Recent Posts

A New Beginning

A New Beginning

Something big happened today. My baby started school. It’s been a long time coming, and now that it’s suddenly here I feel all sorts of emotion. I’ve been planning away in the background for this day and all the forthcoming weeks and months. Because for […]

Free or Cheap Things to do in the Summer Holidays

Free or Cheap Things to do in the Summer Holidays

The children are home for summer, and the house looks like a scene from CSI. Sibling claws are out and hackles are up as the novelty of freedom wears off and boredom sets in. You’re not flush and you can’t afford to take the kids on flash days out. So, what can you do to […]

Lonely in Debt – 8 Ways to Avoid Isolation

Lonely in Debt – 8 Ways to Avoid Isolation

Having no money when you’re on a journey to become debt free, or saving, can be hard. It’s a scary time, and it can be incredibly lonely being in debt. It’s very easy to fall into the trap of staying in all the time and […]

Do You Need a New Bank Account?

Do You Need a New Bank Account?

Sponsored Post. Managing your money is essential if you’re on a debt-free journey. Some people have an account for bills, another for food, and there might be another account that you have your salary paid into. A person with poor credit might require a basic […]

Tutoring As a Side Hustle – The Frugal Frenchie

Tutoring As a Side Hustle – The Frugal Frenchie

We all love ways to earn extra money. I’m thrilled to be hosting Annelies from The Frugal Frenchie today, who has a great one that isn’t commonly considered. Here she is to tell us about tutoring as a side hustle.   Hello everyone! My name […]

5 Store Cupboard Dinners – Frugal Food

5 Store Cupboard Dinners – Frugal Food

You know the situation. The bread has run out. The crisp box is empty. There are no biscuits, and you’re out of fruit for the packed lunches. Your meal plan went out the window, and your fridge isn’t forthcoming when you ask it what’s for dinner. But, […]

How Important is Your Credit Score?

How Important is Your Credit Score?

It’s something a lot of us are quite concerned with in the debt-free community. I want to put a different spin on it. Presently, we’re occupied with paying off debt and moving away from living a life on credit. Which begs the question: How important […]

Do You Have a Matched Betting Process?

Do You Have a Matched Betting Process?

When you first get started with matched betting, working through the signup offers is fairly straightforward. The site I use, Profit Accumulator, has a useful feature whereby you can track your profits and which betting accounts you have your money in. But pretty soon you’ll […]

What is Being Frugal or Thrifty?

What is Being Frugal or Thrifty?

It’s a term we hear bandied around in the debt-free community many times. But what does it mean? What is ‘being frugal’, and how does that differ from being thrifty? And what does it have to do with getting out of debt or saving money? […]

Stop Paying Hundreds For A Mobile Phone

Stop Paying Hundreds For A Mobile Phone

One of the first things I recognised when we began this journey was that our mobile phone accounts were actually mobile phone debts. You don’t realise it at the time. It doesn’t really register. Those “affordable” monthly payments are credit accounts. And your credit plan […]


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.