Tips to save money to pay debt off quicker

B17c

Hi all, I’m currently £11k in debt, enough is enough, I need to get rid once and for all.
I’m not in dire straits, still managing to pay my rent, bills, minimum payments but it’s tight and there’s no real ‘spare money’ at the end of the month. I’m after tips and ideas on how to cut back/save money/make money to clear the debt quicker...

Things I’ve thought of are:
Eating through any stores in my cupboards
Doing a carboot sale or selling on eBay as I do actually have quite a lot of stuff I could get rid of.. I really want to do a carboot sale but I don’t drive so need to find someone that would do one with me
Buying ‘own brand’ or ‘basics’ food
Cancelling my gym membership
Walking to work instead of getting the bus

Any other ideas would be much appreciated!

I work nights so could pick up an extra shift as overtime but a 2nd job isn’t feasible
I rent with 2 other flatmate’s so would have to speak to them regarding bills/utilities

Pollycat

I'd suggest posting a statement of affairs on the Debt Free Wannabe board.
I think there's a thread with the SoA template.

[Deleted User]

I assume you!!!8217;ve already shifted to low or 0% cards and cut them up so you can!!!8217;t spend any more?
Change your direct debits to pay off a set amount each month that you can afford so that you will actually pay debt off rather than the min payment going down every month.
Only buy what you need. Don!!!8217;t have any tv subs...

monnagran

I take it you are paid monthly. I thing I have done is to take your months grocery shopping out in cash. Then, instead of dividing it up into four weeks, divide it up into 5 weeks. Thus every5th month you will have a month's allowance in hand. You will have to be very strict with yourself and not borrow from the next week's money if you run out.

This next bit is important. Take that extra money and pay off a bit more of the debt with th HIGHEST INTEREST. In fact take any extra little bit of money you can lay your hands on and throw it at the debt with the highest interest.
Continue to pay the minimum on the other debts but as soon as the debt with the highest interest is paid off completely you can then use your extra money + the minimum payment that you now not have to pay on the highest interest debt to start paying down the debt with the next highest interest. This one won't take so long to pay off, and as soon as that debt is paid off you do the same thing again with the next debt.

By tackling one debt at a time you won't feel quite so overwhelmed and as each debt bites the dust you will have more money to throw at the next one.

It keeps you focussed and you may even enjoy the challenge of seeing one whole debt paid off.

Just a suggestion.

Pollycat

Keep a check on what cash you spend i.e. every penny that goes out of your purse/wallet.


I was gob-smacked when I did this.
I wouldn't have believed I could spend so much.
e.g. birthday cards/paper, windowcleaner, TV magazine etc, cup of coffee and a cake, bottle of milk.


If you want to get a handle on your finances, you need to think about the pennies too.

frosty

We were 40,000 in debt plus mortgage ,I put us in what I called starvation mode,I wrote down every penny we spent in a note book .Every spend had to be justified,it's amazing how many times you think "it's only 50p or £1 but every penny adds up.I managed to move high interest cards to ones a lot lower then threw every penny at them.We were able to pay the mortgage weekly (think they have stopped it now).

I had what's called " the lightbulb moment" when you realise your in big trouble. That was when I joined this site and debt free wanna be board and their help and advice was amazing,I joined in various challenges.
I still follow their advice today,shopping is about £ 10 a week (all yellow stickers)
We are now debt and mortgage free and now have savings, I will never allow us to be in that position again.

Good luck ,you can do it.

B17c

Thanks all for the responses! I!!!8217;ve been awol as I!!!8217;ve picked up overtime at work the last few days... I got given a free bottle of wine and a free second hand tassimo coffee machine!

Monnagran thanks for the tip about the grocery allowance, that!!!8217;s a brilliant idea! I get my groceries delivered so I!!!8217;m not tempted to impulse buy but I!!!8217;ve been getting stuff on a weekly basis, I!!!8217;m thinking to order more on my next shop to last the month, then I!!!8217;m not having to meet the minimum order amount/pay for delivery on a weekly basis, but also ordering own brand/value/basics stuff and more storecupboard/freezer stuff to avoid any waste. I meal prep/batch cook most of my meals once or twice a week, I live out of Tupperware boxes.

suki1964

Spending diary is a must as far as Im concerned

Its all too easy to have ten pound disappear on mindless spending - a coffee here, pint of milk there, bar of chocolate - !!!!!! - its gone. Nothing to show for it, no idea where it went, and ten pounds not available to pay of debt

Anything you sell, put that money straight into debt payment else that too will get eaten up in every day spends

YorksLass

If you keep a spending diary you'll soon be able to see exactly where your money is going, then you can "prune" down any unnecessary spends. Eg do you really need that magazine, new lippie etc.

We throw any spare change (or coins found outside) into a jar and every so often take it to the bank to exchange for £5/£10. It goes into our holiday spending fund but you could use it against your debts - it might not seem a lot but every little will get you to debt-free-land a lot quicker.

mardatha

B17c I tried going to monthly online shop from weekly and it didn't work. I had far too much at the start and was living on porridge and toast at the end. I went to fortnightly and that was great.

B17c

Thanks Mardatha, I was worried about that but I ve bought a lot of frozen stuff and fresh mince and chicken etc that was on offer and frozen them too so I should have enough for the month!

Im currently batch cooking for the next week, been up since 5am..! Will box them up and freeze some.
I did a couple of 12 hour shifts at work last week for some overtime and have been told I can pick up a couple of day shifts too (I work nights)
Ive diluted my washing liquid and fabric softener to make it last longer
Am looking into selling stuff on Facebook marketplace and gumtree as collection only so people will come to mine to pick it up and pay cash, also they don!!!8217;t charge a fee I believe?