Head out of sand time! £63k to zero!

Bigskies
Bigskies Posts: 109 Forumite
edited 11 January 2018 at 5:50PM in Debt free diaries
Hi,
Have dithered for a while about this diary. I've lurked on and off this page for years, but never really done anything about our debt. It's been creeping up for the last ten years and I've now come to terms with, and got help for my depression that had, I think, led to most of it.
Initially, my hubby lost his job, which started us on the path, but I wasn't working, and bored and depressed at home with three young children led to me spending, and spending, and spending.

Once I went back to work, I still wanted nice things and to be honest over the last ten years we have had amazing holidays, three or so a year. :o We've travelled most of Europe, and Australia and Asia, but all on credit. :mad:

So anyway, now we are sitting on a debt of £68k :eek:

Our eldest two go to uni in eighteen months and currently we don't have enough spare cash each month to pay their accommodation costs, so need this under control.

We are both working and together have a combined salary of just about £80k. We currently pay £1900/month in debt payments and the snowball calculators reckons 4 years to clear.

This diary will hopefully keep me on track. So, hello!
Jan 2018 £68,274 May 1 2018 £59,537
Percentage of total debt paid 12.79%
2018 target £10k So far: £8737
Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
POAYDBX18 #124 £8737/10,000
«13456713

Comments

  • ada-or-ardor
    ada-or-ardor Posts: 136 Forumite
    Wow! Welcome! Well done for taking responsibility, and good luck with your journey :-)

    Ada
  • Welcome to the boards, they're a friendly helpful lot here :D
  • Bigskies
    Bigskies Posts: 109 Forumite
    Thanks. I'm sure I'll get to know people well over the next three years! It's going to be....interesting!
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
  • Mags82
    Mags82 Posts: 2 Newbie
    Good luck on your journey!
  • Bigskies
    Bigskies Posts: 109 Forumite
    Thanks :-)
    So, where to start? I'm going to update our total debt monthly after all bank and card statements come in and I've updated the snowball.

    In the meantime, I'm going to take a look at the rest of the forum and look at some of the challenges.

    I'm going to start to have a sort out and get some bits and bobs on eBay. I have a Lot of stuff, clothes and things that I never wear, so can certainly make a start on clearing out that sort of thing, see if I can make a few quid to work at my Next account which is priority debt #1 to get rid of.....currently it stands at £2300 :eek:

    Can anyone recommend some good daily or weekly challenges? I work full time so don't have time to do lots of clicks or surveys.

    Thanks for reading, do feel free to say 'hi' xx
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
  • Bobarella
    Bobarella Posts: 10,824
    Savvy Shopper! I've been Money Tipped!
    Forumite
    Hi BigSkies

    All that travel must have been fantastic. Good luck getting it all paid down, will look forward to reading your diary.

    Bob
    " Your vibe attracts your tribe":D

    Debt neutral :) 27/03/17 from £40k:eek: in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
  • JoJoC
    JoJoC Posts: 1,836 Forumite
    Hi there, welcome to the board! It sounds like you're in a great position to get this debt paid off! Just think of what you can do with that £1900 per month on once the debt is clear?

    I'll look forward to reading your diary :)
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
  • Hello and welcome! :)
    You've done the scary part in confronting your debts and starting a diary here, everyone is so friendly and full of great advice. I'm a newbie too (started at the end of January) and I've learnt so much from these boards.
    One thing that really helped me was tracking my spends (I use the OnTrees app which syncs with my bank accounts and credit cards to do that because I'm rubbish at writing things down as I go). That was a bit of a shocking eye opener (my "occasional" coffee and lunch habit that was actually costing nearly £200 a month; the "odd" taxi ride that cost £80 a month) and it helped me identify the easy wins in my budget. Lots of people on these boards swear by YNAB (You Need A Budget) app/website, I find it a bit difficult to get my head around but their YouTube videos have lots of great tips if you are looking for inspiration.

    Good luck!
  • Bigskies
    Bigskies Posts: 109 Forumite
    JoJoC wrote: »
    Hi there, welcome to the board! It sounds like you're in a great position to get this debt paid off! Just think of what you can do with that £1900 per month on once the debt is clear?

    I'll look forward to reading your diary :)

    Jojo, I know! It's what's keeping me motivated, as that's a massive amount of money. We're hoping to be able to move to a bigger house at some point but of course haven't been able to because of my stupid spending. And realistically we could have phenomenal holidays with that. Problem was that the debt has slowly crept up in line with our earnings so we've never had loads of spare money, and now we are on good salaries, but nearly a whole salary goes on servicing the debt. I first joined here in about 2009, I reckon, but played around at it then left when I wanted to spend! If I'd stuck at it then we'd be debt free and living in a great house! Anyway, no looking back any more, onwards and upwards.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
  • Bigskies
    Bigskies Posts: 109 Forumite
    edited 5 May 2017 at 3:56PM
    Hello and welcome! :)
    You've done the scary part in confronting your debts and starting a diary here, everyone is so friendly and full of great advice. I'm a newbie too (started at the end of January) and I've learnt so much from these boards.
    One thing that really helped me was tracking my spends (I use the OnTrees app which syncs with my bank accounts and credit cards to do that because I'm rubbish at writing things down as I go). That was a bit of a shocking eye opener (my "occasional" coffee and lunch habit that was actually costing nearly £200 a month; the "odd" taxi ride that cost £80 a month) and it helped me identify the easy wins in my budget. Lots of people on these boards swear by YNAB (You Need A Budget) app/website, I find it a bit difficult to get my head around but their YouTube videos have lots of great tips if you are looking for inspiration.

    Good luck!

    Thanks, will take a look. I currently have a little notebook where I write in what comes in and all the direct debits and bills that go out, then run sub pots for groceries fuel etc, so we are always just about in the black at the end of the month, and all the bills are paid....it's just the out of control spending on the cards that causes the issue.....the odd £3k here and there for a holiday, or £200 for shoes, and so on.
    I've cut up all the cards, and have deleted the saved cards on Amazon and PayPal as they are my trigger points.
    Jan 2018 £68,274 May 1 2018 £59,537
    Percentage of total debt paid 12.79%
    2018 target £10k So far: £8737
    Monthly target £833 January £1129 Feb £1278 Mar £1176 Apr £5152
    POAYDBX18 #124 £8737/10,000
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