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    • Mrs*Spendalot
    • By Mrs*Spendalot 21st Jun 16, 11:20 AM
    • 19Posts
    • 37Thanks
    Debt Free by 40, best Birthday present ever!?
    • #1
    • 21st Jun 16, 11:20 AM
    Debt Free by 40, best Birthday present ever!? 21st Jun 16 at 11:20 AM
    Good morning.

    I'm a long time user of this website and it's helped me so much over the last few years. Our original LBM was in 2006 and we've made good inroads into clearing our debts on our own using tips from this site and the snowball calculator. Our original debt was 41000 () and we've chipped away at it and it's now down to 21,500 despite moving house in that time.

    We have good incomes (approx 4500 total per month) but have had 5 children in the last 10 years and moved house twice.

    We are now in our forever home (although it's a doer upper!) with our family complete and we'd now like to concentrate on clearing our remaining debt and then start on our eye watering 250k mortgage and the home improvements we have planned too

    I'm on a tablet so can't post our SOA, I'll definitely do it at some point though as I'm open to constructive criticism.

    We have a car loan (10k), a personal loan (5300) and a 0% CC of 6200. The personal loan is set to finish Dec '17 as is the 0% rate on our CC so we'd love that to be our DFD

    Thanks for reading xx
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    • clearmydebts
    • By clearmydebts 17th May 17, 11:31 AM
    • 6,093 Posts
    • 17,586 Thanks
    I find the above frustrating as we should have so much spare, but we don't. Must get a grip on it as it's probably very doable to be debt free by Christmas! Not sure why my comments aren't in red, but they're still pretty clear...
    We get paid next week, I'm going to sit down and really go through the statement carefully and keep such a close eye in June. Kids and hubby will hate it!!!
    I'll aim to update this at least monthly so I can really monitor it... I keep reading about YNAB and spreadsheets, might need to start a more stringent money routine!!
    Originally posted by Mrs*Spendalot
    Hi MissSAL,

    I understand your frustration. I could be your twin. On the face of it we both earn good wages and should have lots to pay off the debt but something seems to crop up every month that throws us. I also seem to self-sabotage with money as well. Not sure where it comes from as my parents are excellent with money and OH's parents are too.
    Total debt (starting September 2016): 19,500/27,000
    BOI credit card: 4,700/7,000
    Savings: 0
    • csarina2
    • By csarina2 17th May 17, 11:54 AM
    • 2,015 Posts
    • 19,975 Thanks
    Do you not get child benefit, it does not show in your income on your SOA.

    You have done really well clearing your debt, heres to you being in a position to start paying down extra on your mortgage and getting the house fixed up.
    • Mrs*Spendalot
    • By Mrs*Spendalot 18th May 17, 9:41 AM
    • 19 Posts
    • 37 Thanks
    Hi, thanks for both your comments. Yes, exactly! Self sabotaging and a monthly unexpected cost. Plus, however much we earn, we seem to spend. My husband is earning 700pm more than he was this time last year, plus we've paid a loan off that was 300pm. Where is that extra 1k going?!?

    We don't get child benefit as my husband earns over 60K. It was gutting when we lost it, with 5 children it was about 250 a month wiped off our monthly budget. To be fair, I can see we don't 'need' it, but I don't appreciate how the government managed it. We have friends who earn 49K each, so have a household income of 98K but still get child benefit!
    Debt June '16 - 21500
    Current debt June'17 - 10500 51% paid
    Car loan 10000/7800 Loan 5300/5300 CC 6200/2700 Savings towards paying off car 700/7800
    DFD Aim - Dec '17
    • Hiddenidenity
    • By Hiddenidenity 18th May 17, 9:53 AM
    • 5,213 Posts
    • 26,688 Thanks
    Do you keep a spending diary? There's free apps to use or if you're like me I prefer pen and paper

    It really does show where every penny goes, and the odd couple of puns doing something you think oh it's only x really does add up over the month.

    You're doing fab keep going x
    • Mrs*Spendalot
    • By Mrs*Spendalot 8th Jun 17, 1:57 PM
    • 19 Posts
    • 37 Thanks
    So... minimums paid off loan and credit card and 700 put into savings towards paying car off early. We're focusing on that as the credit card is 0%. That's 1k total towards paying off debt this month. No chance we can do more as having to pay for extra surveys to satisfy council of our planning....grrrrr!

    Definitely doing better with keeping an eye, managed to keep costs down over half term and am saying 'no' more regularly to the children....
    Debt June '16 - 21500
    Current debt June'17 - 10500 51% paid
    Car loan 10000/7800 Loan 5300/5300 CC 6200/2700 Savings towards paying off car 700/7800
    DFD Aim - Dec '17
    • Mrs*Spendalot
    • By Mrs*Spendalot 30th Aug 17, 6:51 PM
    • 19 Posts
    • 37 Thanks
    We've been trundling along and just paid off credit card! So pleased... car loan is down to 7600 and that's the only debt we have now.

    In other news, planning permission has been granted. Such an expensive process, has cost 3.5k in total! Rude... on the plus side we've managed to absorb these costs and continue to repay our debts...

    Next mission is to save the 6000 we need for the balloon payment on the next card. It's due in April, so should be doable.

    Unfortunately, I doubt we'll make the debt free target of January, but we're still pleased with progress :-)
    Debt June '16 - 21500
    Current debt June'17 - 10500 51% paid
    Car loan 10000/7800 Loan 5300/5300 CC 6200/2700 Savings towards paying off car 700/7800
    DFD Aim - Dec '17
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