AIBU to think we can clear £12k debt in four months?

[Climbingoutofthered]

mumsnetters please help!

DH and I have 12k worth of credit cards debt between us - this is a mixture of doing up our house and then shoving a holiday on cards because we needed a break after the renovations, by this point DS hadn’t been away for 3 years either. So it’s not overspending- I know where it came from.

I now want to clear this debt very fast!! Within 3 to 4 months, we have the income to clear it down at a rate of 3200 a month. With all other bills paid.

this would mean 4 extremely TIGHT months. No coffee out, no takeaways….. nothing.

i have budgeted 600 pounds a month for food and household consumables such as laundry liquids etc. DH doesn’t believe this is possible!! We are two adults and one very hungry boy.

who is BU! Me or him 👍

So it’s not overspending- I know where it came from.

this made me laugh

bought a doer uppper that needed gutting, had savings to do the renovation, found structural issue that wasn’t expected. We basically had to put in a kitchen and bathroom on credit cards to be able to live there. Renting was costing a fortune.

🤣 no apologies for the holiday here

Thanks for the positive message - also seeing it as a challenge!

You can absolutely do it!! Channel your inner Dave Ramsey, rice and beans, rice and beans 😂

why don't you go Gazelle intense for next 10 weeks ie to the beginning of school summer holiday and see where you are. Then maybe allow £500- 1000 extra for fun in August and back to intense in September don't make the holiday sad but you don't need £100's days out then save 2000 a month until you have a good emergency fund then onwards and upwards

If I was single yes!

What were the renovations?

I can’t imagine bunging an entire holiday plus very moderate renovations on a credit card knowing that I simply didn’t have the income to pay it off for months (and involving massive cut backs) therefore accruing interest . Each to their own

DH doesn’t believe this is possible!!

and he would know better than us

I think 3 hard months is better than trying to do it over 6 personally. And I think it’s easier to do it in the summer; September is a really expensive month.

When our income dropped like a stone, some things that helped were -

• redoing the budget every day individually and every week as a couple; bills to hold, bills to pay etc
• don’t buy liquids
• Never leave the house without the basics of a snack meal/water/flask of coffee/waterproofs - that way you can always picnic without paying extra
• Avoid shops as much as possible
• Do a thread here for cheap/free summer activities. My top favourite with little ones was getting the big paintbrushes out and painting the fences with water, leading to water fights. For teenagers, we were in the Pokémon Go era plus a sausage cookout was always popular

Get into Dave Ramsey

I knew MN would attract the sort to be fawning all over him!

Some great tips thanks 👍

Single?! He gives great advice for getting out of debt 😂 You paying off this debt in 4 months would have him being very pleased with you!

Good luck with it!

🤣🤣 I meant single as in without DHs input to consider!! Just to clarify I am not attracted to DR 👍

Haha sorry, I completely misunderstood 😂😂😂

We are in a similar situation but bigger numbers. Same scenario, building works got out of hand, couldn’t exactly not have a roof so we had to whack stuff on a credit card. I don’t think we’ve got any chance of paying it all off before the 0% period is up so we’re going to have to do a balance transfer. We also don’t have as much disposable as you, more like £3k after bills and a £500 food budget for 5 people. It’s difficult to go hardcore on the debt because I don’t feel the DC should be missing out for the next 18 months because we bought a wreck of a house. It wasn’t their fault. So I’m going to allow some family spending on activities (not expensive stuff, but I want to take them to the cinema occasionally etc) but ensure I don’t buy anything new at all for myself even though eg I would love some new sandals this summer, I’m not going to buy any.

Good luck op let us know how it goes.

You mean "most people" in your social circle, unless you've done a survey.

Don't buy liquids?

That's going to rather fuck up the commute to work.

It’s a general principle, not a hard and fast rule (though tbh I don’t have to buy liquids to commute to work and back when I was broke I was cycling.)

Does this mean that you have no savings?

Liquids;

petrol to get there ✅
coffee for the journey ❌

Definitely go for it.

If you manage month one and two and then miss month 3 by day £1,000 you'll still be almost here and only need to do one more month.

I've recently go a zero cc and paying off between now and October. I love seeing the balance reduce and have a standing order so I don't miss payments.

Thanks for the supportive message ❤️
I really hope you love your house and all the time and money was worth it 🤞
I think it’s hard to know what the right steps are when you end up in debt with kids, agree with you about worrying about them missing out.

I’m really lucky as mine is football mad and will just want to go to the local football court over the summer to play with his friends, fortunately this is free for the local kids.

feel you on the cutting back on things for yourself! Just realised I have one tiny smidge of lipstick left and no sunglasses to be found in the house for summer 😭 DH 90% on board now! Don’t want to set a bad example by purchasing lipstick and sunnies 🤣

Perhaps set yourselves an extra challenge to sell unused bits/do some overtime/switch bank accounts for the free cash/renegotiate a broadband/tv package etc etc to make extra cash for any extra bits you want rather than need. Might make the fun/sense of achievement verses drudge more palatable

I’d personally find it hard as the next 4 months is summer and I like to be out and about and enjoy things. Especially with a child not in school. In the next 4 months you’ll also have to do back to school shopping etc so it’s not just food. I’d find it easier in fall/ winter as I tend to stay in a lot more. But you know yourself best.