Our journey from debtdom to freedom…take 4,5,6? I’ve lost count!!

hazeldreams

CCs (0%) £22,147.26
Mortgage £224,346.23
Buy to Let Mortgage £146,574.32
Total £393,068
Restarted Jan 2019
1.87% paid off

This was the last time I posted, in Jan 2019. The world has changed significantly for everyone since then and for us it’s been beyond challenging on a personal level. That said, we made some radical financial decisions (good and bad) and I’m pleased to say this is where we stand today…

PayPal mobile phone £476
CC (0%) £3964.30
Mortgage £159,543.49
Total £164,033.49
41.73% paid off

The forum looks very different to how it used to so I’m not even sure I’m posting right on here now. I was hoping to pick up my old thread and just carry in from there but it appears to be closed! Any suggestions on how to start a new thread warmly welcomed! 

The cost of living crisis has me super spooked, so I feel like I need to get back to the discipline of NSDs and posting regularly on here to keep us on track. 

Our biggest problems are eating out, takeaways (the only thing that works for us is to cut it out completely) high grocery spends and energy usage. If anyone can recommend some great threads on this sort of stuff, I’d be really grateful! 

Happy BH! 

joedenise

You have posted a new thread in the right place so definitely no need for advice on that score!

You've done really well in reducing your debts over the last few years.

You might find some of the threads on the Old Style board to be useful, particularly the Monthly Grocery threads.  There are lots of cheap recipes at the beginning of each months threads.

Rather than having takeaway I try to cook my own version of the ones I like, for example I do a Fakeaway KFC, Fakeaway curries etc.  There are lots of recipes online.  I cook healthily as I follow Slimming World so cooking my own Fakeaways says money and calories!

With regard to the energy spends I think we're all in the same boat so it's a case of doing things like batch cooking, using air fryers/microwaves etc whatever you have to reduce the use of oven as they are one of the most power hungry appliances.  Cutting down on the number of machine loads of washing you do each week, another power hungry device; really it's anything which needs to use power to heat up.

Good luck going forward.  Will bookmark your thread and carry on reading over time.

hazeldreams

Awww thanks joedenise, much appreciated! Will hop on over to those - the monthly grocery threads sound good as this is one of our biggest expenses! I also do slimming world (although not very well!) so I’ll grab my old recipe books and dust them off! Thanks for the reminder re fakeaways! 

Sounds like I’m probably doing everything I can re energy. We’re using the air fryer instead of the oven, limiting to one wash a day and one dishwasher use a day and we’re all on 3 min shower limits! 

Thanks again for the tips and for bookmarking! 

Hazel x 

joedenise

There's also a Slimming World thread on here if you'd like to join that one for help and support.  Link:

https://forums.moneysavingexpert.com/discussion/6348022/tighten-your-belt-with-sw-tighten-your-belt-with-sw/p1

That link will take you to the first page so plenty of read as we're now on page 119!  Of course you could just jump to the end!

hazeldreams

Thanks joedenise! I’ve bookmarked it and look forward to perusing some healthy low cost recipes! 

One more quick question! Everything’s changed so much since I last posted on the forum! 

Can anyone tell me how to update my signature please?! I’ve tried repeatedly using the signature settings function but it won’t save my updated entry?! 

Thanks in advance! 

joedenise

Sorry can't help with signatures as don't bother on my posts.

WinterWarrior

Profile, then edit profile, then signature settings. It took me ages to find that at first 😁
good luck.
Did you sell your buy to let, or pay it off? It’s a fabulous decrease from last time, well done. 

hazeldreams

Thanks Winter Warrior! I’ve tried that but it won’t save my new signature?! So weird! Every time I delete the old one replace and replace with the new and click save, it just reverts back to the old one! I can’t even delete it! Oh well never mind!

Yes, we sold the buy to let and paid down a lot with the proceeds. That was October 2020. This year we’ve cleared more than £60k on the mortgage too. Some was from another property sale (£20k), the rest was from a bonus and disposable income. Everything has ground to a halt over the summer though (we had a holiday for the first time in 3 years) and I can’t see with the increases in cost of living that we will be able to keep repaying at the rate we have been. I’m just focussing on the £476 for the mobile (stupid decision) and the last of the credit card now. Mortgage will have to wait a wee while. 

joedenise

More important to get rid of CC debt; mortgage is good debt and also much cheaper than any other sort of debt so definitely the right decision to wait to pay that off.

hazeldreams

Very true @joedenise. Mobile phone and CC are defo the number 1 targets for rest of this year.

I'm back at work today after a week off. Not looking forward to it. Work has been my salvation over the last 2 years with difficulties at home, but recent restructuring has increased my workload 3 fold and having a week off just makes it worse!) Oh well, at least the day will go fast!

I feel like I 'should' set a DFD. I'm in 2 minds though. I often find I put myself under too much pressure when I set stretching goals. And then if I don't meet them I'm soooo disappointed and this demotivates me! Plus, with the current economic situation, who knows what might happen next?! It doesn't feel right that I set one just yet. All I know is that it has to all be gone by the time I'm 50!!! (5 and bit years away! eek!)

Have joined the NSD challenge for September so we're going to practise now on the run up. Plan is NSDs today and tomorrow. It'll be a miracle if we pull it off! We managed 1 NSD in August so far! Got so much to do to get back to frugal behaviours! We've done it before, we can do it again

joedenise

I don't think it's necessary to set a DFD unless you actually want to.  Like you I would find it too much pressure and be demotivated if I didn't make it.  When I was getting debt free I just wanted to see it going down every month!  That kept the motivation going.  It didn't matter if it was £10 or £100 just as long as it went down but of course it always felt better if it was nearer the £100 than the £10!