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  • FIRST POST
    • scotdebs
    • By scotdebs 20th Jan 16, 5:40 PM
    • 559Posts
    • 3,098Thanks
    scotdebs
    It's all fun and games until ...........
    • #1
    • 20th Jan 16, 5:40 PM
    It's all fun and games until ........... 20th Jan 16 at 5:40 PM
    You are faced with the possibility of losing your job Having lost count of the LBMs and diaries started its probably best to start with a quick recap using my guide of How to Get Yourself in Debt

    Step 1 - deny deny deny
    The main bulk of our debt was racked up years ago when we were earning ok but not fabulous money - but boy did we live the fabulous life style- dinners out, great holidays, gadgets - basically we denied ourselves nothing- never worried about the debt we had - life was good tomorrow would never come

    Step 2 - realisation, panic face the problem
    We moved house massively increasing our mortgage then it suddenly became a bit trickier to meet all the cc repayments so I did the sensible thing ..... Had a baby and went on mat leave for 12 months ( half of which was paid, let's not mention the other half). Then realised we couldn't meet card payments and pay normal bills and basically we were in the poo. This time I did face up to it - cut down on loads of house hold bills, food shopping,started living on a tight budget etc and started being able to make overpayment to some of the debts

    Step 3 - sod this it's too hard
    We now had both had decent pay rises which meant that we could services all the debt ok and still live well - and well I could alwaysmake an overpayment next month anyway ........

    Follow the above easy steps and you too could find yourself in debt to the tune of £43k

    So now faced with a very real prospect of not being in my current job this time next year and the thought of any package I do get going ALL on paying off debt breaks my heart ..... It's time to put on the big girl pants and face this properly paying off as much debt as I can within the next yr which means any package can be a proper buffer till I get another job or go towards something useful - if I'm very lucky and stay in my job then double bonus

    My next post will be a shameful listing of all current debts,........
Page 2
    • getmore4less
    • By getmore4less 5th Feb 16, 11:45 AM
    • 30,336 Posts
    • 18,139 Thanks
    getmore4less
    Discretionary spends are fine if they fit the budget, we each make our own choices how we spend our money.

    IT might help to look for new goals once the debts are gone to keep you on track,
    Maybe start with real savings to cover any breakdowns even just £1k sitting in an accout to cover any white goods, cars save up and pay cash.

    Look at the things that took you off budget previous times and just save for those in case you need/want something.

    if renting a deposit, if mortgaged a year off the mortgage

    if nothing short/medium term what about retire early.


    Any of these things could help you check the balances every now and then to avoid any runaway.
    • brizzledfw
    • By brizzledfw 5th Feb 16, 5:26 PM
    • 7,156 Posts
    • 34,744 Thanks
    brizzledfw
    We sound very similar. Fantastic job (not quite finance but certainly commercial) and it's crazy how much we owed. But..we did it. You're right to focus on the discretionary spending. Even taking in lunches and not having takeaways or eating out makes a huge difference. There is a reason for saying look after the pennies and the pounds will look after themselves. It's true.

    Can I also say you'd be surprised at how many people in a huge amount of debt are also high earners. You are certainly not alone

    Start small. How about trying a week of meal planning and no take outs. I in fact find I love knowing what we are having, the joy of having leftovers so no need to cook again when we come home in the dark and cold and shattered. Have no desire to either go out or get a takeaway. Try it. Very happy to help with recipes. A second hand slow cooker may also help? Lovely to come home to a cooked meal
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • scotdebs
    • By scotdebs 6th Feb 16, 4:11 PM
    • 559 Posts
    • 3,098 Thanks
    scotdebs
    Brizzle I actually managed to stick to my meal planner this week which I am really cuffed about and all of tomorrow's dinner is already in the fridge freezer etc- tonight we are having dominos - but fear not MSE folk they got our last order completly wrong so manager has given us voucher for same order free of charge - let me tell you I'll need it today - currently in the process of clearing out 1 of the 3 cupboards I stuff my clothes into - the amount of stuff I have found still with tags on and worse still in the bloody bag from the shop !!!!!!
    I feel an epic eBay session planned for next weekend!!!
    GM4less you are right it's good to have a goal and mine after this is to build up savings ( I do have small emergency pot as not having one led to stuff going on the plastic) and I also do a Christmas savings club - also to start making some over payments to the mortgage we have 16 year left on it- I would really like to have it paid off in 10 year or less - but for now time for focus on the dastardly cc debts
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • brizzledfw
    • By brizzledfw 6th Feb 16, 9:13 PM
    • 7,156 Posts
    • 34,744 Thanks
    brizzledfw
    Well done and yes Bay of E is a great way of recouping some money and clearing the house of stuff that's not needed or being used. Sell it and move on I say
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • stressed.mum
    • By stressed.mum 6th Feb 16, 11:54 PM
    • 719 Posts
    • 3,242 Thanks
    stressed.mum
    So it occurred to me that just sitting about waiting for each payday is going to make this debt busting journey (& diary) just a tad uneventful.......
    I know that our biggest over spends are
    - grocery shopping
    - takeaways
    - meals out
    These 3 things are constantly the reason I don't make the maximum overpayment that we can each month so it's time to take them in hand. And so yesterday I wrote out a meal planner I then went the supermarket with.........a list
    This is bit of a first for me, I always used to find the thought of meal planning and knowing on Monday what I'll be eating on a Thursday a bit soul destroying. But I'm fed up spending a small mortgage on food and being mega disorganised and throwing together dinners.....
    So all I need to do know is go and find said planner so I know what I'm meant to be making tonight .......
    Originally posted by scotdebs
    Hi Scotdebs, just found your diary, haven't read all of it yet.
    This post jumped out at me.
    I meal plan, but I put my meals on post-it's on the wall planner (yes I am that sad, but we are a large busy family and I am OCD about knowing who has to be where and when!)
    That way I can switch meals very easily, if I don't fancy it, or it turns out to be a busier night than expected - that way it, to me, it doesn't seem so much of a chore. I also plan from stores first, so if I have meat in the freezer that gets used next week. We also have a 'left overs' night most weeks as anything left from a meal is frozen in 'ready meals'
    I often find I get reduced items when I do my weeks shop, so these are either added to meal plan for the week, meaning I meals to carry forward, or frozen and planned in the next week.

    Don't know if any of that helps
    Xxx
    Hoping to stick to the challenge this year!!
    Make £5 a day for 365 days - started Jan 17

    YTD £ 435/£1785
    Cash - £ 415 Vouchers - £ 20
    • stressed.mum
    • By stressed.mum 7th Feb 16, 12:00 AM
    • 719 Posts
    • 3,242 Thanks
    stressed.mum
    Finished reading!
    Well done on getting the majority of your debt at 0%, that should make a huge difference.
    You know what you need to do, it's just sticking to it! Make sure you plan in some treats along the way and things to look forward to, it will make it much easier to stick to the plan.
    Xxx
    Hoping to stick to the challenge this year!!
    Make £5 a day for 365 days - started Jan 17

    YTD £ 435/£1785
    Cash - £ 415 Vouchers - £ 20
    • loopybecs
    • By loopybecs 7th Feb 16, 6:18 AM
    • 467 Posts
    • 1,744 Thanks
    loopybecs
    Have subscribed!!

    You've got this lovely You have lots on 0% already, you're meal planning, and you're identifying why you couldn't keep up the motivation last time!!

    I work in finance too... I should know better!!

    Cheering you on!! xxx
    Mortgage: £88,000.00 £87,679.24
    Help To Buy: £27,500.00 £27,500.00
    Loan From Parents: £14,500.00 £14,500.00
    Single mama to 2 little girlies
    • brizzledfw
    • By brizzledfw 7th Feb 16, 11:57 AM
    • 7,156 Posts
    • 34,744 Thanks
    brizzledfw
    Stressed mum..am with you on the meal planning it has to be visible and not your secret! It all goes in the paper diary (got one for £1) which never leaves the kitchen and it also....CRITICALLY.. for my house says who is preparing it, eg. dd1 and what time it needs to be served up
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • scotdebs
    • By scotdebs 8th Feb 16, 8:39 PM
    • 559 Posts
    • 3,098 Thanks
    scotdebs
    So week 2 of the meal planning done and although I was tempted to go off plan tonight I didn't and am now really pleased as the chilli was lush
    Am 2/3 through decluttering my main wardrobe ( yes there are more) have about a dozen potential eBay items and 6 bags for charity
    Work have confirmed bonuses - so that will be in the next pay at end of feb OH gets paid this week so will be good to update the list of shame

    Need to get on the eBay bandwagon I've done it before and when "in the zone" I can rattle items up for listing no bother - just need to get my head in the right space - I'm going to split half of anything I make between debt mountain and the rest to build up a treat pot so when we feel the need for a splurge or treat it's not impacting the regular monthly overpayments

    Would be great to get the debt under £30k by the end of the year - there I have set myself a target lets do this
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • brizzledfw
    • By brizzledfw 8th Feb 16, 9:04 PM
    • 7,156 Posts
    • 34,744 Thanks
    brizzledfw
    So week 2 of the meal planning done and although I was tempted to go off plan tonight I didn't and am now really pleased as the chilli was lush Well done you
    Am 2/3 through decluttering my main wardrobe ( yes there are more) have about a dozen potential eBay items and 6 bags for charity Go for it
    Work have confirmed bonuses - so that will be in the next pay at end of feb OH gets paid this week so will be good to update the list of shame Excellent - bonuses are good

    Need to get on the eBay bandwagon I've done it before and when "in the zone" I can rattle items up for listing no bother - just need to get my head in the right space - I'm going to split half of anything I make between debt mountain and the rest to build up a treat pot so when we feel the need for a splurge or treat it's not impacting the regular monthly overpayments

    Would be great to get the debt under £30k by the end of the year - there I have set myself a target lets do this
    Originally posted by scotdebs
    You will!
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • scotdebs
    • By scotdebs 9th Feb 16, 9:02 PM
    • 559 Posts
    • 3,098 Thanks
    scotdebs
    Evening diary - just popped in to report that I have just given myself a £1.1k payrise....... Do I have immoral photos of my boss in a brown envelope in my desk???? ..... Nope I have changed energy supplier saving myself £55 pounds a month!!!!!! As a 40% taxpayer I would need a payrise of over a grand to get the same amount in my pocket each month..... Sadly a check on house insurance showed we are pretty much getting the best deal- think there is potentially £100 a year to save on the car insurance but need hubby to confirm his points details before I get a more accurate quote ( tut tut)
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • scotdebs
    • By scotdebs 10th Feb 16, 10:32 AM
    • 559 Posts
    • 3,098 Thanks
    scotdebs
    Just a quick post and run to say £500 sent to the nasty House of Fraser Card - will be paid off in total at end of month along with few other smaller balances - I'll update the list of shame then 2.76% of original debt now paid off
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • Megano
    • By Megano 10th Feb 16, 8:25 PM
    • 221 Posts
    • 944 Thanks
    Megano
    Your doing amazing! Honestly doing an SOA will help. you may need to have *cough* thick skin *cough* for what some people say but everyone is coming from a great place and if you can justify it then why not but it does make you step back and think "is it worth it?"
    When I posted my SOA Willowpop and Kitten were great to help me pick up things that I easily missed and yes I may slip up getting taxis to work and drinking my body weight in fizzy juice but once you start on your journey you'll be making the most out of every penny
    TSB £50/2029.50
    Barclaycard £0/3342.08
    Virgin £0/1100
    BOM £0/550
    OH £0/800
    Total:£50/7821.58
    • scotdebs
    • By scotdebs 10th Feb 16, 8:52 PM
    • 559 Posts
    • 3,098 Thanks
    scotdebs
    Hi Megano thanks for popping by I have done an SOA the reason I havent published it is that if we cut everything to the absolute minimum we could have this debt paid off in maybe 14 months - however I know that I would be so miserable that after 4 months I would go on a splurge and debt busting would be given up as lost cause.......... "known thyself" said some clever Greek chap once I'm confident with a few sacrifices and a bit more focus on budgeting we can pay this off by the end of next year- I know everyone would be very well intentioned but I already know we don't need the full sky package- I don't need my gym membership and OH doesn't need to play golf - and yes we do spend too much at Christmas ( but at least that is all saved for now and doesn't go near the plastic) - i also worked out the other day that if what I spend servicing and overpaying debt we would pay our mortgage off in 8 years instead of 16- so if that's not an incentive to keep me on the straight and narrow I don't know what is
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • stressed.mum
    • By stressed.mum 10th Feb 16, 10:31 PM
    • 719 Posts
    • 3,242 Thanks
    stressed.mum
    I know it is hard to 'lay yourself open' putting your SOA on here, but generally people are happy to help, yes some will question sky/golf etc, but they will also see bits that you are so used to that you don't think you can make savings.
    You know what you are prepared to change and not change so you could used the ideas that fit with your plans and not the others xxx
    Hoping to stick to the challenge this year!!
    Make £5 a day for 365 days - started Jan 17

    YTD £ 435/£1785
    Cash - £ 415 Vouchers - £ 20
    • scotdebs
    • By scotdebs 13th Feb 16, 7:52 PM
    • 559 Posts
    • 3,098 Thanks
    scotdebs
    So it's been a pretty good MSE weekend so far- had a long arranged catch up with a friend but she was made redundant at the end of 2015 - so instead of our usual into town drink dinner more drinks best part of £70 later she came to mine and we had takeaway and cheap bottles of fizz due to all the valentine deals - for grand total of £17 but even better I know she has had her head in the sand a bit about finance and of course the reality of redundancy is starting to kick in - apart from her mortgage she only has 1 cc debt which thankfully she has insurance on but she has been with the same house insurer for 16 years -so I made her bring all her paperwork over and we went to town on her finances - 2 hours and a few wines later we hade managed to reduce her insurance /utilities etc by £87 per month AND she has £60 pending in a new shiny topcashback account - I think Martin would be proud
    As for us today we were out round the shops getting some genuine needs - 2 saucepans have developed holes in the bottom - I'm an ok cook but there is only so much I can so with a frying pan - normally this day would have been rounded off with a wee dinner somewhere for the four of us to the tune of £70-£80 - but I stayed MSE strong and we came home for dinner - dinner tomorrow is sorted with stuff from freezer

    Hope this chilly weekend is finding you all well
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • brizzledfw
    • By brizzledfw 14th Feb 16, 10:36 AM
    • 7,156 Posts
    • 34,744 Thanks
    brizzledfw
    Excellent effort debs..and so so pleased you could help your friend. I think this is a real feature of the journey to never letting money control one in the same way again..is making it less of a taboo subject amongst our nearest and dearest.

    I have been speaking to a very good friend of mine on a good income but equally with a high spend and lots depending on her. She hopefully will be starting YNAB, taking in summer students and starting to shop at Mr L. She knows we have moved mountains in the Brizzle household and know she needs to start taking control too
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • scotdebs
    • By scotdebs 14th Feb 16, 2:19 PM
    • 559 Posts
    • 3,098 Thanks
    scotdebs
    So meal planning for the week done and majority of it comes from existing supplies - have to confess this sounds more impressive than it actually is as we are going away on Wednesday for a few days for half term but dinner has been prepaid for so in my head that counts as meal planning

    Was hoping to get on the eBay wagon today but have couple of family members coming round for Sunday lunch so the tip that is home will need some attention first

    Brizzle you are so right being able to be honest and talk about money in a grown up way would keep as all so much more accountable - I have been nagging this particular friend for yrs to overhaul her finances as even when working she felt her money just wasn't going as far - unfortunately whilst she is a lovely person and been a dear friend for over 20 yrs she's not the most proactive and just "lets" thing happen to her - even though she has know she would be made redundant at the end of dec since sept she only started looking for new jobs after Xmas and new year aargh !!!!! Hopefully this will be the start of her taking a bit more control - says she with the plus £40k in unsecured debt
    CC debt Aug 2017 £48.6K
    Sept GC £128.11/£450
    • brizzledfw
    • By brizzledfw 14th Feb 16, 5:20 PM
    • 7,156 Posts
    • 34,744 Thanks
    brizzledfw
    Yes it's do as I say on this one Debs..not do as I do (or did!! )

    Have a great week and keep to the budget
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • Jonesy88
    • By Jonesy88 14th Feb 16, 6:28 PM
    • 923 Posts
    • 3,494 Thanks
    Jonesy88
    Just popped by to say what a lovely positive diary! Keep focused, you can definitely do it
    DF by Xmas 2017: #83 £2,000/£10,000 20%
    SPC 7: #135 | Baby Fund: £1000/£5000 | VSP 2017: #24 £61.49
    1 debt vs 100 days 25: £10/£2500 | NSDs 2/15
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