4 years 1 month and I want to be free

Hopes_And_dreams · 14 April 2018 at 11:39AM

Hello all

Thought I'd start this to spur me on and get me more motivated to reach my goals.

I currently have about 17k in debt. I've never missed a payment and regular chuck more into pots. I just feel there never ending. Both me and husband work husband good job me part time with 4 children. We do have surplus income every month and I now don't use credit for anything.

I want to clear these debts I'll do a more detailed post of what they are later and need to do a soa. I need to start budgeting cos I just spend what we have and if owt left end of week distribute it to pots. I want to have money for annual car insurance etc instead of paying them monthly

I just have no more ideas how to clear them faster other than been I'm better control of monies.

I am training so I can work more hopefully around the kids in school but that looking forward 12 months.

I've given myself 4 years to clear because that's when we plan to move and I want to be completely debt free.

Thank you in advance

Hopes_And_dreams · 14 April 2018 at 1:07PM

So here goes

Cc1 2748.13
Cc2 3887.03
Cc3 2318.85

Loan 4048.44 23 payments left
Furniture 900 rough guess need to find actual figure.

1k to family. This is to be paid next month and sorted.

So not as bad as I thought actually. That's positive.

Would like to clear these credit card pain in the neck and never use again.

beanielou · 15 April 2018 at 8:37PM

Wishing you well on your journey.

pidge04 · 16 April 2018 at 7:57AM

Good luck- it is doable!

Starmummy · 16 April 2018 at 9:18AM

Best of luck on your journey. Our debt levels are similar.
I find iot really helps to keep a spending diary/spreadsheet. try going through old bank statements of the past 2-3 months to see what you have actually been spending on what and set yourself a realistic budget. e.g if last month you spent £600 on groceries. it would be really hard to set your budget for half of that straight zway. you are better to reduce by £5 a week until you get to a spend level you are happy with. meal planning is key to this.
keeping a diary also helps highlight your spending triggers. i.e its sunny lets go to the pub beer garden after work..or oh no it's raining again this makes me sad i deserve a takeaway.

I've found by really thinking about my spends i don't really get pleasure from buying 'stuff', i've actually started reading blogs about becoming minimalist to try and declutter our home . if i don't need it, it's not useful and i don't totally love it then i have no space for it.

the stuff can be sold and paid off the debt and i'm left with only stuff that makes my life easier or that makes me happy..then when the debt is gone i can focus on what really makes me happy..travel.

sorry for waffling. ha ha
SM

Hopes_And_dreams · 16 April 2018 at 2:16PM

Thank you everyone

Star mummy I love your waffling your words are exactly how I want to start thinking.

Organisation is key for me
Declutter
Meal planning
Just life organised

And so much more acheieved

Storm89 · 16 April 2018 at 5:18PM

Hi. My debt was £18500 last March and is £13400 ish now over a year later so I've been in the similar position of feeling hopeless. Get your soa down so you can see where you can make cuts to overpay debt etc. I look forward to following your journey

enthusiasticsaver · 16 April 2018 at 6:21PM

What interest rates are you paying on those debts?

Hopes_And_dreams · 16 April 2018 at 10:26PM

The majority of the cc debt is on 0%. Only on of them I pay interest on some of the balance it works out at £15 a month in interest.

I can't take more cards out as 0 percent as I'm the lowest earner and all debts my name.

I am trying to log on daily and I'm pleased with how I'm coming along so far. No central heating on today and washing on the line. Made tea for tmoz night as busy day tmoz so no temptation chippy and took my own trouser up. I'm trying to get into money saving mindset.

Next plan is to meal plan as I know it's helps me money wise and makes me feel better organised. Do you plan for a week or a month please

Storm89 · 17 April 2018 at 9:32AM

Could your other half take on some of your debts or is that a no go and advised against ? My husband is the only one in the house working at the moment so he's got all the new 0% deals we've taken out. We don't have seperate finances anyway which may be the wrong thing but it works at the moment. Once I'm working we will probably say my money is holiday/fun money and his is bills etc or whatever.
I meal plan weekly , I bought this book on Amazon called The savvy shoppers cookbook and it's brilliant. She also has a blog/website with weekly meal plans and shopping lists where its around £30 for a weekly shop for a family of 4 . The meal plans are using recipes from the book. You spend more than £30 cos obviously cleaning stuff , toiletries etc but still it's brilliant.

Hopes_And_dreams · 17 April 2018 at 11:06PM

Thank you

Storm89 all our finances are together too so in effect he is paying debt and to be fair it's all joint debt anyway.

I just tend t take them out in my name as easier for me to deal with make extra payments etc.....

We just put all our money in the one bank and pay bills and use what's left for whatever else.

4 years 1 month and I want to be free

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