No Rain, No Rainbow

Mum.Wife.Me.

I'm not really sure what to write here, I have been lurking for so long and today I finally decided that enough is enough and I need to start taking some action. Current debt balance as of today is £27, 789.94 :eek: I knew it was high, I just didn't realise it was THAT high I also felt like I had been tackling my debts pretty well, but realistically all I have been doing is moving money around I realised things needed to change a couple of months ago, the perfect family home came up for sale near us, we contacted the mortgage advisor and was basically told no way, we then got a second opinion and they told us the same thing... I then asked what the maximum mortgage was we could borrow as we would look at lowering our budget / expectations and was told we should wait and focus on getting rid of our debt as the calculator was only coming up wth 47k! If that isn't the kick up the bum we needed then I don't know what is.

So I have sat today and written down all our balances, I know advice is to pay off the highest APR first however I am going to do it slightly differently, we have a loan that is one set amount each month so for the time being I am going to let that run as normal. I also have a Very account that has 3 BNPL deals on it, however I pay this every month and will continue to do so to ensure that all deals are paid before the apr kicks in. We then have 3 credit cards that are all 0% and the 0% offers run until 2021 so for the time being I am putting them on the back burner and paying minimum payments.

Now we get to the more urgent stuff... we have a further 2 credit cards, both are on 0% but they they are the highest balances - One is £4,485 with £3774.13 coming off 0% on the 2nd July and the other is £3615.00 and that is ending on the 23rd September so these are the 2 debts that I am going to be focussing on initially.

Also, slighty controversial considering the debt, but we also have a holiday booked that needs paying in March. I have available credit with deals on my cards so could pay the remaining balance off with them and this is something than I would probably have done a few months ago, however I don't want to and I have made my self a promise / set myself a challenge to pay it off with my own hard earned cash! I have broken it down into daily payments of £25 and it just feels more manageable this way. I have decided that payments towards the holiday will come from earnings seperate to our income (so selling, cashback, surveys etc) and over payments on the credit cards will be worked into the budget and will include money saved from staying in, take packed lunches to work etc will go towards them, once the hol has been paid off everything will go towards the credit cards!

So thats the plan as it stands at the moment, I know its not going to be easy but I know 100% it will be worth it.

Hoping I can make some friends along the way and that we can support one another!

Here's to financial freedom in 2019 :dance:

teafor2

Hi Mum, Wife, Me. I've not been on here very long myself but the people are lovely and welcoming. I do know if you have a plan it helps, and you seem to know what you need to do so that's a good start. I'll be no help with any financial stuff I'm afraid but I'm pretty good at cheering people on from the sidelines. Hope 2019 is a good one for you personally and financially.

H.DebtFreeWannabe

I'm a newbie too! Just think, that figure is now only going to go down. You're in control.

I have a good feeling about 2019!

Good luck

Aaleigha

Although I don't look like a newbie from my stats I feel like one

I have just started my diary a few days ago

Lots of people on here say to post a statement of account SOA

I am hoping someone who knows will put the link on for you

Good luck on your journey I have just done a yearly budget and find we will be in minus figures so will need to tighten our belts even more
H

Mum.Wife.Me.

Thank you so much for the replies, it already feels better to be "talking" to people and not just to myself. I really can'twait for pay day but it feels way off. I got paid almost a week early in December due to Christmas so it makes the wait for Jan pay day so long!

I have signed up to Oh My Dosh today and within an hour I had made £15 this will be going towards my first £25 payment off our holiday

Mum.Wife.Me.

I'm now off to bed but just caught a glimpse of my signature as I was signing off and couldn't resist making a payment of £4.13 just to round the balance down to a nice even number Will update my signature in the morning.

Night All x

Blue_Monday_girl

Newbie here also I’ll be subscribing to your diary, it sounds like we’re in similar situations.
Good luck with smashing your debt :T

pidge04

I have to look up this Oh My Dosh!!

BabyStepper

Hi there and well done for getting started with the debt busting.

When I first started in May this year I had a few expensive commitments like days/nights out and things that I realised I just couldn't afford any more. I didn't want to let anyone down so I decided to keep those commitments but try to do them as cheaply as possible. It worked out fine. Paying for your holiday with extra income is a good start. Where are you going on holiday? Will there be options for self-catering? Packed lunches? Free days out? Can you take food with you and manage on your usual food budget?

Good luck. I've subscribed.

YORKSHIRELASS

Hi

I am sort of in the same position as you, although I have been here for a long time! My debts have gone up and down over time but I have never fully paid them off (and like you are very good at shuffling them around). This year was a big year for spending, we have helped our adult son out and had to borrow money to do it (which I dont regret at all), we also went on holiday and had to buy a new(ish) car.

This has left us massively in the red and something has to change. I desperately want to be able to live without credit for a whole year and reduce the balances. I am realistic, I know its going to take a long time but I am feeling optimistic - even though my budget for January is terrible!

I also like spending money and buying things. I have struggled with this for years but it has to change otherwise we are going to end up in a mess. We have a nice house and I have more than enough clothes so a lot of what I buy is just unnecessary.

So I will tag along if that's OK!

Mum.Wife.Me.

pidge04 wrote: »

I have to look up this Oh My Dosh!!

I had heard of it but only looked into it yesterday, so far it seems good, however you do have remember to cancel your free trials otherwise you will be charged, I've popped reminders in my phone!