So much debt :-(

DrSpendLittle

Hi Rachel, read your diary yesterday and wanted to drop by, wave hello and say super job for the positive work you’ve done so far. The first few months are tough as you’re changing behaviours and getting used to new restrictions in spending, but once you master your written budget and your routine, then it really begins to become second nature and takes care of itself.

My main tips would be to put some money aside every month for ‘yearly spends’ like car insurance, Xmas, birthdays, clothes, car maintenance, dentist, holidays etc so they don’t knock you off course. Also, there are monthly things like toiletries, prescriptions, food, bills, entertainment, window cleaner etc that you will regularly need to account for - basically, look at you monthly wage and give each £ a job by assigning it to a ‘category’. I use YNAB which I really like. Others don’t like to be that prescriptive with their spends. But, debt slaying is about spending less than you earn and the only way to do that is to change the spending habits that have crept up over the years and introduce some new discipline and rules.

Good luck, persevere and you will thank your later self in a year or so!

DSL

Rachel24

Thanks for all your responses ��
I'm rubbish at updating my diary. I've got nothing on tomorrow night so will update my totals then. Managing to just pay minimum payments as so much on this month. Also now starting to think about Christmas and planning to cut back this year to save some extra pennies. Can't believe we're in October already! I have some goals I want to be at debt wise by Christmas hoping I can stick to them. Xx

Reb2016

I know how you feel about it being October already, I can't believe how quickly this year has gone.


Reb

Rachel24

Bank of scotland overdraft - £150 - this is now £0
Royal bank of Scotland overdraft - £400 - this is now £0
Royal bank of Scotland CC - £4136.22 - this is now £4034
Royal bank of Scotland loan - £7094.66 - this is now - £6701
Mbna CC - £3704.63 - this is now £3650
Next account - £919.57 - this is now £910
Zopa loan - £1900.93 - this is now £1736

Total paid off since end of July £1170

I’m really happy with this, I’ve cleared off my overdrafts and my next thing I want to clear is my next account and tackle my royal bank of Scotland credit card as these 2 have such a high rate of interest. I now have my second job and I’ve got overtime right up to the end of the year which is great!

I’ve had a lot on the last couple of months and will continue too with Christmas and all of my close friends are turning 30 and I have 4 close friends turning 30 between now and January. My main aim is to not spend on any credit cards again.

By December I want to have the royal bank of Scotland cc in the £3000’s. Right away to catch up on everyone’s diaries :-)

DebtFreeDuo

Well done on the payments so far, you're doing really well. Is there any chance you could move your credit card balances over to a 0% deal? I often get offers through on my cards for 0% balance transfers with a fee somewhere between 2.5-3.5% which is usually much cheaper than the interest I would end up paying.

[Deleted User]

Morning,

Well done on clearing the overdrafts, that'll make a huge difference.

Everything's going the right way.

Have a lovely day x

Feral_Moon

Well done! :T

You put me to shame

I started a post/diary here some months ago and did a SOA etc but rather than reduce my debts, they've actually increased

Reb2016

You’ve done so well paying of all that amount since July, and you have some great goals in place :j

Reb

Rachel24

Thanks everyone :-)
I’ve still got a long time to go but I’m hoping to have paid off £2000 by the end of December. I’m trying to be realistic and any more is a bonus.
I definitely find making the odd payment of £1/2 and rounding down my bank account etc is really helping me.

reality_check

That's great, 2 debts gone, soon to be 3 as soon as Next is gone! £2,000 by Christmas from July is great! Do you have Christmas savings? I don't so just going to have to pay minimum in December and use that money for it...exactly what I done last year and said I wouldn't this year lol xx