Forum Home » Debt-Free Wannabe

What's the single best tip you can give for all those in debt ?

New Post Advanced Search

Coronavirus: The latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
The official MSE guides: UPDATED MSE Coronavirus Guides

NEWSFLASH


New, free ‘Academoney’ course from MSE and the Open University launches
All the key areas of personal finance are covered, so that you can master your money decisions


What's the single best tip you can give for all those in debt ?

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
79 replies 16.6K views
richardvcrichardvc Forumite
1.1K posts
Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
✭✭✭
edited 30 November -1 at 1:00AM in Debt-Free Wannabe
I hope that I am a true DFW but want to glean some valuable tips that I might have missed and perhaps we could all learn something -

For me, doing my SOA was frightening and yet life changing in my battle against debt.

So my tip is to sit down and work out your SOA it may not be good but it is the real facts.

Now over to you experts..........
threadbanner.gif
Thanks to MSE I cleared £37k of debt in five years and I was lucky enough to meet Martin to thank him personally.
«1345678

Replies

  • dubgirldubgirl Forumite
    402 posts
    Part of the Furniture
    ✭✭
    for me it was talking to someone and unburdening myself - for a long time no one knew about my debt. My OH was the first person I told and it was such a relief getting it out in the open. It sounds a bit cheesy but it was a liberating moment for me.
    debt as at 1.11.2008 - £39,009.27
    dfd - somewhere over the rainbow!
    Nerd no. 262 - wear your number with pride
    Long Hauler 113
  • MozetteMozette Forumite
    2.2K posts
    Be honest... with yourself and others.
  • teecee152teecee152 Forumite
    782 posts
    A spending diary!!
    I couldn't believe how much money i wasted on "stuff"
    DEBTS @ :idea: 1/1/07 - £25,800:eek: DEBT @ 04/05/11 - NIL
    FINALLY DEBT FREE - 4TH MAY 2011:j:j:j:j:j
    "PROUD TO HAVE DEALT WITH MY DEBTS"
    Official DMP mutal support club member no 2 *DFW NERD 351* :D
  • StormStorm Forumite
    1.7K posts
    Debt-free and Proud!
    Only pay in cash - it's a lot harder to hand over those £20 notes than it is to use the debit or credit card for £20!
    Total Debt 13th Sept 2006 (exc student loan): £6240.06 :eek:
    O/D 1 [strike]£1250 [/strike]O/D 2 [strike]£100[/strike] Next a/c [strike]£313.55[/strike]@ 26.49% Mum [strike]£130[/strike] HSBC [strike]£4446.51[/strike]@15.75%[STRIKE]M&S £[email protected] 4.9%[/STRIKE]
    Total Debt 30th April 2008: £0 100% paid off!

    PROUD TO [STRIKE]BE DEALING [/STRIKE] HAVE DEALT WITH MY DEBT ;)
  • atypicalblondeatypicalblonde Forumite
    3.1K posts
    ✭✭✭✭
    teecee152 wrote: »
    A spending diary!!
    I couldn't believe how much money i wasted on "stuff"

    Second that!! Also, I found at first that I was trying so hard to give it my all that I got really down-hearted and started to feel guilty if I indulged at all. Now I have a set few 'treats' that I havent given up on despite being a debt (namely nice coffee and loo roll!) and I appreciate these so much more. xx
    MFW :)
    [STRIKE]Mortgage 8.2.15 - [/STRIKE][STRIKE]£171,064.64[/STRIKE] Mortgage 1.5.2018 - £99,980.45
    Aiming to be MF 1.10.2020
  • atypicalblondeatypicalblonde Forumite
    3.1K posts
    ✭✭✭✭
    And also, MEAL PLANNING. It has saved me a fortune. xx
    MFW :)
    [STRIKE]Mortgage 8.2.15 - [/STRIKE][STRIKE]£171,064.64[/STRIKE] Mortgage 1.5.2018 - £99,980.45
    Aiming to be MF 1.10.2020
  • richardvcrichardvc Forumite
    1.1K posts
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    ✭✭✭
    The posts so far are brilliant - we should write a book.....oh no Martin's done that already !!
    Thanks to MSE I cleared £37k of debt in five years and I was lucky enough to meet Martin to thank him personally.
  • bobble_hatbobble_hat Forumite
    727 posts
    I agree with everyone mentioned above.

    Personally for me is having seperate Bank accounts for specific budget categories:

    e.g.
    1. Household Bills
    2. Christmas
    3. Treats
    4. Weekly pocket allowance
    5. Holiday
    "Tomorrow is always fresh, with no mistakes in it." (Montgomery, L.M.(1908). Anne of Green Gables.)
    Debt Free Nerd No. 186 Debt was £16,534.03 Now £9,588.50
  • fay66fay66 Forumite
    743 posts
    Part of the Furniture Photogenic
    ✭✭
    All of it, and to know your not the only one to make a mess of your life !
    Aiming to be debt free in 4 years, roughly £20k
    Had biatric surgery was 135k 2016 now 97kilo 22.1.20
    Travel plans New York 2021 New year
  • GirlRacer_2GirlRacer_2 Users Awaiting Email Confirmation
    3K posts
    It's got to be the motivation I get off you guys. I'm a closet debtor, nobody knows except you guys and whenever I'm feeling down or about to fall off the wagon all I've got to do is log-on. There's always someone there to offer me sympathy or a good kick up the a***.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support