Debt free Lightbulb moment.

edited 27 December 2018 at 12:25AM in Debt free diaries
51 replies 4.6K views
Blue_Monday_girlBlue_Monday_girl Forumite
28 Posts
edited 27 December 2018 at 12:25AM in Debt free diaries
Well I’ve had my lightbulb moment.....I need to sort our debt out and spending as a family and it starts today. I’ve pretty much spent most of my day on a calculator working everything out.

We managed to accrue £19500.00 worth of debt :eek: made up of mainly 0% credit cards. I don’t want to live like this any longer. I hate having the worry of debt over our heads. To be honest I didn’t realise it was this much - it needs to be sorted and 2019 is the year to start.

I think starting a diary is a way of keeping us on track. I will also start planning meals. I calculated we spent £140.00 on takeaways and eating out this month alone....this habit needs to stop :). Generally this is down to poor meal planning.

I’ve already subscribed to frugal living to get hints and tips for batch cooking.

I feel really motivated - wish me luck :):)
December 2018 [STRIKE]£19500.00[/STRIKE] :eek:
July 2019 £17542.00
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Replies

  • pidge04pidge04 Forumite
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    Hello and welcome!

    It is amazing how all the seemingly small spends add up to a lot, isn’t it?

    Have you done a SOA?
    That can be very helpful.

    All best wishes!
    CC £4,012 left to pay (was £5400).
  • mark55manmark55man Forumite, Ambassador
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    Hi there - Blue Monday is one of my favorite New Order tracks so got to subscribe and see how you do.

    I agree with Pidge04 - its amazing how much money you leak on small insignificant things that you do every day. For a family of 6 all working or at school, I reckoned the 10 minutes I spent doing basic packed lunchs saved £15 a day or £3K per year. £15 in 10 minutes is £90 an hour - that's good money
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
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  • enthusiasticsaverenthusiasticsaver Forumite, Ambassador
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    Good luck and hopefully 2019 will see that £19500 start to come down.

    I always give 3 pieces of advice for any newbie debt buster.

    Do a spending diary so well done on initiating that yourself. Just the fact of writing your spends down tends to make people think twice about spending.

    Do an soa of spends for last few months to see where your overspend categories are. Obviously you have already done this so you know takeaways is an overspend area and why - poor meal planning. Why not put it on here and you will get some useful comments?

    Save an emergency fund and go cold turkey on using credit cards.

    I agree with mark88 that doing packed lunches is an easy win.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.
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  • AaleighaAaleigha Forumite
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    Blue Monday one of my favourite tracks as well

    SOA will help

    I have been making up frugal recipes for some of our meals once the freezer has made a lot of them I will only be buying meat and fish that is reduced in some way then use a recipe from a card index

    Burgers from the the freezer tonight then to or row for two days will be pork ragout we have all the ingredients

    Any recipes you find keep a record of so its handy
    Emergency fund £10,000
    Several categories with savings in
    Cars, house maintenance, birthdays
    Etc I have about 10 categories

    Really happy to be debt free after being a compulsive spender
  • Thank you everyone - I’m excited to start this journey.

    I’ll post a SOA later today when I’ve worked everything out.

    I hope everyone has a good day. :)
    December 2018 [STRIKE]£19500.00[/STRIKE] :eek:
    July 2019 £17542.00
  • edited 27 December 2018 at 10:37AM
    ikebyikeby Forumite
    23 Posts
    edited 27 December 2018 at 10:37AM
    Wishing you all the luck and I'm subscribing to your thread. I have a similar amount of debt on 0% credit cards and need to make some serious changes to pay these off on time. Your starting post rings so true to me.
  • Just worked out I’ve been given £280.00 in vouchers (one4all, Sainsburys and m&s) from family and work for Christmas. Instead of frittering them away on stuff I don’t need which I’ve done on previous years, I’m going to transfer this amount to one of my credit card debt payments and use them for food shopping once I’ve completed my meal plans. Also 2 no spend days already this week. Instead of hitting the sales we went on a couple of countryside walks. Knackered the dogs and kids = win win!
    December 2018 [STRIKE]£19500.00[/STRIKE] :eek:
    July 2019 £17542.00
  • pidge04pidge04 Forumite
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    Just worked out I’ve been given £280.00 in vouchers (one4all, Sainsburys and m&s) from family and work for Christmas. Instead of frittering them away on stuff I don’t need which I’ve done on previous years, I’m going to transfer this amount to one of my credit card debt payments and use them for food shopping once I’ve completed my meal plans. Also 2 no spend days already this week. Instead of hitting the sales we went on a couple of countryside walks. Knackered the dogs and kids = win win!

    Love this ... the countryside looks so beautiful at this time of year. Much better to spend time in the countryside than in the shops! You are doing so well...making changes and winning at this!
    CC £4,012 left to pay (was £5400).
  • edited 28 December 2018 at 6:17PM
    Blue_Monday_girlBlue_Monday_girl Forumite
    28 Posts
    edited 28 December 2018 at 6:17PM
    Meals all planned for this week and next. Using a free app I’ve found which also works out the shopping list. I’ve tried to use as much food as we have in already but will need to pop to the farm shop to pick up some fresh veggies. I’ve budgeted £130.00 each week for a family of 4 (2 adults and 2 kids aged 6 & 9) I’m not sure but I think I may have over budgeted as we tend to shop either in our local farm shop for veggies (prices generally the same as ASDA so I’m told) or Aldi but I suppose only time will tell.
    I’ve also made a banana loaf from some ripe bananas I’d usually just throw away. Tonight’s dinner is paella. Just hope the kids eat it!
    I’ve also transferred the £280.00 as a credit card payment. :T
    December 2018 [STRIKE]£19500.00[/STRIKE] :eek:
    July 2019 £17542.00
  • AaleighaAaleigha Forumite
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    I mostly use MrI and I budget 300 a month for two of us but last month (used separate christmas money for christmas food) I had £50 left - going to put this straight into new house fund (I am worried if I dont save for what we will need - carpet for one room and curtains essential) then I will get a CC and I dont want one of those again - but rather a 0% if I can get it than an OD

    I am really hoping I can cut our shopping down a bit more over the months to come

    DH always has two large burgers when he has them didnt give him a choice this week gave him one and an egg - put the rest of them in the freezer
    Emergency fund £10,000
    Several categories with savings in
    Cars, house maintenance, birthdays
    Etc I have about 10 categories

    Really happy to be debt free after being a compulsive spender
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