I am completely hooked on watching Can’t Pay? We’ll Take It Away I think it was my motivation to get my finances in order; I don’t fancy the heavies knocking on my door at silly o’clock in the morning!
We used to have an eye wateringly high credit card and it felt like we would never ever pay it back, we made some lifestyle changes and slowly and surely we chipped it away to nothing. It’s not been easy, we have had to think twice before buying anything.
It can feel boring ploughing any spare cash into debt repayment and tightening your belts ALL the time. But you have to think of the end game. It’s lovely seeing the amount owed coming down, it gets a little addictive if I am honest.
We have cut back on takeaways and lunchtime meal deals! Packed lunches and eating at home taking priority. If I am eating out with friends I always look for the most affordable meal that I still like, a jacket potato can be half the price of a burger, so I still get the pleasure of meeting up with friends but without it being quite so expensive. Plus my friends are very good if I am having a lean week they make lunch at there's, its nice having supportive people around me.
We have also cut back on spending on the kids, they have so much already, they really don’t need the latest toy or computer game and don’t even get me started about football cards or stickers!!! They are now starting to save and spend their own money if they really want something, which gives them a better grasp of their personal finances. If family give them money for their birthdays, it works quite well because I don’t get badgered the same about buying them stuff! Although you do have to be careful as its scary how much they spend on junk food. Once they are old enough to go to the shop on their own expect bumper packs of sweets and giant bottles of cherryade to be purchases of choice.
But do remember everyone’s circumstances are different, what works for one family might not be suitable for another. If you’re in real dire straights and the car breaks down or your washing machine blows up you might have to look at other options like a SwiftMoney Payday Loans with no Credit Check and that's fine if you do your research and make sure you have a payment plan in place that you can realistically manage.
Fortunately my credit rating is quite good, but it’s so easy for your circumstances to change adversely so I am sympathetic for other individuals that aren’t so lucky and don't have the same options when they need money. If you become unwell and your income stops how long would any of us last. We don’t have a buffer yet; savings are something I can’t foresee building up until the debt is gone in its entirety so I do feel vulnerable. Without our steady stream of income the bills would start mounting up quite quickly that is why we are facing each debt head on so we are in a stronger position for any uncertainty in the future.
Given that the average amount owed per adult is £6,372 (not including mortgages) it’s probably time we all started learning good money management skills! I want to be a role model for my children and show them how to sensibly manage finances.