WE all know that dreaded feeling every month once the bills start hitting the doormat.
But burying your face within the sand isn't likely to solve anything at all – just ask Tori Gabriel.
Tori, 34, decided enough was enough and wanted to be free of debt at the start of 2023.
The mum of two and her husband Steve have just cleared lb11,000 of debt built up through two loans and charge cards in the last five years.
An impressive feat considering they had a combined family income of just lb22,000 a year after tax.
Tori works part-time – 16 hours per week – as an assistant in a bookshop, while Steve has a full-time job like a theatre support worker at a local hospital.
The family, who live in a privately rented two-bed flat in Margate, Kent, had very little – if any – disposable income and were facing an eternity of paying business debts, that have been quickly growing.
So, how did they get into such financial trouble? In 2013 they took out a lb7,500 to pay for a vacation to Florida – a final getaway before beginning a household.
But after falling pregnant sooner than expected, the price of a baby baby and mounting bills meant they soon required to borrow one more lb2,500 – bringing their total loan to lb10,000.
They also had credit debt which had crept as much as lb1,000.
The 34-year-old said: "Our payments for the loan were about lb200 a month – we didn't have a lot left over after every month however it was OK.
"But then my hours at worked were reduced and Jessica was created also it would be a real struggle."
Once they'd considered their monthly rent cost, bills, loan and credit card repayments these were playing hardly any cash.
They used balance transfer cards to shift their debt every six months but became increasingly worried that they would never clear it.
And worse ended up being to come after 2023 when their landlord decided to sell their rented home in Margate, Kent, leaving them to find a new home with two young kids and no savings.
After borrowing lb2,000 from her parents for a deposit and receiving reimburse them lb50 a month, the couple decided enough was enough.
They realised when they carried on making the minimum payments of around lb10 a month on their own credit card, it would have taken them more than 8 YEARS to clear their balance of lb1,000 – and that's only if they continued to shift their debts on balance transfer cards.
They were on the right track to pay off your finance by the end of last year however the couple desired to start off 2023 as truly free of debt, as well finally being able to start saving.
They vowed to give-up all treats and luxuries for the year – so no nights out, trips to the pub or cinema – to try to pay-off their charge cards and finally start putting some money away themselves.
The couple also regularly checked their credit rating with free service Clearscore to determine how their new regime was helping to improve their credit worthiness too.
"It had been so stressful and ridiculous – we had to borrow the cash from my parents to maneuver as we had no savings," Tori said.
"After the loan payments, the credit card, our rent along with other bills – and bringing up the kids – some months we only had lb2 left in our account. It was crippling us, therefore we needed to do something.
"We swapped our monthly shop from Tesco to Lidl and immediately we were saving lb90 a month.
"We switched energy suppliers and also to help make money we started selling things on eBay – so things like the children's clothes and toys, which has been a big boost.
"It feels great – we've started saving the very first time within our lives by putting lb200 away every month."
The couple don't regret detaching the initial loan but didn't realise it might have this type of detrimental affect on their finances down the line.
Tori said: "We were there for 3 weeks and did everything we wanted to do. It was special as I spent a year working out there when I was young as a waitress at one of the Disney parks.
"We'll never get to go back, especially with two young kids. At the time we didn't realise it had been likely to cause problems."
"Sacrificing is the greatest way to do it, you need to work out what you owe and how much you really can afford to invest.
"Don't bury your head in the sand about it."