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
    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Jan 17, 5:30 PM
    • 621Posts
    • 3,906Thanks
    GeorgianaCavendish
    Small Steps Out Of Massive Debt!
    • #1
    • 27th Jan 17, 5:30 PM
    Small Steps Out Of Massive Debt! 27th Jan 17 at 5:30 PM
    Hi Everyone,

    I'm so glad that I've found this website because I really need to get serious and DO SOMETHING about my debts. I thought that keeping a diary on this forum would keep me accountable.

    I have taken stock and I have over 35,000 of personal debt on loans and credit cards, which does not include my Student Loan (around 18,000 but I need to check the last statement). I have no savings at all and am living pay day to pay day. I have a pension, which is probably the only semi-financially responsible thing I've done in my whole life.

    I have always had a problem with spending money. I never knew when it was time to stop spending. The idea of a budget was a foreign concept. I'd spend until everything had gone, whether that was my wages, student loan payments or birthday money. I go through phases of pretending to be responsible and looking at debt consolidation, but what usually happens is that I don't close the old accounts so a few months down the line I end up spending money on the cleared card.

    I know that I need to sort out my spending and to take a brutal look at the state of my finances and what I spend money on. I need to stop seeing credit limits as targets to reach (!!!!) and start seeing them for what they are - invitations to get into debt!

    This is what I have outstanding:

    13000 on personal loan
    10500 Barclaycard
    8000 MBNA
    2500 HSBC
    870 on catalog
    800 left on furniture (this one is interest free, there are 9 repayments left)

    I've been reading the advice for newbies threads so this weekend I am going to go through my last bank & cc statements with a fine tooth comb to work out what I am spending money on, and I'm going to find out the interest rates on all my credit accounts.

    Thanks for reading and wish me luck!


    PS. My forum name is from a Duchess in the 1700s. She was so bad with money that after she died her husband found out she was around 4 million pounds in debt. Sadly I could imagine this happening to me if I had access to that much credit
    Last edited by GeorgianaCavendish; 07-03-2017 at 3:31 PM.
Page 43
    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Apr 18, 5:35 PM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Thanks everyone, I am feeling quite reenergised now that I feel like I'm cutting spending / saving for something tangible!

    I just closed Tesco 1. AND I've just done my first proper snowball! The 25 a month minimum payment that I was making to Tesco is now going towards my Barclaycard debt. It feels like a drop in the ocean (I think it is something like 0.01% of my Barclaycard balance ) but it will help.

    At some point in the next couple of weeks I will update with my percentages paid, I like seeing that some debts are at 100% paid (and others, like my Lloyds balance are languishing around 2.5% !)

    Have a lovely weekend everyone!
    Working towards being debt free by 31st March 2020!
    • GeorgianaCavendish
    • By GeorgianaCavendish 27th Apr 18, 5:48 PM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    GC's Bargain of the Week
    My bargain of the week is Aldi Greek Yoghurt 500g pots.
    I love Fage Total Greek Yoghurt, it tastes great, the texture is so lovely and creamy, but I haven't found a supermarket own brand version to match it. Until now! The Aldi version has the same lovely texture and I think it tastes even better. Aldi's version is 1.39 for a 500g pot, Fage is 2.75.
    Working towards being debt free by 31st March 2020!
    • Seasidegal58
    • By Seasidegal58 28th Apr 18, 11:48 AM
    • 2,036 Posts
    • 12,580 Thanks
    Seasidegal58
    When I started snowballing I loved it in a strange, masochistic sort of way! I used to love updating it each month and would stare at it for ages! How weird was I.

    Thanks also for the yoghurt tip. I love Total Greek yoghurt with a vengeance! Have just stocked up for the month but will definitely be popping into Aldi to give theirs a try!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/07/2018: 776.27
    MONTHS TO RETIREMENT: 34!
    My diary: Paid off the 31,0000! BUT- still scrimping!
    • leon103
    • By leon103 29th Apr 18, 3:46 PM
    • 718 Posts
    • 173 Thanks
    leon103
    My bargain of the week is Aldi Greek Yoghurt 500g pots.
    I love Fage Total Greek Yoghurt, it tastes great, the texture is so lovely and creamy, but I haven't found a supermarket own brand version to match it. Until now! The Aldi version has the same lovely texture and I think it tastes even better. Aldi's version is 1.39 for a 500g pot, Fage is 2.75.
    Originally posted by GeorgianaCavendish
    You can't beat Lidl low fat greek yoghurt. Despite low fat it takes creamy like the normal version.
    • GeorgianaCavendish
    • By GeorgianaCavendish 30th Apr 18, 10:08 AM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    When I started snowballing I loved it in a strange, masochistic sort of way! I used to love updating it each month and would stare at it for ages! How weird was I.

    Thanks also for the yoghurt tip. I love Total Greek yoghurt with a vengeance! Have just stocked up for the month but will definitely be popping into Aldi to give theirs a try!
    Originally posted by Seasidegal58
    I don't think it sounds weird - I love my spreadsheet Even more now that I've got a % Repaid column so I can see progress on each debt rather than the overall total (which is quite depressing). I'm telling myself that this is the first of many snowballs - a pebble can start an avalanche after all!

    Let me know if you try the Aldi Greek yoghurt, we usually get through 2-3 pots a week so it has made a big difference to our yoghurt spends

    You can't beat Lidl low fat greek yoghurt. Despite low fat it takes creamy like the normal version.
    Originally posted by leon103
    Ooh thank you, I will keep that in mind - there is a Lidl near my parents place
    Working towards being debt free by 31st March 2020!
    • GeorgianaCavendish
    • By GeorgianaCavendish 1st May 18, 11:04 AM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Renewed our 2 Together railcard yesterday using Tesco Club Card vouchers, it was 15 worth of vouchers (vs 30 cash)
    We're staying with various friends and family on 2 of the 4 weekends in May, we'll possibly have a train journey for day trip on our one "home" weekend, so we'll definitely get our moneys worth from the card this month.
    Working towards being debt free by 31st March 2020!
    • JoJoC
    • By JoJoC 1st May 18, 12:23 PM
    • 1,128 Posts
    • 6,859 Thanks
    JoJoC
    Excellent! Great to see you making use of things like that I'm not sure that many people even know that things like that exist.
    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*
    • GeorgianaCavendish
    • By GeorgianaCavendish 2nd May 18, 9:08 AM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Excellent! Great to see you making use of things like that I'm not sure that many people even know that things like that exist.
    Originally posted by JoJoC
    It is really great, isn't it? I discovered it last year when we had a planned activity for a friend's birthday and realised that we could buy the tickets with vouchers for about 1/3 of the cost of paying in cash. Well worth it! Maybe it will be my Bargain of the Week

    Not much to report on the MSE front today, just ticking along
    Working towards being debt free by 31st March 2020!
    • GeorgianaCavendish
    • By GeorgianaCavendish 2nd May 18, 5:48 PM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    May 2018 Debt Totals
    May 2018 Debt Totals ... (I've added a % paid column to my spreadsheet, which appears below in green. I'm counting from the highest debt figure on each of the accounts, not from my April update)

    Total debt is 30508.57

    HSBC Personal Loan : 7953.57
    Interest rate 8.9%, 21 payments left
    41.66% Paid

    Credit Account Balances

    MBNA 7090.00
    2898.59 @ 6.9% (rate ends 9th July 2019)
    4191.41 @ 6.9% (rate ends 2nd Dec 2019)

    13.49% paid

    Barclaycard 8690
    6405.81 @ 6.9% (until paid off)
    2284.19@ 18.6

    13.45% paid

    Lloyds 3250
    Interest rate 0%, promo rate ends September 2019
    9.87% paid

    Tesco 1 0.00 Balance Transfer
    Interest rate 0%, promo rate ends 27 June 2018
    100% paid



    Tesco 2 1100.00
    Interest rate 0%, promo rate ends 8 Feb 2019
    43.64% paid

    Paypal 1450.00
    Interest rate 17.9%
    22.76% paid

    Very 1 175.00
    Interest rate 0%, until 28 Sept 2018
    59.21% paid

    Very 2 800.00
    Interest rate 0%, until 30 April 2019
    1.11% paid

    Priorities and Goals

    2018

    #1. Pay off Tesco 1 debt (772.50) before 0% promo rate finishes at end of June 2018.
    DONE
    Full amount paid off and account closed

    #2. Barclaycard 18.6% Balance
    Current balance at 2284.19 so we've made some progress on this thanks to the bonus. I've snowballed the 25 direct debit I was paying for Tesco 1 over to B/Card. My first proper snowball!
    I've also reduced my Barclaycard credit limit to 8750.

    #3 Very - Pay Off 0% Offers Before Expiry (Very 1 Exp 28 Sept 2018 / Very 2 Exp 31 May 2019)
    Very 1 Balance now at 175
    Very 2 Balance now at 800

    #4 is Paypal - 17.9% Balance
    Current balance is 1450 and I've reduced the credit limit to 1500.

    Now that Tesco1 is paid off, I'll be promoting my other priorities so #1 is Barclaycard, #2 is Very and #3 is Paypal. Priority #4 is to continue to add to our emergency fund

    I suppose #5 is to try to relax about my other accounts.These debts are on lowest possible interest rate for the time being and I need to stop stressing out that these figures are going down slowly and concentrate instead on the Top 4. Eyes on the teaspoon, not the lake!

    2019 Goals

    #1 Pay upfront for insurance policies in early 2019. So far so good!

    #2 Move house! We're budgeting for a 200 pcm rent increase and additional travel costs of around 200 per year.

    #3 Pay off Student Loan. I'm continuing with PAYE deductions until April 2019, then I'll revisit and look at switching to Direct Debit. I think that I'll have repaid my Student Loan by the end of 2019.
    Last edited by GeorgianaCavendish; 02-05-2018 at 7:13 PM. Reason: bad maths (again!)
    • Treadingonplaymobil
    • By Treadingonplaymobil 3rd May 18, 5:13 AM
    • 1,620 Posts
    • 16,587 Thanks
    Treadingonplaymobil
    Looks like great progress and a good solid set of goals, well done! Will you not snowball the Paypal before the Very accounts? Just thinking of the interest levels.

    I know what you mean about worrying about the other figures - I try not to post/think about my overall figure too often, just concentrate on one teaspoon at a time!
    67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: 38,608 unsecured debt/20,000 parental loan/173,282 mortgage = 231,890
    debt on 7th July 2018: 13,005 unsecured debt/19,970 parental loan/191,654 mortgage = 224,629
    • GeorgianaCavendish
    • By GeorgianaCavendish 3rd May 18, 12:09 PM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Looks like great progress and a good solid set of goals, well done! Will you not snowball the Paypal before the Very accounts? Just thinking of the interest levels.

    I know what you mean about worrying about the other figures - I try not to post/think about my overall figure too often, just concentrate on one teaspoon at a time!
    Originally posted by Treadingonplaymobil
    Thank you

    I want to pay off the Very debt first because the normal interest rate is astronomical, I don't want the balance to revert to that rate (especially as the whole point of Very was to take care of some things that we urgently needed for the house as cheaply as possible). I might rejig my priorities as I get closer to the end of the promo rates on Lloyds and Tesco though!
    Working towards being debt free by 31st March 2020!
    • EssexHebridean
    • By EssexHebridean 3rd May 18, 12:36 PM
    • 8,719 Posts
    • 46,015 Thanks
    EssexHebridean
    My bargain of the week is Aldi Greek Yoghurt 500g pots.
    I love Fage Total Greek Yoghurt, it tastes great, the texture is so lovely and creamy, but I haven't found a supermarket own brand version to match it. Until now! The Aldi version has the same lovely texture and I think it tastes even better. Aldi's version is 1.39 for a 500g pot, Fage is 2.75.
    Originally posted by GeorgianaCavendish
    Absolutely agree with this - been buying the 0% version of this for ages and love it! Their 4-packs of individual pots of greek style yogurt are also delicious - 89p a pack and some lovely flavours - mango, coconut & vanilla and lemon are the ones I've tried and all are lovely!

    Also on the railcard renewal - we've done ours using Tesco vouchers right since it's been an option on that one - far better than paying cash for it! We also use our vouchers for the Good Food Show tickets for December, and also for the odd bit of train travel too usually via megabus tickets.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 1229.00/1035.63 (09/07/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • GeorgianaCavendish
    • By GeorgianaCavendish 3rd May 18, 2:19 PM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Absolutely agree with this - been buying the 0% version of this for ages and love it! Their 4-packs of individual pots of greek style yogurt are also delicious - 89p a pack and some lovely flavours - mango, coconut & vanilla and lemon are the ones I've tried and all are lovely!

    Also on the railcard renewal - we've done ours using Tesco vouchers right since it's been an option on that one - far better than paying cash for it! We also use our vouchers for the Good Food Show tickets for December, and also for the odd bit of train travel too usually via megabus tickets.
    Originally posted by EssexHebridean
    Ooh, I've not tried the 4-pack individual ones, I'm not sure if I've seen them in our local Aldi but I'll have a proper look next time I'm in. 89p is a bargain!

    I've already put the Railcard to good use, booked advance tickets for our trip at the end of May for 27 (the standard price is 85! ) How do you get train travel via Megabus? I feel like I'm missing a trick
    Working towards being debt free by 31st March 2020!
    • EssexHebridean
    • By EssexHebridean 4th May 18, 10:21 PM
    • 8,719 Posts
    • 46,015 Thanks
    EssexHebridean
    This link > https://uk.megabus.com/products/megatrain GC -the train tickets used to be on the main site but they seem to have split them off. if there are train options available they should show - but they don't come up for all routes. When they do appear though if you book at the right point there can be some proper bargains - I've travelled to both Sheffield and Exeter from London for 1.50 before.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 1229.00/1035.63 (09/07/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • GeorgianaCavendish
    • By GeorgianaCavendish 8th May 18, 10:22 AM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Great, thank you! I will keep that in mind next time I need to book train tickets
    • groovychick69
    • By groovychick69 9th May 18, 2:40 AM
    • 160 Posts
    • 280 Thanks
    groovychick69
    Could someone help me out with what columns the spreadsheet should have, or pm me a blank copy? does it need to have formulas in? Im keen to start 1 -
    • GeorgianaCavendish
    • By GeorgianaCavendish 9th May 18, 9:47 AM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Could someone help me out with what columns the spreadsheet should have, or pm me a blank copy? does it need to have formulas in? Im keen to start 1 -
    Originally posted by groovychick69
    I'm sure other people have fancier versions, mine is quite basic but I find it effective.

    I have a column for each month (I've plotted out all my personal loan repayments so my columns go up to Jan 2020 at the moment). The very last column is a Percentage Repaid for that debt.

    I have a row for every debt. If a debt has multiple interest rates (e.g. B/Card with promo rate and standard rate) I have a row for every interest rate.

    The last row has my debt total for the month.
    • groovychick69
    • By groovychick69 9th May 18, 10:19 AM
    • 160 Posts
    • 280 Thanks
    groovychick69
    Thanks Im going to give it a go - might be easier to read than the note on my iPhone.
    • GeorgianaCavendish
    • By GeorgianaCavendish 9th May 18, 12:42 PM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Hope it helps! Having a spreadsheet definitely helped me with keeping track of everything and prioritising the debts.
    • GeorgianaCavendish
    • By GeorgianaCavendish 9th May 18, 12:44 PM
    • 621 Posts
    • 3,906 Thanks
    GeorgianaCavendish
    Frozen Sandwiches?
    I've seen this on a couple of other diaries and wondered who does it and how it works?
    Do you butter the bread first?
    What fillings can you freeze? (And what can't you freeze? )
    Do you add things in the morning? (And is the sandwich frozen together?)
    How long does it take to defrost?
    Does it taste different?
    How many do you prep in advance?
    How do you store them? (I'm thinking one freezer bag per sandwich?)

    So many questions!
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

131Posts Today

1,751Users online

Martin's Twitter