NOW OPEN: the MSE Forum 'Ask An Expert' event. This time we'd like your questions on TRAVEL & HOLIDAY DEALS. Post by Wed and deals expert MSE Oli will answer as many as he can.

Debt Free by 40

in Debt free diaries
73 replies 2.6K views
135678

Replies

  • Poppy1984Poppy1984 Forumite
    628 Posts
    Fourth Anniversary 500 Posts Name Dropper I've been Money Tipped!
    Forumite
    No problem, I have consolidated debts twice into loans. And the first time I did what everyone here says will happen, I kept the cards and gradually racked up more debt. Which eventually became unmanageable and led me to either go down the dmp route or consolidate again. I consolidated again and that's why I am where I am now but the sheer amount of debt gave me a big shock and I feel sick to think of even thinking about going into my overdraft or getting car finance or putting something on a credit card now so an EF is an absolute must.

    I know you're keeping some cards at the moment for emergency back up but maybe think about getting rid completely after you've built your EF up to a few hundred.

    I know people say about credit scores but mines nearly excellent now and I'm in £18,000 of debt so i see it more as a debt score than a credit score lol. Mines gone up and down and few times over the time I've been paying back but I think lenders look at your history rather than your scope, that you don't miss or have late payments and you're not borrowing too much of your over all debt availability.

    For me if I had kept any cards just in case I know I'd have gradually starting using them again so I had to go cold turkey.

    How are you getting on with your budget tool research?
    19-02-18 Total Debt £30,322
    17-12-21 I'm Debt Free 🎉🎉🎉🎉
  • Hi Poppy!

    Yes, the cards are going as soon as I have a EF built up. I don't want them or the opportunity to spend on them, especially if I'm feeling a bit low. I decide I deserve a "small treat", which then quickly escalates, and then an emergency happens which has to go on the cards and all of a sudden we have a massive CC bill again. Not going there!!

    I'll do a proper update on my day a bit later once the LO is in bed, but I think I'm going to try the YNAB month's free trial to see how I get on with it, and how useful I find it, and if I think it's worth paying for beyond the free trial period.

    Right off to play with LO and get her ready for bed and have some dinner!
    POAYDBX 2020 #? 20/4000
    1 debt vs 100 days #14 20/1000
    Saving for Christmas 2020 50/500
    EF Saving 285/500
  • Evening MSE,

    Been a busy old day today, work days are sooooo long, have to have LO ready and at nursery for 7.30am, then off to work for 8am. Work until 5pm then mad dash home to pick her up for 5.30. Home for supper, playtime, bed for her around 7pm, then we have dinner, do some tidying up and do the dishes, so it's usually about 9pm before I sit down! Just sat down with my cuppa :j

    Today has been a NSD (yay!), being stuck in work all day does have it's advantages, and also did another study on profilic, for 50p when it clears!v:rotfl: it will all add up eventually!

    Day off tomorrow with LO, so thinking as long as the weather is OK that we will go to the park. I have to go to the post office to post a parcel for my SIL, (she has given me the money for postage), and I need to grab some bubble mailers for myself ready when I list my next lot on ebay. There's a park on the edge of town, so we will go there and have a play, feed the ducks and take some snacks so she can have a "picnic". Nice and MSE, so tomorrow will be a "Low Spend Day" rather than a "No Spend Day!" :D

    I've saved the best bit for last! The claim I put in a few days ago for a tax rebate on washing my uniform and paying professional registration fees going back 5 years has borne fruit! Had a letter from HMRC and I'm owed £280.54 :D:D:D:D:D
    That combined with no council tax for the next 2 months (£140 a month, so another £280), means I'll be able to hit my next goal of a £500 EF in the first quarter, so I'll be free to start tackling the loan!

    Feels so good to be moving in the right direction again.
    POAYDBX 2020 #? 20/4000
    1 debt vs 100 days #14 20/1000
    Saving for Christmas 2020 50/500
    EF Saving 285/500
  • Morning MSE,

    Day off work today and me and the 3YO are at home together today. So here's my to-do list for today, including my planned spends. I will not make any unplanned spends!

    To-Do List

    * Post parcel for SIL in town- have money from her for this
    * Take LO to hairdressers and see if can get her hair trimmed- £5
    * Poundland for bubble mailers and pick n mix for LO- £3
    * Go to park with LO to play, feed ducks and have a picnic
    * Hoover the stairs and landing
    * Hoover downstairs
    * Wash the net curtains and hang up the new ones on landing (didn't do this on Tuesday...:o)
    * Make card for MIL and LO's friend who will be 4 next weekend

    Lots of other stuff needs doing, but I like to have time for playing with the LO! Fingers crossed for a study or two on prolific too.

    Checked my online banking, last DD of the month has gone out from the bills account and that and my current account are still in the black!
    I'm terrified I've forgotten a payment or something, so I keep checking!:rotfl: However I've written down all the D/D's that have gone out this month and the date in my BuJo, so I'll know what is going on for next month and for once I'll be in control of my finances, not the other way around!
    POAYDBX 2020 #? 20/4000
    1 debt vs 100 days #14 20/1000
    Saving for Christmas 2020 50/500
    EF Saving 285/500
  • Purplemumof2Purplemumof2 Forumite
    7.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
    Forumite
    Sounds like a very productive day you'll have today.

    Enjoy the park and feeding the ducks xx
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    BC: £5000.00 - Lloyds: £5590.00
    Xmas Pot £535/£700 ~ EF £621/1000
    PAYDBX 2021 - #? £0 / £2,000
  • Still haven't done anything with the net curtains! :rotfl:

    LO is starting with a cold, so didn't get as much done around the house, though we did have fun this morning at the park, It was bloomin' cold though! On reflection that probablt didn't help her cold...:o

    Did manage to complete 3 studies on Prolific this afternoon though, for £1.41, 50p and £2.50. Once a decent chunk of it has cleared Ill withdraw it for the EF.

    Need to start planning as I have 3 birthdays in March, OH's, my dad and one of my brothers. Hoping for a £1 max selling fee weekend on ebay soon, so I can try and earn some money for the presents. So frustrating, as I want to start OP the loan, but I need an EF and have all these planned expenses upcoming that are going to drain anything extra I manage to make. Hopefully I'll be in a better position in a few months with my overspending curbed and sticking to my budget, so that I can get my teeth into debt busting properly. I'm being too impatient I know, I just want to start seeing the figures going down...

    Working 9-12.30 as OT on Sunday at almost double time, so that will help a bit. Have a nice evening everyone xx
    POAYDBX 2020 #? 20/4000
    1 debt vs 100 days #14 20/1000
    Saving for Christmas 2020 50/500
    EF Saving 285/500
  • It's been a busy weekend here. Worked OT today 4 hours @ time 1.8, so not far a whole extra day's pay for me. Won't see it until my March paypacket, but that will be extra money for throwing at the debts or to put towards the 3 birthdays I have in March.

    Just seen it's a £1 max selling fee on eBay, so I'll list a few bits I've sorted out tonight, try and up my income a bit. Helps to declutter too, which is another goal of mine this year.

    Payday next Friday. I don't want to wish time away but I wish it would hurry up! January is the longest month, or that's how it feels. I want to get into my new budget, watch payments go out etc, and then I can colour in squares!

    Managed to make one of the two birthday cards I need for next weekend. Need to make another card now though, my friend who lives in another part of the country has just lost her father :(
    Naturally she's in bits and it's hard to know how to help when I'm so far away.

    Back to work again tomorrow. Need to go and get uniform and lunches sorted then bath the LO. Have a lovely evening MSE.:)
    POAYDBX 2020 #? 20/4000
    1 debt vs 100 days #14 20/1000
    Saving for Christmas 2020 50/500
    EF Saving 285/500
  • savingholmessavingholmes Forumite
    24.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Sorry to hear about your friend's loss.

    You seem to be doing really well on the budgeting front. We have perfect credit scores despite or because of paying off major debt. I would worry about your score at the moment. Are you in the mse credit club? You can see your report for free every month.

    I think with regards to overpaying - the first step is to set a real budget - which includes annual expenses - and a savings pot towards them. It sounds like with your EF and savings - that potentially needs to be the focus. What rate is your loan?
    Target 1) Prioritise health & social connection 2) Write regularly 51,745/70,000 words Book 2 and 10,787/70,000 Priestess book, 44,000/95000 Memoir Prep 3) Get to £10K EF/Savings Now £6,291 4) MFW starting at £201,999 Nov 21 with 264 245 payments to go. Now £189,678 5) Mortgage neutral progress via pension £3,687 invested since Nov 21 6) Declutter 7) Invest in fun and frolics - and not just future self! 8) CC Debt free April 22 (now stay that way!!)
  • Sorry to hear about your friend's loss.

    You seem to be doing really well on the budgeting front. We have perfect credit scores despite or because of paying off major debt. I would worry about your score at the moment. Are you in the mse credit club? You can see your report for free every month.

    I think with regards to overpaying - the first step is to set a real budget - which includes annual expenses - and a savings pot towards them. It sounds like with your EF and savings - that potentially needs to be the focus. What rate is your loan?

    Hi savingholmes,

    Thank you for your kind words and advice. Yes, we are both members of the MSE credit club, though I confess I haven't checked it in a little while. That's a job for this week.
    You are right, I had completely forgotten about my credit score, and I would be keen to improve it. As I took out the loan this month, I imagine it's taken a whack. :(

    Again, you're right about needing to sort out a proper budget before anything else. I have managed to hold off making any OP's, this is my last week before my February paypacket hits, and I've been watching some YNAB videos etc, to try and give me an idea of what categories I will need in my budget.
    I'll post it here once I have something on "paper", and get some advice from everyone about how I could improve it, and where I could make savings.
    I have already set up a savings account for my saving pots towards the annual expenses that I'll need to save for.
    * Home insurance
    * Car insurance
    * Christmas
    * Birthdays
    * My professional registration fees
    * Annual zoo passes (worth their weight in gold for entertaining 3 YO cheaply)
    * Car maintenance

    Running out of time now as need to finish getting ready for work, but I'll post more about them and my target amounts for them, as well as how I'll fully fund them when I come back with my budget ideas.

    Have a great day everyone. I'm off to work today, taking lunch, so will be a NSD. :j


    The loan is at 4.5% and the debt total I've listed it as, contains the interest added
    POAYDBX 2020 #? 20/4000
    1 debt vs 100 days #14 20/1000
    Saving for Christmas 2020 50/500
    EF Saving 285/500
  • Poppy1984Poppy1984 Forumite
    628 Posts
    Fourth Anniversary 500 Posts Name Dropper I've been Money Tipped!
    Forumite
    Hi Eyebright
    Wow you are doing great, fantastic news about the tax rebate that is a great boost for your EF. You will be making overpayments on that loan in now time at this rate!


    So sorry to hear about your friends loss that's very sad, I'm sure her just knowing you are there for her and care is enough.


    I noticed the £1 listings on eBay too and have listed a few bits, fingers crossed for both our sales.
    19-02-18 Total Debt £30,322
    17-12-21 I'm Debt Free 🎉🎉🎉🎉
Sign In or Register to comment.
Latest MSE News and Guides

Energy Price Cap change

Martin Lewis on what it means for you

MSE News

Best £1 you've ever spent?

Share your most impressive bargains

MSE Forum