Dreaming of being Debt Free

Debt_Smashing

Hello. It's been a while.
Things haven't been great. Lots of ups and downs not just financially. But not something I feel like going into right now.
Had a few blips on the none smoking.  Got to 23 days without one. But have had the odd one since. Not brought any, but still I know it's a slippery slope. Either way it's an achievement , and I won't bet myself up over it. Still aiming to go smoke free, and to not go back.
The car failed it's MOT. Quoted £600 + vat to fix. Car was worth less. Plus there was 3 fault codes that kept coming up. They didn't pop up during the MOT for some bizzare reason. So financially, thought was best to scrap it. @joedenise I'd have loved to have just not had a car. I used my push bike to get to work for a few days. But it just would not have worked for us. I'm only person who can drive in the family, and we have appointments for kids and all the other family things and practical reasons why not having a car wouldn't have worked. I got quoted £320 scrap for it which was a bonus toward a new one, plus the £1000 emergency saving that I had finally made it to just a week before after a year of saving. Unfortunately when they came to pick it up , the price was downgraded to only £160. I thought about ringing somewhere else, but have so much on my plate one less problem to deal with and elsewhere potentially knocking price down(apparently because it was not the original catalytic converter) I have got rid. So new car. Cost 990, down from £1200. But only a 6  month not with it. Had to move some cash from emergency for a direct debit I forgot, so have £1.50 in there now. Pay day today tho.
Part of me is thinking should I even bother with an emergency fund, and just whack it on overdraft/credit card?
And thank you @londoner2019 the SOA is somewhere I'd love any tips on. But yes I understand my debt is not insurmountable, my personal is a little over £2000, tantalising close. It is my partners that is the problem, and has been.
My overdraft is from being a student, so like had that for 20years now, and I'd love this to be gone, and my personal credit card is from from when I threw my partners one onto mine years ago as her APR was high and I had a fixed 0%. Was promised she'd pay me what she was paying anyway. To save a LOT on interest. Didn't happen as she had other debts, which is also why most the house bills are in my name, so she could concentrate on paying these down. This hasn't happened. This is also why I had to get loan out to pay off 5 of her Credit cards she had racked up that were killing us financially. I pay less now than she was paying in the interest. Hence the mess we are in.
Also thanks for sharing the thing at the bottom.of.your post. I need to figure out how tondo it, I haven't put my student loan onto my debt, it comes out of my pay automatically, but is still a debt. I will add to my SOA.
@[Deleted User] thanks for your continued support. It is good to know people care, and gives strength to carry on.

Sarahwithlove

Putting it on a credit card or a loan just puts you back in the cycle of debt that you want to move away from. Instead get the emergency fund and put in a saver to get a bit of interest. Is there any way you can earn more money? Overtime? Items to sell? Have you had a chat with your partner about her debt? If not what about creating a better budget between the both of you. Is she getting herself into more debt at the moment trying to keep your lifestyle? If you don't try to work together you won't get anywhere with it. 

Debt_Smashing

@Sarahwithlove thank you for your comment.

I didn't need to put it on a credit card. The emergency fund covered the car almost to the penny. Guess that was why it was there. It is just hard to have seen it all disappear in one swoop, after saving so long, and going without/saying no to things.

Hence why I was thinking forget doing that again. And just throw it only the debt I have. Also, psychologically, to get an easy-ish win back under my belt, and to feel like I'm getting traction, to put it towards a debt rather than just the minimum payments again. For example, my overdraft. It's only £500, and I'd be able to do it twice as fast as saving for a starter emergency fund.

Guess I'm not 100% sure what to do, as it does feel like a knock, but doing something will always be better than nothing, as long as it is moving me forward.

Unfortunately overtime is never really available, only 2 people who do my job at work, and neither of us are ever off, and I use some of my holidays on days off every month to boast my take-home pay.
As for things to sell. There may be a few items. But nothing that would make a real dint in things as I'm not really all that materialistic, and I'm the type who would super glue there shoes back together to get a few more months out of them if you know what I mean.

Getting my partner on board has always been the hardest part I guess, and it's clear that what we have been doing, altho right now is not making things worse, but not working as well as it should. 
And I know that is the hard truth, believe me, that if we don't work together we won't get anywhere.
But till she will, and I mean properly, I HAVE to do something that I CAN control, and that mean I need  to be to lead by example and sort my own finances out. So be it. And I will be in a better situation to help too.

Sarahwithlove

Very true. Sounds like you are in the right place even if she isn't. Do you have any cards that are 0% purchase that could be used as an emergency fund in future? Any of them have a 0% money transfer to clear the overdraft? Or is that 0%? 

[Deleted User]

You are doing so well. Keep focused and I am sure you will be successful. One thing I would ensure though is that you do not have any joint debt with your partner.

Debt_Smashing

@Sarahwithlove I have no cards with a 0% purchase right now. Altho I get letters in the post every month from the 2 I have with offers. I'd just rather no use credit ever again if possible, and live within my means. But that is a very valid option for the future if I did have an emergency.
Currently the overdraft is 0%, up to -£500. And for a little while longer. Not sure the date off the top of my head. Something to do with the cost of living crisis.
It had always been -£1000 previously by the end of the month, probably for close to 20years. Guess it was a good kick up the butt to bring it down. Especially as the APR on them is horrendous.
Probably should be my first priority?
@[Deleted User] thank you. And I'm trying my best to say focused.
And no. We dont have any joint accounts credit wise. I just have that massive loan that is technically hers. But is in my name.

Sarahwithlove

Yes if you are paying fees on the overdraft then probably a good place to focus on. Its never ideal to use credit but if it means more money can be focused on paying off anything that charges interest then it's a case of weighing up pros and cons 

Debt_Smashing

@Sarahwithlove yes I was trying to do the avalanche method to paying off debt, highest interest first, then once it's payed off, transfer those saving to the next.
But in a move to save even more, I had been shuffling the amount between the 2 cards I have, when one 0% interest ends, hopping back to the other.
The overdraft is the one ending first for 0% APR, and it's also the smallest for that easy win.

joedenise

I'd definitely be paying off the overdraft as it is the earliest debt to end 0% APR.  Once that is cleared then I think you should start to build another Emergency Fund.  I wouldn't be aiming for £1,000 to start with, perhaps £500 so that you have money available if for example you need a new washing machine or freezer.  You could start with just £20 or £30 a month to build it up.  I know it will take a long time to get there but will still leave you with money to clear you other debts.

Debt_Smashing

Not updated this for a while as I'm feeling super unmotivated to do so as the reality of the situation is just depressing and getting me down.
I've kept up with the repayments. If anything I've done better than the minimum, but progress is still slow. Still living pay check to pay check, and not bought mys of anything I didn't need for months. 
Overdraft is just about gone. If I can make it to the end of the month without dipping into it, it will be the first time in years I've actually been out of it before my next pay. CC is down to just £1000 now too.
But got boiler service, mot, car insurance renewal, and child's birthday next month.