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Fresh start needed

edited 30 November -1 at 1:00AM in Debt Free Diaries
47 replies 4.5K views
kerron7kerron7 Forumite
304 posts
Part of the Furniture 100 Posts Combo Breaker
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edited 30 November -1 at 1:00AM in Debt Free Diaries
Hi,

I've been a member of MSE for years now and although have been motivated to become debt free more times than I care to remember it's never happened. Things have to change and now!. I do have a diary but it's been so long since I've posted I've decided to start a new one fresh start and all.

A bit about me, I have 6 children ranging from 2-18, a lovely partner father to the youngest 2, I work part time in education and my partner is returning to work in September. My daughter has just turned 18 which has seen income drop significantly but will be outweighed by partners income come October. We currently rent but would love a place to call our own but before that can happen this debt needs to go! The debt is all in my name credit cards, a loan, store cards etc which has reduced and then added to again and again, I can't dwell on it, it's done so now need to make changes and plans and live by them.

Will work out exactly what i owe later I think it's around £19,000.

I shop around for the best deals, use cash back sites and mainly stick to my grocery budget but will think nothing of adding to my catalogue if something is needed with the plan to pay it off which doesn't happen, the mindset needs to change.

Will post back later with some exact figures.

K x
Emergency Fund - £50/£500
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Replies

  • kerron7kerron7 Forumite
    304 posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    So the figures are worse than I thought £22,585.27 shocking!

    CC1 - £917.63
    CC2 - £1,311.00
    CC3 - £1218.59
    SC1 - £400.00
    SC2 - £100.00
    CAT1 - £2,890.23
    CAT2 - £2,062.05
    LOAN - £12,616.68
    Sofa - £468.99
    O/D - £600

    I should have enough to pay CC1 off before pay day, which is a good start. My plan then is to pay minimum + £1.00 on Credit cards, store cards and catalogues. I'm also paying extra to catalogue 1 before the interest free runs out. I have set my personal spends at £100 a month anything left over is going to be split 50:50 to debt and emergency fund which is so far non existent.

    We still have surplus after bills and personal spends but with Christmas around the corner that will go towards saving for that, determined not to add anything more to this debt.

    Reading everyone else's diaries and seeing how far people have come on their journey has been an inspiration.

    Will try to update daily to keep me motivated.

    K x
    Emergency Fund - £50/£500
  • pidge04pidge04 Forumite
    779 posts
    500 Posts Second Anniversary
    ✭✭✭
    Hello and welcome!

    How amazing will it feel to get CC1 paid off and off your list?!

    Good for you for starting an emergency fund and for looking forward to a Christmas without adding to your debt.

    Have you done a SOA for yourself?

    Best of luck to you!
    CC £4,012 left to pay (was £5400).
  • Honeysucklelou2Honeysucklelou2 Forumite
    2.9K posts
    1,000 Posts Fourth Anniversary Name Dropper
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    Hi Kerron :wave:

    I remember your previous diary...good luck with the debt free journey.
    paydbx2020 #93 £1730.42/£10,025 . 1 debt 100 days 35 £493/£1820
    EF £130 . SPC 141
    # savings# £55 . Oven. £344/£403 H2S £150.00
  • kerron7kerron7 Forumite
    304 posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    pidge04 wrote: »
    Hello and welcome!

    How amazing will it feel to get CC1 paid off and off your list?!

    Good for you for starting an emergency fund and for looking forward to a Christmas without adding to your debt.

    Have you done a SOA for yourself?

    Best of luck to you!

    Thank you, this card was paid off until this month but DP needed to do a course and tests for the area of work he needs to get into but will be paid off before any interest gets added.

    I have, everything is as low as it could be after shopping around etc we do have full broadband/cable package but I class this as entertainment as we don't do out or drink.
    Emergency Fund - £50/£500
  • kerron7kerron7 Forumite
    304 posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    Hi Kerron :wave:

    I remember your previous diary...good luck with the debt free journey.

    Thank you, here's hoping for the hundredth time lucky :rotfl:
    Emergency Fund - £50/£500
  • edited 25 August 2018 at 10:45AM
    kerron7kerron7 Forumite
    304 posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    edited 25 August 2018 at 10:45AM
    Good morning, perfect drying weather today sunny and windy so will put a load of washing on in a little while.

    To do today

    Washing not done washing machine is broken!
    Dry washing no washing to dry
    Tidy Garden not done
    General housework acceptable
    Take DC to dentist done
    Tidy main kitchen cupboard done, fell off chair and banged head off fridge in the process

    Meals will be from stores today, £90.63 left in GB until 6th going to be tight. From next mth I've upped it to £500 still want to get it under but have been struggling with £400 for 3 adults, 5 sometimes 6 children (when SD is here) and 2 cats.

    Nothing debt wise today, I usually pay minimums when due and then allocate what's left to overpayments/savings for up coming things.

    School uniform nearly sorted apart from Shoes for DD2 and DS2 it has been sooo expensive this year with DS3 starting reception.

    K x
    Emergency Fund - £50/£500
  • NelliePieNelliePie Forumite
    280 posts
    100 Posts
    ✭✭
    Have you done an SOA, with interest rates etc on the cc's and loans? Try to make the number as accurate to what you actually spend as possible. Whether you post it here for advice or not you should be able to see where you an cut back and where your money is really going.

    Also have you tried the snowball calculator to see what's the best order to pay them off and how long it'll take? General advice is to pay off the highest interest first and try to have as much as possible on 0% or as low interest as possible.

    I'm assuming as this isn't your first dairy, you know all this already. Good luck!
    Little One born 19/12/18
    5/5/18 I became Mrs Pie
    FTB June '17 - £144k mortgage, £134k remaining
  • kerron7kerron7 Forumite
    304 posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    NelliePie wrote: »
    Have you done an SOA, with interest rates etc on the cc's and loans? Try to make the number as accurate to what you actually spend as possible. Whether you post it here for advice or not you should be able to see where you an cut back and where your money is really going.

    Also have you tried the snowball calculator to see what's the best order to pay them off and how long it'll take? General advice is to pay off the highest interest first and try to have as much as possible on 0% or as low interest as possible.

    I'm assuming as this isn't your first dairy, you know all this already. Good luck!

    Thank you, I have done one for my own viewing bills are as low as I can get them at the moment I always shop around and use cash back etc. CCs are incurring interest apart from 1 of them and don't think I can get another card at the moment. My next focus after CC1 is a store card which I loath as my payment doesn't take much off the balance.

    K x
    Emergency Fund - £50/£500
  • kerron7kerron7 Forumite
    304 posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    So go to put washing on and machine is not working! Filling up but the drum is not turning any ideas greatly appreciated before having to buy a new one.

    K x
    Emergency Fund - £50/£500
  • Honeysucklelou2Honeysucklelou2 Forumite
    2.9K posts
    1,000 Posts Fourth Anniversary Name Dropper
    ✭✭✭✭
    Oh no :(. Hope a solution can be found.

    My food bill is an ongoing struggle to get down, but I have started to accept that I am feeding 9 people every day, sometimes more and the £600 a month or so that I spend is what it is.
    paydbx2020 #93 £1730.42/£10,025 . 1 debt 100 days 35 £493/£1820
    EF £130 . SPC 141
    # savings# £55 . Oven. £344/£403 H2S £150.00
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