Time To Get Serious With My Debts

Time to get serious with my debts. Since starting to write this blog 8 months ago, I’ve made some massive changes in my life, and my way of thinking

  • Number 1 positive is that I’ve decided to tackle my crappy financial situation and become more financially stable
  • Number 2 positive is that for the first time in my life, I’ve started using a spending plan, monitoring my income and expenses and cutting back on the spending which doesn’t improve my life (like beer, lunch from the office canteen, meals out etc)
  • Number 3 positive is that I’ve made a list of my credit card debts, and started to make more than just the monthly minimum repayments each month.

My debts have reduced by £3,000 ($4,800) over the last 8 months – which works out at £375 a month reduction.

A big help in this process has been shifting my balances onto 0% deals and reducing the amount of interest I pay each month – with the money saved going towards repaying the capital balance.

This still leaves me £19,500 in the red, but thats a lot better than the £22,500 (or $36,000) I owed last September.

I’m quite pleased with the lifestyle changes that I’ve made and I already feel better now that I’m getting to grips with my financial situation. I no longer dread opening my mail as my outstanding balances are now falling rather than rising.

For the first time in my life I have an emergency fund (though I’ve realised that the Dave Ramsey minimum recommendation of £1000 just isnt enough for me), and I’ve realised that credit cards shouldnt be my first port of call in a storm.

Whoopee doo!

I’m 47 years old – can it really have taken this long for the penny to drop ?

Anyway – its time to get serious with my debts

Time To Get Serious With My Debts

Over the course of the last few weeks, I’ve been trying to organise a “money chat” with my wife.

This finally happened last weekend during one of our regular Sunday afternoon family walks.

The upshot of it is that I’ve been making a little more than expected (averaged out over the last quarter) and so has my wife who has taken on extra locum work.

I’ve become lazy, just making minimum payments again – she says its time to get serious with my debts


Instead of running a personal budget (just my money stuff) were going to run a family budget (her stuff too)

My wife has told me that she is going to contribute £500 a month towards debt repayments from her increased income. I’m going to take another £500 income from my business each month, and put this towards debt repayments (a result of my working harder/more efficiently). This will bump up my monthly credit card repayments to £1550 per month instead of the current £550 month I’m paying off now.

£19500 reducing by £1375 a month should have us debt free by the end of 2015

Much better than capital repayments of £375 per month – when it would take us to at least 2018 and still be paying off the last of our debts.

In addition to making these commitments from our salaries, I’m going to sell off a load of stuff I’ve accumulated over the years (my wife calls it man junk)

If I can sell off some my stuff, make more money at work, use my imagination to create a bit of side income I might even be able to get rid of the £19,500 ( $31,000) even quicker. The family budget will help – as I can squeeze my wifes income a bit harder too.

S0rry darling I love you and I know you read my blog – but hey – if I’m deep in the doo then so are you :)

In the month of April – I intent to reduce my indebtedness by a minimum of £1375, and I’m going to start thinking of a way to increase this amount to £1800 ($2880 in US funny money).

Maybe monetise this blog a little more, maybe set up a new online venture… watch this space

Ok – thats enough Jibber Jabber – time to get back to work





  1. Go for it and keep us posted on how it is going. Paying off debt can be quite addictive – I remember looking at my accounting system every day (as if something could change over night). Then, when our income increased and our side hustles multiplied, things started moving every day (okay, every other day). Very satidfying. As to the day it is all paid off, I can’t even start telling you how this feels.

    It is also very good news that you and your wife have started working as a team – a great predictor of success this is :).

    • getrichwithme says:

      Its better together !
      To be fair, we were running along on a single income prior to September last year as my wife was on maternity leave (non paid as she is self employed), and its taken time for her to steady her income. She has seen how I’ve committed to sorting out our finances (my finances) and is keen to get things straight.
      I have a couple of side hustles up my sleeve but dont really want to go there, as I intend to ramp up my income from my business rather than get side tracked with little projects
      I also have so PPI to claim back and some stuff to sell which will help – Now that I’m 8 months into a new way of life I feel as though i can make a few more commitments

  2. I think it’s great that you’re tackling this together! Best of luck!

    • getrichwithme says:

      Thanks Stefanie, I’m very lucky in that I have the 100% backing of my wife. She is a rock (and she rocks too)

  3. Good for you! You’re on the right track. I used the same strategy (0% balance transfers) to pay off my credit card debt before I got married. I had been clueless about credit cards and had three of them at 27.99% interest rates because of late payments. At first it feels like you’re getting nowhere, but after a while those large payments really start to make a dent.

    It’s never too late. Be proud that you realised there was a problem and you’re doing what it takes — plenty of people never do.

  4. Haha, “man junk” :P I’m currently paying down the equivalent of about £1000 each month in debt. Sometimes I see a good investment opportunity and borrow more, other times I just throw larger sums of money at my line of credit in an effort to pay it off quicker. It’s an ongoing battle though, which will probably takes many years so I don’t let it stress me out :) It’s good that you’re putting on your serious face :-x but remember that I owe more than the equivalent of £250,000 ;) So you’re in a better position than me at least.

    • getrichwithme says:

      £250k of debt can be a good thing if your using it to buy appreciating assets
      on the other hand £19.5k of credit card debt feels like a big hole in the ground

  5. I am glad you’re getting serious about your debt, and it sounds like you have a solid plan. When you get rid of your debt in 2015, you will have a big chunk of change to play with each month! Will you be updating readers on your progress?

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