Debt free (wannabe) Mumma

in Debt Free Diaries
3 replies 431 views
Hi all,

I’ve come to get support while I make the change. After quite a long time kidding myself my husband was bad with money it struck me recently I am equally to blame.

If we pay off our debt at the rate we are, we will be settled by March 2024 and will have paid including interest between today and then= £33,544.

We have a credit card and a loan. The credit card is 0% but the load we pay interest on. I am not sure on the percentage.

We currently pay £487 a month off the loan and £120 off the credit card. My plan is to continue that until our credit card company offers us a 0% transfer (normally several time a year) I’ll compare the transfer fee with our loan interest rate and if it makes financial sense we’ll bung whatever we are allowed to do on the deal to the loan to speed that up and keep repeating that when ever there is available credit on the card until they are both cleared.

Money is tight really due to both those payment each month but also because I’m not long back after my second maternity leave in a short space of time (We’ve a 3 year old and an 18 month old) although I’ve recently had a promotion and increased my hours so I am hoping this may be the beginning of the turning of the money tide.

Wish me and the family luck!



  • Treadingwater02Treadingwater02 Forumite
    119 Posts
    100 Posts Second Anniversary Name Dropper
    Good luck Debtfreemumma and welcome to the debt free journey!

    I will be cheering you on!
    LBM Debt at: £47454:eek:
    Current total 26th Oct 2020 £ 25,808.04
  • aimeemumaimeemum Forumite
    687 Posts
    Seventh Anniversary 500 Posts Xmas Saver!
    It sounds like you have a plan! My advice is to budget! Budget! Budget! For everything. I have young kids (bit older as they're all at school but only 9, 6 and 5) and I know how expensive they can be. Best of luck! :D
    Changing my Family's Future!!
    Current Progress -
    Debt - Start date 25/8/21 = £4,188 Current 25/8/21 = £4,188
    Savings - 25/8/21 = £362
    plus £1000 EF #288 - £10/£1000 = 1%
  • Thank you Treadingwater02 and Amieemum.

    I took your advice and to help with budgeting I’ve made a meal plan today to last the week trying to make plans for all three meals a day and using up leftover as lunches. I’ll let you know how that goes.

    I’ve decided to sell off some furniture we no longer need as we’ve moved the kids into the same bedroom to make a spare room and also do a carboot sale for the kids old clothes, date tbc. Doing reading online they both seems like good ways to make money without spending out and without committing too much time.

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