3rd Time Lucky. £10k to pay.

edited 30 November -1 at 1:00AM in Debt Free Diaries
19 replies 2.4K views
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  • WantToBeSEWantToBeSE Forumite
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    That soa shows you cannot afford to pay £1k towards the debt so how are you going to get that paid every month? You have your normal £270 monthly payments and apparently a surplus of £578.50 which I doubt as otherwise you would not have debt.

    You have nothing in child related expenses which is unusual if you have 2 children, no contents insurance and nothing towards emergency savings. The presents figure is high so can you cut that down? I suggest you make a sustainable plan to get the debt down rather than struggle and then use the credit card at the end of the month because you have run out of money. The interest rate is not great but not the worst.

    You are right, £270+£570 = £840.
    So £840 to go to debt every month.

    I don’t have any childcare to pay for and can’t really think of any other expenses, as their Dad pays for school trips and clothes.

    Presents is for 5 children and 2 adults, so I don’t think that’s too bad, but I’ll see if I can reduce it.

    Insurance my OH pays for.

    Thanks so much for the feedback.
  • WantToBeSEWantToBeSE Forumite
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    I've been Money Tipped! Debt-free and Proud!
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    So, I got paid on Friday and I’ve already spent £200 of the £300 food money for the month and don’t have much to show for it.
    I think I’ll go and rejoin in with the monthly grocery challenge.
  • Silver_QueenSilver_Queen Forumite
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    What did you spend £200 on? Takeaways, eating out or actual groceries?
    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
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    Eighth Anniversary 10,000 Posts Name Dropper I've been Money Tipped!
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    £200 in a weekend on food? Where are you shopping? Waitrose?


    Sounds like budgeting better would work for you. Do you meal plan and cook from scratch? Limit the takeaways and eating out until you get to grips with living within your budget.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]
  • WantToBeSEWantToBeSE Forumite
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    I've been Money Tipped! Debt-free and Proud!
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    I'm back! I've had a mental few weeks.

    So, the food budget. It's my biggest weakness. I have cupboards and freezers fit to bursting, but i love food shopping and just spend.
    It's the 1 area i need to get a grip on REALLY tightly!

    Myself and my OH have both agreed that we need to curb the spending on food.

    Child related expenses- My 2 are older, so apart from school expenses (trips and uniform), i dont really have any expenses.
  • BuffythedebtslayerBuffythedebtslayer Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Hello!

    Did you used to do the take your lunch to work thread? I think I remember you :) I too have been in debt and out of debt and just wanted to say hello and you aren't the only one. I trying to work out why, like what drives me just to decide to borrow money every few years.

    Any how I shall cheer you along hopefully XXX
    Nevertheless she persisted.
  • WantToBeSEWantToBeSE Forumite
    7.7K Posts
    I've been Money Tipped! Debt-free and Proud!
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    Hi Buffy, yes i did!

    How are you? I see you are debt free! And have some savings too, well done!
  • clearmydebtsclearmydebts Forumite
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    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
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    Just wanted to pop in and say hi! I have been in debt for 20yrs now and this time I want it to end so am taking the slow and steady approach. At least this time around I have a new kitchen and car to show for it!
    Total (Aug 19):€58,567 Now:€26,947
    DFD:Nov 22/June 22
    Mortgage: €199,712
    MFD: March 2042/July 2034
  • BuffythedebtslayerBuffythedebtslayer Forumite
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    WantToBeSE wrote: »
    Hi Buffy, yes i did!

    How are you? I see you are debt free! And have some savings too, well done!

    I have run up a credit card bill mind! It will be paid off at the end of this month. So I am not done yet.

    I waste so much money. I must have a proper sort of the budget.

    Hope you are doing ok XXX
    Nevertheless she persisted.
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