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Making 2026 a debt busting year
YORKSHIRELASS
Posts: 6,505 Forumite
Hi all
So, DH and I have been in debt for years, mostly credit cards, and decided to make a real effort last year to start to clear them. The aim is to have them all paid off by the end of 2027. We have no mortgage but do have a loan for some for some work on the house which will be cleared in April 2028.
We started 2025 with £39138 on the cards and have reduced that to £30241, it would be nice to clear £10,000 by the end of the year but we will see. We also now have a small emergency fund and savings pots for things like car repairs and heating oil.
Now the negatives, both our cars are 12 years old (part of the card debt so no finance). We need them both to get to work. We have no plan for replacing them other than a hope that they keep going for another couple of years. DS1 gets married next year, a low budget wedding but it will no doubt cost us something. DH and I have been away a lot this year (UK holidays) and by the end of the year will have probably spent £3,000 on holidays, days out, meals/takeaways and entertainment, which is a lot.
As part of the plan we agreed that we would both keep 15% of our net pay for ourselves. This gives me £450 a month, which just disappears. I need to get a grip on this, DH saves and he gets far less than me. I have a ridiculous amount of clothes but I still get tempted.
I need accountability. My main goals are to manage my own spending money and budget better. We have done OK but I want to do even better next year.
So, DH and I have been in debt for years, mostly credit cards, and decided to make a real effort last year to start to clear them. The aim is to have them all paid off by the end of 2027. We have no mortgage but do have a loan for some for some work on the house which will be cleared in April 2028.
We started 2025 with £39138 on the cards and have reduced that to £30241, it would be nice to clear £10,000 by the end of the year but we will see. We also now have a small emergency fund and savings pots for things like car repairs and heating oil.
Now the negatives, both our cars are 12 years old (part of the card debt so no finance). We need them both to get to work. We have no plan for replacing them other than a hope that they keep going for another couple of years. DS1 gets married next year, a low budget wedding but it will no doubt cost us something. DH and I have been away a lot this year (UK holidays) and by the end of the year will have probably spent £3,000 on holidays, days out, meals/takeaways and entertainment, which is a lot.
As part of the plan we agreed that we would both keep 15% of our net pay for ourselves. This gives me £450 a month, which just disappears. I need to get a grip on this, DH saves and he gets far less than me. I have a ridiculous amount of clothes but I still get tempted.
I need accountability. My main goals are to manage my own spending money and budget better. We have done OK but I want to do even better next year.
2
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