Saving money is an art that not everyone is great at. So, a mother of three has some great tips that helped her save money and she managed to clear ?18,500 (Rs.18,77,807) of debt and save up ?13,000 in less than a year.?
This mother named?Corinne Card is a company director from Brighton. She was left in crippling debt after going out on fancy holidays for her family, as well as pricey home decor and little luxuries such as TV subscriptions.
The 40-year-old had racked up nearly ?20,000 in debt from different lenders and was left with anxiety-inducing credit card bills coming through the letterbox every month.
She stopped spending so much and started squeezing every penny and soon the debt was wiped out, and now Corinne has shared her story to inspire others.
She said, "I used to be terrible with money. Once, I spent my entire student loan for an upcoming term for a trip to New York. I lived the entire term in debt and was constantly in my overdraft, which set me up for failure straight away. Each time I received my next payment, I would pay off my overdraft and find myself with zero balance once again."
Her spending habits only escalated as she got older and married husband Jon, 44, in 2005, with whom she shares three children; Harry, 10, Zoe, seven, Freddie, 11 months.??
In 2019, Corinne took out her first credit card with the aim to take her family on a trip to the US, spending ?6,000 on luxurious hotels, days out at Disneyland and Universal Studios, and expensive meals out.
But when her debt got out of hand, she realized she needs to do something to change it.
She said,?"I was nearly ?19,000 in debt and I was constantly reminded by bank statements and bills that the money would continue to mount up once interest was added.
Corrine and her husband, Jon started organising monthly finance meetings where they would discuss how things were going, and they cut their outgoings - ditching takeaways and cancelling tv subscriptions. She also signed up to take part in a free online course by Rebel Finance, which she credits to changing her mindset on money.?
Dedicated to clear as much debt as quickly as possible, the parents worked long hours and took on more clients in their media consultancy agency, which saw them earn an additional ?3,000 per month.
Within a month they already paid?off ?5,000 in debt.
Corinne and Jon cleared the final bit of debt in April 2020 and have since saved up an additional ?13,000, part of which the parents have invested in stocks and shares.Of this amount, ?6,000 is reserved as an emergency fund to avoid falling back into debt.
Well, seems like saving and cutting down unnecessary expenses is the way to go.?