Here again but aiming to be debt free by my 50th birthday

pidge04

Hello again

I have been here before and this forum had such a positive impact on my life!

To say I am really disappointed in myself is a massive understatement.

Going to start with:

• Setting up a direct debit for savings.
• Chipping away at the smaller debts for some small wins.
• Working out my outgoings.
• Looking for a zero balance transfer on my credit card.
• Selling some bits.
• Working on my side hustle.

I'm setting myself a goal of 26 months to do this.

Thanks for the support!

joedenise

Good luck with achieving your goal. Hope you can find a zero balance transfer card - it saves so much money when you do that.

It will be worth completing an SOA to work out your outgoings. If you post it on here you will get some ideas about where you can cut costs.

pidge04

Thank you so much. Yes, great idea about doing a SOA.

pidge04

I have got a 0% interest balance transfer credit card for 29 months.

I have set up a direct debit for £100 a month for 29 months.

That will be 3 months after my 50th birthday.

I will close the card I have transferred the balance from.

outoftheviciouscircle

Good luck @pidge04.

I suppose one way to look at it is, if you can find just £11 a month extra, you will pay it off by the time your 50.

You can do it!!

pidge04

Thanks for motivating me @outoftheviciouscircle!

pidge04

I just paid £20 off store card 1. Going to chip away at that one.

outoftheviciouscircle

Them £20's all add up, that first card will be gone before you know it.

joedenise

Could you round your bank account either daily or weekly and pay off your cards? It's amazing how much it comes to! If you don't want to do lots of little payments then put them into a savings account and add to your monthly payment.

pidge04

https://forums.moneysavingexpert.com/discussion/comment/80028292#Comment_80028292

Sounds like a great idea! Thank you.

pidge04

I have checked my bank account this morning and paid £1 off store card 1.

I've sold something on Facebook Marketplace for £5. Got lots of stuff to list.

My car is in for an MOT retest today. Fingers crossed.

Have a good day!