Money in Love: Russell & Richard

We’re back with Money in Love. This week’s couple, Russell and Richard tell us how they are paying off £16,000 worth of debt together:


Whoa! £1800 a month on personal spending after all housing and bills :eyes: Would be interested to see a breakdown of that, if Richard or Russell are community members and care to share?



Hi! Rich here. Yeah, it usually goes on food for the house, eating out, drinks, personal care etc.
Anything else you’d like to ask, let me know :slight_smile:


£1800 combined personal spending even including food seems almost like silly money.

You do you obviously, I don’t meant to judge, you make a good living, but… how? I’d struggle to spend £900 a month each.

I didn’t see any savings? But I assume your prioritising the debts, I guess in that case couldn’t you pay it off far sooner if you halved your spending? The £1800 a month spending is just throwing me way off :smile: definitely not rice for dinner!

Or I guess a better question that maybe seems less judgemental (I don’t really mean to be) once your debts are paid off what are you plans with the extra money? Will you put it all into a deposit (after your holiday) or will you split it up a bit (deposit, retirement, long term investment etc .)

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Congrats is all I’d like to say. I had about 10k debt, and I’m about 4 months away from paying that off myself - £4,000 left to pay! :tada:

Bold choice from you both to absorb each other’s debt, and that is very admirable that you’ve decided to do that. Wish you both the best in your debt-free future! :tada:


Hi, No judgement at all. Each to their own. We were keen to still live a good life, whilst still saving. When Russ came up with the plan it seemed to good to be true!
We’re very lucky. The £900 each includes all of our food as well, and we also live away from home so travel comes out of that too!
As soon as we have it done (very soon) we plan to have a month treating ourselves and then it’s going straight on the savings for a house deposit :slight_smile:

And as Martin Lewis always says - No point in savings if you have debt.


Thanks Michael! That’s so lovely - it’s hard work but so worth it when it’s done! It’s that last slog that kills you cause you’re so close, but keep at it :slight_smile:

Good Luck x

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Hey! No worries at all, I totally get your opinion.
Our secret!? - GET OUT OF LONDON.
We made a joint decision 3 years ago that we wanted a better way of life and London was tiring us both out. We moved to Manchester, and it’s the best decision we ever made (we both tell the other one that quite frequently).

Don’t get me wrong, if we were still in London, this budget would not be happening. I saved an immediate £200 a month on travel, then general cost of living was cheaper which all added up.

We have a much better home for less than what we had in London, and have a better way of life.
Your budget seems very well thought out and my hat goes off to you, truly! It’s tough!
My advice - leave London!


I appreciate the reply. You’re both doing well for yourselves, and its definitely nice to be able to spend and save your money (once your debt is gone :smiley: ).

Just curious as to attitude to pension contributions. What %tage level are you both contributing?

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Good question!

We both agree that contributing as much as you can afford in to a pension is very important at this stage of life.

I put in 6%, with my employer adding on 9%, and Rich puts in 6% with his employer adding 3%.

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