Not where I'd like to post my first thread but....

JohnJ76

Well as the title says this isn't the first place I'd like to be posting a thread but it seems as good a place as any to start and maybe seeing things written in black and white will give me the proverbial kick up the ..... that is needed.

I'll list my full woes in due course but for the time being there are approx 35000 reasons I'm on here but hopefully they will reduce as quickly as possible!

charliedavis

Looking forward to following along with your journey

JohnJ76

Right, so a quiet few weeks on here since starting this but a hectic few weeks in real life so it's about time to put down where we are at.

I'd added it up and it all came to a staggering £35,274 which looks horrible but isn't too bad when you say it really fast and quietly. It's been accumulated like so many on here not on drink, women and rock and roll but on house moves, life and general stuff. But it is time to deal with it.

So, what he giveth with one hand he taketh away with the other.... I received a totally unexpected (small) bonus at work which I paid off and then three days later my wife found out she was being made redundant. Still, she has a new job already which is almost like for like and redundancy, whilst statutory, will pay for Christmas and any left over will mean we don't have to dip into the money we had put aside for Christmas so maybe a blessing in disguise.

Nov 6 - Total outstanding balance on loans and cc's.....£35,274
Dec 3 - Total outstanding balance on loans and cc's.....£33,287 (-£1,987)

Over the next few weeks progress will be slowish I imagine with several birthdays and the festivities but the main thing is that we will not be adding to the mountain we have created. I have a short term emergency fund but want to increase that to at least 6 months especially in light of recent events with swmbo job situation.

Ttfn

enthusiasticsaver

Wow, almost £2k reduction in one month is awesome. Great your wife got a new job quickly. Great start. Is the debt on 0%?

JohnJ76

Cheers. 85% of the cc debt is, the rest is on a 3.9% transfer and a loan at the same rate. Whilst I could transfer it to save a bit of interest I think seeing it there as a short term goal to clear will be a bit of an incentive to help clear it that bit quicker, and the rate is low enough that the interest is not very much.

I don't think I'll keep nearly 2k/month up, it was mainly thanks to the bonus but I'm going to give it my best shot to clear it quickly, yet still live at the same time otherwise I think I will come to resent it even more than I do now and lapse into a self pitying spending spree haha

pidge04

You have stoppped spending on your credit cards by the sound of it and that is a great start. Good luck.

beanielou

Great start
Keep going!

JohnJ76

Happy New Year everyone, hope you all had a lovely festive period.

Well I'm very happy with myself ,I've not spent anything on credit on the run up, or over Christmas which goes against the grain of previous years, apart from £45 which I had too as my debit card had developed a split and I couldn't get any hole in the wall or shop to accept it. But that is paid off so as at the 1st January 2019 my new debt mountain stands at

Jan 1 - Total outstanding balance on loans and cc's.....£32,698 (-£2,576)
Nov 6 - Total outstanding balance on loans and cc's.....£35,274

It is encouraging seeing that edge towards the £30k mark as psychologically 20 something sounds a lot better than 30 something. Still a long way to go but it is going down which is the most important. I could pay it a bit quicker but determined to get the short term savings up even at the expense of a few pound interest each month.

My wife has started a new job this month too which is a bit less pay than use too but the hours suit the kids and school perfectly and I'd rather sacrifice a few monetary things than spending less time with the kids.

On the plus side I've had a rise this month so that will offset her reduced wage somewhat, and my tax bill wasn't as bad as I was fearing so 4 days into 2019 so far so good. Hope everyone is managing to stick to any resolutions, I've already had a cake (well it was birthday cakes in work so rude to refuse - right?) so I lasted 4 days on that one :-)

SandraX

ATB mate hope it works out

DebtFreeDuo

Happy new year, it sounds like you have made an amazing start. Keep this up and you will in the twenties and then the tens in no time!

enthusiasticsaver

You have made a fantastic start. Almost in the 20s would seem a lot less daunting. Saving alongside is a good idea to get you out of the habit of reaching for a credit card when buying stuff. Even if this slows the debt reduction down a bit. Budgeting and living within income is more important especially if most is interest free. Is it feasible to get below £20k in a year? You could look on it as a three year plan and aim to get rid of about £10k to £12k a year.