Looking forward to be debt free - one day 🤞

SuperSavingD

Sat and worked out my debts today (excluding mortgage) and feeling sad but at the same time ready to face the truth that I need to repay £29,318.21 in total.

My debts are
Loan 1 - £15,738.41 Car
Loan 2 - £9800 Caravan
Cc - £1716.40
Sofa - £2063.40

My savings are currently £0 as had to move funds to cover this months bills but come Friday I should be able to replace some and start building up my EF and repaying debts.

Family of 5 so controlling the food/drink spends needs to happen.  Will do an SOA when I get the time to sit and work it all out.  I do monthly budgeting, so that’s a positive but food spends and unexpected entertaining always trip me up.

Thank you for reading and feel free to comment.

Brie

Well done for deciding you need to take control of this.  That's the first hard step. 

The second hard step (in my opinion) is doing a SOA and making sure it is accurate so do use a couple of months worth of bank statements to make sure the numbers are right.  

The fact that you already look at budgeting is a massive positive - so many of us (i.e. me!) don't. (well I do sort of but not properly).  Obviously when you've got your SOA and, hopefully, share it here you will see where the holes are and people will be happy to make suggestions on how to get it to work better for you.  

in_need_of_direction

at least you have tangible things to account for your debt

SuperSavingD

Brie said:

Well done for deciding you need to take control of this.  That's the first hard step. 

The second hard step (in my opinion) is doing a SOA and making sure it is accurate so do use a couple of months worth of bank statements to make sure the numbers are right.  

The fact that you already look at budgeting is a massive positive - so many of us (i.e. me!) don't. (well I do sort of but not properly).  Obviously when you've got your SOA and, hopefully, share it here you will see where the holes are and people will be happy to make suggestions on how to get it to work better for you.  

Yes want to do a SOA that reflects true costs.  I budget at the start of the month but fail to track it, which is what I am going to start doing.  

Really appreciate your advice, thank you.

Done a few listings on Vinted tonight.  We will nice to get some funds in for items that are not being utilised.  Have a few items previously listed so going to reduce the price on them also.

SuperSavingD

in_need_of_direction said:

at least you have tangible things to account for your debt

True and I could possibly sell the caravan for more than the outstanding debt but doubt the kids would forgive me.  Just need to batten down the hatches and stop frivolous spending in shops.  B&M and Home Bargains are my down fall.  I go for one thing and before I know it my basket is full.

Thank you

SuperSavingD

Just sent a payment of £16.40 to the cc to round it down to a nice round figure of £1700.  

Just awaiting a Vinted sale to be accepted them should be able to make another small payment.

Spent £35 in Lidl topping up on some low items, 2nd shop this week but needed bread, milk, cheese, beans etc so had to go.  This did include a tin of chocolates as a stocking filler.  I’m 70 percent there with Xmas shopping but the Xmas pot has run out now, just need to fund the rest from wages.

SuperSavingD

Credit card now at £1063, will list some more items on Vinted tomorrow, so I can clear some more debt before pay day in two weeks and clear space before the Xmas decorations go up.

SuperSavingD

Debt totals now

Loan 1 - £15,738.41 now £15,410.40
Loan 2 - £9800 now £9680
Cc - £1716.40 now £1063
Sofa - £2063.40 now £2063.40

Total Oct 25 = £29,318.21
Total now = £28,216.80

Reduction to date = £1,101.41

Savings approximately £900ish

Would love to reach £27,000 by the end of the year, so that’s my focus now.

in_need_of_direction

Could you do it with minimum loan repayments and clear the credit card? £27k plus one less debt

Brie

in_need_of_direction said:

Could you do it with minimum loan repayments and clear the credit card? £27k plus one less debt

CC is likely to have the highest interest so the quicker that's cleared the more will be saved.  

Was listening to one of the Martin Lewis broadcasts yesterday and he said something I've always believed.  There's no point in having an emergency fund if you owe on something with a high interest like a credit card.  Use the fund to clear the card and then you will have the card available if you have an emergency.  

Scott_Weiland79

Good luck on your journey 

"You"ve got this"

Your choice obviously but i would upload the SOA here if it were me. Let us have a look at it and see if we can make any suggestions. Little tweaks can make that debt vanish sooner

Whats the apr on the cc and monthly repayment ish?