Recent Posts

How To Smash Mystery Shopping

How To Smash Mystery Shopping

Mystery shopping – together with task apps – is one of my favourite ways to earn extra money. But it’s not easy to fit it all in when you’re juggling so much else. So how can you maximise your earning potential when you’re struggling to […]

Save Money On Your Meat when Meal Planning

Save Money On Your Meat when Meal Planning

Meal planning – on a budget – can be frustrating when you have fussy kids. You get stuck in a meal rut of what they will and won’t eat. So I’m trying some “new” recipes this week using meat as the main event with just […]

Budget Breaks: Driving Holiday in France

Budget Breaks: Driving Holiday in France

* Post written in return for financial remuneration One of my favourite ways to take a break is by camping and exploring off the beaten track. Not only is it one of the less expensive ways to take a vacation, it allows the opportunity to discover […]

My No Spend Life (Or Not)

My No Spend Life (Or Not)

I recently read The No Spend Year: How you can spend less and live more by Michelle McGagh. I’ve been left puzzled by exactly what I was spending money on prior to this debt-free journey. If you’ve not read it, it’s well worth it, as it […]

January to March 2019 Income Report

January to March 2019 Income Report

I’m conscious of the fact that I haven’t done an income report since December, and as I’ve had a pretty good couple of months I thought it was time to update that. So here is the full January to March 2019 Income Report. January Income […]

Cheaper Insurance Cover without Messy Renewals

Cheaper Insurance Cover without Messy Renewals

* Post written in return for financial remuneration.   One thing I detest when it comes to managing finances is Insurance Policy Renewals. Which is why I’m excited to be collaborating with Cheapercover.com to let you know about their plans to change things. People want […]

How I Fit Matched Betting into My Day

How I Fit Matched Betting into My Day

For those of you who don’t know, I’m a stay-at-home mum. I have one child in school full time, and the other in preschool three days a week and with me the rest of the time. This can make things a little tricky for doing […]

Why I started the Miss Penny Money blog

Why I started the Miss Penny Money blog

The initial purpose of this blog was to document my journey out of debt. Yet, there’s a little more history behind it. Read on to find out why I started the Miss Penny Money blog.   My blogging story Since 2012, I’ve dipped my toes […]

My Matched Betting Top Tips

My Matched Betting Top Tips

As I progress through my matched-betting journey, there are certain things that have cropped up that I think would be useful to share, especially for people who are apprehensive about getting started, or are about to start but have some reservations.  Here are my Matched […]

The Secret to Mystery Shopping

The Secret to Mystery Shopping

Do you want to know the secret to mystery shopping? A few years ago, I’d heard how some people were doing mystery shopping visits, but it didn’t seem to be a very accessible market. I’m not sure if that’s because it was a well-kept secret, […]


My debt-free journey

My debt snowball

My debt snowball

 

THIS is what happens when we get credit (see below).

You turn 18, and you apply for your first credit card, because that little leaflet you received through the post stroked your ego. ‘You’re officially a grown-up now! You’re working, and now you can apply for credit! And what’s more, you’ve been Pre-selected to apply.’ You read on to discover that this leaflet makes a lot of sense – you might face an emergency and a credit card would be really handy to have. Plus, you know, it would be nice to buy some new clothes and you’ll pay it off next payday… which you would, if you’d had lessons in money management and been educated on the dangers and pitfalls of credit cards (or, better yet, you’d not get one in the first place and would have savings for emergencies and a budget for clothes).

A few months later, you need a new car, and your parents suggest getting a car on finance. The theory goes that so long as you have a new car, you can ‘trade up’ each time you’re ready for a new one. Which isn’t really the case, thanks to depreciation and you ending up owing more than the car is worth, so with the next car you buy comes higher monthly payments. And what happens when the car gets written off? You still need to pay that loan, and now you have no car.

The story continues, and you reach your late thirties, STILL in debt and wondering why, despite being managed, (or is it?) you’ve been making debt repayments for over 20 years? It’s because despite making those repayments, you’ve been conditioned (along with the rest of society) to believe that having credit is a normal way of life and it’s the only way to get nice things. We live in a world of instant gratification and ‘I want it now’, and don’t realise the value of things. We don’t get that intense elation of having worked so hard to save up for and obtain something.

It’s time the world woke up to the damaging effects of credit, and time companies stopped pushing it on unsuspecting consumers. When all this is over, the only debt I plan on having is my mortgage.

This picture is what happened one Saturday morning while sitting crafting at the kitchen table with the kids. I knew in my head how much my debt was, but I needed it written down in colour. And I needed a plan.

So, this is my debt snowball. Let the momentum begin.