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

[LoveMyGirls]

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.......

Ikwym, we don't earn a bad wage, dh got a pay rise in sept and so did I, though I'm SE so it could crumble at any moment BUT part of the reason we struggle is because we have been skint for sooooooooooooooo long and still trying to get on our feet, we got married last year and though family helped to pay we still spent a few thousand especially on the last minute things BUT I don't regret it at all and I know it was worth it for such a perfect day that we will remember forever and the pictures will last too. Congratulations on your forth coming wedding I hope it goes really well.

Just need to keep plodding on and saying no to as many things are we can, we've said if we can spend a year getting on our feet, replacing dh's car, doing up dd's bedrooms then we can start saving for a nice family holiday and then save up to buy a house which will take us ages BUT at least we won't be constantly back paying and wasting money on paying interest!

Oops I didn't mean last year, forgot we are now in 2011! I mean we got married in 2009!!!!!

Yes, I would love to start saving for things, instead of saving up to pay off overdraft and then having to delve back into it as something comes up.

It's always the bloody car isn't it? We saved loads of money when we didn't have one, but need it now for DP to get to work. Grr.

We've got 2 so doubly screwed on that front, the week before xmas dh's car cost £200 alone, I worked out we roughly spend about £600 a mth on car inc petrol, car insurance, maintence it's just silly but as much as we hate it we can't not have a car each, DH doesn't work near us plus he takes dd1 to school on his way to work and I need mine for my business. My mum suggested we both buy new cars on a per month basis as she thinks we will pay out the same per month anyway but the problem is we don't have the deposit we would need and I need a huge car so it's not an option.

We will get there one day! I just read in the paper about a shared ownership scheme and I'm actually considering if that might be an option in the future as they are building some near us soon so that would be an extra incentive for us to get rid of our debts asap in order to be able to do that but I'm not really sure how it works, think I'll do some googling! (will take my mind off eating as I've just started a diet!)

Oh crikey.

Just finished the planner and we overspend by £104 a month!!!

No wonder we're in trouble.

It was really good at thinking of all the things I don't think about usually when I budget. But seriously bummed out now!

Don't be upset look on the bright side, now you know what you overspend you can look at how to cut it down and it will be easier to get back on track.

I'm a nightmare, I've just filled in an application form for the homebuy scheme, I just get an idea and I run with it, they haven't even built the houses yet!

Ah well, yes at least I know what to tell DP about how much we can afford on our new flat/house!

I have to admit the home sharing thing sounds really interesting. I think I've heard it can be difficult if you want to move? But if you intend that to be the house it would be perfect.

I think you can buy as little as 30% (it could even be lower I'm not 100% sure) then you rent the other 70% which has got to be a bit better than renting 100%, you can buy more bit by bit, it's called staircasing, I'm not sure I'd like to live in it forever as I had my dreams on buying something with character but it would definately be fine until dc's have left home which is approx 10yrs away! Then I can buy a cottage or something with an art studio {lmg floats off ina dream lol}

We are quite tempted by renting until kids leave home as then we'll only have to buy something small (and they'll just have to sleep on the sofa when they visit!)

Right, our budget is done. I am reasonably confident we can have the nice house and pay off our debt.

Although the holiday plan is scotched already unless DP gets a really nice pay rise at his 6mo review (unlikely in this climate!)

Hi, decided to revive this thread!

Please join in!

My pledge is to not spend anything that is not 100% neccessary for at least 6 months! Everything we have got will have to last, I'm losing weight so I can fit into my clothes and not have to buy any more. I'm cutting the food bill down too so anyone with ideas on cheap meal ideas that are also healthy please post them on here

Any tips or advice most welcome.

Hi, managed to get the debt cleared last yearbut on v tight budget at the moment so up for any encouragement & tips!
Dh isn't working & I'm on maternity leave. Both job hunting as I'm at risk.

I'm with you on this one. I have just been able to take out a staff loan to clear my graduate OD and joint OD and two credit cards. I graduated in 1998 so I think that it is about time to do something about it .

I now check our accounts every day and have separate accounts for car and shopping. We don't have any overdrafts available any more and we wouldn't get accepted anyway given previous transgressions of missed payments so we now have no choice but to be good. The figures balance on the spreadsheet, it is the adhoc spending that we need to keep under control (ahem DH!!

We won't be debt free until 2016 as now have two loans finishing in 2016 and another finishing Nov 2012 but we will get there and it will be in time for my 40th birthday which will be really really exciting!

Lovemygirls take a trip to the Oldstyle forums on moneysavingexpert. THere you will find the way to make your shopping money stretch. We are on £200 for 2 adults and a 5 year old per month following the OS way of life .

Oldstyle forums here

We are trying £50 a week for 5 of us. 2 adults,11yo,9yo & baby. Have been going over by £1-2 & have supplies to use up but it's working for now

Thanks for joining me.

Ben - I've had a read of the OS forum, I don't think I'll ever be the type to grow my own veggies and have chickens etc but thanks for posting the link. I'll carry on reading and hopefully come across more tips. How are you managing on £200? Is that a month, what does it include?

Nymph - £50 for all of you must be really hard, how are you managing that? I got ours down to £60 for this week and there is dh & I, 11yr old, 5yr old and I childmind so needs drinks, snacks and breakfast and lunch for my 4 mindee's (3 are part time), the shopping has come and dh has complained about the lack of fizzy drinks as he doesn't drink tea, milk or squash and I forgot dishwasher tablets other than that we should survive the week!

So far we are well stocked up from Xmas/freezer full loads of washing stuff etc. Got some stuff from asda today but that's prob took us over.
Lots of cooking so far has made spare portions as well so have loads of lasagne!!!

Found asda more expensive than our loca greengrocers/shops except for smart price stuff& special offers. Have got dh into it now too. I was used to budgeting from being a single parent but he was used to huge salaries when he was with his xw

We so grow some of our own veggies in the spring/summer but nothing in the winter. A normal weeks menu might have shepherds pie, spag bol, a "grill up", a roast dinner, chicken will be used for a curry and a stir fry as well. I don't tend to buy chicken breasts or pork/lamb chops or steak preferring to buy whole joints, mince or stewing meat. You don't need nearly as much meat as you think to stay healthy and I tend to do every meal with meat in but meat is not normally the pain ingredient IYSWIM. Veg and the carbs are the main ingredient.

We shop at Aldi mostly with Sainsburys and local ethnic shops for meat. I don't tend to do a "big shop" every week.

I think I may belong on this thread too.

I am a long time lurker/occasional poster. Just changed my username as I am a bit identifiable to RL friends/family.

We have £7000 on credit cards which i'm hoping will be paid off by mid summer. This is only if I resist the urge to spend on life's little luxuries. We have a high disposable income and have got into a habit of putting things on the cc and paying off next month. This used to work well but in the last year, with everything going up, it has taken longer to pay things off and the debt has started to get out of my comfort zone.

Anyone else finding it hard to think twice about buying little things, such as magazines, coffee etc?

Yep this thread is for me, we have a total debt of £250,000 consisting of a "together" mortgage through Northern Rock, 2 credit cards, 2 OD's and 3 personal loans.....

We have no idea where to go with this except diligently paying off the amounts every month (never missed a payment), plus a life insurance policy in-case one of us cops it (luckily we love each other so no foul play). Savings are out of the question as the debt payments are so high. Mortgage is on interest only variable rate as we can't get another mortgage anywhere else... ok for now but what happens when the interest rates go back up? Any useful sites etc... that you could recommend?

MrsJSB - go here where there are loads of people who will help you. I have a NR Together mortgage but don't count that at the moment. The high interest debt comes first IMHO

Just bumping this to see how everybody is doing now we're into February. Has anyone managed to pay off more debt since pay day? Feb is an expensive month for us and I'm not sure I will manage to pay off the £1000 I want to. I have instead paid £500 on one and £200 on the other. I've put £300 in an instant access savings account, if it's still there at then end of the month it can go towards the credit card but I suspect we may need to use it.

I also shopped Aldi/Lidl this week and made some substantial savings. DS1 is started taking packed lunch to school but I'm not sure if this is saving much. Dinners are £2 a day and it's very easy to spend £10 a week on bread, filling, fruit, yoghurt etc. The jury's still out on that one for now :)

LMG,
I would like to join as Ive got more expenses that income if its making any sense???

I earn about 400 pcm, my rent is 310, then council tax 108 - thats my wages gone.
i am getting tax credits from which Im repaying bank overdraft 30 pcm and loan 40 pcm, and im on debt management plan for 50 pcm
the rest is for food mostly and paying off the rest of debts which cannot be included in the plan.

Just bumping...

Is anybody else feeling the pinch as we enter the middle of the month? This is the bit I hate, when I can see that there's not much left in the pot and I have to seriously consider whats for tea. I have got my statements out and trying to tap myself on the back because the debts are getting smaller...slowly.