Nearly 40 and had my lightbulb moment!

summergirl40

Hi, I am currently on a journey to pay off 3 credit cards. I have downloaded an app where I put the figures in and its given me a final date of April 2026 using the debt avalanche method.
More than the minimum have been paid on time every single month but i'm struggling to build up an emergency fund. Its funny doing this method has saved me £40 a month using the app than when I tried to work it out myself!
I have lots of part time work some is not reliable but mostly it is. I earn a fair bit doing prolific surveys. 
I will be updating this for my own headspace each month.

here are my debts:
Barclaycard: 3208
fluid: 2501
santander: 1537

Tesco mobile: this is paid at £39 a month and finishes May 2026 so might just pay it early 2026. 

I know its not extreme but it is for me so come on this journey with me!

WinterWarrior

Good luck.

[Deleted User]

Best wishes on your journey. Have you completed a SOA? Others may then be able to offer suggestions to help you do away with the debt.

satchmo1

Well done on the LBM. Can you list the interest rates for your CC balances - the best advice given is to prioritise overpayments to the CC with the highest interest rate

summergirl40

Hi, I am paying fluid one first and slightly over minimum on other 2.

It has a tracker on so I can tick off the payments as I go along.

I think it has made me change my mindset like Christmas I am cutting right back if I cant afford I wont be buying it. 

In fact i'm feeling this way about everything now and feeling much better for it.
I'm fortunate that I don't have any household bills to pay. My partner has a very well paid job and I think the credit card debt has come from trying to buy things and do things on that level. Also feeling guilty that he has to pay for more than me for my 3 children as well. So I would pay for things on my CC as a way of compensating for it. But no more of that.

I've lost some well paid work recently. 2 clients have passed away and 1 went into a care home (cleaning for the elderly) I have asked for some more work Jan onwards but for now i'm embracing family time. 

I have some incoming payments due (yay!) this is going to help with Christmas

£151 HMRC overpayment
7 hours of online learning (2 companies)
£80 tax overpayment due from this year in this months pay 
£83 audit bonus from work

Also doing some mystery shopping assignments tomorrow £63 plus expenses back
Got a huge prolific survey 12 sessions plus bonus £110. Carrying on with prolific until Fri 20th Dec then will have a break until the New Year.
Taking on some extra shifts in 1 of my jobs so I can start the New Year off well. 

Determined that I will not be using the credit cards again!

Thank you for your care 

summergirl40

SOA

incomings: £1950 
(Not including prolific surveys or mystery shopping assignments)

outgoings: 
£500 daughter for uni
£150 car insurance (me & my daughter)
£80 monthly kids school dinner account
£27 sons gym
£12 postcode lotto 
£14 life insurance 
£7 Tesco delivery saver 
£9 Amazon 
£16 bus fares 
£34 car parking fees 
£77 phones for 3 of us 
£500 groceries 2 adults, 3 kids, cat 

£20 Santander CC
£70 Barclaycard CC
£402 fluid CC

Total: incoming - outgoings = 1918

katsu

Why not drop the postcode lottery? That's nearly £150 a year off your debts. 

Are all the phones in contract? Can you save money on them with sim only for eg? 

Good luck getting debt free! 

summergirl40

I love my postcode lotto and they do a lot for charity so I feel that’s my little bit. 

The phone I’m paying £39 a month for the actual phones for 2 of them but perhaps I can with mine. 

I am not skint despite the figures my partner is a very high earner but at the same time I’m independent and also want to be free of debt. 

I shop in charity shops and live frugally. I get my haircut at the college and we both do surveys I’ve got £175 in vouchers for M&S to use at Xmas. 

My prolific surveys and mystery assignments are my pocket money as such. 

My income was alot higher than this but I’ve lost a lot of work since July that will pick up in Jan onwards. 

So def onwards and upwards for 2025 😀

summergirl40

Well Sunday 1st Dec is the start of my debt avalanche! 

It is going to be great to see the results one year from now!

twiggy86

Well done for making a start! It seems like there's quite a bit missing from your SOA, some of course may not be relevant to you and that's why they're missing! For example it doesn't include any household bills (rent/ mortgage, council tax, water etc) and then there's other things like presents/ Christmas (although you mention vouchers), car maintenance, vets. And also just "fun money" for you! (I believe that you need to have something for yourself even when you're in debt to ensure you stick to it long term). There is a specific template that I'm sure someone will post if you want? 

summergirl40

I don't have any bills x I use my survey money as my pocket money