"Lightbulb moment - 67k down. Need to execute a recovery plan"

roomontheend

I do feel that you need to have an emergency fund of some sort because it’s a mindset.  However do keep in mind that David Ramsey advises $1000 and at the current exchange rate that is around £700 so you could take a slice off the top and pay it towards a card. It’s whatever works best for you. Keep going you are doing great.

bamgbost

thanks @roomontheend. I think £1000 is a good start. And from there its all back on the debts.

I see from your signature you went through a debt period from 2012. Any further tips or advise for us stuck right in the thick of it?

roomontheend

The biggest one is just keep going a day at a time.  There will be bumps in the road but they are only a set back and not a catastrophe that they may have being previously.  It’s really all about little things because he quickly add up. For instance selling things you no longer need, making savings on your electric and gas, getting the cheapest mobile phone tariff, goingSim only, shopping around for the cheapest food and meal planning.  Also if you know that there’s going to be major expense plan for it and then save for that on the side. For instance we had to pay for our daughters wedding and a new kitchen, items we would previously have got a loan out for or put on credit cards. Remember that every pound you pay off is a pound you will never pay interest on again.  Another tip to keep you motivated is the have a 100 or 1000 square. I personally just had 100 squares drawn on a sheet with totals decreasing down the side by here is a more creative example. https://debtfreecharts.com/products/game-of-loans

I got real satisfaction from Colouring in each square.  So if you did your current signature amount that would be either £518 per square or for a thousand it would be £51.84 per square, then they are manageable chunks to keep you motivated.  Good luck 

DayDreamerandGeneralWaster

Hi l noticed on another thread you mentioned you spend £300 a month on food for 4 - do you have any pointers for those of us spending £400 please? 👀

bamgbost

thanks @roomontheend , defo take these tips on board

@DayDreamerandGeneralWaster tbh. my tips are dont shop when hungry. Go to shops with  defined list. And dont deviate (unless its an obvious miss or really really needed). dont fall for BOGOF deals, shop mainly at lidl & aldi. occasionally elsewhere.

Meal planning is another key element., although we are not good at it. somehow we manage to stick to it. and keep it to tunder 300 limit.

DayDreamerandGeneralWaster

Thanks for the tips. I shop online so not Aldi or Lidl. I should be better at meal planning too!

bamgbost

Bank Holiday Review of finances ... what Joy!

CARDS	Amounts	Interest
S CC	850	30%
M CC	2100	30%
H CC	4011	20% (0 til Sept 2021)
C CC	1800	30%
Loans
A L	6888	9
B L	9390	14.9
R L	9,700.00	14.9
H L	13580	7
TOTAL	48319

Paid off a small chunk after payday. Leaving us with above amounts.

Making good headway with S CC. Which I hope to clear by end of July. *fingers crossed* - Wish us luck!

Its Half term now..so gotta try and not overspend during the holidays. Will be hard!

Hope everyones enjoying the sunny weather!