Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Hopes And dreams
    • By Hopes And dreams 14th Apr 18, 11:39 AM
    • 8Posts
    • 6Thanks
    Hopes And dreams
    4 years 1 month and I want to be free
    • #1
    • 14th Apr 18, 11:39 AM
    4 years 1 month and I want to be free 14th Apr 18 at 11:39 AM
    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
Page 1
    • Hopes And dreams
    • By Hopes And dreams 14th Apr 18, 1:07 PM
    • 8 Posts
    • 6 Thanks
    Hopes And dreams
    • #2
    • 14th Apr 18, 1:07 PM
    • #2
    • 14th Apr 18, 1:07 PM
    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
    • By beanielou 15th Apr 18, 8:37 PM
    • 52,646 Posts
    • 206,534 Thanks
    beanielou
    • #3
    • 15th Apr 18, 8:37 PM
    • #3
    • 15th Apr 18, 8:37 PM
    Wishing you well on your journey.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • pidge04
    • By pidge04 16th Apr 18, 7:57 AM
    • 33 Posts
    • 26 Thanks
    pidge04
    • #4
    • 16th Apr 18, 7:57 AM
    • #4
    • 16th Apr 18, 7:57 AM
    Good luck- it is doable!
    • Starmummy
    • By Starmummy 16th Apr 18, 9:18 AM
    • 58 Posts
    • 165 Thanks
    Starmummy
    • #5
    • 16th Apr 18, 9:18 AM
    • #5
    • 16th Apr 18, 9:18 AM
    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
    • By Hopes And dreams 16th Apr 18, 2:16 PM
    • 8 Posts
    • 6 Thanks
    Hopes And dreams
    • #6
    • 16th Apr 18, 2:16 PM
    • #6
    • 16th Apr 18, 2:16 PM
    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
    • By Storm89 16th Apr 18, 5:18 PM
    • 392 Posts
    • 653 Thanks
    Storm89
    • #7
    • 16th Apr 18, 5:18 PM
    • #7
    • 16th Apr 18, 5:18 PM
    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
    • By enthusiasticsaver 16th Apr 18, 6:21 PM
    • 6,256 Posts
    • 12,385 Thanks
    enthusiasticsaver
    • #8
    • 16th Apr 18, 6:21 PM
    • #8
    • 16th Apr 18, 6:21 PM
    What interest rates are you paying on those debts?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Hopes And dreams
    • By Hopes And dreams 16th Apr 18, 10:26 PM
    • 8 Posts
    • 6 Thanks
    Hopes And dreams
    • #9
    • 16th Apr 18, 10:26 PM
    • #9
    • 16th Apr 18, 10:26 PM
    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
    • By Storm89 17th Apr 18, 9:32 AM
    • 392 Posts
    • 653 Thanks
    Storm89
    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
    • By Hopes And dreams 17th Apr 18, 11:06 PM
    • 8 Posts
    • 6 Thanks
    Hopes And dreams
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

457Posts Today

5,581Users online

Martin's Twitter
  • I've decided my weekend starts here while the sun's glow is still baskable. So I'm signing off. Have a great weeke? https://t.co/9FxNEpDs6p

  • No not correct. The big six do, but you can get fixed tariffs guaranteed not to rise and about 25% cheaper. Just tr? https://t.co/B2ft5OS3Ig

  • Baaaa! Scottish Power has bleated and followed the herd, today announcing it's putting up energy prices by 5.5%. R? https://t.co/vi3hBxo4Hn

  • Follow Martin