Taking control!!

nic01_2

Hi Everyone

I decided this is the year i sort the finances out, take some control and get debt free!
I owe about £10k and get on ok....but things are sometimes a bit tight and this is where i go wrong. It started when i was at college, many moons ago, and i didn't really know how to manage my money. So i used my student overdraft, got a store card and a small loan. And when it got too much i borrowed a new loan to pay it all off and consol them together, and it's been like that till about 3 yrs ago.
I started work for a bank (dont laugh, i know so ironic hehe) and took one final loan to sort things out, got a great rate and though 'excellent i be debt free in 5 yrs'. BUT i got silly...starting with a store card...a small loan...and here i am now still with £10k!!

So i have decided that enough is enough! the card has been cut up, and i have a new budget and plan to save along the way
One of my loans is due to be repaid within the next 12 months and if i can be good enough i should have the store card paid in a year.

Biggest thing for me is to budget and not to go shopping!!

Debt free here i come....

Nic01 x

G-G_4

Well done for making the decision.

I would say you would do well making a spreadsheet. Put down exactly how much you owe, work out your monthly income / outgoings, and decide from how much you have left the amount you want to put towards your debt.

Then on your spreadsheet, work out how long it will take to pay it all off, if you restrict your spending on food, bills such as mobile, clothes and general purchases, then you could pay it off really quickly!

& you will have a target to aim for so you don't get tempted to overspend on something you might not need!

I am a qualified mortgage advisor and just gone bankrupt.. should have learnt to take my own advice huh

tadd318

Hi NicO1

Good luck on tackling your debts. We to are taking control and sorting out those debts this year.

Keep us posted on your progress.

Little_Miss_Shopaholic

Hello

I have decided that this year is the year I sort my finances (and my life really) out too.

I started a thread yesterday I have had some good advice and way of in the distance I can now see a tiny speck of light, which is something I couldn't see yesterday morning.

So good luck and keep us posted.

nic01_2

Thanks for all your comments, it's so nice to know i'm not the only person tackling this!

I know it wont happen over night, but to think this time next year i could he half way there is great! 2007 flew by, so here's hoping!

N x

hypno06

Hi there!

Head over to the snowball calculator at www.whatsthecost.com and put in your debts and aprs there - it will give you an initial debt free date and you can play around with it to see how you can bring that date forward.

I find it a great motivator!

good luck, and keep posting.

doodledo_2

Hi and welcome to the forum.

Well done for taking the move to being debt free.

donner_kebab

Just wanted to say a big 'Hello!'

I am also spending 2008 to seriously sort it out! I am a single mum and have a shed load of debt, but am convinced I am gonna sort it...for my daughters sake if not my own!

We have, well I have, decided to go back to basics and have some MAJOR cut backs to try and hammer away at the debt and I agree that I have to stop 'shopping'! I live in Bristol and yesterday I went to Broadmead where all of the shops were calling my name but I was really, really strong and stayed away from the ones I didn't need to go into! I was so chuffed, I came away without going into any clothes shops and that 1/2 price hand bag I wanted, I thought of Martin Lewis asking me 'do you really need that or would you prefer to be out of this hell hole?' to which I opted to leave the handbag and walk away...no matter how gorge it was! I actually took back a gift I had brought myself and got a refund and rather than spend the cash straight away, I took it home! And it was the first time me and the DD didn't buy any lunch in town...that was a saving of a tenner as well!

I know that this is gonna be mega hard, but no one is gonna bail me out so have to sort this myself!

I have nowt to show for my debt which makes it even worse...but I am determined to sort it once and for all!

Well done you for posting...and if we all stick together, we can become debt free one day!

nic01_2

Oh thanks for telling me about the snowball calculator! Just tried it and i totalled my debt....£12498!!! And here i thought it was only £10k!!! Aw well, least it's a start

I've set up online banking, which is gonna help me so much. Any extra and be paid to the card, the first on my hitlist. And i can put some into my savings account at the same time. Even if it's only a few pounds, it'll be nice to see it grow!!

And to donner_kebab, the no shopping is gonna kill me, be the hardest thing i have to do. My name is nic01 and i am a shopaholic haha!
If i want to get my own place n do things without worrying if i can afford it i need to be strict with it! No more 'i need to have it!'

Little_Miss_Shopaholic

Hi

Just thought I would check in and see how things are going? I hope they are going well and you have had a good couple of weeks.

LMS

nic01_2

Hey!!

Well, i have set up my ebay account! Just getting all the things to sell sorted and gonna do a car booty in a few weeks too!

I'm trying to look at a second job, more income help me so much more.

So all good so far. How are you getting on?

Nic x