Fresh start needed

kerron7 · 23 August 2018 at 4:51PM

Hi,

I've been a member of MSE for years now and although have been motivated to become debt free more times than I care to remember it's never happened. Things have to change and now!. I do have a diary but it's been so long since I've posted I've decided to start a new one fresh start and all.

A bit about me, I have 6 children ranging from 2-18, a lovely partner father to the youngest 2, I work part time in education and my partner is returning to work in September. My daughter has just turned 18 which has seen income drop significantly but will be outweighed by partners income come October. We currently rent but would love a place to call our own but before that can happen this debt needs to go! The debt is all in my name credit cards, a loan, store cards etc which has reduced and then added to again and again, I can't dwell on it, it's done so now need to make changes and plans and live by them.

Will work out exactly what i owe later I think it's around £19,000.

I shop around for the best deals, use cash back sites and mainly stick to my grocery budget but will think nothing of adding to my catalogue if something is needed with the plan to pay it off which doesn't happen, the mindset needs to change.

Will post back later with some exact figures.

K x

pidge04 · 24 August 2018 at 2:26AM

Hello and welcome!

How amazing will it feel to get CC1 paid off and off your list?!

Good for you for starting an emergency fund and for looking forward to a Christmas without adding to your debt.

Have you done a SOA for yourself?

Best of luck to you!

Honeysucklelou2 · 24 August 2018 at 6:50AM

Hi Kerron :wave:

I remember your previous diary...good luck with the debt free journey.

NelliePie · 24 August 2018 at 9:03AM

Have you done an SOA, with interest rates etc on the cc's and loans? Try to make the number as accurate to what you actually spend as possible. Whether you post it here for advice or not you should be able to see where you an cut back and where your money is really going.

Also have you tried the snowball calculator to see what's the best order to pay them off and how long it'll take? General advice is to pay off the highest interest first and try to have as much as possible on 0% or as low interest as possible.

I'm assuming as this isn't your first dairy, you know all this already. Good luck!

Honeysucklelou2 · 25 August 2018 at 8:24AM

Oh no

. Hope a solution can be found.

My food bill is an ongoing struggle to get down, but I have started to accept that I am feeding 9 people every day, sometimes more and the £600 a month or so that I spend is what it is.

NelliePie · 31 August 2018 at 10:04AM

Congrats on paying them off! And only having to dip in to the emergency fund by £6 is great - that's what its there for - so you don't have to go into more debt.

GlendaSugarbean · 14 September 2018 at 7:25AM

Frustrating

You do sound like you are in a better position to manage this, though. Hope he is back on his feet soon.

Scott-Weiland · 6 April 2019 at 9:01PM

Hi Kerron well done on clearing that amount in 7 months thats awesome.

Can i make a tiny suggestion re building your emergency fund try a mobile app called Qmee you can do market research surveys on there usually they are anywhere from 10p upto a pound or so, but if funds are tight and you have abit time free its an awesome way too build your emergency fund.

Fresh start needed

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