Mum of three explains how she paid off £ 18,500 in debt and saved £ 13,000 in one year


A mother of three has revealed how she wrote off £ 18,500 in debt and saved £ 13,000 in less than a year – and shared her top tips so others can too.

Corinne Card, 40, a business manager from Brighton, UK, found herself in debt after spending classy vacations for her family, along with home decor and little luxuries like TV subscriptions .

The mother’s overspending habits started in college when she spent all of her student loan for the term on a trip to New York City and had to live with her overdraft until her next check. pay.

After graduating in 2003, Corinne had nothing left to her name and felt worried about the future – but was determined to pay off her debts and find financial freedom.

Did you manage to get out of huge debt? Message [email protected]

Unfortunately, the reality was very different.

The overspending habits only intensified as she grew older and married husband Jon, 44, in 2005. The couple had three children: Harry, 10, Zoe, 7, and Freddie, 11 months.

Corinne Card with Jon in 2009 in Key West, America


Jam press)

In 2019, Corinne released her first credit card in an attempt to take her family on a trip to the United States.

She’s spent £ 6,000 on luxury hotels, days at Disneyland and Universal Studios, and expensive meals.

The credit card statements were anxiety provoking and made the mother feel that her debt was now a “ticking time bomb.”

It was then that she knew something had to change.

Corinne Card and her husband Jon at their wedding in 2010


Jam press)

“I used to be terrible with money,” Corinne told the Jam Press news agency.

“Every time I got my next payment, I paid off my overdraft and ended up with zero balance again.

“In 2008, I moved into my first apartment and was finally making a little bit of money every month, so I decided to start some new furniture.

“Although I shopped I decided I wanted luxury and settled on a sofa, bed and rug which cost me £ 5,000 in total.

Corinne at home in Brighton


Jam press)

“I didn’t know when to stop and although I didn’t like my financial situation, I thought it was completely normal for someone my age.

“I never defaulted on any major payments, but I couldn’t afford the lifestyle I was leading and found myself in more debt every month. “

Although Corinne’s husband had his own credit card debts and overdrafts, he made sure they were paid off each month.

But the couple kept their finances private, so neither had a clue how bad things were.

“I had almost £ 19,000 in debt and the bank statements and bills constantly reminded me that the money would continue to accumulate once interest was added,” said Corinne.

Mother-of-Three Says Getting Out of Debt – With Help


Jam press)

“I felt like I had a time bomb to pay off the money and since I had never had a credit card before that it really scared me.

“I was disappointed in myself for letting my finances evolve like this and wondered how I was going to get out of this rut.”

Not knowing where to start, the mother began by being honest with herself and her husband about the gravity of the situation.

The couple held monthly financial meetings, laying out their expenses and income, and came up with a plan – to tackle credit card debt first, before moving on to direct debits and overdrafts.

Corinne also signed up to participate in a free online course from Rebel Finance, which she credits with her change of mind about money.

Corinne Card with Jon and their children Zoe, Harry and Freddie


Jam press)

Corinne Card and Freddie


Jam press)

Determined to clear as much debt as possible as quickly as possible, the parents worked longer hours and hired more clients at their media consultancy, saving them an additional £ 3,000 per month.

The couple also cut costs by ditching small luxuries like TV packages and restaurant meals, and compared their monthly bills to find cheaper deals and save money.

Within a month, they had already paid off £ 5,000 in debt.

She said: “Our first goal was the credit card because that was the only thing that would make us back down.

“We noticed that we had a lot of direct debits for such unnecessary items, such as subscriptions to newspapers, magazines, gift boxes – the list goes on.

“After canceling these, we moved on to reviewing our monthly bill packages and used comparison websites to make sure we were getting the best deal. “

Corinne and Jon forgave the last debt in April 2020 and have since saved an additional £ 13,000, with some of the parents invested in stocks and shares.

Of this, £ 6,000 is set aside as an emergency fund to avoid falling back into debt.

The couple still have their monthly financial meetings, and make sure not to criticize each other’s spending habits but to keep a positive attitude.

She said: “Finally, we were out of debt. We were relieved and excited about the future because we finally had some money under our belt.

“I felt proud and calm that we were in control of our own finances and for the first time in a long time we actually didn’t feel guilty about the numbers in front of us.

“Since we have three children, we want to build a solid set of investments for their future.

“I put £ 3,000 in stocks and shares every month and have saved £ 6,000 in an emergency fund to make sure we don’t get into debt again.

“I am a strong believer in the ‘truth will set you free’ because once you start to come to terms with your situation, you can start to improve your life.”

Corinne believes that if she approached her finances differently from a young age, she would have had a healthier relationship with money.

To help others avoid a similar fate, mom shared her top five money-saving tips.

1. Use free resources

“Take a free course with an online finance school that can teach you how to manage your money better without making the whole process boring and tedious,” she said.

2. Look at the pennies

“Track your finances using a spreadsheet – you’ll be able to see what you’re spending each month, as well as how much you’re earning, which will help you eliminate unnecessary costs. “

3. Think about investing

“Start investing from a young age, because these investments will yield a larger amount in the years to come and you will thank yourself for it later,” she said.

However, investing is risky and the value of investments can go up or down.

4. Don’t ignore the debt that’s building up

“Accept your situation and understand that in order to improve your finances you have to deal with it first,” she said.

5. Don’t be afraid to treat yourself – when the time is right

“Set savings goals and don’t splurge on the purchase you want once you’ve hit those goals,” Corinne explained.

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