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Original poster

Debt Free 2007?

551 replies

Flamesparrow · 28/11/2006 17:42

Keep thinking about this since yesterday...

Am thinking that my aim for 2007 is to be in a decent(ish) money situation next Christmas BUT I don't wanna take the swing out of the budgie's cage completely...

I need to work out how to save money, pay all the bills, but still be able to have the odd treat here and there.

I thinking:

  • Decent food budgetting/planning
  • uswitch (I think I am on the cheapest anyway)
  • s/o for savings AND a s/o for treats
  • Work out the birthdays that will be coming across the year and make sure I put aside enough each month to cover the hell months.

What else should I be doing?

OP posts:
FatFikAndFugly · 24/01/2007 12:43

errrrrrmmmmm, not really sure. Home owner, need to get out of my overdraft, I have a £3k limit and am about £1500 into it each month. Have started making cut backs but could do with some inspiration.

I mentioned on another thread I posted on that I have started meal planning, only buying essentials. Stopped eating out so much (this was a huge part of my expenditure). Started bringing lunch to work etc. I was hoping to pay off some interest free credit early so that it would free up the montly cost but it would cost me £500 more than what I owe to pay it off so that's out.

I have a loan take out of 6(?) years I think but once I can get out my over draft I might look into paying more off each month.

I've also stopped d/d's into mine and dd's savings account so no more savings until overdraft is paid off.

I desperately need inspiration.

charliecat · 24/01/2007 13:10

Would a mortgage pig help?
I think stopping buying magazines,stop nipping to the shop to come out £5, £6 , £7 lighter all help
There also a massive list at the bottome of this thread....Tesco Credit Card so as your spending your getting points to swop for days out/holidays etc is my fave

FatFikAndFugly · 24/01/2007 13:17

I never buy mags. don't use a credit card so that's ok.

I am in the market for a new mortgage as my tie-in runs out in April

CocoLoco · 24/01/2007 13:32

One way to deal with your overdraft is to open a new bank account and switch all income and outgoings to that, so that you're not losing half your money as soon as it's gone into your account IYSWIM - if you have a positive balance it's easier to keep things on track. Then pay a fixed amount into your old bank account each month to gradually reduce the overdraft.

FatFikAndFugly · 24/01/2007 13:38

say that again...? that would mean rearranging all my direct debits etc?

CocoLoco · 24/01/2007 17:30

Yes! Bit of a PITA to change accounts, but then you don't have to spend half your life living in your overdraft, and you can start to make inroads into paying it off. It's so depressing to always have a negative bank balance.

Anyway sounds like you're doing all the right stuff with meal planning, taking lunches to work etc, those savings really add up.

GreedyGecko · 24/01/2007 19:42

FF&F, we recently opened up a Smile account. Basically DPs wages & all household type DDs come out of that, our Barclays a/c is then for the benefits to go into & other bills (credit cards) come out of that.

Smile do everything for you, all you have to do is print off a letter, sign it, send it back, and all DDs, SOs & wages etc are transferred by them. Easy.

It is a lot easier to keep track of things that way.

FatFikAndFugly · 25/01/2007 09:54

I have a small amount of savings that I've been sitting on as a little safety net not much but I'm a single mum with mortgage etc so thought it'd help a little if anything happened to me and I lost my job.. nayway I've decided to put that into my current account and see if that helps me get back on my feet. Means I must be very very strict with myself though (which has always been my problem)

We were planning to go on holiday this year but I'm planning not to have a holiday now.

nikkie · 25/01/2007 19:27

I have joined the make £400 by easter on ebay thread and am having a major clear out!

Original poster
Flamesparrow · 25/01/2007 19:40

FF&F (were you someone else?) - Is spending the savings going to help you a lot, or would cutting back a hell of a lot do the same thing? I'm worrying about you spending your only safety net iyswim

GG - How long did it take for Smile to process once you'd posted your paperwork? I think mine got lost in the post.

DH's work lost the contract. That makes his job very unstable It wasn't actually his department's contract but if they need work, it makes more sense to give it to the main centre and shut down the little offshoot (DH). Worrying won't do anything though, so we'll just have to see.

OP posts:
Original poster
Flamesparrow · 25/01/2007 19:41

I will go look at the ebay thread...

OP posts:
nutcracker · 25/01/2007 19:44

CC, where can I get one of those money tins where you can save £500 ??

Original poster
Flamesparrow · 25/01/2007 19:44

Oh since watching that pay off your mortgage thingy I have been thinking that at the moment I have been going with saving money, but still enjoying life, but if we were to cut back on absolutely all extras, we could pay more off the loan each month... with selling coming off the loan too, we could get a big chunk off. It would involve the next 12-24 months of not a great deal of money involving fun, but not having to pay money off loans each month would be great.

I think I'm starting to lean towards debt free 2007 rather than just decentish money 2007

OP posts:
charliecat · 25/01/2007 20:13

nutty here.....they had ugly ones in the pound shop recently for a pound...so have a look beofre you buy!

nutcracker · 25/01/2007 22:07

Blimey really, they were in the pound shop and they were £1

Sorry, couldn't resist

Ta for the link.

FatFikAndFugly · 26/01/2007 09:14

yes I am MOH (must change back). Where is the eBay thread link? I'll join that, I have SO much in the loft and need a kick up the arse to get int all down.

re. savings, It is my only safety net but I earn less interest than pay on my owverdraft so I'm losing money in effect by having them. I know I have to cut back a lot and I know I live a seperate life to the one I can afford, it's very hard.. I think knowing that safety net isn't there might make memore careful about what I spend (ifkwim). Also if I don't got o/d every month I can start putting money back in.

I'm not sure how this will go down on this thread as I know there are people in a much worse financial state than I am and I'm aware mine is very self inflicted but I have cancelled my personal trainer last session today. Quite worried as it really helps me handle my depression to the point where I've stopped taking a/d's now. I have promised myself only one starbucks and one meal out a month (unless dp is paying).. I reckon this combined will save me at a rough guess ~£200 a month . I have been spending weekends at home with dd rather than taking her out so that should save me money and petrol.

My main problem is I have no idea how much I spend on anything.

I'm also trying to keep my house in better shape and I'm feeling motivated at the moment as it's the first time I've been looking at a weekend having done my washing throughout the week, also house is tidy for a change. This weekend's focus is ironing!

I hope I haven't made myself sound like too much of an arse.

FatFikAndFugly · 26/01/2007 09:14

oops that's rather longer than I expected. sorry.

charliecat · 26/01/2007 09:54

FF and F, your cancelling your PT is my cancelling my milkman. We all have luxuries that we can/cannot live without...and as we have both cancelled our luxurys we will both appreciate them, should we ever be in a position to have them back!!!!
Nutty Somethings are 1.99 in our pound shop...and more!!!!
I am on a complete no spending drive. Unless its essential.

FatFikAndFugly · 26/01/2007 10:42

Yes your right CC.

I know this is a stupid question but how do you find out who you have a loand with? (I am aware that I am probaly the only person in the world who might forget such a thing)

I know it's an purely online deal, possibly IF or ING but for the life of me can't rememebr which one, no emails or any sort of contact. The money is being debited just fine.. I think it says halifax on my statement

charliecat · 26/01/2007 10:43

Oh I have no idea thats just the sort of thing I wouldnt know either!!!

FatFikAndFugly · 26/01/2007 10:48

OK Halifax owns IF so have gone to IF website. Do I dare phone up and sey "Excuse me could you tell me if I owe you 10k?" lol

charliecat · 26/01/2007 10:51

Yeah go on then!!! I rang black horse finance in a panic ages ago.
I moved. 6months later I got a catolougue bill at my new address for £1000 forwarded by royal mail from my old address...shhreeeeiiiikkk. The new tenants had ordered 2 identical camcorders in my name.I still knew my neighbour and she mentioned they had a brand new sofa from DFS.
OMG I though, I bet its in my name...
so I rang black horse and they were ever so nice, said it definetly wasnt.
Good grioef what a waffle...yeah give them your postcode and house number and they should be able to check.

Original poster
Flamesparrow · 26/01/2007 14:52

If you ask the bank then they should be able to give you all the details of the DD, or just go with calling IF (or is there a section for you to log on with your details etc? I had a loan with either mint or egg and couldn't remember which - turned out I could log into egg )

Smile paperwork came back today, so that worry is over.

Cancelling the PT - its all relative, just because you have/had the money for a pt doesn't mean you don't have debts to clear/finances to straighten. I knnow I am one of the lower down ones on MN, but also that there are lots worse off than me and a lot of my spends/cut backs seem silly to them.

OP posts:
ska · 26/01/2007 15:02

just catching up with this thread again this week. I think that the pay off your mortgage programme is fab and has inspired me loads to try even harder! had big chat with dh about 'our future' as in where we want to be in 5 years, money/job/lifestyle wise (Basically i am a hippy at heart and want a small holding) but we need to sort out our money NOW to achieve it.
have tried the bank accounts thing (swapping around to limit the od getting bigger) and it seems to be helping

and cancelling anything you love/means a lot to save money is hard - for me its mag subs (daft but i so love them) and we no longer have takeaways and i find that really hard but am geting used to being more organised.
so well done everyone and see you next week!

Original poster
Flamesparrow · 26/01/2007 15:20

DH agreed to the tighter budget & loans clearing

OP posts: