2022: maybe this’ll be my year

DFW2022

Hello everyone 

I have been a member here before a long time ago. I am in a place where I really want to tackle my debt and I’m going to start with some intro about my past and how I got here. 

I’m in my late thirties and I’ve been in debt since I was 18 and went to university (all credit cards). I paid over £15k of credit card debt off before we bought our house but then went straight back into debt again. We had inheritances that were wasted. Promotions that never seemed enough to tackle the debt.  Some positives included buying a house and so we have some equity and I have paid my student loan of about £13k off.  Also have two wonderful children.  We haven’t lived extravagantly (no fancy cars, holidays, gadgets etc) but we haven’t been disciplined enough with money. 

Last year wife and I separated (not because of money but it didn’t help in our relationship) and are now living separately. The debt stands at around £15k again, all on credit cards. I have continued to move balances around so all is interest free until mid-2023. 

I REALLY want to tackle this now. I am sick of having this millstone around my neck. I am sick of always never having any money despite earning a decent salary from a stressful job. I want 2022 to be my year. I want to pay almost all, if not all, of it off by the end of this year. I’ve looked at the numbers and I think it’s doable, with the exception of needing a new car. Mine is 12 years old and on its last legs but I don’t want more debt to get a replacement (it is essential though so I will have to at some point). I am hoping I can make some progress on the debt before I have to replace the car. 

So that’s me. I want a place to record how I’m feeling and how I’m getting on in my debt free journey this year!  Any and all support very much welcome; these boards are inspirational!

bigbeff

Welcome! I'm in a similar situation. My first plan is to declutter and sell a load of the stuff I don't need. I am also setting myself a budget and trying to plan my meals each week in order to save money - it is all so doable, until something goes wrong! But every little helps, I record my balances on a spreadsheet each week and just seeing it going down helps motivate me to keep going Good luck, I'll be reading! 

DFW2022

bigbeff said:

Welcome! I'm in a similar situation. My first plan is to declutter and sell a load of the stuff I don't need. I am also setting myself a budget and trying to plan my meals each week in order to save money - it is all so doable, until something goes wrong! But every little helps, I record my balances on a spreadsheet each week and just seeing it going down helps motivate me to keep going Good luck, I'll be reading! 

Thanks for the reply. Decluttering helps so much I think and budgeting essential but so hard to stick to for me. 

Good luck with your journey!

bigbeff

How are you getting on?

DFW2022

 bigbeff said:

How are you getting on?

Hey! Sorry I haven’t been on as I’ve been so busy but I really want to update this regularly so thank you for asking. 

I’ve been getting on well. January has been a struggle but I’ve made it through without spending loads on junk I don’t need. I have eaten simply and not had takeaways and I’ve been motivated by my goal this year of becoming debt free. 

I paid a CC off with some savings and am doing a balance transfer later so all the debt is interest free. 

I will post a proper summary of my debts and goals a bit later. 

How are you doing?

anjyeah

Just dropping by to say good luck on your journey! I look forward to reading about your plans, goals and progress in the next few months. 

How about setting some goals first to achieve before thinking of getting a new car? It looks like you do need one but maybe get a little bit of control back so you know that you're definitely on track and let it be the reward for doing so. All the best! 

_Dolly_Rocker_

Good luck!

Sounds very similar to me minus the kids. 

I'm back and trying my hardest to stay on track but it isn't easy. 

We can do this. 

Bizzywizard

Hi, 

Good Luck, I had circa £20k worth of debt and its now gone, so it can be done! So you are doing really well, to get the 0% deals.
Just a couple of things I did that really helped me (just in case you haven't considered them).

* Spread your council tax over 12 months, just call the council. This helped make me budget roughly the same each month.
* I stopped watching LIVE TV so cancelled my TV licence and had a refund.
* I had about 4 survey sites that I joined and made about £20 sometimes £40 a month (this went straight off my debt)
* Popped loads of items on ebay and market place again went straight off the debt. I also did car boot sales.
* The best one was switching bank accounts, its was free money and Nationwide Flex direct gave me an interest free overdraft for 1 year (that was paid off just before the deal finished) You need to qualify for it. See the banks bit on this site.
* Haircuts, I invested in Clippers (£30) so I now shave DH a hair, thats a saving of £12 a month, so the £30 was a bargin and will last for years. My brother bought a hand held one to do himself.
* We had a 1 year of saying no to booze, said were were on a health drive, so no one was suss.
* DH gave up going to Costa Coffee ( he was spending £40 a month), that was a shock to him, now its travel coffee or water!
* Made an Excel spreadsheet with what is coming in and going out, I also changed the date of my mortgage payment to the middle of the month, so I had more money in my account for longer. I still use my excel sheet DAILY and check my bank DAILY.
* Last of all I joined "Clear your debt by 2020", on the forum, it really made me focus and claered the debt. So worth thinking about.

Good luck with your journey! I hope the above helps in a small way.

Bizzy