Debt Free 2009

[grouchyoscar]

Anyone fancy doing one this year?

I've found it rather helpful/inspirational TBH. On the last day of 2008 I've managed to stay in the black and squirel a tiny bit towards 2009.

I can see things being much tougher in 2009 so lets pool our tips/idea/etc togther and get through it on mass.

Even a credit crunch can't get Mumsnetters eh...well HTH

ooo I'll join you - I know I won't actually be debt free by the end of the year (well pretty unlikely unless I win the lottery ) but I'm hoping to clear a large chunk of them, with a view to hopefully clearing them all by the end of the following year.

OK...

From past Debt free threads the meal planners, fuel company comparisons, Money saving expert and Charliecat mumsnetter have been useful sources of cash saving tips.

I'll have a dig about my 'threads I am watching' stuff

Here's a meal planner link

And a meals on a budget thread

some great tips and links from the 2007 thread too.

We'll get there

fantastic thanks.

I'm lucky that I do actually know how to do things frugally and on a budget. I'm just crap at remembering to do it

However, I've made a positive start, I'm currently making a very large carrot and lentil soup in the slow cooker, not for dinner tonight, but once it's cooked and cooled to divide up into "meal" sized portions and freeze for futurue use. I'm often too tired/lazy to cook properly so I've foundi n the past having ready cooked stuff that just needs defrosting and heating up is a god send (and a lot cheaper than takeaways

Actually, rather oddly for a "debt free" thread I'm going to be making minimum payments on my credit accounts for 2/3 months, but that's because I have to move fairly soonish so really need to concentrate at the moment on saving money for that.

However, I think it'll stand me in good stead for after I've moved having to save now, as I'll have got into the habit of saving money to save, so that money that I would have been saving I can put toowards paying off debts quicker

actually i need you to talk sense into me.

I owe

FAQ, what I would do is pay off Littlewoods first, or at least transfer it onto one of your cards so that its accruing the same (hopefully lower) interest than the account debt. I agree with paying your family asap too as I hate personal debt like that too, but at the same time pay a little more than minimum payments on your cards, even £5-10 helps, then once the family loan is cleared you'll have the cards to pay off.

I would transfer the debt to one of the CC's (probably the hallifax one) but atm they're both almost maxed out.

I'm hoping to pay the littlewoods account off by end of April - it's not a vast amount on there - infact it's only been last month and up until I've moved that I've been paying the minimum payment rather than the interest free - decided that as much as I can afford to pay the interest free amounts now, saving money to make sure I can find somewhere to live early 2009 is the bigger priority.

I'm hoping to get loads of stuff on ebay in the next couple of weeks, as I start to pack everything that's not going to be going with me will be ebayed, and I'll probably split any money I make from that between making bigger payments on the interest gaining debts and savings.

We've managed in the last few years to pay off a £5k loan, £2.5k cc, get rid of a car which was on finance, move house- so not cheap, save up £5 to buy a car outright, have a baby- think you know what they are like financially, including rubbish smp.

We are now debt free, I can't say its been fun, but so rewarding. We are at real risk of losing our jobs but are not too worried about it as we know how to get by cheaply.

I didnt want to come across as boasting, more inspirational that if you think you can't get out of it, I'm sure you can. If I can help out on this thread in anyway, I'll try.

oh I know it's do-able - just a little more tricky when you're on benefits and need to find first months rent and deposit (and other moving costs) before you can even think about properly clearing the debts.

Hello, im chariecat with a new name!
I have a £9 headstart in a savings pot for next Xmas already.
And im saving up £2 coins in one of these that you can often get in the pound shop for a quid, but I like the ones from Ebay bestest

I think not buying magazines, juice, coffees etc can make a HUGE dent in your spending. (Ha once last year I brought me and the kids a cake each and it was £4.85 and I wont be doing it again this year...you can make your own for pennys!)

Theres also quidco, a cash back site for when you are shopping online.

And you MUST use a code when you are shopping at Tescos online to get free delivery/money off your shopping, there is a thread for these on MN, on the savings/prom codes board.

Happy New Year

FAQ if you are on benefits can you get a grant/social loan to clear the debt/help? Its interest free.

UM - but won't that take me longer to clear it as they only take a little bit out each week to clear the loan don't they??

Probably, but if it was at a rate of £15 a week or whatever INTEREST FREE it would take a huge weight off your shoulders, would be took from your money automatically (i think?) and wouldnt be costing you anything.

Mortgage Pig, a must for anyone with a Mortgage:)

oh I don't know - the debts are manageable at the moment, and I'll be able to pay extra towards them once I'm moved.

I kind of like having that flexibility with the money that comes in, if there's nothing else needs paying for I can pay extra, if something else crops up then I can just pay the minimum.

I'd sort of feel that it was taking £60 (or whatever) away from me each month.

I'll see how I go and consider it - I've never been on for consoloidation type loans.........

FAQ Have you thought about transferring the balances on high interest CCs to a loan? Somewhere with v little interest such as a Credit Union? If you're not intending to up your spending on the cards that is

Just had a look at the local Credit Unions, seems you have to be paying in for 13 weeks before you can get a loan from them - and their APR isn't actually an awful lot less than my Halifax CC (got that one when I was working so much better interest rate than the Capital One CC) - I should hopefully have cleared the Littlewoods in 13 weeks time, and be making good in roads to the Capital One.

Definitely not intending upping the spend on the CC's once they're cleared I'm going to keep them for what they were originally got for - emergencies.

Good move FAQ, you've explored the possibilities

How about a Credit Card Pig to get shut of the other ones faster?

using this link as a basis, change 'mortage' to CREDIT CARD

Just a thought

ahhh I see

I already have a "savings bus" (well I did have a post box but DS3 smashed it - so bought a new "Best of British" Red double decker bus tin in London just before Christmas.

I have everything below 50p cleared out of my wallet everyday chucked in there, it's then bagged up and once I have 5 bags I take it and put it in my "savings" account (which is actually my Halifax Current account which I opened with an idea to replace my Cardcash account, however I never got round to it so it serves as an easy access savings for me

heh heh heh...a savings bus, I like it

OK another bump for anyone who wants to get on board

oh yes it sits proudly on my mantel piece so I don't forget to clear my wallet out when I've used it

Yep, I am in. I have been doing this now for the last year! We have lowered our CC to just under three grand. We have a £6,000 loan left to pay. The bills are coming in thick and fast at the moment.

I managed to cancel my Virgin Gym membership at last. The tossers wouldn't let us cancel last year as we are on a rolling membership ( didn't tell us at the time). Last payment will be Feb. I will be looking at our finances to save even more money now.

Hi Carliecat