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Original poster

Let's help keep each other on the straight and narrow - 2011 Let's get out of debt club!

50 replies

LoveMyGirls · 28/12/2010 13:29

So while everyone else is shopping in the sales, booking their holidays etc we are concentrating on paying off as much debt per month as we possibly can, vowing this time next year we will not be stupidly overdrawn, our credit cards will not be maxed out!

Who is with me??!!??

I feel I need someone to hold my hand, to stop me from getting drawn into the sales and holiday planning because I know deep down that paying our debts off is going to feel better than a week or two in the sun if it means sinking further into debt.......

OP posts:
countydurhamlass · 28/12/2010 16:46

i am happy to join you, although havent got a lot of debt (Having eventually got there) i want to save as much as possible to pay for a big move,

i am avoiding the shops until the end of next month at the earliest,

benbon · 28/12/2010 21:19

ill join :0) have 2 credit cards totalling about £2000 or just under and a couple of overdrafts... want it gone by this time next year!!

Chil1234 · 29/12/2010 09:36

Can I recommend the snowball debt management technique?.... [[http://www.whatsthecost.com/snowball.aspx Snowball Calculator] Nothing to do with sickly yellow Christmas drinks btw. Xmas Smile. Work out which debt is costing you the biggest interest % and use all your spare cash to pay that one off first. Just pay the minimum on the other debts. When you have paid off the one costing the most interest... move on to the next.

Chil1234 · 29/12/2010 09:37

Snowball Calculator

Original poster
LoveMyGirls · 29/12/2010 09:49

Thanks and welcome, we have about £2,500 on credit cards and tend to be about £1,500 overdrawn at the worst point of the month.

Chil we're doing that I think, paying dh credit card off first and only paying the minimum on mine and the overdraught well we're trying our best not to stay in it the whole month!

OP posts:
countydurhamlass · 29/12/2010 18:59

i have looked at some of the cut backs i can make to reduce my outgoings so as to have more of my wage left

  1. sky tv is going and getting freeview (saving £51 per month). never anything on it anyway.
  2. taking own lunches to work
  3. walking to parents to drop ds off (saving £40 per month in busfare)
  4. plan meals weekly and only buy what i need/is on my list
  5. stop buying a newspaper to read in my lunch break - taking a book instead and not going to "Look around the shops" but stay in the office or walk around the park

i am hoping that if i can plan our meals weekly i can buy in bulk, eg 3 for £10 on meat products in asda,

i have already started making more homecooked meals rather than convenience food and its surprising how much i have saved just doing that.

i always pay out what i need to at the beginning of the month and then i take a small amount out from what is left for savings/paying extra on my debts, what is left i divide by the number of weeks left until my next pay day and try to live on that budget each week. i find it easier to manage my money like that as i am always watching the pennies rather than just worrying about it at the end of the month

Original poster
LoveMyGirls · 29/12/2010 22:07

I've been meal planning for a while now.
Dh and dd's take pack lunches apart from 1 day a week when it is their treat day.
I work from home so only eat lunch at home anyway.
No take-aways as we will be dieting from Jan.
Drink less - will also help the diet.
Say no to things I feel obliged to go to.
No new clothes, I will LOSE weight and fit into the ones I already have!

We have set up direct debits for our credit cards so they will be getting paid at a minimum of £371 per month but any extra we can pay off would be good, once we are in the black at the end of every month that is when we will pay an extra chunk off i think eg day before dh gets paid if we have £150 in the bank I will transfer it straight off credit card, I am actually hoping this is possible especially now we have reduced our water bill and we won't pay council tax in feb and march.

I am absolutely determined to pay it all off before May so that I can save 2 mths of £371 to spend on doing up the dd's bedrooms, if I don't manage it then it means doing up the girls rooms on much less of a budget which will be tricky considering they both need new mattresses and dd1 needs a desk for her homework.

What are your hopes/ motivations for when your debts are paid?

OP posts:
Original poster
LoveMyGirls · 31/12/2010 13:21

God I'm already doing very badly! Yesterday went out for the day and ended up in a few shops spent about £100 (dh called it his xmas present to me) I got boots (mine had holes in) going out shoes (not had any this year) underwear (practical everyday sort) a skirt and a top (these brought with vouchers given for xmas) and then today we've ordered dd's a new matress each because they were in the sale and we thought better to buy them now while cheap than in 6mths and pay full price, dd's mattresses were about 9yrs old and they were very cheap and rubbish as they came with the bunk bed so we've been meaning to replace them for ages esp now dd's are getting bigger and heavier.

Still £231 blown in 24hrs......Sad

OP posts:
appleslice · 01/01/2011 01:29

I would like to join in to as need to stop spending and wait to be paid every month.

So I am going to start talking packed lunch,
Set up separate accounts for things
Meal plan

All I have spent since breaking up from work on the 23rd is £20 for Petrol
Taking DS2 to pictures £11
Spending £16 in charity shop on clothes for work and a book

Really want to try and not buy anything unless needed until end of March then DS1 birthday.

So need my hand holding as always say I will sort my finances out and have money at the end of the month but never do and I am a accountant to Sad I am better at other peoples money but when come to my own am rubbish and I am nearly 38 and would like some savings

BaroqinAroundTheChristmasTree · 01/01/2011 01:32

I'll join you - although mine is a mixture of saving and paying off debts (as have school trips to pay for which I've promised DS's they can go on.......including a week long residential, and 3 school uniforms to buy in September etc).

I need to sit down over the weekend and work out exact debt and whatnot, and stop buying the CRAP. I spend so much on little bits of crap that could much better be spent on having a little savings and paying off debt.

appleslice · 01/01/2011 01:37

Same here Barogin I spend mine on crap, I have also paid deposit for DS2 to go to France with school in October

And I spend money on crap like magazines as cant seem to resist them Hmm

I will sit down aswell over the weekend and work everything out this could be just the kick up the backside i need and with support can do it Smile

BaroqinAroundTheChristmasTree · 01/01/2011 01:46

it's really stupid - I don't have a lot of money coming in (on benefits) - but I know if I spend it carefully I can repay my debts quicker than I am and pay for a few "extras".

If only I stop ordering pizzas (not going to stop those totally - going to cut it down to 1 a month - planning a once a month "DVD night" with the boys so will save it for that), and start meal planning again and doing a proper shop instead of constantly having to get stuff at the corner shop.

appleslice · 01/01/2011 12:05

I am going to start meal planning, got Jamie's 30 min meals so will start working through that.

BaroqinAroundTheChristmasTree · 01/01/2011 12:14

yes - I know what I need to do - is go through my cupboards and use up all the dried stuff I've got - got LOADS of pulses and pasta in there - should use those before buying more.

Meal planning makes such a difference.

appleslice · 01/01/2011 18:16

I am going to use up everything in the freezer so for the next couple of weeks I will just need to buy veg to go with what is in there, so that should save a few £'s before pay day.

BaroqinAroundTheChristmasTree · 01/01/2011 18:18

I've just had a great start to the year.

Counted up loose change savings from last (2010) year. Got £66 bagged up to go into the bank next week, and another £13.90 to shove back in the bottle to add to this year.

Plus I found £1.50 (£1 coin and 50p) that shouldn't have been in there so it's back in my wallet Xmas Grin

citybranch · 01/01/2011 21:24

I'd like to join too please!

Have a loan and an overdraft, I want to at least clear the overdraft in the next few months, and perhaps start saving for a holiday.

I work late shifts and have been taking my own food to work in a food flask for the last week, instead of buying pricey crap in the canteen. Anyone have any more food flask recipes?

Also trying to meal plan although I find it hard to get organised.

Trying to stop frittering money on things I like but don't need.

Need to start ebaying some stuff that we don't need anymore, and am trying to be ruthless in deciding what stays and what goes!

appleslice · 01/01/2011 21:27

Great Barogin that will put a smile on your face.

Original poster
LoveMyGirls · 02/01/2011 11:05

Good news Barogin!!
Welcome City!

Managed to spend under £70 on food shopping this week.

I'm starting from Monday properly because I'm still on hols at the mo and it's tricky! But from Monday I am going to be very very strict with what gets spent! If we do not NEED it we will not be having it!

OP posts:
Maelstrom · 02/01/2011 11:09

Joining in too.

My credit cards are clean, my overdraft is still unused, and I have been diligently paying half of my income a month to cover my one and only debt... for the last year or 2.

It is really getting me down, I have been in frugal mode for 2 years. I expect to come out of it in 18 months if I am lucky.

TheSecondComing · 02/01/2011 11:11

This reply has been deleted

Message withdrawn at poster's request.

appleslice · 02/01/2011 16:51

Thats good Lovemygirls I havent been shopping yet, as still using stuff from freezer and been lucky to be invited out to dinner etc at boyfriends mum's

Welcome thesecondcoming, I am going to start piggybanking aswell. I did that with sky and they always reduce it due to not wanting to lose your custom.

Hello Maelstrom, well done on taking control of your finances

LaWeaselMys · 04/01/2011 19:22

Hi all.

We are seriously living in over draft land.

Past the interest free parts there is nearly £2000 to clear. Paying around £20pm on interest on it and it has to go! Just really tough digging out.

I heard there is a good budget calculator somewhere but don't know which one to use?

We are moving house for work and need to work out what our best options are for moving somewhere more expensive and still trying to save money.

Original poster
LoveMyGirls · 04/01/2011 19:36

Hi laweaselmys - Martin lewis moneysavingexpert.com is a really good site and I've done a budget with that which helps us to see how much we "should" be able to afford to spend but then something usually car related will mean we overspend!

I can't wait for us to be free, without having this hanging over us, I feel like I can't spend any money without feeling guilty because every penny I spend is making things worse but then I justify it to myself and spend it anyway its just a silly little circle I take myself round and round in and DH is just the same, it needs to stop, we need to stop making excuses for spending money and say actually no we can'd do x,y and have z because we can't afford it! Like this weekend it's my uncles birthday and we're travelling 100 miles which will obviously cost petrol, food for lunch, something to do in the afternoon like maybe visit the sights because it seems silly to travel 100 miles and not make the most of it plus drinks while we're at the party. We'll prob spend £70-100 but how do you say no?

OP posts:
LaWeaselMys · 04/01/2011 19:45

Thanks LoveMyGirls, will have a go now.

I'm feeling really cross with myself because we didn't need to be in this situation at all. When DP got his last job we thought we were sorted and settled so started spending money on big things like upgrading broken furniture (our table only had three chairs etc) and getting a cat... then of course a few weeks later we found out the company was going abroad and he was getting fired!

At least he has managed to get a new job, even if it involves moving, but I'm so fed up with myself that we're now in debt exactly at the moment when we could really do with overdraft to pay for deposit on rent for the new place etc.

We are getting married in three weeks as well (my dad is paying for a very cheap wedding or that would be cancelled too) and it's really hard to keep telling people no we just can't afford x/y/z, even though DP is working now.