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The man who likes stuff. Can I pay 7k this year?

edited 21 January 2021 at 10:06AM in Debt free diaries
43 replies 3.5K views
MB148MB148 Forumite
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edited 21 January 2021 at 10:06AM in Debt free diaries
Hello everyone,
This is not the start of my debt free journey but I am slowly moving towards the end goal of being debt free (aside from my mortgage) and feel that a diary at this stage may be helpful and may give my wife a break from me talking about CC's, overpayments and savings!
Firstly a little bit about me, I am a Police Dog handler and my wife is a teacher, 2 young children aged 7 and 9 years old. I've always had a thing about 'stuff' and am passionate about only buying good quality goods which will last a lifetime, I never buy cheap and always make very considered decisions, but I always then look to make purchases which are secondhand or discounted.
This pattern of behavior has lead to debt in my younger years, in addition to this we were early twenties when we got pregnant with our first child and living at home, we quickly purchased a property after frantically saving a deposit up of £16,000 , moved out and then suffered the cost implications of having a new born with a mortgage and being in the start of our careers (I was a PCSO then). My pattern of making small purchases was subsidized by using my CC to do this, I got into around 3k of debt, I had a Mountain bike on finance and a road bike and a small loan of 3k to cover a car (always had a thing for fast cars), then we had another sprog! 
My debt very much surrounded 'stuff' and it was slowly growing, we didn't really eat out much or have expensive days out but I always found a way to need something new, we got married in 2018 and the CC debt got alot worse, rocketing up to 12k, I then purchased a family estate for 16K getting a 15.5k loan. 
Its important to make the point that my wife and I have always had very separate expenses, this is my debt, and I have got into a lot of it keeping us afloat back in the day, taking on expenses for holidays I bought her a little car with my savings.
My light bulb moment came in 2018 after the wedding, having just got a 5 year loan for the car and being in something like 13k in CC debt I vowed to be debt free in 5 years, it was a total attitude change, mainly helped by reading this forum and reading some amazing debt journeys, I set up higher DD's on the CC's and my wife started to give me £200 a month towards paying off the CC which had the wedding debt on it, I'm not going to do a full SOA at this stage but here are the debts:
£1604 - Halifax CC 0% (this had 9k on it after the wedding)
£2694 - Tesco CC 0% (very old debt been moved around for years)
£8599 - Halifax personal loan, 3.4% (£280 per month)
So the plan - Get rid of this debt ASAP! We are doing a lot to the house at the same time to get it ready for sale in the next year and I want to be debt free before we move on to a larger house, my wife is putting more money into the house than me as I am focusing on this debt. 
We are paying £470 a month to the Halifax CC, Tesco CC is on minimums until Halifax is clear, once this is done I'm gonna smash the loan and over pay it asap, I am well aware this is in the wrong order as the loan is on interest but I have saved up an EF of £1000 in the last 3 months and anything over will now go into the loan as well
Sorry for the ramble, but still having a debt total of 12.8k made me feel a bit ill earlier, the 'stuff; addiction is very much under control but it will never go away, I am putting £100 a month into a separate savings account for watch - this is a long term thing and it is just ticking over and in the event of an emergency would be a separate EF fund, the buying has very much stopped. 
Sorry if this doesn't read well, looking forward to a future of being debt free and overpaying my mortgage. 




£0/£9000 remaining - Halifax CC paid off 29/01/21
£2666/£3000 - Tesco CC
£6924/£16k - Halifax personal loan  

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Replies

  • caelercaeler Forumite
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    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
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    Well done for taking the step to confront your addiction. It must be hard to manage.  It sounds like you are turning your addiction into a challenge, ie saving up for something you really want so you can still buy quality. Good idea! 
    Mortgage started on 17 December 2012 at £169,000 with a 25 year term finishing in 2037
    Mortgage Repaid on 20 April 2021
    Click here to visit my Mortgage Free Wannabe Diary
  • MB148MB148 Forumite
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    caeler said:
    Well done for taking the step to confront your addiction. It must be hard to manage.  It sounds like you are turning your addiction into a challenge, ie saving up for something you really want so you can still buy quality. Good idea! 
    Do know what Caeler, until you said that I never even considered myself to have an addiction but you are right, I am still constantly looking at future purchases but just not clicking 'buy it now'
    £0/£9000 remaining - Halifax CC paid off 29/01/21
    £2666/£3000 - Tesco CC
    £6924/£16k - Halifax personal loan  

  • caelercaeler Forumite
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    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
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    It’s tough to change the mindset but stick with it. 
    Mortgage started on 17 December 2012 at £169,000 with a 25 year term finishing in 2037
    Mortgage Repaid on 20 April 2021
    Click here to visit my Mortgage Free Wannabe Diary
  • MB148MB148 Forumite
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    alt80 said:
    There’s a few of us on here with the greed / spending addiction / cars etc. September I had just under £2.5k each month going out on car finance still got £1.65k/m going out on them so you’ve not got it that bad mate. Sounds like you’re open with the Mrs about it too. I previously hid £100k in card debt from my wife by refinancing BTLs and less than one month after the remo there was a balance on another card. Big !!!!!! wake up now over £100k on cars, £30k on cards (was £40k September and nearly £55k before first lockdown happened and I managed to not buy anything and pay down), personal guarantees coming out of my eyeballs on company owned property. I’m working on paying it down now it’s a battle every single day not to buy stuff and use my head for once but getting there slowly I think - you will too.
    Cheers, we are obviously on different levels of debt, but also different levels of income so its all relative I guess, yea Ive chewed her ear off she is sick of hearing about it!
    £0/£9000 remaining - Halifax CC paid off 29/01/21
    £2666/£3000 - Tesco CC
    £6924/£16k - Halifax personal loan  

  • Honeysucklelou2Honeysucklelou2 Forumite
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    Well done on the overpayment!
    paydbx2022 #93 £1725/£5000 . 2022 savings challenge £90/£2000
    EF £204.
    Savings 2 £20.00
  • edited 8 November 2020 at 3:29PM
    alt80alt80 Forumite
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    edited 8 November 2020 at 3:29PM
    All relative yeah but similar issues. This month I paid my car insurance in full for the year first time I can remember even doing this and I’m bringing in just under £8k net each month bit embarrassing really lol.

    Good work on the overpayment mate. Can relate to the temptations of Maccies / Starbucks etc too if I’m out on a fee earner I’ll grab lunch business pays for that though so doesn’t matter for purpose of my personal finances. You aren’t in a permanent place of work cruising around with a dog so should be able to expense it unless this stuff works differently in the public sector.
  • Congratulations on your first overpayment 🙂 
    Total unsecured debt January 2020: £36k current £13824




  • MB148MB148 Forumite
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    10 Posts First Anniversary Name Dropper
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    Did well on the NSD's over the weekend then onto Christmas shopping yesterday, luckily I have budgeted for this so no Credit required! The old me would have spent the remainder of my Current account and then put the rest on CC's so it feels great not be doing this on credit.
    Car tax coming up at the end of the month, going to pay a year in full otherwise the 6 monthly version would fall when its MOT and insurance time next year which isn't ideal.
    Today gave the car a nice wash inside and out and checked the oil and fluids etc followed by homemade potato and parsnip soup for lunch, school run next and online parents evening.
    £0/£9000 remaining - Halifax CC paid off 29/01/21
    £2666/£3000 - Tesco CC
    £6924/£16k - Halifax personal loan  

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