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What should I do? Use my disposable income to pay off outstanding debt?

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Greg89
Greg89 Posts: 352 Forumite
Tenth Anniversary 100 Posts Combo Breaker
edited 26 February 2024 at 12:03PM in Debt free diaries
-Mobile phone debt one £64pm (around £1.7k left)
-Mobile phone debt two £6pm (few payments left)
-Loan one £80pm 
-Loan two £100pm (13 payments left)
-loan 3 £25 (£710 left)
-dwp £27 (4 payments left)
-mobile phone £13

DD £317pm

Food £120pm
Travel £200pm
Rent £200pm

Roughly: £837 left 

-Monthly wage £1630

-Around £793 left 

Haircut £15 pm

-Money left £778

I don't really go out and wish to go out, have a bit of a life, I normally go pubs twice every month

Drinks and food £35 each visit (food and 6 pints)

£70 gone

-leaving £700

Should I focus on having a £100 buffer, as you do need a life, maybe go out and visit somewhere once a month, maybe go somewhere

Which leaves £600

How should I split the £600?

Maybe leave half for savings?

Save £300

-£300 left 

I need to cut out getting breakfast when I go out and food which can easily be £6 per day for breakfast.

Comments

  • How much total debt do you have and when is it due to be paid off? Presumably no interest is being charged? 

    I would be inclined to save all disposable income and maybe offer  F and Fs. 
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  • Spendless
    Spendless Posts: 24,672 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What interest are you paying? After we cleared some of our debt, I have the last 3 (all at 0%) concurrently running for the next 6 months and clearing together  and have been finding this tough compared to them being gone one by one. Once you are fully aware of the details of each debt, focus on paying an 'easy' one off to give you a psychological boost.  Have you also got a buffer as an emergency fund just in case something happens and you need to find some money quickly to solve it, rather than adding to debt? 
  • Greg89
    Greg89 Posts: 352 Forumite
    Tenth Anniversary 100 Posts Combo Breaker
    Thank you for your responses.

    I will have a disposable income of £700/£600 left each month.

    I'll put away half into savings.

    And £100 going out.

    Which leaves £200/£300 left.
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