4k mark. I know what you say, in comparison to others it's small fry and manageable but it's the psychological aspect of knowing that it's there. MY budgeting skills are sorely lacking too.... Although I do have a spreadsheet I update each month with my take home, deduct my fixed outgoings off it to the best of my knowledge (Rent, Sky TV, Council Tax, etc) and what's left over is mine for the rest of the month. Problem is, no matter how much we're talking about, even if that FFF money is in excess of £700, I tend to spend it very, very quickly and find myself skint come halfway through the month. I seem to have no discipline!! So if you find something that works for you, please let me know what it is!!

Roger

LauraB89

runnerrunner - you need to get a spending tracker app for your FFF money!!! Give yourself £400 a month in the tracker and put everything you spend in there. You will almost certainly reduce your spending by tracking it x

runnerrunner

Laura, any in particular you can recommend? x

[Deleted User]

Well am exhausted, Have been working all day, but not spending money. I have a coat that broke. Meant to be a good one - wouldn't be spending that kind of money now. So will mean me going back to the shop. It's less than a year old, but I have taken very good care of it, so hoping to get someone to mend it or a refund.


Good luck with your debt journey runner runner. Yes Laura, what app would you recommend?

LauraB89

Morning - the simplest app that you can find, I use one from the play store called spending tracker, but i don't think it's free on iphones?

Just so long as you can put in your total to spend and let your outgoings be taken off of it to show what figure you have left.

Sounds like you are really on the right tracks SWG - you will get there

xxx