You’ve got this! Debt shouldn’t be something to be embarrassed of as most of people are in some form of debt, unfortunately. In the situation this country is in, I think emergency fund is totally a must. Thank you for sharing with us ❤️

@50somethingbudgets

Жыл бұрын

Thank you for your encouragement 🙂 The bigger emergency fund will give us that bit more security

Bravo you! I wait for your uploads because of your transparency. I am 63 and on Social Security. My husband works full-time and is 61. We live in Lexington, KY. We have 4 adult children and 2 grandchildren. We have lived thru and gone through so many financial struggles including living on credit cards because we just didn’t have the cash to support our children. The debt we have now is $110,000 on our mortgage and $130,00 parent plus loans for our children’s college loans. Those are our only debts but at our age it keeps me up at night. Your videos taught me how to cash stuff. I have been doing it faithfully since July 1st when I started watching your channel. I love your approach and appreciate your honesty. Thank you for sharing today, I’m sure that was tough. I wish you all the best going forward.

@50somethingbudgets

Жыл бұрын

Thank you so much Marcia. I do love cash stuffing and sinking funds. It makes spending and saving more real 🙂

Life is for living, I always kick myself for not starting this kind of budgeting journey sooner to try and turn things around so we can pay off debt and still live a nice life. We are 35 and not even close to buying a home etc. I have been really enjoying your videos and I think you are doing great. Don't let anyone else's opinions effect you, you do what works for you and the family and everyone deserves a holiday 🥰 a big emergency fund will be the best thing in the long run so I don't think that is controversial at all x

@50somethingbudgets

Жыл бұрын

Thank you 🙂 My first flat was £29,500! It’s so much harder to buy a house now

@traciesmobile683

Жыл бұрын

Hey, when I was 35 I thought I would never be able to buy. Saving was impossible, debt was a factor of life. Yet at 45 I bought my home with a 10% deposit and no other debt. Budgeting is definitely the key and remembering not every emergency is an emergency.

Such a raw and honest video! Thank you for being so open with us all. Things like this cannot be easy to talk about. You can do this, supporting you all the way 🙌🏾

@50somethingbudgets

Жыл бұрын

Thank you 🙂

Thank you for sharing your story, it was so refreshingly honest. Wishing you the very best of luck with your journey x

Love how honest you are with your debt and everyone should have an emergency fund

Wonderful video. I did have to speed you up, but I watched until the end. Thank you for sharing your story ! I think that all makes perfect sense !

@50somethingbudgets

Жыл бұрын

Yes I did waffle on a bit 😂

I can here it in your voice that you're about to cry. Hugs love. You are cared about.

@50somethingbudgets

Жыл бұрын

Thank you. I might cry reading everyone’s lovely comments ❤️

Thank you for sharing your debt journey and how you plan to tackle it. Can’t be easy with the job insecurity but you are doing the right thing. Having a 10k emergency fund sounds a safe haven so I hope you achieve your goal. 👍💕💕

Poor girl. As they say ‘you do you’. You are not answerable to us. You have a life to live as you see fit. I always think life is a balance. I will follow along on your journey. x

@50somethingbudgets

Жыл бұрын

Thank you 🙂

Love watching your videos. Everyone’s journey is different which makes this type of content interesting. Budgeting is personal you do you! Having a meaningful emergency fund is no bad thing! Keep up the good work!

@50somethingbudgets

Жыл бұрын

Thanks for the encouragement 🙂

I just saw this video and want to tell you how much I admire you for doing what you and your family feel is right. I'm 54 and my husband is 57. We have a small amount of debt compared to many but still feel the weight of it as we get older. I think your plan has to be made by you, for you. No one knows your situation better. We're paying off debt slowly while building an emergency fun and living our lives. Some say you can't do it all at once but WE are. Best of luck! I'll be following along. 💜

@50somethingbudgets

Жыл бұрын

Thank you for your comments. We too are planning to payoff debt, bulk up our emergency fund while still having a life including the odd holiday 🙂

I just want to tell you so proud of you for sharing your story. You are a strong woman. Youve got this.

@50somethingbudgets

Жыл бұрын

Thank you so much 🙂

That can’t have been easy my lovely , admire your honesty . You can do this ! Xx

@50somethingbudgets

Жыл бұрын

Thank you 🙂

Great video. Wishing you luck and I will cheering you on as I follow your journey

@50somethingbudgets

Жыл бұрын

Thank you so much 🙂

Thank you for sharing - can’t have been an easy decision but sounds like you’ve made the right choice for you and your family. So brave to come on here and share ❤️ I’m in my 50’s too and often wonder how many years I’ll still have to work😳 Look forward to watching your journey and you plan for a £10k emergency fund sounds like a great idea 🥰

@50somethingbudgets

Жыл бұрын

Thank you 🙂 I do love working but it would have been nice to have the option not to!

Thank you for sharing, I appreciate following all kinds of journeys, all are unique but the collective experiences are all valid. Myself I'm starting fresh with multiple accounts in collections, owning your experience is so freeing. Wishing you much success 💕🌸

@50somethingbudgets

Жыл бұрын

Thank you🙂

Great video, thank you so much for sharing and being so honest. Family holiday yes is a priority and 10k emergency fund is not unreasonable at all. You are right not to punish yourself the important thing is learning and growing and evolving the budget and the fact you and your husband are talking about it qnd working together is amazing xxx

@50somethingbudgets

Жыл бұрын

Thank you. Our family holidays are very important to us 🙂 Mr 50 doesn’t get involved in the nitty gritty but is 100% involved in the decisions and is totally on board

The system sets us up to fail by not teaching us how to budget and invest from school age. Someone makes a LOT of money from our debt misery 🙁. Well done you for breaking this cycle and taking control of your own finances. You’re doing a fantastic job 😊x

@50somethingbudgets

Жыл бұрын

Thank you 🙂

@squadmeta

Жыл бұрын

Entirely by design. The banks provide all the facilities for gaining wealth or losing wealth, and the corporates spend fortunes funding advertising and influencers to direct you towards the losing wealth option. Everything is designed to extract money from you, once people recognise that fact life becomes much easier. Throw the TV out the window, biggest creator of debt in the history of things, if we didn't buy them they'd be given out for free eventually.

Fabulous vlog refreshingly honest ,thank you 🥰

Hugs. Stepchange were amazing with my relatives; they always said that it was the best decision they made to start the DMP, even tho it was a long journey for them also x

Good Morning, great job getting into it. It takes courage, your doing great.

@50somethingbudgets

Жыл бұрын

Thank you 🙂

I’ve watched you for a while now but have only watched this video today. You are so inspiring to watch and I totally understand why you have chosen this path. Why get yourself in more debt if an emergency comes up by trying to pay more debt when debt plans are in place for a reason. Money is such a taboo subject for many. They should really teach everyone in school how to actually live and manage your finances etc. It’s tough being an adult when you have to stand on your own two feet and money definitely doesn’t grow on trees! Good luck in your journey. Will be watching your videos every week. Keep up the good work! ⭐️

@50somethingbudgets

Жыл бұрын

Thank you so much for your kind comments and your support ❤️

First time commenter here! Love love love this video and everything you shared! We are a similar age my husband and I and would do everything just like you are going to. I actually learned quite a bit from you and will be borrowing some of these ideas. So proud of you both!

@50somethingbudgets

Жыл бұрын

Thank you son much for your lovely comments x 🙂

@debbieblincoe9880

Жыл бұрын

@@50somethingbudgets you so welcome.

I feel for you. I probably couldn’t sleep if I had the kind of debt you’re describing, especially that mortgage, and especially knowing that my job wasn’t entirely secure. I am fortunate to have a job that may not pay an exorbitant wage but it is very secure and it will provide me with a pension. We have no debt and that is a real comfort as we get older, knowing that we might not have an extravagant lifestyle but we will be comfortable and able to manage our finances. I hope you get to the same point by the time you finish your journey.

I’ve just found your channel and love this video. So honest and I completely agree with everything you’ve said. I’m unsure if anything has changed since (I will catch up over the coming weeks) but just wanted to leave a note anyway 💕

@50somethingbudgets

11 ай бұрын

Thank you so much for your comment 😊 There have been some (positive) changes especially in the last couple of months 😁

@adayfullofbudgets

11 ай бұрын

@@50somethingbudgets that’s great. I look forward to seeing what they are 💕

I think you are totally right to focus on building a substantial emergency fund and with the cost of living crisis we are in, I wouldn't be surprised if you ended up feeling you needed more than £10000! Good luck with the DMP. I'll look forward to watching more of your videos as you are very relatable (I'm also fifty something) and I've picked up a lot of useful tips from you. Thank you.

@50somethingbudgets

Жыл бұрын

Thank you so much for your comments🙂 Ideally we would like £15k or 6 months of my salary but even £10k feel likes a mountain to climb

I think the emergency fund is important. It’s the old Girl Guide motto ‘be prepared ‘. S*d the debts they will get paid through the DMP. Who knows what life is going to be like in the next few years so save as much money as you can for emergencies. A very brave video and well done to facing up to things and baring all. Don’t be ashamed you have a plan and are implementing it. None of us are perfect and well done we are all behind you 👍

@50somethingbudgets

Жыл бұрын

Thank you. 🙂

I love your videos. We are the same age and its great to see how someone else does it warts and all x having watched for a while I have been worried about you , there was just no fat in that budget no decent emergency funds to fall back on so if this gives you some room to breath then it's the right decision x

@50somethingbudgets

Жыл бұрын

Thank you so much 🙂 this plan does give us some wriggle room.

I think all your plan points are really well thought of. The emergency fund is very important to not have to commit to credit again. Following you to see how you do! I started paying debt in 2019 with stepchange (started at 38k) and I am nearly done. It feel amazing when you see you are making progress. Now im using envelope system (physical and hyperjar) and ynab to budget. Good luck :)

@50somethingbudgets

Жыл бұрын

Thank you for your support and congratulations on being near the end of your DMP 🎉🎉

Well done you!! You're doing a great job. NEVER EVER feel ashamed to be in debt. It's no one else's business only yours. I like your plan. Don't forget 1000 is only step one of his plan step 2 is to pay off your debt (minus your mortgage) Step 3 is to save 3/6 months of expenses.

@50somethingbudgets

Жыл бұрын

Thanks. I’m kinda doing DR step 1 then 2 & 3 at the same time 🙂

@richardsmith2890

Жыл бұрын

@@50somethingbudgets that scares me reading it haha 😄 😆 fair play

Darlin everything you are doing is perfect..eff dave ramsey you do whats best for you and yours and dont ever feel you are being judged..im also 52 and iv always been an eejit...everyone has their stories..you are doing great xx

@50somethingbudgets

Жыл бұрын

Thank you so much 🙂

Nothing has changed for me I will continue to watch your channel and wish you all the best

@50somethingbudgets

Жыл бұрын

Thank you 🙂

You guys are not alone, we are in our 40s and we definitely have made mistakes probably more than you guys. At least, we are all trying better now!! Let's keep going!

@50somethingbudgets

Жыл бұрын

We can do this 💪

Respect to your honesty. Not an easy video to make. Everybody's 'budget' is different, so why shouldn't you have your debt management if you think it works for you? I doubt you'll loose subscribers. We are possibly learning something new here. I was thinking why not sell the van but guess the total is much greater. Nothing wrong with camping. There's a lot to be said for a good night's sleep and I hope now this is in motion, you're getting good shut eye. All the best to you guys 💚

@50somethingbudgets

Жыл бұрын

We did consider selling the van but it would be a drop in the ocean and it enables us to continue to have cheapish family camping holidays once a year. It is always an option later on.

Thank you for sharing.... just remember you're not starting from scratch... you're starting from experience. I absolutely love Dave Ramsey... however totally respect that his not everyone one's cuppa tea...🤣. That been said...I do believe everyone's situation is Taylor made to them....not one size fits all. Saving 10k is a good thing whilst you pay off your debt etc...and as you rightfully said...age affects how we view our current circumstances. And treating/celebrating your small wins is a good thing... I admire and respect you for being open...but remember it's your journey and it's personal. Regardless of whether people have different opinions...it's still your decision. Every method works differently for everyone...so I'm not a fan on bashing any method...I believe as adults we can definitely chew the meat and spit the bones. We can always take bits and pieces out of different situations to match /personalize our situation. Thank you for allowing us to continue to go on this journey with you. You've got this... please don't be discouraged. You sharing your experience will set many people free as so many people are so ashamed of talking about this topic. Thank you

@50somethingbudgets

Жыл бұрын

Thanks for the encouragement 🙂 it is more DR personal views I dislike. His plan is a good starting point if you are beginning your DF journey and watching his free Financial Peace University videos at the start of lockdown did get my husband and I in the same place.

I will always watch you:)

@50somethingbudgets

Жыл бұрын

Thank you 🙂

Just finished my pay off plan for credit card debt, made the last payment on Friday and burst into tears, keep going its worth it and feels amazing. Although the budget will be no better due to energy price, but i will get a couple of months grace so will put it away.

@50somethingbudgets

Жыл бұрын

Congratulations on clearing your credit card debt 🎉🎉 we will get there one day 🙂

Don’t touch your pension. Save up 30% of your total debt and offer that across your creditors. If you took out another (never do this) IVA that’s all they’d get. Debt also depreciates in value on a management plan so on any credit card debt they will eventually make you an offer the longer the debt exists. This is all a game so don’t feel any guilt. They have made plenty of money off you already in interest. Kudos for taking charge of your situation but don’t think you NEED to pay it all back. They claimed it back in insurance already and will sell it on for peanuts to debt agencies who will rinse it for what they can. Learn the system x

@geordieviking6415

Жыл бұрын

Just remember offering credit to people and accepting credit is a risk for both sides. One thing I do agree with Dave Ramsey about is that debt is pretty much modern day slavery. The rest of it is his Christian belief and I don’t relate to that at all. The dude took bankruptcy which means he didn’t pay off his debt, he got it all struck off. We have been conditioned as a society to make others rich by having credit cards and loans shoved in our face which is basically like giving these institutions a percentage royalty stake in you and your life. Break the chains. Hope this helps x

@50somethingbudgets

Жыл бұрын

Thank you so much for taking the time to comment. It has really given me food for thought. Now I have the clear head space after starting the DMP I do feel less inclined to rush to pay it off and have been considering other financial priorities. The DMP payment feels like a monthly bill. Saving 30% of the debt balance could see us debt free in less than 3 years which would be amazing as I would prefer not to touch my pensions.

Seems like a good plan , especially with unpredictable energy bills and inflation . With the pension I would take into account When will you pay off your mortgage , your heath and job situation at the time and possibly take professional advice Hope all goes well x

@50somethingbudgets

Жыл бұрын

I agree I will need some professional advice as we get nearer to 55 as our mortgage will have a few years left on it

❤️❤️❤️

If your debt payoff is going to be a long period, you may as well think of it as a monthly tax. The only thing I was looking out for was your big emergency fund. The important thing is not to have to take out more debt 👍

@50somethingbudgets

Жыл бұрын

Definitely no more debt for us ever again. I view the DMP as a priority bill that has to be paid every month.

Please don't let anyone try and shame you. You are doing fine

@50somethingbudgets

Жыл бұрын

Thank you 🙂

Your video has really helped me in my own situation. Thank you I was wondering did you get lots of phone calls from your creditors before the dmp started?

@50somethingbudgets

Жыл бұрын

No, not one. I entered the DMP when most of my creditors were up to date and some just one payment behind. There is a government scheme called breathing space where creditors are not allowed to contact you, add fees etc for 60 days to allow you time to get your plan in place. I applied for this as part of my DMP with step change.

@grainnesmith810

Жыл бұрын

@@50somethingbudgets many thanks 🥰

I never noticed the idea of sack cloth and ashes with the Dave R method. Though I can see why you would think it. Seems you are rather stressed at the moment. Have you looked into mortgage insurance?

@50somethingbudgets

Жыл бұрын

It is stressful. You would think making the decision to do the DMP would reduce it but still waiting for that to kick in 😬 I couldn’t afford mortgage insurance when I had no debt so no chance now.

@traciesmobile683

Жыл бұрын

@@50somethingbudgets if you can get a copy of it get "the money secret" by Rob Parsons. I think you would find it helpful.

@50somethingbudgets

Жыл бұрын

Thanks for the recommendation. I downloaded it yesterday using an Amazon credit and read it that afternoon. I can recognise some of our behaviour and mistakes in the examples given

I am so sorry you are in this position. I am a follower of Dave Ramsey and I don't completely agree with his politics. My wife did not agree with the $1k emergerncy fund either. So, we had $3,800. I put $1k in local bank and hid $2,800 in an online savings account. Wee we did do which I see you are doing and that is sinking funds. Sinking funds PROTECT the emergency fund. When we were in debt our house and car sinking funds saved us.. Plumber twice, new tires on both cars, brakes, new battery so we never had to use our emergency funds. We also has a sinking fund for travel. We saved for 18 months for a 3 week European vacation and a 16 day transatlantic cruise back to USA. Paid for in cash. This occurred as we were paying off about $75k in credit card debt, personal loan, Timeshare and a RV. Dave never said we couldn't have a holiday, he said we had to have cash to pay for it. We did. Good luck on your debt free journey. I pray that your fear decreases but many very bad decisions which only make our situations worse are made out of fear and anxiety.

@50somethingbudgets

Жыл бұрын

Thank you for sharing your story. There are some bits of DR plan that I do agree with. Debt is not a maths problem is the one phrase of his that really stuck with me. I do love sinking funds🙂 we have planned separate ones for the house and camper so that our main emergency fund can cover job loss or major emergencies. We are hoping to increase it to £5000 next year.

You are TOTALLY AMAZING and HONEST! Thank You SOOO Much for sharing your Debt Journey! I too like you are NOT a fan of 'Dave Ramsey'! I have been budgeting for over twenty years and it was simply 'Budgeting' No fancy name! No wallets, binders etc....just what I had...which was envelopes and Tupperware Containers which l labeled! Simple 🤷🏾‍♀️! But before that I got started doing budgeting I got myself into a little debt on 'Store Cards'! I had a few and it was easy to 'spend' not as easy to pay back! Then one of them sent a letter home....now my name begins with 'V' and my mum's name with 'W'...and me being 17/18 years old still living at home....my mum opened the letter thinking it was for her and read it! When I arrived home it was NOT a pleasant evening I can tell! My Mum made me cut up ALL the Store Cards' and at the time I was going to college and working in a certain fast food 🍟🍔 restaurant part time and She made me pay Every penny back and most of all My Mum Refused to help me! Taught me a Lesson I have Never forgotten I tell you! You WILL get through this and you may get obstacles....But keep on keeping on! Blessings to You All Always in this New Chapter in Your lives♥️

@50somethingbudgets

Жыл бұрын

Thank you so much x I do wish I had be taught how not to rather than just don’t with credit and debt and to budget etc.

I've only just found your channel and I can honestly say please don't beat yourself up over your situation. I am also older and have been in the same boat. I think borrowing was much easier for us and mortgages were easier to get including interest only and endowment policies etc etc. Stay strong lovely you've got this ! 🐈‍⬛🖤 If you ever need a chat feel free to find me on Instagram xx

@50somethingbudgets

Жыл бұрын

Thank you for your kind offer 🙂