£5k debt

[user1497212915]

Hi, I've got debt of a little under 5k and am desperate to clear by Jan 2018. I've done the figures and believe it's achievable if I really pull back on our expenses.

I would love some ideas or support to help me along. Perhaps if others are saving and would like a little cheerleading group!

Thanks, Katie x

You're going to need to pay off nearly £1k per month. Don't spend on anything you really don't need to. Take a shopping list when you go shopping, if stuff's on special offer and its something you would buy anyway, get it while it's on offer

If it is made up of several differed debts, list them smallest to largest on a piece of paper and stick that on your fridge.

Pay off the smallest debt first, cross it off your list. Then do the smallest of those that remain. Visualising the debt going can really help motivate you.

Is the interest costing interest? Can you do anything to reduce the interest cost by transferring the balance to an interest free credit card, so all you payments go off the debt? Look on moneysavingexpert and use the tool that tells you which card you have the best chance of being accepted for.

Is there a fixed date in January 2018? I know Dingalingalingaling says it's nearly £1k pm, but if you are looking at paying the debt off by your January pay date, then that's 8 pay dates, so that's more like £600 pm or less than £150 pw, which might feel a bit more achievable?

Hi everyone, I have a good credit rating so I've managed to keep everything on a 0% interest. I know that it's a lot and that I need to cut right back, on shopping etc, but I think it's achievable.

Sorry, yes, I'd like it paid off by the end of January x

Have a clearout around the entire house- tackle a room per week, or more if manageable for you.

Anything you haven't used in six months put in a box for a carboot or sell online. You will be surprised what you could get for some things- some hideous statue in my mum's house I've hated for years sold for nearly £300 on eBay a few weeks back
Or you could do the "if I don't remember it's in there it goes"

Will help you make at least a dent in it

I'd like to do that but my problem is finding the time, I work full time (leaving the house at 8 and getting home at 7) as well as having two children under 6. I'll have to make a concentrated effort