£69k debt free wannabe

in_need_of_direction

Well done you.  You’re on a roll

Suffolk_lass

Yes, well done. Very impressive progress. Are you allowing yourself a small reward? (it helps, so you do not get overwhelmed and demotivated by the constant frugality!) 

Jensfrugalyear

Suffolk_lass said:

Yes, well done. Very impressive progress. Are you allowing yourself a small reward? (it helps, so you do not get overwhelmed and demotivated by the constant frugality!) 

Yeah, off to the pub with my bestie tomorrow for a few mid week beers 😀

Jensfrugalyear

So its been a good while since I posted on here. Have messed up a bit the last few weeks and ended up with spending creeping onto my cleared credit cards. 😩 I'm so annoyed with myself. I ordered a new credit card back in July as a back up for holiday but have stupidly spent on it when having a bad time. This is what has always happened.

Have managed to carry on making a payment a day to my emergency fund since paying off the cards first time. Now need to put a stop to the card spending again and repay those off.

Have also made the decision to tell my husband as the stress of dealing with it on my own has become too much. Have told him this morning I want to go through it all Sunday afternoon when we have some free time. I know he will be upset about the amount but hoping he will see I am trying. I need to go through this with him regularly to make sure I don't do the stupid spending on cards that I have been.

Will post an updated balance update next week once we have a new plan together.

Suffolk_lass

Maybe ask him to hold on to all the cards except one for emergencies (tank of fuel, taxi when stranded) so he knows you are serious. If you are brave, you could cut them all up, except one. You know you can't trust yourself so you need to break the pattern (and this might help him handle the shock)

TheAble

I would cut them all up and definitely don't apply for any more credit. It's just a bad thing for many people - folks like yourself would be much better off sticking to debit cards and cash. Is 69k's worth of bad debt not enough of an indication?

Jensfrugalyear

I did actually cut them all up to begin @Suffolk_lass with but stupidly got the one back as panicked about not having cash on holiday. This is where being able to speak with my husband would have helped so hopefully going forward this won't be an issue again!

Yes @TheAble 69k is alot of debt but not everyone can change behaviour instantly and I have actually got it down to 55k before slipping up again.

Bizzywizard

Hi,

Why not post your monthly SOA again. we can then look to help...or at least it will help your hubby understand the debt, if its in black and white. You can then see what you have left over or where you must make savings as a couple.

Does your husband have any 0% credit cards? If not could you shift your debt to him....he clearly needs to agree to this (I did this for my husbands credit card debt). Most people would disagree with this, but it helped us get right back on track.

Have you used the Nationwide Flex direct interest free overdraft account (if accepted)? You have to clear the overdraft within 1 year.

I check my excel spread sheet everyday and bank account to match it.

I have to agree with @Suffolk_lass cutting the credit cards is the only way to go. Its hard, but it needs to be done.

Its better to use the emergancy fund to pay off debt as you are incurring more in interest!

You need to really cut back, no netflix, no school dinners (lunch box all the way), have you spread you council tax over 12 months? Do you still need 2 cars? Could you sell one or return it early? Could you sorn one of the car for a few months, to save some money even if you have to keep them and not sell/give back?

Do you do the surveys? I made around £20 a month, you and hubby could do them that's and extra £40 (just put it straight to the debt)...you could get your 17 year old to do them when shes 18...so its pocket money for her and saves you giving her money you don't have.

Have you sold stuff you don't need on facebook market place and ebay? 

PS I have done all the above and I am now debt free  (coming up 2 years) My debt/hubbys debt was circa £20k and it felt awful (my husband had not told me about the credit cards). I was not mad, but that night I switched debt, did an excel sheet and life as tough for a good few years as went went without! We now can afford nice things as I budget for them.

I hope this helps,

Bizzy

Jensfrugalyear

Thanks @Bizzywizard

I have a spreadsheet which when I am on top of things I check daily. I have tidied it up today so thats what I'll show to my husband.

I do surveys, am signing upwith prolific now but also with opinion outpost and curious cat. I have also started matched betting again this week. Did it during the world cup and made about £50 extra. I do need to get back onto selling things, I did this at the start through FB marketplace. Have joined ebay again so will also start putting stuff on there. We have plenty of !!!!!! we don't need 🤣

Will post a SOA next week. Not giving up netflix (only single subscription) or spotify as we all use these daily. We dont pay for TV either.  Yes it pays a bit extra off but as we will be doing this for the next 4/5 years so need to have some bits to keep us sane! 

Last time we checked my hubby didn't have any offers on his cards but will take another look this weekend during our chat

Jensfrugalyear

So have told my husband and its a massive relief to have it all in the open.

He was angry and more disappointed that I had let it get so bad and not told him. He has gone a bit into his overdraft too so we have sorted that this evening and will look to have everything going from the joint account so he isn't juggling random payments before he is paid.

He takes a while to get his head around things so hoping next time we discuss money he can see how we are clearing the debts and add a bit more to the conversation. We are aiming to go through the budget every month the day before payday. 

I feel so much better for him knowing but also know he will now stress quite a bit until he can see the balances going down