A mum has explained how she cleared £53,000 worth of debt with the help of a “no spend” year.
Amber, a mum-of-three who lives in Ontario in Canada, decided to try the strict spending rule to get herself back in the clear with her finances.
A “no spend” year is where you don’t spend money on any luxuries such as clothes or going out.
The only cash you part ways with is for essentials, like food, bills and commuting to work.
“It has really helped our family get out of debt,” explained Amber.
“In the beginning, when we started the no spend challenge, we were in the middle of the year really.
“I decided I had enough of us being in debt. We were in close to $70,000 (£53,000) worth of debt.
“We were living paycheck to paycheck and most of those paychecks went to the credit cards and loans we had, just to pay off the interest.”
As part of the “no spend” challenge, the family stopped eating out, didn’t go to the movies, and only paid for their rent, bills, food, and insurance
If you feel like a whole year is too long, you could always take on a smaller “no spend” month before committing to a longer stint.
Have you managed to clear £1,000s of debt and want to share your story? Let us know: mirror.money.saving@mirror.co.uk
Amber also sold unwanted belongings around her home to help pay off the the debt quicker.
This included selling her couch, kitchen tables and TV - and even her wedding and engagement ring.
Amber said: "Anything I didn't deem something I really loved or completely necessary or I wasn't using it, I just sold it.
"Then I ended up making quite a bit of money just selling things that were lying around the house.
"I used that money to help pay off the loans."
How to get free debt help
If you're struggling with debt like Amber, the first thing to do is talk about it. The sooner you start tackling your money problems head on, the sooner you'll be back in the clear.
There are many ways to get out of debt, so it's important to find a solution that works for you based on what you can afford to pay.
As a basic rule, you should start by going through your finances and making a list of exactly what you owe, who to, and how much you're forking out on debt every month.
Once you've got your list, it should then be much clearer to see the different debts you have.
There are certain debts you should always prioritise, such as your rent or mortgage.
To get free debt advice, speak to one of these free organisations:
- Citizens Advice (0800 144 8848)
- StepChange (0800 138 1111)
- National Debtline (0808 808 4000)
Always be wary of firms who try to charge you for debt help, as you can get advice from the firms above without paying a penny.
