Debt Free by 40

the.overspending.angel

Hello :wave:….not exactly a newbie, I had a diary many years ago which I have just reread and can’t believe I didn’t stick to my money saving ways back then. Anyway no point looking back now. I’m going to be 34 this year and currently have around £34k debt which I have literally nothing to show for. I have defaulted on every account and pay £1 a month to all but one which I pay £35 to. I earn a decent salary as does my partner (we live together), no children etc but I seem to be throwing my money away and I don’t even know where it is going. I, therefore, need to start this diary to keep track of everything and work about a way to (1). Increase my income and (2). Pay off my debt. I will be 40 in 6 years and want this all gone by then! I’ll do a bit of an soa on the next post to see where I’m at.

nomorecredit

Hi :-)

Just wanted to wish you good luck in your journey and happy new diary.

I am sure your money saving ways will return, I find the accountability to check in and record what I have spent and where my money is going really does help, I am not perfect by any stretch (22 years of overspend and debt) but my diary really helps focus and take stock.

The advice and support from all the lovely people on here too really helps :-)

Subscribed
Enjoy the rest of your Friday
NMC x

the.overspending.angel

I’m not going to complete the usual SOA as most of it doesn’t apply to me. I currently live with my amazing partner (Mr A) who is very good with money. I moved into his home and he has continued to pay all the bills from his account and I transfer money to him each pay day (this is working for us suits us both).

We both pay in enough to cover the bills and have a bit left over to save. I don’t really go out much so most socialising is done with Mr A and we use the bills account to pay for most things.
I have my own account which I pay my bills from (car finance, phone, petrol) and anything left over from my salary is mine to do as I please.

I have 14 debts in total and owe £33,556.54 and pay zero interest. I pay £1 to each except 1 which I pay £35 to. I keep saying I am going to pay more but I never do so I need to work something out.

I know I shouldn’t really be saving when I have debts but I would like to have a little something set aside for emergencies or if it all goes wrong and Mr A puts me out!!

As I have mentioned I really do not know where my money is going but this is what I propose to do from now on:

Income: £1,350 - paid 4 weekly (this is the minimum - there is occasionally overtime which I try to do when I can)

Joint bills - £450
Car - £165
Phone - £30
Union - £15
Petrol - £140 (I don’t think it is this high but I’m really not sure)
Food kitty - £150 (Mr A also pays in £150)
Debts - £100
Everyday Spends - £200 (I would like to reduce this over time and put some of it towards debt/savings but I don’t want to restrict myself too much too soon)
Savings - £100

I am dabbling a little in matched betting but to make decent money from that I need to have built up a good bank which I’m currently trying to do.

I need to give the house a good spring clean and have a few bits to put on Ebay over the next couple of weeks.

I really need to sit down and look through this forum to see what else I can be doing to save/make a few pennies.

the.overspending.angel

Hi NMC, thanks for popping by! I had a wee peek at your diary and have subscribed, you sound like you know what you’re doing. I love that you post how much you have each day and also the healthy lifestyle bit. I might borrow both these ideas if that’s ok!

Have a great weekend

[Deleted User]

£300 for food for 2 of you seems an awful lot. There are two of us, I do not spend half that in a month, and we eat well.