Recent Posts

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, […]

Snap yourself a Side Hustle

Snap yourself a Side Hustle

Sponsored post. Financial independence is all about being debt-free, and the ‘side hustle’, or being your own boss. eBay reselling, blogging/vlogging, or even photography, can be a successful way to make an income. You can begin any of these using the camera in your phone, […]

Six Steps to Get Out of Debt

Six Steps to Get Out of Debt

Being in debt can be a scary, lonely ordeal and it’s a stressful place to be, especially when you’ve got to the stage of having debt-collectors knocking on your door to ‘reconnect’ with you and arrange a payment plan. When you’re at this stage it’s […]

How to Draw up a Budget

How to Draw up a Budget

If you want to pay off debt and/or start saving and get your finances in order, you NEED to know how to draw up a budget. The only way to know what you’re spending and what you’ve got left at the end – if anything […]

December Income Report – Miss Penny Money

December Income Report – Miss Penny Money

Each month I’ll be sharing my income report for you, to show that is it possible to make extra money to help pay off debt. Here’s my December income report. It’s a little late, due to me skiing into January with my focus on several […]

How to get started with Matched Betting

How to get started with Matched Betting

One of my favourite ways to boost my income is with Matched Betting. To the unknown, the name in itself sounds daunting. But it really isn’t. You don’t need to know anything about football, or horse racing. You don’t even need to have placed bets […]

Five Meals for Less

Five Meals for Less

Money-saving isn’t just about buying the deals and saving money on your supermarket shop. It’s also about being savvy in the kitchen. Five Meals for Less demonstrates how to stretch a meal and make it go further, and use your ingredients across more than one […]


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.