Finally Debt Free in 2023

Emzilla

Hi everyone

It’s been a while since I’ve been on this forum. I’ve been on here on and off for several years, but this coming year I am really determined to stick around and make a huge difference to my debts.

For those that don’t know me, here’s a bit of background. I’m 41, live with my OH (been together nearly 22 years now) and work part-time in a shop, plus do eBay reselling as my “main” job. I’ve also got Cystic Fibrosis and am on oxygen 24/7 (have been for 4.5 years now). Think that’s me in a nutshell!! I try not to let me illness hold me back and am usually on the go from the minute I wake up, until I go to bed again (typing this at 5am as I’m currently suffering with a bad cold and can’t stop coughing at night).

Anyway, my OH and I have got lots of debt that we are determined to either clear in 2023, or make a massive dent in it!! It’s been going on too long now. We pay out such a big chunk on debt repayments every month that it is crippling us!! We’d like to move, so I’ve got more space to build my business, but we can't afford it when we’re paying out so much. My OH has got a good job BTW, and earns decent money, so the money I make from reselling can mostly go straight towards paying off debts.

Our other problem is that we haemorrhage money on a regular basis. Takeaways and meals out is our real downfall, and I estimate we probably waste £300-£400 a month at least on eating out. It’s got to stop. It’s become a bad habit, and one that we need to break. It gets to the point where we have a meal that we spend £30 on and don’t even enjoy it that much, but it’s become a habit, and easier than me cooking because I’m always busy.

I’m also going to see how 2023 goes in terms of my reselling business and see how much I make from it (after tax etc) to see if I can quit my part-time job. It’s just becoming a bit of an inconvenience for me. I only do 9 hours a week, but once you add on getting ready and going and coming home, it’s probably more 4 hours a shift. I’m often just thinking the whole time of how much I could be getting done at home!! Plus I’m not too well at the moment, but am going into work tomorrow, when I would rather not have to go in, and could still get stuff done and earn money from home, even when I’m not feeling too great.

So my plans are:

1. Pick a couple of debts to pay off at a time (one of mine, one of OH’s) and throw as much at them as we can until they’ve disappeared. We’ve got some whoppers, so those might take a bit of time. Do this for the whole of 2023 and see how much we can clear in that time.
2. STOP THE TAKEAWAYS!!! We may allow ourselves one take away or meal out when OH gets paid (otherwise known as “Payday Meal”), but otherwise we need to stop this. We need some proper food shopping in to deter us from falling into our bad habit of getting takeaways. Sometimes we get Hello Fresh meal kits, but only if we have a discount.
3. Work out how much I’m earning over 2023 so I can see if it’s viable for me to quit my shop job.
4. Post on here more to stay accountable (expect lots of 5-6am posts!!). Join in on some challenges too.
5. Try to use my wasted time wisely (when waiting around or doing my nebulisers etc). I could be doing something on my phone in this time, so I’m going to be looking for some ways to make extra from apps that can either go towards debts or can be used to buy stuff we need.
6. If we need anything, get it cheaper or buy second hand stuff. We’re always out and about buying stuff for me to resell, so if there’s anything we need, I can keep an eye open for it on my travels and try to get it cheaper or even for free.

I probably won’t wait until 2023 to start this. I’ll just get Christmas out of the way and then begin. I’ve got some time off work just after Christmas (using leave up), so that’ll be handy.

Anyway, I’ve waffled on for long enough. Thanks for reading.

Emz xx

Lancs37

Hi, I'm new here, but I have also started a thread about reducing my debt in 2023 (and beyond).

Are you planning on picking your target debts based on interest rates?

We also found ourselves spending too much on takeaway. We now budget enough for a couple of takeaways each month and make sure we have a meal plan for the rest of the time which helps with food shopping. Also found that shopping online reduces some of the impulse buys we were picking up when shopping in-store

jwil

Welcome back Emz!  You've been missed.

Glad all is well.  If you're spending £300-£400 on takeaways, you could easily get some decent ready meals or something to keep in the house for the days when you can't be bothered.  You'll reduce the spend, and can gradually get into the habit of cooking more at home.

Sarahwithlove

Welcome back! I wonder if you gave up the eating out so much could you give up your part time job and have more free time for business and for cooking meals? 

beanielou

Emmz!!!
So good to see you with a happy shiny new diary 

Emzilla

Hey everyone - thanks for the lovely welcome back!! I’ll post properly tomorrow morning. xxx

Emzilla

Lancs37 said:

Hi, I'm new here, but I have also started a thread about reducing my debt in 2023 (and beyond).

Are you planning on picking your target debts based on interest rates?

We also found ourselves spending too much on takeaway. We now budget enough for a couple of takeaways each month and make sure we have a meal plan for the rest of the time which helps with food shopping. Also found that shopping online reduces some of the impulse buys we were picking up when shopping in-store

Hi

Good luck with reducing your debts!!

I'm not really arranging the debts in any way, just selecting one, paying it off and then moving onto the next. I'm going to start with a couple of smaller ones to get off to a good start, and then maybe pick our two biggest debts and see how quickly we can pay them off.

I think we'll still allow ourselves a payday meal and maybe the odd extra treat if we have a deal or voucher. I do prefer online shopping, but I think I'm going to go to Lidl or Aldi more as you get more for your money there. Some times I get good deals at work and can combine them with my staff discount, so we can get some really nice food that way.

Emz xx

Emzilla

jwil said:

Welcome back Emz!  You've been missed.

Glad all is well.  If you're spending £300-£400 on takeaways, you could easily get some decent ready meals or something to keep in the house for the days when you can't be bothered.  You'll reduce the spend, and can gradually get into the habit of cooking more at home.

Hi jwil!! Hope you are well.

To be honest, I love a good ready meal or oven pizza sometimes. It's definitely going to be something to get instead of opting for a full on takeaway each time. 

Emz xx

Emzilla

Sarahwithlove said:

Welcome back! I wonder if you gave up the eating out so much could you give up your part time job and have more free time for business and for cooking meals? 

Thanks Sarah - that's the plan hopefully: cut back on spending, pay off debts and then in a year's time, we'll be in a much better position and I can quit my part-time job. We did have the discussion last night though that if voluntary redundancies come up in my place (they have done in the past) then I'll take one. I wouldn't get much because of the hours I do now, but it should still be over £1k.

Emz xx

Emzilla

beanielou said:

Emmz!!!
So good to see you with a happy shiny new diary 

Hi Lou!!!

How have you been?

Emz xx

Emzilla

After saying we were going to cut back on meals etc, we went out for one yesterday. It was a Christmas meal with MIL that we had booked a while ago and paid a deposit. It was okay, but could have done without it. We avoided buying a snack later on in the evening though and just ate what we had in the house.

Back at work tonight after being off sick last week. I'm still coughing quite a bit, so will see how I get on. Got to go to my sister's this morning so we can drop presents off to family and then need to get a few more last minute bits, and I'm done with Christmas (apart from wrapping).

I've selected my first debt to clear, which is my PayPal Credit account - £339.08 currently owing. I'm not sure which debt OH is going to select yet. Mine should be a nice quick one to clear, and then I might go onto a biggie.

Have a good day everyone

Emz xx