Becoming debt free in 2018

[iammeegan]

I've decided to make a plan to become debt free in 2018.
Money and debt give me terrible anxiety which means I bury my head in the sand and it's become out of control!
So starting in the new year and I'm going to stop spending and start paying everything off.
I would love some support and people to help motivate me.
I have already worked out that I can be debt free in 14 months with some serious cut backs and forward planning.
I'm currently on mat leave but will be returning to work in March which will allow me to pay off more each month

So would anyone like to join me?

I have just booked train tickets to go to a family wedding - £50! Will compensate for it by wearing an old dress sigh.

Nothing wrong with wearing the same good clothes again and again
buy well, buy once
nobody cares if the dress has been seen before if its a nice one

I went to Buck House in an "old dress"

I know, I know :)

What do I do about things like needing a new car seat for my son and a new bed – we are sleeping on a mattress on the floor since we moved house at the end of last year!

I’m getting concerned about being on maternity leave with this massive debt over our heads.

Do you have an Emmaeus near you ?
They sell bed frames cheaply?

TBH when I was broke I slept on a mattress on the floor for ten years
I upgraded to a couple of pallets
then DH made a bed frame out of scrap wood
and then we bought a frame in the sales.

Second hand is GOOD
Car seats : NCT sales / Facebay / ebay / gumtree

You have to reset your mindset to living within your means.
Its tough but worth it

Ok ok, you are really helping. Thank you.

Dinner out of the freezer for dinner tonight

Go for it!
have you joined the frugaleers ?
as they are a mine of useful genuine money saving ideas

But seriously, once you break your "new stuff" habits, life gets a lot easier.

For a really big "do" this summer I have bought a beautiful Phase Eight dress - £15 from Help the Aged. Its still has the tags in it

That sounds like a bargain!

I did join the frugaleers a few years back but stopped posting. I'll have another look.

Thanks.

Joining!
Have 7600 on a 0% deal with Virgin (until 6/2019) and 1500 on another with interest
Paying 200 a month on each.
Can you link me to the spreadsheet please?
I have 300 in my isa should I just put that on one of the cards, if so, which one?
Thanks

Hi Mookie
Spreadsheets are here
www.mumsnet.com/Talk/legal_money_matters/1987219-SPREADSHEETS-for-Debt-Control-Budgeting-Mortgages-etc

Pay the minimum on the 0% - as everything you pay is capital.
Then throw every available penny at the card with interest.
Throw the ISA money at it too.
Once it is paid off, throw everything at the 0% card so its clear before interest kicks back in.

When they are both cleared, set up a standing order back into a savings account rather than spend that money

I second@TalkinPeace. Clear the one with the interest first and pay the minimum on the other one.

Good luck - let's do it together!

Can i join? We dont have loads of debt but more than I am comfortable with. Have £499 on one 0% credit card and £1196 on another. Also around £250 on very buy now pay later. None of them are costing me anything in interest (yet!) But would like to get rid.

We pay £30 a week on highest balance, and £25 A month on other two.

We also have a car loan but I see that as part of the monthly outgoings anyway iyswim. That will be gone in 4 years (though I think I'm going to start over paying it next year)

We pay a massive nursery bill each month at between 800-900 A month. Have signed up to tax free childcare.

Also have a £400 overdraft which I'm putting about £10 A week towards

Can't really cut down on bills but will try to shop savvy.

I want to try some survey sites for a few extra £ but are they worth it?

Sorry long first post!!

Hi there making
It sounds like you already have a good handle on what you owe. Well done.

Overdraft is your highest interest bill by far.
Pay the minimum on the 0% cards and whump the overdraft
THen hit the next highest interest rate

Survey sites - I've never made anything - but TBH the frugaleers are more savvy on such things
Good luck

I’ve paid over £3k in debt in the last year including an overdraft.
I try to keep a lot of money in my account now.
Sadly I still have some money on a 0%credit card- I thought I was nearly done with it but I think there is still about £400 on it being paid off £50 a month, I wish I was done with it now.
I’m going to sell a lot of things in the next week and put towards getting rid of it

Thanks for the advice xx

talkin yes I am trying to make sure it gets paid off, although its tempting to pay the minimum and spend the rest on something else I'm determined not to!!

Next September ds will get his 30 hours funding for nursery so we will be significantly better off so if there is any left I should be able to get rid of it.. but I am aiming to get it gone before then to be honest!

I will have a look at the frugaleers! thank you :)

@makingdinner - got the 30 free hours then moved to a bigger house so didn't see the benefit of of it facepalm.

Funny you say that twinkle were looking at moving next year (part of the reason I want the cards paid off) so we might not see the benefit but hoping for a doer upper so mortgage potentially could stay the same!

It's always good to get out of the credit card game TBH.

Hi, another new joiner here!!

Trying our hardest to get out of a big overdraft, pay off a £3k loan and clear the cc.

Getting out of the overdraft is the hardest part! We were really good at the start of the year, cutting back on unnecessary spending, budgeting our food shop better etc but we have slipped this last month. Back on it now, so really glad to have come across this thread!

Spoke to DH about the standing order trick, he wasn't sure if you can still do this if the credit card and loan are through your bank?

Fab advice here, thanks :) x

mrsrp
Spoke to DH about the standing order trick, he wasn't sure if you can still do this if the credit card and loan are through your bank?
You can.
There is absolutely nothing they can do to stop you choosing your own method of payment
eg I pay my bill by Faster Payments when it suits me, the card company have no control.

NB
it does not work for loans which are a fixed amount every month

the magic is on credit cards where they take a percentage of the balance every month

Mrsrp here, changed username!

Thanks, I don't think it will work for the loan then as we have set payments but it's something we will definitely sort out for the CC. We have about £2k on it so hopefully will get that cleared quicker with SO payments!! X

Yup, the Loan - leave it be
but WHUMP the credit card

Even if I whump the credit cards it's going to take me years

Thanks Talkin!

It's amazing how actually taking even tiny steps to paying odd debt makes you feel more positive! I think if it wasn't for us being in our overdraft, we would be able to pay off most of our loan and CC this year.

Small steps though, and so long as we head in the right direction, we will be fine!