Hello dear Reader,
Anyone who watched the news yesterday would have been subjected to Wavy Dave’s diatribe on the state of the economy and the request that everyone paid off their debts. Oh really Dave, so we have to hang on in there. Most people are gripping on and only just by the tips of their finger tips. I was able to pay of the bulk of my debts when there was more money to earn and living costs are slightly higher. If anyone is to pay off their debts in the current economy here is what I would do.
1. Don’t spend any money on anything other than food and keeping a roof over your head.We did this and continue to do this. Only now, in the last month have we spent anything on our home and then it’s a means of keeping warm. I would hate another winter like the last when I could do nothing but huddle under blankets to keep warm.
2. Don’t eat out, don’t go out, don’t buy a paper or magazine. My treat was a paper or magazine that I or Dearly Beloved found on the train on the way home. We still haven’t eaten out.
3. You can not afford a tumble drier, central heating, more than one light on or anything on standby. We still don’t use heating, don’t have a drier and nothing’s on stand by.
4. You can not afford baths and get a shower timer – four minutes and out!
5. Do not buy any new clothes until your debts are gone.
6. Get a water meter and save all water for flushing the toilet. We still have a plastic bowl in every sink and wash our hands then tip the water down the sink.
7.Set a £2 a day per person food budget. It’s possible to eat well on that.
8. Don’t buy books, CDs or films – we borrow all ours from the library.
9. Every penny you earn after food and overheads must go to debt repayment – you’ll never pay off what you put off.
10. Save a tiny amount, you never know when your filling will fall out or your glasses will break.
11. Snowball your debts, pay the minimum on all but one and throw everything at one debt to pay if off quickly. Keep doing that debt by debt until it’s gone.
12. When your debts are gone, do the same with your mortgage – that’s a debt too. Keep lowering the capital and you’ll have a smaller interest charge per month.
13. Ignore others who spend money, they’ll regret not getting out of debt and secretly, they’ll wish they’d done what you’d done.
14. Wrap up and keep the heating off, go to bed with a hot water bottle and read, I did for a long time and it didn’t kill me.
15. Even if you have £2.46 spare at the end of the month, put it in savings or paying off a debt.
You don’t need Wavy Dave to tell you whilst there is me. Pay off your debts. You will never be free so long as you have them. Debt is slavery so set yourself free.
Love Froogs xxx