I have had my light bulb moment!

Hi all,

I am new around here. After feeling like things have come to a head I wanted to join for some moral support.

Me and my Husband are really bad with money. We live beyond our means. We are both compulsive spenders and I am an emotional spender.

We have been in debt all of my adult life and now at 30, it needs to change.

We have good control over the existing debt and we never miss a payment but the issue is not getting into more.

The plan is to pay £900 off every month and as long as we stick to it, we will be out of debt by December 2022.

I have given every penny of our income a job as if it is sat there, it gets spent. We have £150 each for play money but this has to include any trips out and clothes.

These are the numbers:
  • Loan - 3.3% - £27,689
  • MBNA - 0% - £3500
  • Sofa 0% - £2911
  • Family - £1600
I am going to do my own version of snowballing. I want to make a payment on each debt but when that debt is payed off the total amount I was paying will go towards another debt.

Wish me luck :D
Starting 2019 with £37376.63 of debt :(

January - Paid off £640.65 = 1.7%


  • Wishing you loads of luck as you begin your journey.
    I have found my diary so helpful to keep me motivated and identify my bad habits.
    You can do this!!
  • Ah thank you @SavingAFuture

    I am glad that it has helped you. I need to be made accountable rather than bury my head in the sand.

    I have had a no spend day today and I am hoping for a low spend weekend. The only thing I want to buy is tickets to the cinema.

    My main goal is not to buy anything that is not planned for.
    Starting 2019 with £37376.63 of debt :(

    January - Paid off £640.65 = 1.7%
  • Dear OP

    I find writing down things ie like your post helps.

    I'm sure you know this but think about the extra money you are paying in interest, so
    in the future when you are ready, always keep money aside for a rainy day
    and don't take your CC or debit cards with you to the shops, just the money you think you need, it
    helps as when you walk away from an item you think you need and return home you will often think glad you did not buy it.
  • AaleighaAaleigha Forumite
    615 Posts
    Ninth Anniversary 500 Posts Combo Breaker
    Good luck to you

    You sound determined which is great

    I too have started a diary, hopefully it will keep me accountable. I also budget very strictly I am sure we can both get what we want this year I plan to over the mortgage as much as possible
    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
  • I had a no spend day today!!

    We had pizza hut for dinner but that was paid for.with a gift voucher.

    I'm feeling positive that I'm heading in the right direction.
    Starting 2019 with £37376.63 of debt :(

    January - Paid off £640.65 = 1.7%
  • enthusiasticsaverenthusiasticsaver Forumite, Ambassador
    13.9K Posts
    Ninth Anniversary 10,000 Posts Name Dropper I've been Money Tipped!
    Good luck on getting to grips with getting rid of the debt.

    The loan is really high. What was it taken out for?
    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.
    Save £12k in 2023 Challenge #8 £12,000/£5100
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  • Good luck to you on your journey.
    December 2018: £20,850.24. Now: £18,333.02 Total paid in 2019: £2517.22

    Weight loss: 1.5lbs
  • @enthusiasticsaver it has gradually become higher and higher due to spending on credit cards and then thinking it would be easier to put it all in one loan.

    I have absolutely nothing to show for that money which makes me feel sick.
    Starting 2019 with £37376.63 of debt :(

    January - Paid off £640.65 = 1.7%
  • Paying off £900 a month will soon start to make a real dent in your debt so keep going and you'll soon be surprised by the difference! It's a horrible feeling having nothing to show for a debt but at least you're sorting it now and not burying your head in the sand any longer... I think you'll be great! Good luck!
    ETA x
  • Hi

    If you both have issues with spending, it might be easier to each get £35 per week which works out at roughly £150 per month so you don't spend your £150 at the start of the month and then end up skint for the rest of the month.
    Debt Totals July 2019::
    [STRIKE]£350 Natwest Credit Card [/STRIKE]/ ]Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £7,000 £5,000 sister loan/ Now £0[STRIKE]£500 train ticket loan from parents [/STRIKE]/ Now £0 (paid off 16/02/18)[STRIKE]£2,000 Overdraft[/STRIKE] Now £0 (paid off 09/03/18) £1,967.83 Barclays 0% card Now £0
    Total £7,000
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