Debt support thread #2

[Nerfmother]

Here we are! Can't be bothered to think of an exciting title, sorry

Well done themoneyone, that's fab news!

Today's mission is batch cooking. As long as the 3yo is willing

missannersley That makes sense - my student loan is the old kind, so interest is much more than 1%. I attacked that one first as the rest of our debt is on a 0% card for the next year or so.

nerf Am a bad bad person really, spent far too much yesterday on early bday celebs (early to make most of Orange Wednesday at cinema 241!) plus new jeans plus some bits for the kids plus a hideous Chinese all you can eat, plus a free at least (thanks tesco clubcard) lunch. No award for me.

And 'well done' coming back atcha poss - great value shop, and I hope the DC prove helpful. I can barely do baked beans without a tantrum from one of the DC, so am v impressed. Batch cooking is v much an evening activity here.

Oh dear. Naughty step for you then.
Can't wait til pay day. Dh just got expenses and I've paid back the cc he used. Hooray!

£624 paid to CC1 and account closed!

RESULT !
well done you

Thanks TiP...feeling so motivated to really knuckle down and get next debt ticked off!

Well done

Wow - well done!

Mixed day for me. Left my lunch at home and decided to do without, then realised I had an event after school until 7. Dashed to the nearest place at 3pm feeling hungry - and bought a Macdonalds Haven't had one for a very long time - naughty on so many fronts (but stopped me passing out in front of students and parents I guess).

Then had to spend £6 on a length of plastic cable concealer stuff so I could put my TV on the wall. Only used a tiny bit. What on earth do I do with the rest?

On a positive note, I ate left overs for dinner, and my TV is on the wall and looking good

Wow mum2fergus, well done!!

Champers kava all round?!

Brilliant news mum2fergus! Must be so satisfying.

The last of my eBay stuff finished yesterday, and the final total was just under £250, which was really pleasing. Need to spend a bit of time balancing the books this weekend - haven't YNABed or checked online banking (beyond checking no alarming DDs have gone out without me noticing!) since Tue.

Well done mum3fergus! That's a superb amount to have managed.

I don't think I am going to get to my £500 target for the CC. I am feeling fed up with myself. It's mainly the disorganised shopping that is causing problems, so have bitten the bullet, cancelled the tesco delivery and I am now going to do a weekly shop mainly at Aldi/Lidl with a bit of a top up at Tesco. I've been doing both this month - Tesco and Aldi - but it is mounting up still because I have to do a £40 minimum spend to qualify for delivery.

I honestly think supermarkets are my main problem and when I get settled into a way of doing it, I should see a difference to spend.

Well done Mum2Fergus what an achievement. It must feel great. We are still plodding along paying our monthly payments but not managed to make any overpayments yet. This month is the first one that dh will have his extra £300 due to finishing paying his dad. We had promised ourselves that £200 would go to the debts and £100 to savings. However, we still have our holiday to pay for, dd's passpirt needs doing this month and it's her birthday so those plans may have to go on hold for the time being. At least by having the £300 we won't be going further into debt to pay for any of these things.
I know to some a holiday may sound frivolous when we have debts but I refuse to feel guilty about it. We both work so bloody hard all year and we think we deserve it. It's about the kids too, we want to make as many fab memories for them as we can. We have done it all as cheaply as we possinly could and the last week of the summer holidays is considerably cheaper than the rest. There are times when I say 'Why on earth did we book this when we have so much other stuff to pay? but then I think sod it.
Dsis asked us if we wanted to do an all inclusive fortnight in Fuerteventura with her and her family next summer. We would love to but coming out at £4000 a family - I don't think so! We'd need 3 years to save up that amount!!!

well done mum2pergus! you must feel so pleased!

Well done Mum2Fergus! I hope to have that feeling at the end of next month. I'm currently throwing my whole salary at our debt and getting by on my dh's and it's going well. I've cut our weekly shop in half and have only bought myself some work trousers since Christmas when I used to be a spendthrift. Feels good .

Iammummy that's going to be our strategy, too. After nursery fees, the profit of me working varies hugely, but will just chuck it at the debt.
talkinpeace a related question. The debt (£6500 ish) is 0% for a year (cc) and then I'm reasonably confident we could transfer it to another 0% card. Psychologically we want it gone. We can overpay on our mortgage up to a certain monthly limit. Would it be more sensible to pay some of this off instead? We're thinking of paying double the minimum payment to the CC, and then any extra to the mortgage. Or paying a set amount off the mortgage and then any extra to the CC? WDYR to this approach?

themoneyone how long would it take to pay off the CC using your plan? I would say it sounds good as long as CC will be gone in a couple of years. If it would be longer I would throw more at it - you never know what's around the corner and if your situation changed (job loss/long term illness/unexpected pregnancy etc) it could either be v tricky to get another CC or to make repayments on that.

Hello All,

I haven't posted much this month - mainly because I was embarrassed because it has been an epic fail money-wise. I had a lot to pay for: new window in the front room; balance on our caravan holiday to Whitby; passport renewal for DS as well as DHs birthday - so I knew it would be an expensive month, but I thought I had budgeted.

The problem was my budget was completed unrealistic e.g. putting £24 into my spreadsheet for phone/internet (as this is the tariff) when it generally comes out as more than this; budgeting an unrealistic figure for groceries (£60 per week) and managing to forget that it was my uncle's 60th birthday which entailed a family meal out and a present. I also only left myself £40 a week misc which is also completely unrealistic. We go to the bakery after swimming on a Saturday morning (long standing tradition which would upset my DS if we stopped) and that is £8 for a start!

So - I really want to do better. It is my SIL wedding this month but we have outfits sorted and DH is sorting the gift. I will buy a nice card etc. I will put Mother's Day and Easter Eggs into my budget - bakery on a Saturday - EVERYTHING.

If I still to my budget I can still almost halve my debt this year (8k). But I have to wake up. I keep making the same mistakes

Hey Notebook, don't beat yourself up. The important thing is you've recognised where there is room for improvement...and sounds like you've already started planning better to fit your circumstances-so well done you!!

notebook you've got a plan - that's the key. I've been rubbish at sticking to the budget this month too - first month of using ynab, and I hope there'll be fewer 'adjustments' next month!

Thank you moneyone and Mum2Fergus - I think I really need to prove to myself that I can do this. It's so important to me to pay off debt and begin saving to move house. I need to be more responsible.

possibly
Always hit the credit card first : just that if it ever falls out of 0% it immediately jumps to 18%
whereas the mortgage will always be under 6% (for now)
also if you get into the habit of putting capital aside, once the credit card debt is gone, you'll rattle through the mortgage

kinky
I have never in my life had food shopping delivered.
It always strikes me that you order without thinking because its so easy
and yes, minimum orders are a trap
I can go to WAitrose, get everything I NEED and walk out, having spent £20
today I did lidl as I had an errand near there - again spent under £50 (which included a chunk of booze)
go to the shop with a LIST and a meal plan
and be willing to amend it for reduced stuff
and look at your cupboards to see how many meals you can get out of what you have over ordered in the past

Mygoldennotebook
but at least you have now realised and are starting to understand how you got INTO debt
and that way the understanding of the route out lies

mygoldennotebook this was me a few months ago, wanting to budget but winding up feeling totally inept because I kept giving myself unrealistic figures

You can do it! Make a plan. Include every teensy little thing you think you might need to budget for (for us, even sweetie Friday after school for £3) and then once you've settled in to it, start looking for ways to reduce it. You've taken the first step by realising where you've gone wrong..

Hello all, yes to giving up food deliveries , and yes to cupboard checking and sticking to a list. Not very exciting but still.
So. I am almost too ashamed to post this but the magic answer I kept searching for? I have kept a list of every single extra thing we spent money from the joint account on and we - I, if I am honest - have spent the 900 pounds on various things, some essential like the gas bill and replacement kettle and a fee for something and a big birthday, and some not necessary at all like treat type food top ups.
So this month I am going to pay 450 off the cc we are doing rather than pretending I have any power to save it.

(((( Nerf )))) but you have TRULY realised where you are
success ...

That's what I am going to do at the end of this month nerf....I have a feeling it will make for uncomfortable reading! :(
We have had big b days etc this month - and next month is even worse!