Must stop spending

Hello,

I have been reading these threads for a few years now and been in debt most of my adult life.
Until 2015 I was living way beyond my means and spending too much on credit cards so my debt was always increasing. In May 2015 I finally stopped and started to pay off my debt.
In May last year my debt was at it's highest of £11685. I got a new job which helped me to make a dent and today my debt stands at £7647. Over the year I was also saving for my wedding abroad which has been and gone but I now have two more holidays booked. I know it's not sensible to go on holiday when I have debt but I need something to look forward to! My holidays just gone was the first time I have actually saved and paid for a holiday without putting it on a credit card.
I currently pay around £300 each month dd to my 2 cards but am going to increase this to £550 a month to clear the debt sooner. I'm also putting £250-£300 a side for my two holidays. One is our honeymoon.
I guess I'm starting this diary to keep motivated. I have been at this stage before where I want to stop spending and pay big chunks off but a few weeks later I am back where I started.
Enough is enough now though and I want to get it cleared.
I'm 30 and we want to move from our flat to a house and start a family.
Really hoping that by doing this diary it will help me keep track of my spending and then I will see where those pennies disappear to each month...
May 2015: £11685.56 / November 2017: £2076
Credit card: £302
Paid back : £700 / £2476
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Comments

  • My debt is something that has always had this hold over me. I get stressed easily, worry about my future and sleepless nights. The problem I have is I try to deal with my debts but then just think it's hopeless and give up.
    What's an extra £1 going to matter when I owe so much?
    I've always been quite 'good' in a sense that I play the balance transfer game and make sure my credit card debts are always on 0% balance transfer cards. This has been going on for nearly 10 years though and I get so worked up and stressed when I realise the interest free period is ending and it's time to move the balance to a new card. The application process becomes so stressful with the worry I won't get approved or the limit won't be high enough or the card won't come in time. Then there's the hassle of setting up the new direct debits and online banking accounts.
    I now have my debts over two credit cards but have about 5 credit cards in total. I don't even know which ones I still have open. 2 of them are empty and luckily the older ones tend to offer me new balance transfer rates so I literally just jump about with the same cards. I have one credit card though which I use every month. Soon a few hundred would have been spent on it which I pay off in full the next month but then I spend that money on it again so it's a never ending cycle.
    I don't pay interest and I pay more than the minimum payments.
    I just need to learn to live within my means. Well actually well under until I can get this debt cleared.
    I just get so frustrated and annoyed with myself coz I pay so much onto cards each month I just think it's such a waste coz it's money I could have been saving.
    I have got better though. I used to be a complete shopaholic but I had a wedding to save for so learnt to hold back on purchases. Sometimes...
    In the last year I saved 4K towards my wedding and paid over 4K on my debt. I've still got a long way to go though and I find it so disheartening when the debt is going down so slowly. This week I have felt motivated but who knows next week I could be back to my spending ways.
    I have his habit of spending loads from my favourite shop online and then before it's even arrived I feel guilt and know I'm going to return it all. It's got to the point the guy at the collection point knows my name and the girls at the refund till realise I come in every week.
    I find it hard coz I always want the latest things but I know I can't afford them and I know it's my own fault.
    I have a good life. I eat out, go to the cinema and have nice holidays. However I love a bargain and hardly ever buy things full price. I download vouchers for meals or pick a place with an offer on. I work in London but don't go to fancy restaurants. I often turn down after work drinks coz I can't justify spending money on drinks and I take my own lunch to work everyday. I don't buy coffees or afternoon treats. I actually turn down a lot of social invites. A lot of our friends are doing well and would happily spend £100 on meals. I think even if I could afford it I would never want to spend my money that way.
    I really need to sit down and write down everything I spend my money on coz I honestly don't know where it all goes each month.
    I always said I wanted to be debt free by 30 or debt free before I'm married but I turned 30 in April and got married in May.
    I think it's time to set myself some realistic goals and turn my life around...
    May 2015: £11685.56 / November 2017: £2076
    Credit card: £302
    Paid back : £700 / £2476
  • Pinkwhisk
    Pinkwhisk Posts: 200 Forumite
    Combo Breaker First Post First Anniversary
    Hi, have you heard off YNAB (you need a budget)? I've just started using it, as, like you, my money disappears and I have no idea where! And keep every little receipt even if it's a bar of chocolate it soon adds up xx
    SPC = 079
  • Thank you Pinkwhisk I will set some time aside to look into this. I always write budgets in various notebooks but would be good to have everything together in one place so I can keep track. I must admit I am terrible when it comes to buying the odd small purchase here and there. But I think what difference would a pound make towards my debt. I know that's not the right attitude to have.
    I've worked out that if I change my direct debits to pay off £550 a month then as my debt stands today at £7335 then I would be debt free by September 2017. It's great I could be free by next year but still seems so far away. I think £550 is already going to be struggle as well as saving for my holidays and having a life but will see how I get on and hopefully throw any spare cash I have towards debt.
    I've been doing a massive clear up in my flat and at my parents house and have found plenty of things to sell. Doing a car boot sale this Sunday so will hopefully make some money to put towards my honeymoon :)
    May 2015: £11685.56 / November 2017: £2076
    Credit card: £302
    Paid back : £700 / £2476
  • Feeling a bit fed up this week. I was unable to do the car boot sale on Sunday due to the English weather so I still have a spare room and hallway piled high with stuff to sell.
    I changed one of my direct debits on cc to pay £450 and still need to change the other one to £100 rather than the minimum payment ad around £65.
    Also need to up my holiday savings to £350. I had to take £200 out of my holiday pot to pay off a cc I use every month which has left me with only £50 in my holiday pot. I need to pay £700 by 23rd September which is only 2 pay days. By paying £550 a month on cc debt and saving £350 a month for holidays will leave me with just £116 a month after bills. This figure may seem like a lot to some but for me it's daunting. I went to the dentist last week to find out I need my fillings replaced which will cost £200. I have a hygenist appointment at the end of the month which is £70. I need new shoes for work and my hair needs doing. Basically impossible unless I manage to do a carboot sale and make loads of money! It's just seems that being debt free is such a long way off even though I'll be clearing 1k every 2 months. On the plus side I haven't bought anything non essential in over a week and saved myself the embarrassing trip to the refund counter last weekend. In fact I didn't go to the shops at all last weekend! Go me! Trust me- for me not to go shopping at the weekend is a big deal! My husband even did the food shop so I wouldn't be tempted to add extra expense and naughty food to the trolley! Getting there slowly ...
    May 2015: £11685.56 / November 2017: £2076
    Credit card: £302
    Paid back : £700 / £2476
  • It's nearly the weekend! :) having a quiet one tomorrow night and Saturday. On Sunday I'm going away for the night with my husband. It was bought for us as a gift :) looking forward to Monday off work and quality time together. We are going to go for a cheeky pub lunch somewhere but we don't tend to drink when we eat out which keeps costs down. Had a NSD day yesterday and planning on another one today. Just on my way to work now and if the weather is nice I'll take my lunch and eat in a bench outside at lunch time :). People in my team at work literally go shopping every lunch time so I just spend it on my own and usually go for a wander (in the opposite direction to the shops). Only 14 days until pay day...
    May 2015: £11685.56 / November 2017: £2076
    Credit card: £302
    Paid back : £700 / £2476
  • NSD today :) did exactly as I planned and spent my lunch break on a bench. I missed my train home so had to wait for a later one but resisted the temptation to pop into the shop and just waited on the platform instead :) I got off a stop early to get some exercise in and walk home. Was actually quite a nice evening and enjoyed it. So glad tomorrow is Friday. Works annoying me lately... Roll on the weekend!
    May 2015: £11685.56 / November 2017: £2076
    Credit card: £302
    Paid back : £700 / £2476
  • Happy Saturday! So glad that week of work is over :)
    I had quite a productive debt busting week last week. I didn't pay anymore towards my debt but I changed one of my direct debits to pay more to my cc each month. Gave the credit card I use every month to my husband to look after and deleted my card details from the online shops I use most often. So hopefully no more impulse buys will be possible.
    I did however buy a cheeky tub of ice cream last night but it was a weekend treat. It was half price though at £2.50 :)
    Plan for today is to increase the payment on cc2 and close down my old credit cards. I'm not even sure how many I still have open. They are empty but they still send me statements. Is it bad to have too many credit cards?
    Also need to pack for our night away tomorrow and tidy the flat. Fun!
    Few things are breaking in the flat at the moment. Just fixed the plumbing but our dishwasher needs looking at Coz it's making everything come out white and feels horrible and last week our oven died :( at first we said we would just get by with the hob but now I'm not sure how practical that is. Maybe need to look at starting an emergency fund...
    May 2015: £11685.56 / November 2017: £2076
    Credit card: £302
    Paid back : £700 / £2476
  • It's not been a bad Saturday. We tidied the flat and packed for tomorrow. Did a food shop for the week within our £18 budget! :)
    Also bought a 39p bottle of vinegar to put in the dishwasher and it seems to have done the trick! :)
    I cancelled an old empty credit card and changed my direct debit on cc2 to £100. Also paid off £19.82 onto that card to round the figure down to £2900.
    I don't know why but being an odd number with pence on the end was annoying me.
    Bought a pair of shorts in the sale for £8 and went for a free icecream with my husband using a voucher :)
    May 2015: £11685.56 / November 2017: £2076
    Credit card: £302
    Paid back : £700 / £2476
  • AleMrsT
    AleMrsT Posts: 577 Forumite
    Hi, I've just read your progress so far and you seem to have a good plan in tackling your debt, I've subscribed so I can follow your progress :)
  • clearmydebts
    clearmydebts Posts: 6,485 Forumite
    First Anniversary Combo Breaker First Post I've been Money Tipped!
    Hiya,


    Hope you are having a lovely night away. You've made good inroads into the debt in a year and if you put the head down it will be gone so soon. Keep plodding away and think of all the things you can spend on every month when you are debt free!
    Total (Aug 19):€58,567 Now:€26,947
    DFD:Nov 22/June 22
    Mortgage: €199,712
    MFD: March 2042/July 2034
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