I will never be £16,676.84 in debt again

jemreading

Hi mrsonions.

Yes, it’s worth saving as much as possible into an emergency fund. You don’t want to commit too much to your debt, then not have enough in emergency funds to pay for said emergency and then have to put it on the cards again.

It’s best to get out the credit card cycle while you can

mrsonions

I’m so sorry I haven’t been around, firstly moved house, then Christmas then a crazy few weeks at work. But I got paid today so thought today is a good day to update the diary!

Current balance is £14,631.52.

So much going on, no point going backwards, but will try and keep this updated from now on.

Have told DH that I can’t control what comes out of the joint account if he keeps using his debit card so we have agreed to take £50 a week as personal spends, which is too much I think but will start high and aim to cut.

Have been very good at as both bringing in lunch from home which really helps!

mrsonions

Quite a spendy weekend as had to buy birthday presents for mother in law. She does so much for us that I don’t mind spending on her.

Took my son and niece & nephew for a cheap Sunday morning film at the cinema - they loved it and less than £3 per person for the ticket, including adults! This cost me £9 as my sister paid for her kids’ tickets and popcorn; the £9 covered me and DS’s ticket plus his kids box meal deal they do – took our own chocolates in!

I listed a pair of UGGS on eBay which I’m hoping to sell for around £75.00 which will help with the funds.

Withdrew £33.21 from Quidco which will go into overpayment pot along with £300 which I am trying to make as a regular overpayment which means I’ll clear £500 a month on the cards. Takes me to paying this debt off in just under 2 years – wonder if I can do it quicker?!

enthusiasticsaver

Well done on the move and £500 on the cards each month should get them repaid in just under 2 and a half years if the debt is £14,631?

Good you have an emergency fund now and I would do regular monthly spends for you and your husband. It is the only thing which stops my DH dipping into joint current account and ruining my budgeting. We do a monthly transfer to a personal current account for each of us. Mine usually just sits there until I have a spending spree or do a holiday/weekend away with my sister as I feel uncomfortable taking jollies like that out of our joint money.

mrsonions

Thanks enthusiasticsaver for dropping by and for the advice. Am in the process of switching a couple of bank accounts each for me and DH, I will then sort out a regular payment of personal spends. Looking like switching these couple of accounts will earn us £550.00! Not to be sniffed at!

My budgeting also also gets ruined by OH as he takes money out of the joint account for expenses at work grrrrrrr.

I've just seen your signature - debt free and mortgage free WOW! Would love that to be me!

Just transferred just £174.98 into the overpayment account: £50 that my mother in law gave me for my birthday and £124.98 refund from some kitchen appliances that we brought in December and swapped for cheaper so the money has already been 'spent'. Now have £508.31 in the overpayment pot! WOW! Happy with that!

mrsonions

I open this thread a hundred times, go to update it then get distracted at work as work is insane at the moment! I really must try and keep this diary more up to date!

I!!!8217;m fairly happy with the amount of money we are spending at the moment but I do think we could do better. I ended up buying lunch out twice last week cause we didn!!!8217;t have enough food in !!!8211; so I have brought enough from LIDL this weekend to cover DH and I!!!8217;s lunches.

Still waiting for those blasted UGGS to sell on eBay!

enthusiasticsaver

It seems like you are still doing well with the budgeting and debt repayment plan. Hopefully you also have a decent emergency fund now with the cash surplus after moving. Are you renting or have you taken out a new mortgage?

mrsonions

We have taken on a new mortgage, we needed to move to get DS into a good school.

mrsonions

Still haven't sold the UGGS


£17.84 gone into the overpayment pot today - we returned something to Homebase and because we brought it last month, I feel like the money has already been spent. £526.15 now saved and payday is on Friday. Planning on putting £300 on one of the cards when I get paid

savingholmes

Good to see your debt going down. You are doing well with Ebay sales... I still need to start selling.