how do i start

jacqui62

Hi All
This is my first post , as I have been up early on a Sunday morning determined to take control of my spiralling debt . minus my mortgage it is around £20.000 !!!
I am constantly stressing about it, but doing nothing to address it ….
I have done a budget planner.. where to now ? any advice gratefully recieved

bsms1147

Two main tips

Post an SOA https://www.lemonfool.co.uk/financecalculators/soa.php

Track every spend/every penny/keep every receipt for 1-3 months to be certain where it goes.

enthusiasticsaver

I second doing an soa and a means of tracking your spending. Some use YNAB to track it, I use clear checkbook (free version) and some use spending app tracker or a spreadsheet or pen and paper as a spending diary.

You will also need emergency savings so you are not tempted to use the credit cards. I would cut them up or put them away until your finances are under control.

Check what interest rates you are paying. Dave Ramsey is a popular American finance guru suggests tackling the smallest debt first. We suggest targeting the one with the highest interest rate or in other words the most expensive. Check when any 0% deals finish and what rate they go on to after the expiry date.

Is it just you or do you have a partner?

kazwookie

Do you know why you have debt? have you been overspending? have you readdressed this?



Do you have anything you can sell?


Do a SOA

jacqui62

Nothing big enough , as a couple neither of us are good at managing money .. both working fulltime but have overspent on credit cards for various reasons , daughters wedding being one. not saving and using credit cards to meet the unexpected bills.
I am going to work my way through it starting with my biggest credit card debt first . just being putting my head in the sand and ignoring it .
did get an interest free credit card from fluid, but they have dropped the credit amount as i did not activate it yet would it be worth speaking to them to see if i could start again and transfer my debt on the high interest card ?

findingthisdifficult

It's worth signing up to see your credit reports as well just to make sure they are as you expect and there aren't any other outstanding accounts lurking.
You could share your SOA on here, there's lots of friendly advice you can pick up here and often other people can identify areas where you can save money, allowing you to allocate more to paying off the debt.

Willing2Learn

Definitely having an SOA is the right way to start. Once you have a completed SOA, you can input the numbers in to your Budget Planner.

Then this diary thread has to be used. That way people can follow your progress on your debt-busting journey, giving you advice, tips, support and encouragement on your way. You just need to commit to coming back here most days

Post up your SOA and I guarantee you will be bombarded with loads of comments.

Good luck