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New years resolution - Reduce debt

Discussion in 'Personal' started by walby1993, Dec 20, 2010.

  1. walby1993

    walby1993 New commenter

    Hi all,
    I am already thinking about my New Year's resolution of reducing my debt. My partner and I are in about 20k of debt (not including mortgage or student loan) and I would like to clear this in two years. So 2011's resolution would be to put a reasonable dent in it e.g. reduce by 8k or more.
    I thought that it might be nice to keep an update on here, with others who have similar aims, no matter how big or small their debts are, for support and ideas.
    Post if you want to join in!
  2. Hi walby....I had a major freakout around about September over the financial mess I had got myself into. Posters have been incredibly helpful, particularly with the blunt straightforward advice! Since then with a lot of willpower (and a fair few bumps along the way) I have managed to pay about £700 towards debts....something which I could do much much better!

    Have you checked out the moneysavingexpert forums as well? There are lots of really fantastic DFWs over there who can offer lots of support and advice.
  3. I second PFFs advice about moneysavingexpert. There are forums on there for 'Debt free wannabes' who write everyday on threads about their progress. it is tough but probably helps a lot to join one and document your progress as they have so many tips for keeping your lifestyle within your means.
    Good luck. What you are doing is so worthwhile and something you'll never regret I'm sure.
  4. I have it behind me and it is so worthwhile.
    I'll support you all the way!
    You just need to remind me not to smoke...
  5. I'll join you, debt free apart from mortgage and loan before next Christmas. Plus savings.
    Optimistic but acheivable if I stick at it.
    Quitting smoking will go a long way to help so probably joining you CQ, have tried sooooooo many times, have to succeed one day surely.
  6. Deal.
    You have a date [​IMG]
  7. I have found keeping a diary on there and updating my signature every time I make a payment really really useful. The no spend day and budget challenges are quite motivating too.
    At first I just found it really really helpful to read stories of people who have climbed their way out of huge debt holes, especially ones that were significantly larger than my own.....it made me realise that it was possible to actually get my act together!
    The hardest thing is changing habits.
  8. I felt absolutely sure that this thread was from Call Me Dave.
  9. walby1993

    walby1993 New commenter

    Thanks for the advice about the moneysavingexpert forums PFF and ladymarm, I will be joining up there, I think. I agree that it will be quite motivating keeping a log as it will help me feel like I am making progress.
    PFF, I have recently had my freak out about the amount of money we owe! Don't get me wrong, we can afford our repayments so its not as though we are struggling to make ends meet. But the thought that it will be circa to five years to pay off our debt at our current rate, and the fact I don't want to start a family with debt, I really want to speed up the process.

    CQ and dipsue, smoking will make a massive difference. I know a couple who gave up smoking to help them save a deposit for a house!
  10. I've only stopped smoking a week ago but I everyday I put the exact amount I would pay for a pack into a small purse. At the end of next month, I intend to use whatever the amount towards payments to my credit card, or treat myself to something as a reward. Smoking is expensive, even in my country where cigs are pretty cheap still.
  11. How is the first month going?
  12. littlemissraw

    littlemissraw Occasional commenter

    I'd love to be reducing my deby but with no 'real' work and trying to start up a business to get some work, it just seem to be growing [​IMG] and that with my OH paying for everything. Poor s, hes such a star.
    Hope your progress is better! x
  13. http://www.thedailymash.co.uk/news/society/credit-card-debtors-sleeping-like-babies-201101133430/
  14. I,ve paid two hundred off debt this month which is bloody good as January is a **** month usually and I don't have that much spare, but I,ve tightened my belt and it's starting to show.
    Have GP appointment for next week re quitting the fags. I know some would say cold turkey is the way to go, but have tried and failed soooo many times, I want to give myself the best shot at it.
    How's everyone else doing?
  15. Struggling this month. Far too many birthdays etc all happening in January.
    Back on track in February. Pleased with myself though as I have massively cut back my spending so although I am not putting as much towards debt this month, I am not spending loads and digging myself further into debt.
  16. walby1993

    walby1993 New commenter

    Me and hubby to be got approved for a consolidation loan! I know it seems crazy to get out a loan when the resolution is to get out of debt but it was only to cover exisiting debts and the new rate of interest is much lower, therefore, even if we only pay the same each month we will still pay it off quicker! Done pretty well with economical shopping so far as well!
  17. Keep at it.
    About six months ago I posted on here about being finally out of debt after many years.
    Since then I have managed to save enough money to buy a car, a dishwasher, a tumble dryer and buy myself some new work attire and I STILL have money left.
    In fact, my account is scary - I am not used to such a plus in my account. I STILL have a plus, every month.

  18. littlemissraw

    littlemissraw Occasional commenter

    Great to hear CQ! [​IMG]
  19. Just be very very very careful with your consolidation loan. There are so many people on the MSE boards who have taken them out and then dug themselves into an even bigger hole by building up another debt on top of it.

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