Tackling my debt

Arwen

So decided to live the debt free life,  and tackle it, as DH is about to become medically retired in a few months, so I would struggle to get everything repaid quickly. 
It doesn't help that I have ADHD so am an impulse spender.
I have the following 
Paypal £1953
Monzo Loan £4200
Virgin CC £2137 0% until Dec23
HSBC £5427 0% until March 2024. 

Currently snowballing so am starting with Paypal,  then Monzo Loan, Virgin and then HSBC. Car loan finishes in March 2023 and am not replacing it till it falls apart. I get it regularly serviced so should be OK. 

I am swapping my Bank account to First Direct for my bill paying account to get £175 cash back.  At moment,  I do have a decent disposable income at moment,  so am lucky I can afford to overpay.I transfer my shopping/fuel to another account weekly and only ever use that card or take it out with me. Any money left over from my bill paying account goes into emergency pots and same with shopping accounts.Already started the 1p savings challenge and the 52 week savings challenge. I was lucky enough to get backdated wages so cleared off another card and made a balloon payment to Paypal. 
I do have a cashback CC, which I use and I clear that as soon as I get paid so no interest. 
I know I am luckier than some that I can do this, but am posting to keep me focused 

Arwen

I'll need to update my tag line down bottom,  forgot that was there...🙄

savingholmes

Good luck on your journey. Do you have target dates by when you expect things to be paid off by?

Can you post an SOA?

Arwen

savingholmes said:

Good luck on your journey. Do you have target dates by when you expect things to be paid off by?

Can you post an SOA?

I can't get back into my Snowball at moment, but DFD is approx August 2024. I'll  double check when my phone will let me back in to it. Also just checked my HSBC card properly and it's interest free until November 2024, not March. 🙄
I have done loads SOA's but didn't feel need to post it, as have trimmed my budget and can luckily overpay by £500 a month if I'm careful. 
I'm pretty good at budgeting, but went through a MH crisis where I was impulsive spending, but am now Hyperfocused on being debt free. 

Brie

Sounds like you're in the right state of mind for the finance stuff.  I like the idea of clearing the smaller debt as that gives you a nice boost.

What you do have to do though is deal with the compulsion purchases.  You've got a bit of a journey and you don't want to slip backwards with it.  (sorry missed your last post - looks like you're doing well there too!!)

Arwen

I gave myself a small amount for frivolous spending,  and thats a just in case. I'm hoping not to touch it and use it to pay debts off..😀.
I am terrible for wasting food, so actually went through my fridge and cupboards and have meal planned for the week. Including finding nibbles for tomorrow night. 
Hope everyone has a lovely New Year and a less debt if not completely Debt free 2023 

enthusiasticsaver

Welcome to you @Arwen and good luck on clearing that debt.  I saw you on my 1p Challenge thread and thought  I would pop over to say hello.  Mental health and over spending often go hand in hand so getting strategies in place to stop you spending when you are in a bad head space is critical. 

Sounds like you have made a good start though. 

Arwen

@enthusiasticsaver, thank you. I have been recently diagnosed with ADHD and it was a relief to know that I wasn't going mad. Now I know what it is, I can deal with it better. I can't start meds because I have been diagnosed with HBP and need to have an EEG and get my BP under control first. I have been on ADHD sites for coping strategies, so thats helping. 
Made me more focused that I have a reason for my overspending ( not an excuse), and am putting a plan in place to tackle it. 
I've become quite anal in my spending. I have been in the past extremely good at budgeting,  so I know I can do this. 
Thanks for your support.

savingholmes

Good to have a plan.

Arwen

Paid £101 off my Monzo Loan and added to my challenges, both 52 week and the 1p challenge. I have £70 to do me till Friday, till I do my next weekly transfer, but I have fuel in the car and plenty of food in the freezer, and my lunch sorted for work on Thursday which is in freezer as well. I can only think that I'll need bread and dog food this week, so should have money left over. Some will go to my emergency fund, rest will go to PayPal to pay this off. 
Should have a NSD for tomorrow and Tuesday, but my car needs MOTd on Wednesday, so will need to pay for that..🙄. I did get it serviced a couple of months ago so am hoping it won't be a huge bill.My mechanic is a neighbour and charges mates rates.  

savingholmes

Best of luck with the car.