Trying to get this beaten

nsl101

So my start was with building a £1000 quid emergency fund, this helped me to try and reduce my outgoings, i canceled TV subscriptions, netfilx, prime, and a few other things, and then worked extra to build my £1000.00 that now sits in an account.

I really struggled with credit cards and managing the 0% interest so after a bad experience with an MBNA card and loosing nearly 900 quid on interest i decided it was better to consolidate them into a loan to help with my discipline... I wouldn't advise this as inevitably i will pay more interest this way, however given my mistake i would have paid less if id have consolidated 8 months ago...

However the other bit of strong advice i can give you is to pick your lowest debt value and then hit that with every spare penny at the start of the month budget and then check it each day... with that target amount in mind you want to pay off your debt in that month... My approach is rather than paying the minimum, i actualy fixed the DD on that debt at a static amount say £100, then as i canceled netflix it became 107, then prime - 114, then i gained another 50 quid income - 164... before i knew it my DD was above £200 rather than the original £60 which would never have reduced the capitol. and the best bit was i didn't notice the £200 quid going out of my bank...

there is no one size fits all answer, but i try to do one thing every day to reduce my debt it could be as simple as... no coffee for a day... that's £5 quid then i write it down on my sheet and add it to the money box when i get home... the money box is for the loan... :-)

stinabean

nsl101 wrote: »

However the other bit of strong advice i can give you is to pick your lowest debt value and then hit that with every spare penny at the start of the month budget and then check it each day... with that target amount in mind you want to pay off your debt in that month... My approach is rather than paying the minimum, i actualy fixed the DD on that debt at a static amount say £100, then as i canceled netflix it became 107, then prime - 114, then i gained another 50 quid income - 164... before i knew it my DD was above £200 rather than the original £60 which would never have reduced the capitol. and the best bit was i didn't notice the £200 quid going out of my bank...

This is great advice - thank you! I never know where to start and how much I can allocate over but I do have things I pay for that I can stop at least for the time I'm in debt to clear it down - thank you!