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  • enthusiasticsaver
    enthusiasticsaver Posts: 15,614 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
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    Good you have managed to get an interest free card and if you only have to find personal spends and pay off the kitchen and credit card then I would say that should be ok providing you are disciplined and take out no more debt. I have £200 personal spends a month and find it more than covers my needs unless you have expensive tastes re clothes etc.

    Personally although I see that you are renovating a house I would be tempted to call a halt to this (by borrowing) until that credit card and kitchen is repaid. If for some reason your self employment stops being viable where is that £300-£400 to come from if your husbands salary is committed to bills and mortgage?

    This may be the reason why you are always broke if you are unable to realise the difference between wants and needs and are not prepared to wait until you have saved up for these things. This leads you into a spiral of debt which works out ok until something happens like sickness, redundancy or maternity leave. If you have an annual income (worst scenario) of £6000 and debt of £8800 more than one year of your salary is committed to debt repayments. Still continuing to spend is a recipe for disaster until some of that debt is gone.

    Having said that I hope you managed to get on top of this situation. Good luck.
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  • affordmylife
    affordmylife Posts: 1,224 Forumite
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    Enthusiasticsaver that's so right. The renovations are almost complete. The major spends are out of the way just smaller bits to tackle now. As I said husband will pay for this.

    I admit I do have expensive taste but I'm on a serious no unnecessary spending mission in order to bring this level of debt under control. I have sorted out my working life to be more family friendly and mental health friendly so now I must work hard on the debt repayment.

    Thank you for your suggestions.

    Feeling confident.
  • EssexHebridean
    EssexHebridean Posts: 21,416 Forumite
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    edited 10 April 2017 at 3:05PM
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    Something else stands out to me a bit I'm afraid. You say that your monthly spending is just the card - so you have no mobile phone, you don't travel at all, never see friends for a coffee or a meal out, you use no toiletries and buy no clothes? Your shoes never need re-heeling and your clothes never need dry cleaning? You buy no birthday or christmas presents, and your hair cuts and massages are free of charge?

    If you genuinely DO have no other costs, then just throw all your monthly income aside from the £200 on the kitchen straight at the card debt and it will be gone in 10 months or less?

    Personally I'd sit down and think through everything that you actually DO pay out in reality, and then put together a proper budget, and allocate an amount for personal spends. Then cut up the card and start working in cash - if you haven't got it, you don't spend it.
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
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  • DesignNotDefault
    DesignNotDefault Posts: 40 Forumite
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    EssexHebridean wrote: »
    Personally I'd sit down and think through everything that you actually DO pay out in reality, and then put together a proper budget, and allocate an amount for personal spends. Then cut up the card and start working in cash - if you haven't got it, you don't spend it.

    I agree with this - although your husband pays the bills, I think it would still be beneficial to do your own SOA. You'll be able to see exactly where your money is going and then fine tune your approach.

    Congrats on your LBM and determination :T
    Mortgage @ May 2014 [STRIKE] £103,347.24[/STRIKE]. Mortgage @ 2%:[STRIKE]£90, 321.99[/STRIKE], £89, 949.44
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    Intending to be mortgage-free by 2022 :j
  • affordmylife
    affordmylife Posts: 1,224 Forumite
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    You're right again.

    £200 on kitchen
    £100 on new credit card
    £75 holiday savings accounts
    £70 phones ( mine and daughters until she is 18 )
    £200 food (3 of us)
    £50 Christmas/birthdays
    £50 socialising

    Hair is rare. No beauty treats. I buy for Christmas/birthdays when I see things in sales.

    Thank you so much x
  • affordmylife
    affordmylife Posts: 1,224 Forumite
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    No spends today.

    Been to the bank and tidied up my bank accounts. I had a couple of empty accounts and a defunct credit card. Feels more organised now.

    Whizzing through the month. Soon be pay day. Be good to see how everything stands after that as it's a bit unclear st the moment x
  • affordmylife
    affordmylife Posts: 1,224 Forumite
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    No spends again today. Got weighed at as. Maintained my target weight which is fab.

    Booked an extra day at work tomorrow - need the money lol.

    Meal planned for the weekend as we have family here for roast and pudding.

    Bathroom is being plastered tomorrow so it's all happening here.

    Have a great weekend everyone x
  • affordmylife
    affordmylife Posts: 1,224 Forumite
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    Just paid my first payment on new balance transfer card. Only £14 and main payment comes out in a few days so it's a positive start.

    I'm off food shopping with a list. Lots to cook this weekend so I've raided the freezer first and just getting the bits to go with it.

    I'm making mousakka, tiramisu and roast beef. I love cooking x
  • affordmylife
    affordmylife Posts: 1,224 Forumite
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    Moussaka, tiramisu and some chocolate mousses made.

    Spent £100 in the supermarket plus £14 in the charity shop. All from current account so not credit card spends. Very pleased with that.

    Happy Easter xx
  • Anoneemoose
    Anoneemoose Posts: 2,258 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
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    Just wondering - you say your husband pays for the renovations, but you are paying £200 a month (out of a small income) for a kitchen? That sort of contradicts itself.
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