Newbie trying to clear debt

budgeting_mum89

Hi! I’m new on here and thought I’d make this post to make myself accountable. 

I’m a single mum, 33 and feel like a failure financially. 

I currently have almost £17k in debt over 3 loans and my credit card balance is currently about £700.

I have just switched over from tax credits to UC, and because I work I seem to be eligible for more than I was getting previously. 

So far my goals are:

Pay credit card and tax credits overpayment off. 

Build up an overpayment and slide the snowball method for the loans. 

I have already created a budget and cutting back where possible. 

Right now I feel like I’ll never be debt free 

budgeting_mum89

Writing down my EXACT debts to disgust myself into some no spend days 😂🙌

Very 199.99
credit Card £653
Loan 1 - 2500
Loan 2 - 6600
Loan 3 - 7800 
tax credits overpayment- 278
UC advance 800
klarna 12

wow…mostly completely unnecessary. 

I have HyperJar and where I used to do cash envelopes, I now do this digitally and I am LOVING it. 

I’m also using an app that pays for doing surveys; made £10 in the last week which is handy. 

My entire monthly income is: £2110 after tax exc and after bills I should have around £400 which seems like a lot! But most of this goes to my sinking funds 🤔 

WinterWarrior

Good luck. It seems a lot now, but it will get better. 

Coffeekup

Best if luck... Pay off that very if your being charged interest iirc interest is around 40%. Do the same for klarna and never use em again. That should give u a boost and then you can hit your card if you paying interest on that.

Do you have an overdraft? You could be paying high interest on that too?