Dreaming of being Debt Free

Scott_Weiland79

I feel your pain re the car we used to have a Fiat 

2023 mot 800 quid
2024 mot 1000 quid 

And mileage was 50-60000 ish so not old.

Re your debts getting out of it is several things

Time

Cutting your spending so more money is avaliable for debt repayment

Boosting your income (surveys/vinted/overtime/ebay/fb marketplace/top cashback)

And staying positive light at the end is there being there got the tshirt, binned the tshirt got a new one started again etc etc

And spending in ways that rewards

https://play.google.com/store/apps/details?id=apposing.petrolprices

this link may help potentially save abit re fuel. 

Debt_Smashing

Lol. Cars 18 years old and at 140k!

Scott_Weiland79

haha our Fiat wasnt even 7 year old 

Never again 

Scott_Weiland79

Debt_Smashing said:

Lol. Cars 18 years old and at 140k!

Fair fair mileage I would definetly be looking at 
a high interest savings account (car repair/replacement fund) and i would get some additional income into that.


Do you do much extra too boost your income?

Debt_Smashing

So managed to get a replacement.
£1200 for a 58 plate 308.
10 month MOT. So that will keep me going for now.

Yes plan was once an emergency fund was finished, I'd set up some pots for things like this.
Birthdays/Xmas/car repair, boiler service etc.
But I'm still not quite there.

No extra jobs, but occasional some overtime at work. Averages out maybe 10 hrs a month?
Having 2 send kids I can't really be putting in 60 HR weeks like I did in my 20s, plus I need to be home when my partner is at work.

Scott_Weiland79

Peugeot 308? my missus her mum has one of those they are nice lil cars. Seriously check out that petrol app too, i save its not loads but 6p per litre.

I fill up 2-3 times pm it saves me not loads but a tenner extra in my pocket to petrol companies never bad.

Thats a result re the car 10months mot aint bad.


Which bank are you using for your pots re savings.

Everyone on here raves about monzo, but try revolut. I have 6 pots with revolut.

Xmas/birthdays

Car 

Emergency fund

General day to day savings

And a one for my lil girl when she turns 18

holiday one


Monzo pays 3 percent on pots/revolut its 3.51 from memory and the interest goes on daily.

I get paid and my salary goes into one and the daily interest for 2-3 weeks i swap to my ef or car fund or holiday fund.

re income boosting it doesnt have to just be overtime

vinted/doing some paid market research surveys/if you buy online use top cashback/


https://www.moneysavingexpert.com/family/boost-your-income/

Debt_Smashing

Thanks. 
The cars still going so that's a result haha. Not a dud from the go.
I use Monzo. They were the highest when I opened it. It purely for savings. My main bank account is elsewhere. 
Once I had a full 3 month emergency fund, the plan was to open the other pots like you have, ie, birthdays, m.o.t, etc. The priority has just been to get it funded asap.
Wife uses vinted and has the top cashback account too.
Not done any market research things, remember doing one a few years back, wasted an hour and didn't get anything. Not done them since.

So only put £200 in e.f. this month. As it's Xmas. 
Patio door runner broke also. Luckily I could close it. Unfortunately it's an older style. 

InDebtEnby

I think with debt it can sometimes be hard to see the positives when there are still outstanding balances. Focus on things you have achieved like not being in your overdraft or having to figure out where the money is going to come from to buy another car. 

There was a mind shift for me when I had savings and it was looking at do I want to take out from there and see that number drop, whereas I would have put it on a credit card before and thought about it later. 

Debt_Smashing

So went into my overdraft last night for the first time in almost a year (12 days short), seen th t xt this morning. And apparently over the interest free amount? No idea where you find this info on the app. Was I jynxed? Lol.
Patio door fixed. £150. 
Got some Asda vouchers for Xmas shop.

But yes I should look more at the positives and I know they are there. And I am in such a better position. I just want to be able to enjoy it now, must be saving burn out. But I still have some way to go.

Debt_Smashing

End up being £110 overdrawn but time I got paid again. Bit gutted by this, more on the grounds I'd done it, than the amount. Im back in the green already.
Also Ive bumped the emergency fund up to 4280 now. Hopefully I can squeeze a little more into it before the month is over, as next month I'm hopeful I will have completed this (around 3 months of es).
After that I want to take a break, I've been paying off debts and saving , and haven't really enjoyed having any money for such a long time, I think it will feel strange to do so. And I think I will have earned it!