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Wobbling my way out of debt

edited 1 March 2019 at 10:08PM in Debt Free Diaries
177 replies 16.3K views
findingthisdifficultfindingthisdifficult Forumite
264 posts
Fifth Anniversary 100 Posts
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edited 1 March 2019 at 10:08PM in Debt Free Diaries
Having joined the DFW board 4 years ago, I decided it's time for a diary. When my husband and I got together we both had a small amount of debt, shortly after we moved in together we consolidated our debts (mistake number 1), throughout the years we furnished our rental accommodation using loans and HP finance (mistake number 2, although pretty unavoidable)
Throughout our time together we've refinanced our loans several times, sometimes adding more money on and extending the time we're borrowing for (mistake number 3)

During the last 4 years since joining DFW, we've been fortunate enough to get on the property ladder with a little help from family (a gift, so no repayment required)
I think becoming a homeowner made me realise that we need to stop this living outside of our means and sort our finances once and for all, hopefully if all goes to plan we'll be clear of the unsecured debts by May next year. Ideally we want to put our house on the market and move to our forever home within the next year so the less debt we have the better.

I will update this first post every month to reflect the progress we have made or indeed if we slip up.
TSB Loan [STRIKE]£12.4K[/STRIKE] Now £11,897K due to end January 2021 (hoping to clear this by May 2020)
MBNA Card £2151 (0% until June, hoping to clear this without needing a balance transfer)
Wobbling my way out of debt one month at a time

Credit Card £3,000/£3,161 0% interest
Loan £5,592/£23,179 5.4% 11 payments left to go :smiley:
Total £8,592/£26,340 67% PAID

wobbling-my-way-out-of-debt

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Replies

  • You may be wondering why "wobbling my way out of debt?" The husband and I have spent our relationship always having the latest gadget, upgrading our TV when there's nothing wrong with it etc etc. Whilst we've made great progress on debt busting so far, we do wobble and consider silly purchases.
    In the last month alone, we have toyed with:
    A brand new car on finance (our car is starting to become temperamental)
    A new mattress (we do need one)
    A replacement TV for our bedroom (we could just buy a dongle to improve the one we already have)
    Wobbling my way out of debt one month at a time

    Credit Card £3,000/£3,161 0% interest
    Loan £5,592/£23,179 5.4% 11 payments left to go :smiley:
    Total £8,592/£26,340 67% PAID

    wobbling-my-way-out-of-debt

  • Hi I didn't want to read and run. Good luck on your debt free journey
    It will all be ok in the end - if it's not ok, then it's not the end!
    Saving for Christmas 2019 #27 total £62.00
    Sealed pot challenge 12 #32 total £67.50
    Mortgage paid off.
  • BuffythedebtslayerBuffythedebtslayer Forumite
    16.3K posts
    Part of the Furniture 10,000 Posts Photogenic Xmas Saver!
    ✭✭✭✭✭
    You may be wondering why "wobbling my way out of debt?" The husband and I have spent our relationship always having the latest gadget, upgrading our TV when there's nothing wrong with it etc etc. Whilst we've made great progress on debt busting so far, we do wobble and consider silly purchases.
    In the last month alone, we have toyed with:
    A brand new car on finance (our car is starting to become temperamental)
    A new mattress (we do need one)
    A replacement TV for our bedroom (we could just buy a dongle to improve the one we already have)

    I do this A LOT.

    I am ridiculous on Amazon. was looking at beds the other night. No reason. But I have a list now - things I want for the house. So I put them on there and then come back to them every so often.

    Just wanted to say you aren't the only ones.

    :) XX
    Debt Free as of 26/07/19 (third time is the charm!)
    House Savings target 0/5000, H2B 3000/5400, General savings 700 a month
  • I do this A LOT.

    I am ridiculous on Amazon. was looking at beds the other night. No reason. But I have a list now - things I want for the house. So I put them on there and then come back to them every so often.

    Just wanted to say you aren't the only ones.

    :) XX

    So glad we're not the only ones, it makes you realise how easy it is to get in to debt.
    Wobbling my way out of debt one month at a time

    Credit Card £3,000/£3,161 0% interest
    Loan £5,592/£23,179 5.4% 11 payments left to go :smiley:
    Total £8,592/£26,340 67% PAID

    wobbling-my-way-out-of-debt

  • Thanks rockabillygirl
    Wobbling my way out of debt one month at a time

    Credit Card £3,000/£3,161 0% interest
    Loan £5,592/£23,179 5.4% 11 payments left to go :smiley:
    Total £8,592/£26,340 67% PAID

    wobbling-my-way-out-of-debt

  • I love the term wobbling our way out of debt, I’m only a couple of months in but I’ve spent so much time during that window shopping online for something I ‘need’...so far I’ve managed to take a step back each time, realise I already have something perfectly functional, and talk myself out of it, but it’s so hard!

    I seem to be in the habit of optimising everything, ideally with something shiny and new, instead of making do - it’s such a huge mental shift to change that mindset.
    Total debt: 13,435 (Mar 2020) / 14,377 (Dec 2019) / 23,167 (Dec 2018)
  • I love the term wobbling our way out of debt, I’m only a couple of months in but I’ve spent so much time during that window shopping online for something I ‘need’...so far I’ve managed to take a step back each time, realise I already have something perfectly functional, and talk myself out of it, but it’s so hard!

    I seem to be in the habit of optimising everything, ideally with something shiny and new, instead of making do - it’s such a huge mental shift to change that mindset.

    I spent last weekend re-arranging the spare bedroom instead of throwing something out and buying something new. I like the new layout and it seems to work.
    The weekend before I had a sort through the kitchen cupboards, rearranged the worktop space and that seems to be working better for us too. I just need to keep doing this to stop us from spending money needlessly.
    Wobbling my way out of debt one month at a time

    Credit Card £3,000/£3,161 0% interest
    Loan £5,592/£23,179 5.4% 11 payments left to go :smiley:
    Total £8,592/£26,340 67% PAID

    wobbling-my-way-out-of-debt

  • Returning the visit :D You've actually reminded me (while I'm avoiding housework) that I need to rearrange my desk area - my paperwork 'system' needs a total overhaul. I've subscribed to cheer you on :)
    Debt at Nov 2017: £8,619 :doh: Debt at Dec 2018: £4,161 :o Debt at Nov 2019: £0 :D
    Look at you, reading all the small print in the signatures. Your hair is looking lovely today, have you had it cut? Suits you.
  • I'll start with some background waffle and then get to my update for today.
    Whilst being motivated to kick this debt to the kerb, Mr FTD and I need to be able to enjoy life as well so we're not being as frugal as many are on here.
    Every payday:
    I send across our allocation to a spends account, this account covers food, petrol and outings/treats.
    I send some money to our EF fund (this is still quite small but growing nicely)
    I send some money to another account for a trip we've got planned in July and also a holiday we're hoping to have in May to celebrate Mr FTD's birthday.
    I'm currently overpaying on the credit card to get rid before the 0% runs out. Once this is done, I'm planning to overpay on the loan to try and get rid of that sooner too, this will also save us money on interest.

    For the first time in a long time we did Christmas last year without using any form of credit, it wasn't massively extravagant but within our means, this was a turning point in our journey.
    I downloaded an app in December called Debit and Credit, I love spending 5 mins a day reconciling the accounts, making sure everything is as I expect it to be.

    Today we had to use our EF to replace a faulty door handle, annoying as it's not that old but luckily I noticed it was broken before I trapped us in the lounge!

    We've recently cancelled our TV package, this lead to a conversation and some in store browsing of Smart TVs. Not so long ago, we would have just got distracted by the shiny new TV and stuck it on HP, this time we talked it through, did a bit of research and ended up buying a streaming stick £59.99 out of our spends account but having tested it briefly today, it was definitely worth it and so much cheaper than a brand new TV (that we don't NEED right now)

    Right, it's time for some dinner, I'll be back tomorrow (hopefully an NSD for us)
    Wobbling my way out of debt one month at a time

    Credit Card £3,000/£3,161 0% interest
    Loan £5,592/£23,179 5.4% 11 payments left to go :smiley:
    Total £8,592/£26,340 67% PAID

    wobbling-my-way-out-of-debt

  • Well, I was hoping for a NSD, however I got home and realised I didn't have chips in the freezer to go with our dinner so I had to pop to the shop, I bought the chips and also sneaked in a fudge bar (naughty I know but as I said, sometimes it's nice to have the odd treat)

    It's so nice to log in to my internet banking and see our loan amount finally so much lower than it has ever been, I think if I do that every couple of days it will help keep me motivated. I can't wait for it to be gone from our lives.

    Determined to pay off the credit card before the 0% finishes, remembered today that car tax is due 1st March, this initially made me worry as it would set me back on my payment plan for the card! Then i realised where I round up all my bills in my bills account, it looks like there is enough excess in there to pretty much cover the car tax, I'll take that as a win!
    Wobbling my way out of debt one month at a time

    Credit Card £3,000/£3,161 0% interest
    Loan £5,592/£23,179 5.4% 11 payments left to go :smiley:
    Total £8,592/£26,340 67% PAID

    wobbling-my-way-out-of-debt

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