£67,031.92 is a frightening number indeed....
Comments
-
Hi there
Just to say your are doing SO well. I like the way you have set out your diary.0 -
Hi treading, I'm new to this forum and I too have had my lightbulb moment. Your story is almost identical to mine including your family dynamics. Income and expenditure. My moment came last week when I literally hit rock bottom. I completed an online budget with Step Change and they suggested I take out an IVA. When I looked further into this I realised there was a distinct possibility we could lose our house and it was then I realised just how reckless we have been. Risking my children's home because of frivolous and stupid spending with absolutely nothing to show for it is the single most stupid thing I have ever done. I feel so ashamed! So this last 7 days have been an emotional rollercoaster. I've had to admit to close family and friends what I have done. But from rock bottom
there is only one way to go and that is up. I have this week done a full income and expenditure budget for the whole year. I have managed (I think) to find a way forward. So all was looking more positive until I was hit with a £750 MOT bill yesterday! Luckily my mum has been able to help me with this but this has just demonstrated again how stupid we have been having no savings. Given the mess I'm in I feel silly to be offering you advice but one of the areas I have managed to dramatically shave our budget is food shopping and TV package. With a meal planner of healthy nutritious meals I have managed to get our food shopping for £57 this week including my lunches for work. This was from Tesco which surprised me and doing the shopping online meant I had no temptations to put things we don't need on the budget. Good luck with your journey and I wanted you to know I am on the same journey so you are not alone!1 -
Nice to have you along for the journey! We had a run of awful expenses/income shifts in the first week or so after my LBM, which was a total nightmare, but I feel like we're settling into things a bit now.Verynearly35 wrote: »Hi treading, I'm new to this forum and I too have had my lightbulb moment. Your story is almost identical to mine including your family dynamics. Income and expenditure. My moment came last week when I literally hit rock bottom. I completed an online budget with Step Change and they suggested I take out an IVA. When I looked further into this I realised there was a distinct possibility we could lose our house and it was then I realised just how reckless we have been. Risking my children's home because of frivolous and stupid spending with absolutely nothing to show for it is the single most stupid thing I have ever done. I feel so ashamed! So this last 7 days have been an emotional rollercoaster. I've had to admit to close family and friends what I have done. But from rock bottom
there is only one way to go and that is up. I have this week done a full income and expenditure budget for the whole year. I have managed (I think) to find a way forward. So all was looking more positive until I was hit with a £750 MOT bill yesterday! Luckily my mum has been able to help me with this but this has just demonstrated again how stupid we have been having no savings. Given the mess I'm in I feel silly to be offering you advice but one of the areas I have managed to dramatically shave our budget is food shopping and TV package. With a meal planner of healthy nutritious meals I have managed to get our food shopping for £57 this week including my lunches for work. This was from Tesco which surprised me and doing the shopping online meant I had no temptations to put things we don't need on the budget. Good luck with your journey and I wanted you to know I am on the same journey so you are not alone!Trying to figure out a whole new life. Trying to figure out a whole new budget.
Divorcing, unclear on final debt total right now, but focusing on building a financial buffer zone.1 -
Hi TOPM, it's great you have been able to get started with a bang and keep the momentum going. We're self employed and when the business dipped in the recession, we ended up nearly £40k in debt. Eight years on, we will be completely debt free in a couple more months. It was nearly all business debt and I could see what it had been spent on. But it's no consolation, is it, when the market has died for certain items.
I have to ask, lol. Why is your title referring to £67,031.92 but your statement of affairs has £57494.92 as the outstanding debt (not including the mortgage)?0 -
Ah, well spotted! It's because the SOA asks for original debt plus interest rate (so the Tesco loan is £21,000 with whatever the interest rate is), but in the actual tesco online banking the loan shows as the total amount plus interest all added on at the beginning, which is more like £30,000 (I forget the exact number), which makes the total number I am looking at every day that £67k figure. When we're overpaying the Tesco loan any overpayment will reduce some of the interest as well, but I'll worry about that once we're overpaying!I have to ask, lol. Why is your title referring to £67,031.92 but your statement of affairs has £57494.92 as the outstanding debt (not including the mortgage)?Trying to figure out a whole new life. Trying to figure out a whole new budget.
Divorcing, unclear on final debt total right now, but focusing on building a financial buffer zone.0 -
Verynearly35 wrote: »Hi treading, I'm new to this forum and I too have had my lightbulb moment. Your story is almost identical to mine including your family dynamics. Income and expenditure. My moment came last week when I literally hit rock bottom. I completed an online budget with Step Change and they suggested I take out an IVA. When I looked further into this I realised there was a distinct possibility we could lose our house and it was then I realised just how reckless we have been. Risking my children's home because of frivolous and stupid spending with absolutely nothing to show for it is the single most stupid thing I have ever done. I feel so ashamed! So this last 7 days have been an emotional rollercoaster. I've had to admit to close family and friends what I have done. But from rock bottom
there is only one way to go and that is up. I have this week done a full income and expenditure budget for the whole year. I have managed (I think) to find a way forward. So all was looking more positive until I was hit with a £750 MOT bill yesterday! Luckily my mum has been able to help me with this but this has just demonstrated again how stupid we have been having no savings. Given the mess I'm in I feel silly to be offering you advice but one of the areas I have managed to dramatically shave our budget is food shopping and TV package. With a meal planner of healthy nutritious meals I have managed to get our food shopping for £57 this week including my lunches for work. This was from Tesco which surprised me and doing the shopping online meant I had no temptations to put things we don't need on the budget. Good luck with your journey and I wanted you to know I am on the same journey so you are not alone!
verynearly...welcome
You're right the only way is up! We're a friendly bunch on here. Start a diary and post an SOA...there will be loads of support and advice and ideas MFiT-T4 Member No. 96 - 2022 is my MF goal
Winter 17/18 Savings Rate Goal: 25% [October 30%] :T
Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 £25/£500 NSDs Target 10 for March 02/10 Trying to be a Frugalista:rotfl::T0 -
Treadingonplaymobil wrote: »Ah, well spotted! It's because the SOA asks for original debt plus interest rate (so the Tesco loan is £21,000 with whatever the interest rate is), but in the actual tesco online banking the loan shows as the total amount plus interest all added on at the beginning, which is more like £30,000 (I forget the exact number), which makes the total number I am looking at every day that £67k figure. When we're overpaying the Tesco loan any overpayment will reduce some of the interest as well, but I'll worry about that once we're overpaying!
Ah, I'd wondered that, thanks for explaining. It most be really satisfying seeing the interest going down.
Really, we (The Paws) should be thinking about doing this with our loan and our mortgage but I feel like I need to get rid of the credit cards first for some undefinable psychological reason. Maybe I need to redo the snowball and reconsider my strategy.Debt Jan 2017 = £42kMay 2022 = £15k0 -
I don't have any intention of even looking at overpaying the loan till the CCs are gone. I know it might make more sense to shuffle 0% cards longer term (we will do it as long as we have them) and overpay on the loan first, but I just can't get my head round that, as I know that if the worst happens and we stop getting 0% deals, the loan will keep ticking away at its only-moderately-frightful interest rate, as opposed to the truly frightful rate of a 20% CC. Maybe I'll change my mind as we get further down the line, we'll see.Really, we (The Paws) should be thinking about doing this with our loan and our mortgage but I feel like I need to get rid of the credit cards first for some undefinable psychological reason. Maybe I need to redo the snowball and reconsider my strategy.Trying to figure out a whole new life. Trying to figure out a whole new budget.
Divorcing, unclear on final debt total right now, but focusing on building a financial buffer zone.0 -
brizzledfw wrote: »:rotfl:
In my case BoP, its drinking :beer:
Party at TOPM's later?? We could do a double act! :rotfl:
Did I MISS A PARTY? Did you have a party WITHOUT ME?Debt Jan 2017 = £42kMay 2022 = £15k0 -
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards