Paying off £37065 unsecured debt by July 2027 while continuing to travel this amazing world

Nintud

RelievedSheff said:

I'm not so sure that making overpayments with your overdraft is a great idea.

I know you enjoy your travel but could you not put off the India trip until 2026 when your finances should be in better shape?

Hi Relieved self.  I’ve explained my rationale above for why I’m travelling now rather than focusing entirely on debt reduction first. I’m an odd case on the debt repayment front. Desperate to get out of it, but also very aware that life can be short (and there was a point, and could be again, when mine could end without warning… which reminds me, I really should tidy my apartment!)

Live life to the full is my mantra, and for me that means seeing as much of the world as I can. I am, however, now doing it without relying on credit, and while snowballing debt. It’s not perfect by any means, but I am making progress, and that progress will speed up each month as the interest decreases. There’s a long road ahead (I hope).

Nintud

Bluegreen143 said:

Oh I missed that. Yes, I agree, don't make overpayments from your overdraft - and don't make overpayments on your mortgage until you are credit card free (as well as having an emergency fund). It's a false dopamine hit, because it makes you think you're helping your finances, but you aren't. 

My old Dopamine hit would have been a random Vinted purchase 🤣🤣

I’m trying to do better. This time I ‘bought’ a fraction of my apartment, rather than another handbag. I’m fighting emotional shopping here! If you saw my Vinted bills from September you’d see how far I’ve come. It’s shocking.  I guess I need to ‘buy’ freedom from the Very debt. Framing it that way actually feels good 😁

Nintud

No debt repayments on Wednesday. I have £1.03 left of my overdrafts and 8 miles left in my fuel tank. Had to buy milk as what I had left had turned (nasty surprise in my coffee) and bread (boys devoured the remnants of a loaf and kindly left the bread bag on the counter just in case I didn’t notice). Also bought some Sweets ready for trick or treaters. I won’t get many at my door, but there is a small child in the building and his parents have decorated our communal front garden, so I suspect he may knock on and potentially have friends with him.

2 days until my greatly reduced child maintenance payment (which I will have to remind ex about as usual)

16 days until pay day.

Food stocks plentiful, petrol tank dire.
Slight movement on NEET son getting a job.

MFWannabe

Your journey is a long one; as debts are paid off it will look better 
You’ve only started this month and made great progress with Very 
I agree with others reference white goods insurance 
Theres still areas where you could make cutbacks I.e mobiles, misc expenses, car insurance 
How is your daughters search for a car coming along? 

RelievedSheff

Nintud said:

RelievedSheff said:

I'm not so sure that making overpayments with your overdraft is a great idea.

I know you enjoy your travel but could you not put off the India trip until 2026 when your finances should be in better shape?

Hi Relieved self.  I’ve explained my rationale above for why I’m travelling now rather than focusing entirely on debt reduction first. I’m an odd case on the debt repayment front. Desperate to get out of it, but also very aware that life can be short (and there was a point, and could be again, when mine could end without warning… which reminds me, I really should tidy my apartment!)

Live life to the full is my mantra, and for me that means seeing as much of the world as I can. I am, however, now doing it without relying on credit, and while snowballing debt. It’s not perfect by any means, but I am making progress, and that progress will speed up each month as the interest decreases. There’s a long road ahead (I hope).

I fully agree that you only live once.

But is one short holiday worth a year of scrimping, robbing peter to pay paul and living in the overdraft not knowing where your next payment is coming from?

Travel is good for the soul but not when it is causing anxiety in "normal" life. Don't forget we spend most of our lives in "normal" life not on the high of travel. There has to be a happy medium.

You have done great with one of your debts in a month but other areas have not been so good and need further work.

in_need_of_direction

Delurking to comment on the white goods insurance. While I don’t have it, I do have ready access to an appliance repair man.  I’d see if there is someone reliable locally before I stopped the insurance.

Bluegreen143

I can understand your perspective on travelling - thank you for sharing. I too balance trying to build financial security with the need to live now - in our case, we’ve had several family bereavements in the past year and it does make you stop and think.

My children are young (8 and 5) in my case I know I only have a few short years with them to go on family holidays etc. I do resonate with what RelievedSheff says too though, about the need to make normal life less stressful and more stable and not sacrifice stability for highlight experiences. It’s a difficult balance for sure.

I love the reframe of buying yourself freedom from your debt - that’s a dopamine hit I can get on board with! 

Nintud

MFWannabe said:

Your journey is a long one; as debts are paid off it will look better 
You’ve only started this month and made great progress with Very 
I agree with others reference white goods insurance 
Theres still areas where you could make cutbacks I.e mobiles, misc expenses, car insurance 
How is your daughter’s search for a car coming along? 

Daughter collected her car last Thursday. Taking her off my current insurance saves a grand total of £1.37 across two monthly payments after the £20 admin charge!!

im due to renew on December 23rd. October payment has gone out, so just November and December to pay at £153. I’ve done a comparison search and can get my insurance for around £64. Can I cancel current insurance (admin charge likely), and start with a new insurer now (or mid November, seeing as I’ve recently made a payment)? Would I get a partial refund on the recent payment if I cancelled today?

as For mobiles, youngest has dropped his down the loo 🤦‍♀️ it won’t switch on. It’s rented from music magpie at £11.99 per month (his Dad puts credit on it). It won’t switch on, and I think I will have to return it and pay a damage charge. That was a 3am shock waking by a raging teenager. Used his phone as a torch as switching the hall light on wakes me up, then dropped his phone in the loo whilst basically sleep walking.  Of course, his brother hadn’t flushed when he went earlier in the night.

RelievedSheff

As you only have two payments left on your car insurance it's probably best to just suck it up and pay them otherwise you will lose a years no claims when you are so close to getting them.

As a side note it is cheaper to pay insurance premiums in one annual payment where possible otherwise you are paying interest on top of the premium.

Nintud

It’s an enforced no spend day. I have no money to spend!

I need ex to pay in the child maintenance tomorrow morning as I am driving on fumes. No need to drive until 11.30 tomorrow, but ex has to be reminded (with my bank details) every month, and holds out until just before midnight before he pays it into my account. I would walk the 40 minutes to the meeting location, but I’ll have 3 year old grandson with me, and that 40 minutes would become a looooong stop start hour each way, at least.  It’s a work meeting with an understanding colleague who is fine about grandson tagging along. I’ll have to pay for coffee and cake on my cc…. Need to check I have any of my limit left. Will probably have to put a fiver worth of fuel in my tank too, or we may not get home.  I’m not willing to grovel to ex for timely payment. It’s bad enough that I’ll have to contact him with a reminder.