A thread for people trying to pay off debt?

[moneyworries8]

Would there be any interest in this?

I'll start us off. I'm 30, a SAHM with 2DC.
Our debts are:

£4,000 loan that we've been paying off for 6 months.
£2,300 on a credit card

The debt is manageable but I've had the realisation that if something doesn't change, these figures are going to get bigger and bigger. I know it's a hard time of year to start but I don't believe in "waiting until the new year!"

We could post on here for advice/support as well as sharing our successes (and failures, but hopefully there won't be many of those) with each other. I feel like I need some people to help keep me on track.

So, is anyone interested?

Although I also have a DS birthday cheque to pay in and he doesn’t have online banking. But that’s less urgent!

Dontrain
I receive US Dollar cheques twice a year - they take PITA to a whole new level

So, in 2 weeks I will pay off a credit card that was £3600 in December. Very happy about this, although still have another 3 to pay off. Need to keep motivated. I'm living very basically and it's making me feel low!

Wow coffeechoc! That's incredible progress. Don't lose heart though. I know it's tough living off such a small amount, I'm feeling the same. But think how grateful your future self will be for the sacrifices you're making now.

@coffeechoc maybe time to address that low feeling? Otherwise (in my experience) it’s easy to fall off the wagon big time!
Is stuff you are missing or activities? Maybe finding some cheaper ways to do things you enjoy is the key? I get the same feeling sometimes so would love to know how people get through it

Coffeechoc
As you may have read, I am very against the treat culture
unless you have done something that really warrants the treat.
I'd say clearing down a whole card definitely warrants a treat.
So, from April, you'll go to throwing that repayment money towards the other cards.
In the mean time, give yourself a £50 treat - a meal or a manicure or whatever makes you feel good
And then plan forwards for the next time a card is gone
and the next time
and then the last card will be gone
and that day will come sooner than you think.

I like that idea Talk.

Thank you @moneyworries. I know, I'm trying to keep positive. I'm on my own with DS and keeping everything running is hard at times mortgage, bills etc. just the responsibility. The debt built from divorce, holidays etc I also cancelled gym. However I've lost a lot of social interaction there and along with less exercise it's having a detrimental effect.
@Nevertwerk. I do need to address it yes. I'm not in an unmanageable amount of debt. I think I may have spent to fill time, make me feel better etc but now it's gone I'm having to address issues. Does that make sense?
@talkin. I've already increased my dd in place for when the card is paid off in 2 weeks. yes think I do need a treat of sorts. In my case, that treat would be some company

Coffee although I can't relate to being a single parent, my husband has been working overseas for 9 months, so I can relate to the isolation. I have 2 daughters and feel like my life revolves around all things child related and I do nothing extra, for myself, if that makes sense. I try to remind myself that it won't always be this way and I really do love being a parent and all that comes with it. Once we are out of debt, I will start to do things for myself again ☺️

coffeechoc
I'll be honest, I'd suggest you restart the gym
it will slow down your debt repayment a bit
but it will be good for your body
good for your head
and if you use it regularly, it will not work out expensive per visit.
That bit of support network / sounding board will make the rest of the process run more smoothly

@money. that is exactly it. Isolation and in my case, I've lived with DS for 10 ish years on our own. Although I've had relationships since nothing has come of them. So I'm worried about the future.
@Talkin. Yes, I think I'm going to rejoin my mental health is suffering, I've gained weight too so not feeling the best.It was my go to and I went most days , something for myself. Was definitely getting value for money.

Coffee
When DH and I went through a HORRIBLY rough finance patch we looked at cancelling everything
and the gym was the last to go
because we rationalised that because it could be used as many times as we like a week it was worth it
and during building work, we washed there every day !!

Any YYYY if you are feeling lonely, that bit of adult conversation, including friendship chats with blokes and their wives is good for you.
Make that your treat
you deserve it

moneyworries
Forces wives need their own support network and gyms are a good non regiment based one
go for it

That's exactly it @talkin. It's somewhere to go, can shower there, have a coffee etc plus I need to start training for a half marathon. Thank you. I'm so tired of doing everything on my own. After 10 years I've nothing to prove wrt being independent!

Thanks Talk. Trouble is that I have my youngest with me all the time so it's hard to do anything adult, if that makes sense. I do socialise as best I can by going to baby groups etc but once DH is back, I'll definitely look into the gym here and see if I can join ☺️

coffee
Oh god yes, the peaceful shower !!!!!!
My kids are both at Uni now but I so remember the bliss of drying my hair in peace
And that was when we were on tax credits and moving money between accounts to make it look like we had some

money
At our gym there is a wholesale unofficial babysitting circle .....
One person goes to pilates and has a coffee keeping an eye on two kids
she then goes to yoga and her friend watches the kids ...

@money. It is difficult without adult conversation. I remember when DS was a baby, was hard. it does get easier. I think the gym is definitely the solution.
@Talkin. you must be so proud of your kids!
I'm working all hours, difficult with one wage by exh does pay maintenance. I'm not entitled to any help now.
So guys, I have got a 3 day pass for the gym for £3, I will take my own water

How is everyone getting on?

Hi Coffee...doing ok here. Waiting for my formal redundancy calculation to come through to let me plan my next steps. Also Googling for an IFA that can give me some advice re the redundancy money and pension

I've made a decision today that could be a really bad one. I need to retrain in something if I want a good career in future. I've signed up to study AAT level 2 in accountancy. I've put the £695 on a 0% credit card. It's a risky one as I'm obviously already in debt but I want to give myself the best possibility of good earning potential when I start working again.

Feeling quite excited in all honesty though. I want to give my family a good future and I'm hoping this will help me to get there.

The course starts next month!

Moneyworries
AAT is a good course.
You'll need to start clocking up practical experience ASAP but we CCAB beancounters rely on AATs up and down the land.
Join a couple of accountancy forums and read all you can as its the lateral thinking that makes the long term income.

Thanks for the advice Talk, it's much appreciated. My daughter will be getting 15 hours funding at nursery as of September so I'd love to try to find some part time work then to fit round her hours. I'd even work voluntary if need be. I can't wait to get started ☺️

Hi everyone, please can I join? I’ve had a rocky few years which has resulted in about £14k debt. Just under a grand on a catalogue, two loans at about £12k total and my £1k overdraft.

I’m on a very low income atm and I’m struggling. I spend more than I earn most months and it’s bevome unsustainable to the point where I had to borrow money to go and see my dying father last week and now am in he position where I can’t afford to go to the funeral or contribute towards it.

I can’t afford to cut anything more out of my monthly spending as I’m on the bare minimum and did consider an IVA recently, but the practicalities scared me.

I can access maybe about £600 from my DM so my ideas were this -

I’d have to keep some aside to pay for my MOT in April but my car insurance is also due for renewal. I could pay that off in full, as well as the remaining £100 on my phone handset. Maybe my car tax as well. This would free up about £25 a month to overpay on something else?

Hi, and welcome! There are a few 'maybe's in your post...have you sat and written out a full list of all your income and outgoing? That will give you a better picture. Also your plan sounds like it will only allow you to overpay things for up to a year...what will you do when things come round for renewal again?

Respect to you for aiming to get back on top of things...could you perhaps share your budget here and you could maybe get some ideas of how to balance things a bit better?

Good point Mum4 about it being for a year. DS starts school nursery in September and that means I am immediately £44 a week better off as I don’t need to pay childcare fees so I suppose that’s where that’s coming from.

I earn approximately £190 a week in terms of wages.
£80 every 4 weeks CB
£130ish every 4 weeks WTC

Outgoings

£44 pw childcare
£75 pm to DP towards bills
£121 pm loan 1
£162 pm loan 2
£50 pw petrol. This sounds high but there is no public transport to work and it’s £11 round trip 4 days a week. The only other places I drive is to nursery to pick DS up twice a week and to the supermarket once a week.
£50 approx pm phone
£13 pm car tax
£7.99 pm Netflix
£9.99 pm Spotify
£30-50 pw groceries. I spent £30 this week but £45 last week.
Obvs £23 ish on bank charges for being in overdraft
£30 ish pm catalogue