9 months to debt free

[bridgewateremma]

Hello!

Some of you may remember me, I was a regular on the No Spend 2023 thread, where I was trying to pay off £9k debt in 16-18 months. Here we are 17 months on and I need some help to get to the end. Initially, over the first 9 months of so of 2023, I did really well, but I have not been as good over the last 8 months or so and I just want it paid off and I can move on! I need to remortgage at the start of February 2025, so sorting this out is now imperative.

My debt total is now slightly over £5k, which is annoying, but the truth. I have recently realised I'm in a terrible habit of paying off my target to the debt at the start of the month, but then using the same card to pay for things later in the month when I've no money left - this is a combination of having a potentially unrealistic target of money allocated towards debt but mainly simply not reining in my ongoing spending - too many lunches out, takeaway coffees and too much saying "yes"!

I feel like its been a hard slog to now but realistically I have gone on 2 x big holidays (held over from covid, kind of unavoidable) and I've also changed career over the last year, meaning lots of family and lifestyle changes, but I'm into the new rhythm now. Therefore I have really let my commitment to the debt repayment slide over the last few months. The cost of living crisis hasn't helped matters, of course, but I am acutely aware of my own failings.

Anyway, this thread is not about looking backwards, but getting to where I need to be and I realised that what was missing from the last few months was somewhere to post my ongoing progress - ups and downs; which I'm hoping I can do here. I've found I really need a thread/some accountability to help me stay focussed.

Today's totals 31/5/2024 = £5,056.00

• I've paid off £300.00 today already (the above figure takes this into account) and plan to pay off another £300.00 during June
• Likewise, I am aiming to pay off £600.00 per month between 30/06/24 and 31/1/25 (8 x payments) - most of the debt is interest free
• I have some extra work booked and some overtime in my main job which will help over the next few weeks
• I am not (for now) looking at family spending - although I will try to be frugal here - this is not my main focus just now. Food, clothes etc are not counted here - the debt and the spending I am focussing on is in my name and the repayments come from my personal spends

My main issue is reining in the spending. I have really lost my focus and seem to be careful with some things and spendy with others. I need to get creative with treats and birthdays again and try and just knuckle down for the next few months. Its like I can see this star in the distance, reach for it and it keeps getting further away. I don't want to live like this forever, I want to have money to myself again, but stay within realistic limits and spend what I have, get out of the debt cycle.

So this weekend. Tomorrow I would like to take my children out so I'm thinking of a trip to the beach - ham rolls, strawberries and crisps. We are coastal so its only a 10 minute walk away or we could drive to a nicer one a short distance away and we have a car park pass which is already paid for. I'm working a 12 hour shift on Sunday so won't spend then. I'll take some food to work with me then have my tea when I get home in the early evening.

Encouragement is welcome but I'm equally happy to talk to myself, I just need somewhere to post my progress and somewhere to be accountable.

So, here goes! £5k to go!

Sounds like you have done really well so far, I always find it just becomes a slog after a while! I have just had a couple of slack months where i haven't paid any attention to what i am REALLY spending, i tell myself i have stuck to my food budget because i did do my Tesco shops from the food account and it came in within budget but really there were lots of extra bits purchased here and there from other accounts, including pricey takeaways, cakes, tons of treats i cant actually face looking at what i really spent last month. Back to it this month.
Hope you have a nice day out today it sounds fun. I shall be baking my sons birthday cake ready for tomorrow.

If ever I needed to find a post - it was this one!

I'm currently trying to clear my credit card balance of £3.8k by Feb 2025.

Are you paying off bit by bit every month or building savings up and then clearing it in one hit?

We don't live coastal but we have NT and Merlin passes so plan on using only those for our days out. We also go to Cornwall in the summer holidays and are trying to find ways to build up a little pot of spending money to avoid spending on the credit card.

I have £5.1k on 0% cards. Realistically I'm going to end up putting a few £100 on this as I have a holiday booked that I will be frugal on but need to pay off. I have a little bit longer until I need to remortgage but ideally need to get this paid off.

I seem to get the balance down, then something goes wrong and I end up drifting back up again. I could really do without so pending so much paying it off each month so I'm determined to not put on it after this holiday. Everything is just so expensive though. I've not had a pay rise really for years as I'm stuck at the top of the band so just getting extra 2% for example every year for the past 8 years and now it is really starting to show.

Can I join you?

Hey, you sound like me. I can only wear the hair shirt for so long and then I think "I deserve [xyz] " and it goes to pot. Would it work for you to have a concurrent savings plan for luxuries? That's what I did. So as well as the money towards debts going out by direct debits, I had a direct debit to a second account for treat money. So when I thought "I deserve [xyz] I transferred money from there. Weirdly, I ended up underspending from that - which is good! But also spending less overall.

I also "fooled myself" with one of my cards by paying just a little more than I needed to every month, rather than only the minimum. That's in addition to hammering massively at the one with the biggest balance. Then after twelve months my tiny brain was like "ooh, that's gone down loads more than it could have done" (even though I'd set it up that way) and I redoubled my efforts.

I started off £11k in debt. Paid it off in two years. That was two years ago, and now I have savings! It's the best feeling ever. You can do it.

Hello!

Thanks so much for the replies! I'm so grateful for the suggestions and the support. It's going to be a hard slog, but I'm very determined.

And please join in! Post your plans and progress! I'd really love to have some friends on board too.

However, I'm going to be brutally honest about my day! I so wanted to report a NSD today (day 1!) but got sweet talked into ice creams by my kids after a lovely sunny afternoon at the beach. They cost an atrocious £9.00 (for 2 x shitty twin 99s). I was so taken aback but the kids had asked for them before I clocked the price. Anyway, hopefully a NSD for most of the rest of the week as I start a new shift pattern tomorrow and am also working a few hours overtime - this should keep me busy! In the interests of transparency, I will be at the shops during my break tomorrow to look for a new duvet cover for my eldest DS as he only has 1 set since I upgraded his duvet to a KS, so it's been wash & dry & put back on - but this spend will come out of household expenses and I will NOT be tempted to spend anything further.

I like the treat funds suggestion. I'm not sure how I would afford that though as every single penny is being diverted to debt just now, but I'll keep thinking. One thing I did think of is to keep up the extreme frugality (99s aside!) over the few months after next Feb, then use the ££££ to buy a whole load of new make-up or some new clothes. I'm dieting too, so hopefully they'll be needed by then. But these will be treats I've saved for!

Anyway, thanks again for not being shitty and asking WTF I think I'm doing still being £5k in debt when I could've been nearly done if I'd not taken my eye off the ball!

PS @mickandrorty, I hope your son has an amazing birthday - cake pics please!

@rootsandwings89 I like to pay off chunks here and there - I find it really motivating seeing the balance go down. Enjoy Cornwall, I'm very far away but would love to visit!

He did thank you & I am not a Baker 😂

One thing that has got my spending down is to use up everything I have at home. One simple rule- don't buy anything until you have completely run out of all of it or are down to the bare minimum. Make up, knickers, stationery, bags for life the lot. It's a great way to declutter as well. When you replace, buy with a cheaper alternative or go hunting for a discount or on eBay or vinted.

You'll get there. Just concentrate on the daily habits and don't think of the big number.

Would it help to transfer £20 at the end of each day instead of £600 a month. That way if you miss a few days it won't be a disaster?

Hello all!

Thanks for the messages! How are you all getting on?

This has felt like a very long week. I work shifts and started my shift pattern (6 on/4 off) on Sunday morning, 2 more to go! I'm also picked up an overtime shift this Sunday evening, for time & a half.

So I've had a planned, birthday related spend, this week of £68.00 for a special day out but apart from that I've not spent anything. This birthday spend was planned and budgeted for and is for someone very special. I've avoided all the little spends. I did spend £5 on airport parking when giving a friend a lift but this was refunded to me.

My high point this week was having a brainwave and using my Nectar card to buy new mascara (my old one was 11 months old) and some new sunglasses! I'm so pleased with my new goodies and for £0!

Lovely cake!!! Looks very tasty.

I agree about the using up. The only problem now is that I'm getting to the end of everything and I'm too mean to buy more! So I'm scrabbling around for moisturiser, foundation, perfume etc and if I lose something I've had it, it's not getting replaced!

I've paid another chunk off my c/c and now only have £200 to pay in June. I'm waiting for a cheque to arrive then I can get that payment made.

I'd love to hear from anyone who wants to share their progress!

I hope you don't mind me jumping on here, not quite the same situation but the start of a slippery slope.

12yrs ago, I had £16k odd of debt, plus a mortgage and a single mum of two DC. I was working FT, earning minimum wage, but managed to pay all debts off by setting up an agreement of no charges and interest with my creditors. This, of course, ended with no chance of having the option of credit for quite some time.

Last year, my credit record was squeaky clean, so I got a credit card 'for emergencies' only, of course. Haha! Now I have £40 owing to Klarna, £40 to QVC and £250 owing on my credit card. May not sound much, but it's massive when you're no longer working due to disability. It's causing me as much anxiety as when I owed thousands.

I had a spendy day yesterday buying bits for my hobby (crafting, which I do for a local charity but can't claim expenses back) so now I'm determined not to spend anything until next week.

So, if you don't mind, I'll check in on here every now and then for some virtual encouragement and see how you're all getting on/any tips.

Hello!

Welcome @OldTinHat! That sounds hard and I sympathise. I know £330 doesn't sound like a lot of money when comparing it with £16k, however you're 100% right, it is all relative. I know it's tricky, but try and find a £5 here and there to pay towards the debt as often as you can. I know you'll feel so much better when it's all gone.

So I can report a low spend but busy weekend. All I spent was £12 on parking while at a concert. I worked my overtime shift last night, which was straightforward but very tiring! I had to go back to bed after the school run today!

I don't plan to spend much this week - I'm at home all day tomorrow and I've lots of family admin jobs to do, then I'm back at work on Wednesday. I am going out to the theatre on Wednesday evening but should manage with just a train fare if I take a bottle of water with me. We also have plans to go to the cinema on Fathers' Day to see Inside Out 2. I have 4 x free tickets (via our and parents' Sky codes) so just need to buy 1 x ticket, which I'll pay for then get some popcorn and sweets with the food shopping. I'll do bacon rolls and then a roast chicken or something similar for tea and we'll make cards.

I am picking up a picture I got framed this week, but this is being paid for as a gift for my birthday by my Dad (£75).

Still no cheque for work I did for a family friend last Tuesday - I'll chase that up this week.

So it's all going to plan - so far, anyway!

Please let me know how you're getting on (if you'd like to), I always find other people's micro savings and clever methods so inspiring!

I had a frank conversation with DH about finances and we have agreed to s plan to pay off debt. Having a spend month due to work and having to travel (I don't get any money spent now back till August) but I'm actually slightly better off this month so far than I had thought I'd be.

Oh, and I meant to say, I am very proud of myself for plucking my eyebrows this week, saving myself £10-£12 on my usual monthly threading or waxing. They're not perfect, but better than the straggly alternative! I just wish I had a quick free fix for my greys! I wonder if I've any old box dyes at the back of my cupboard, I will need to make sure I check before buying a new one.

I am feeling a bit fed up today and like a need to spend money. I don't and am not going anywhere and don't spend a lot online usually (as I hate paying for delivery!) so should be able to ride this out.

@bridgewateremma i joined a Facebook group for people going grey naturally. Gave me inspiration to just let my greys shine through

Hello!

I hope you're all having a wonderful weekend. I'm working this weekend :-( but off during the day & don't start work until 9pm so off to the cinema for Fathers' Day today.

It's halfway through the month. I've spent more than I wanted to, but in the interests of transparency, here's a full breakdown:-

• 1/6 £9.00 Ice creams for kids at the beach
• 4/6 £68.00 Special birthday gift
• 6/6 £5.00 Airport parking (I didn't end up getting this back)
• 9/6 £12.00 Concert parking
• 11/6 £8.99 Cinema 16/6 (other tickets free)
• 12/6 £4.10 Train into town to go to theatre
• 12/6 £4.50 Theatre snacks
• 15/6 £1.20 Tuck shop @ work
• 15/6 £7.00 2 x drinks in pub (one for a friend for her birthday)

= £119.79

I acknowledge I have some work to do on being more frugal and I will continue to work on this. I think I have a lunch out to pay for next week but not much else on the horizon so hopefully I can keep spends lower over the remaining fortnight of the month.

No further debt repayments made, I'm just waiting for some funds to credit/clear, then I can make my final June payments. I have paid £400 and have £200 still to pay.

I am feeling a bit down over having no money and need to try and snap out of it. Because my debt repayment journey has been more protracted than initially anticipated, I feel like I am stuck in the cycle of working ALL the time but not having any fun. No new clothes, nice make-up, much to look forward to. Ho hum. I can't do anything other than head down and get on with it though :-(. I also know that I'm being irrational, I have gone to the theatre and cinema this week, have plenty to eat and just need to shake myself and be grateful for the small things.

I'd love to hear how anyone else is getting on...?

I'm in a very similar position OP. I had a low interest rate which runs out in November and 7.5k debt.

Here are some things I am doing which may help or inspire:

• an excel spreadsheet budget month by month
• put aside the money for the one off spends like car etc. so not taken by surprise
• be brutal, do I need it now/this year/can I make it myself/do I already own it?
• I don't know where you live but I have a national trust membership, homemade picnics are super cheap...
• selling on Vinted, Ebay and Facebook, made around £300
• cutting unnecessary subscriptions
• switching my bills bank account = £200
• I'm planning to save the money for the debts as interest is high and drip feed it to pay off the cards. Works if can be disciplined and if cards are 0%.
• learning about personal finance
• I used the mortgage charter scheme for 6 months and switched to an interest free mortgage, it never shows up on credit checks etc. but I just felt I needed the breather as long as I properly sort it put which I am doing. My mortgage will go up a few pounds, but I will probably extend the term for the time being, and throw more money at it later on.

So far I have paid off my extortionate £950 overdraft. Next month I hope to have some emergency savings. Its all to offset the credit card. Just have to see how disciplined I am.

My biggest area of spend is
...eating out. I think this is for a lot of people to be honest. So I'm certainly going to be looking at having set things that cover those events, don't require too much effort and time. It's really well worth it I think, as I will feel much less guilty about going out!

I did sign up to the MSE debt free diaries but lost interest. I'm currently doing a personal finance course with Rebel Finance and they have the idea of a monthly finance meeting, I think this will be the most important thing going forward.

It is addictive once you get going and seeing the debt balance itself, but alsp don't beat yourself up for the odd thing that you decided you valued more!

Re clothes. Maybe use the time to rationalise your wardrobe and declutter. See what gaps are. Look for items on Vinted. I go to the gym and my current leggings I noticed had a hole so bought 2 pairs at very low cost of £15 for two Athletica leggings that may have been over £100. You could set a challenge, sell one thing then you can buy one thing. Basically side quests to stay motivated. Make up wise...again maybe focus on one thing, or make it a mission to find a brilliant dupe of it. I do think shopping can be incredibly addictive, many times I've looked and then been able to talk myself out of it, but it's often the 'oh but I need a reward'...I think it's finding the cheapest reward that brings the same joy.

There was a challenge on MSE which was try to make one payment a day into savings.

Anyway you sound super motivated and I'd love to join you on the journey. My moods are a little up and down at the moment but I'll try and post when it's good and not get sidetracked with my own negative thinking.

I'm not posting here enough and I don't know if that's because I'm not being frugal enough and therefore I don't want to post or I'm not being frugal enough because I'm not posting enough. Who knows. But I'm making a renewed commitment from today to post every couple of days regardless of if I've anything much to say/spends to report, this will hopefully help going forward.

So the last couple of weeks have been an unmitigated disaster. The lunch that I mentioned ended up costing £60 because I didn't stand up for myself and say the place was too expensive or discourage the ordering of two courses while sitting there. My friend (who is lovely) was just being a little thoughtless and to be fair, he did offer to pay towards it but I declined as it was his birthday and hes always very generous and kind to me (although does earn a lot more then, as a kick in the teeth, proceeded to spend £200 on himself that afternoon - I did feel like a big of a mug then). I then got myself into a complicated situation where I ended up paying £75.00 for a framed picture for a friend. She contacted me for some help to get a photo enlarged and to add some text on it after the death of her (adult) daughter then I offered to get it mounted & framed for her as she had a lot to sort out. I then didn't feel I could ask for any money towards it due to the circumstances (she offered too). I'm acutely aware this is all people pleasing behaviour and something I need to work on. If I look back on the month, I've spent around £50-£60 on myself and much much more on others. Some of this is expected and I'm happy with but some is getting out of hand and leaving me unable to make my repayment targets, which puts further pressure on the following months.

So, I'm drawing a(nother) line - onwards and upwards! It was payday yesterday, so I'm heading into July now and trying to stay positive. However July has it's own challenges as the school summer holidays have started so I need to find free/cheap activities for the kids and teens are hard to please with a park trip or walk! It's also my OH's birthday next week so that'll be a big spend, I'll need to get a gift and maybe pay for lunch out or a takeaway for everyone. It's my wedding anniversary this month too! I think we'll plan a nice meal in and a film for that.

I spent £10.90 on end of term celebration ice-creams yesterday, £2.30 on milk & £0.80 on topping up a small bill but then I won £20.75 using up some free spins I was emailed (I used to do a fair amount of matched betting/free spins) so am still £6.75 up! We are visiting family for the day today and I'll buy some flowers but from the joint account/food budget so I won't count these, just need to resist a service station Costa! I don't think I'll have the opportunity to spend anything else, luckily!

Thanks for all the support and tips, I do really appreciate it, reread often and take it all in, even if I've been a bit crap about posting regularly so far!

With friends etc make it known you have credit card debt to pay off before your remortgage. Makes it easier to say I can't afford XYZ.

I'm very pleased to report a clean sheet since Saturday morning! No money spent on or off line. I'm fairly miserable though but just have to keep on plodding onwards!

I am off work this week but hoping for a quiet week, I've not planned much. We are off for a low-key family day out tomorrow but it won't be expensive, I'm going to try & keep spends under £20 for the day, which is a real feat with 3 x kids, 2 of whom are mid teens! Next summer, when I'm shot of this debt, I'm going to enjoy myself! I'm certainly not going to go back to previous spending silliness, but it'll be nice to get out of this work/sleep/work/no fun drudge that I'm currently in through necessity.

I hope you're all doing ok!

Oh, and I've done some reworking of figures, my debt total now is £3,550.00 - this is significantly less than the first post and although I have made some big payments over the last 4.5 weeks, I certainly haven't paid £1.5k off! I have, however, reworked my figures so that I take on less of our 'joint' debt and ensured that the debt I am repaying is my own debt only. As I'm sure is understand and a trait recognised by mothers everywhere, if we don't have enough for my kids big birthday present or for a hobby they want to do, I end up topping it up out of my spends (usually on the c/card) & I'm just not going to do that anymore, joint expenses should come from joint pots. I'm not 100% sure where the joint money is going to come from to pay all this, but I'm totally done (after 17 years, slow learner) of paying for the extra costs alone.

It's funny how all the DC costs seem to be for Mum's to fund as if having children is their hobby!

Precisely @RandomMess, it's infuriating! I've yet to have that chat, but it's on my list...

Yesterday I transferred £100 to OH for his birthday. He's putting it towards a new TV, which he's hoping to have installed by election night. This money transfer hurt A LOT but was unavoidable. I just need to keep spends down for the actual birthday this weekend. He says he's not bothered about doing anything but I think if we really do do nothing, he'll be a bit hurt so we'll end up on an outing of some sort and/or getting fish & chips or something. I'll also need to get him some chocolate or similar so I've something to hand over on the day.

I spent £22.80 on our day out yesterday, around £7-£8 of it was a bit unnecessary but the other £15 I'm comfortable with. I'm planning to wash & hoover my car today, thrilling! I might bake too or get out to the garden & do some weeding. So low/no spend planned.

I hope anyone who posted earlier in the thread is OK and just trucking on. I'd love to hear how you're getting on.

Only one spend to report from the last few days - £30 as my contribution towards joint flowers (arranged by my sibling) sent to someone who helped my Dad.

I am feeling absolutely infuriated and frustrated though. None of my recent spends have felt unnecessary but I am trying so hard but STILL OVERSPENDING as all my money is going towards other people. I understand I'm far from the breadline and im not trying to plead poverty (at all) however I'm wandering around wearing holey knackered trainers, using free shampoo or dried up old moisturiser & saying no ALL THE TIME but my money still seems to trickle away on other people. I've spent £167.00 this month (10 days in since payday) and £130.00 of that is on other people. I acknowledge it has been my OH's birthday this week, but there always seems to be something! Next month is my best friend's birthday and the following month, my Dad's - both of these people are very kind to me not just financially but in their time and emotional support so I cant do nothing for them. I'd feel so much better if my sacrifices/depriving myself meant progress on clearing the debt sooner, but it hasn't seemed to work out like that so far. Life is so expensive.

I've another 5 days off work and no money to enjoy them. I'm trying to get my house sorted and do free things - walks/do jigsaws/play games with the kids but it is a bit sad. I don't want to spend a lot but I'd love to go for a walk then treat us to lunch or go for a cheap day out.

Apologies for the depressing post. I just need to keep my head down and keep on trucking.

@bridgewateremma Im not in the same position but wanted to give you some encouragement. It is hard to pay off debt when there are other calls on your income. You have done so well and the finish line is in sight.