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  • FIRST POST
    • missmental123
    • By missmental123 24th Jul 17, 9:45 AM
    • 50Posts
    • 145Thanks
    missmental123
    Desperately seeking freedom :)
    • #1
    • 24th Jul 17, 9:45 AM
    Desperately seeking freedom :) 24th Jul 17 at 9:45 AM
    I have been in debt all my adult life I have been on here before in 2010 and reduced my debt significantly by PPI claims and stopping spending. I am now 52 years old and I'm in a bit of a mess financially. I am completely useless with money. I have one loan and three credit cards and overdraft. Our mortgage will be paid off in 2019.
    DS is at university in 5th year studying medicine and is one of my largest expense £400 + a month. He gets a bursary & small loan this year that don't even cover his rent.
    All my debt is mine, DH is unconnected to my finances. I am a nurse and work full time and earn approx £2400 a month with shift allowances with occasional overtime on top.
    I know my problems is overspending. I love holidays, festivals, going to gigs, nights out and weekends away. We need to start spending money on the house, bathroom & kitchen replacement etc in the future.
    We only have one holiday booked in Berlin in August that is paid for and a few gigs in the winter months. Apart from that I'm trying to spend as little as I can to reduce this debt.

    My current debts are;

    CC1 £4,335.75 - 0% til 04/18
    CC2 £1,055.18 0% til 04/19
    CC3 £7,273.58 0% til 04/19
    Loan - £10,042 - finishes March 2020
    Overdraft £1100
    Total: £23,806.33


    *I aim to get out of this mess by paying £900 off my debts a month. I have completed a snowball
    *I plan to pay the credit cards off by Feb 2019.
    *I am setting a weekly cash budget and will write all my expenditures in a cash book.
    *No more spending on credit cards.

    I am hoping that posting regularly in this diary will keep me focused and on track to freedom from my debts!
    Thanks for reading
Page 1
    • missmental123
    • By missmental123 24th Jul 17, 3:59 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    • #2
    • 24th Jul 17, 3:59 PM
    Day 1 of trying to be debt free
    • #2
    • 24th Jul 17, 3:59 PM
    I am slowly starting to tackle my debts. Today, I have :
    1) Listed 3 pairs of shoes on Ebay that I have only worn once.
    2) Done a U switch comparison and changing my energy provider to ENGIE saving £169 year.
    3) Made an appointment with NHS pensions adviser.
    4) Started writing all purchases in my cash book.

    I think I need to start planning ahead more and try to save for emergencies. I am also going to try and complete a finance spreadsheet. I'm on nights this week and that is great as I don't get chance to spend anything as I'm literally asleep or at work.
    Last edited by missmental123; 24-07-2017 at 4:01 PM. Reason: sp
    • Cumbria lass
    • By Cumbria lass 24th Jul 17, 8:58 PM
    • 814 Posts
    • 3,665 Thanks
    Cumbria lass
    • #3
    • 24th Jul 17, 8:58 PM
    • #3
    • 24th Jul 17, 8:58 PM
    First welcome to the forum.

    You seem to have come up with a plan to clear your debtsi can resonate with you about the overspending on holidays, gigs and weekends away they have been my downfall.. However my biggest motivation to clear the last of my debt is that I want to start a wind down to retirement and can't do that whilst still paying debt off.

    Good luck will subscribe.
    Nov 2017 CC1 £3329 CC2 £600

    Debt Free Nov 2019: earlier if I have my way
    • missmental123
    • By missmental123 26th Jul 17, 2:17 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    • #4
    • 26th Jul 17, 2:17 PM
    YNAB anyone?
    • #4
    • 26th Jul 17, 2:17 PM
    I'm on nights, so should be sleeping! I'm weirdly excited about the challenge of getting on top of my debts.

    Rightly or wrongly, who knows,? I've signed up to a free trial of YNAB. It looks fairly complicated, but I'm hoping it will help me on my way.
    I've read quite a few reviews that sound promising. I guess, it's up to me to make it happen. Anyway, back to sleep for me!
    And it's pay day tomorrow!
    • missmental123
    • By missmental123 27th Jul 17, 4:34 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    • #5
    • 27th Jul 17, 4:34 PM
    • #5
    • 27th Jul 17, 4:34 PM
    Payday! 35 months till I'm debt free!
    I have paid £718.52 to 3x CC's & Loan.
    Sticking with my budget plan - cash only from now on.
    • Mummy_bear
    • By Mummy_bear 28th Jul 17, 5:49 PM
    • 255 Posts
    • 975 Thanks
    Mummy_bear
    • #6
    • 28th Jul 17, 5:49 PM
    • #6
    • 28th Jul 17, 5:49 PM
    I'm weirdly excited about the challenge of getting on top of my debts.
    Originally posted by missmental123

    Not weird at all, unless I'm weird also. I'm loving the challenge too.

    Although I actually think I'm obsessed. I'm thinking about budgets, money saving, money earning ALL THE TIME!

    MB
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5932.55/£37139.86 15.97% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3362.89/£9091.72 36.98% paid
    • missmental123
    • By missmental123 29th Jul 17, 8:26 AM
    • 50 Posts
    • 145 Thanks
    missmental123
    • #7
    • 29th Jul 17, 8:26 AM
    • #7
    • 29th Jul 17, 8:26 AM
    I've hardly spent anything whilst I've been on nights. I'm continuing to log any spending in my cash book. I wish I could find a simple mobile app I could use but they all seem complicated or they aren't free .
    I'm going to challenge myself to buy no more clothing or shoes before Christmas . I have a wardrobe full that I've hardly worn . This should save me a small fortune .
    Looking forward to the weekend !
    • Munchin
    • By Munchin 29th Jul 17, 8:44 AM
    • 2,102 Posts
    • 6,119 Thanks
    Munchin
    • #8
    • 29th Jul 17, 8:44 AM
    • #8
    • 29th Jul 17, 8:44 AM
    Hi miss mental

    Good luck
    • missmental123
    • By missmental123 31st Jul 17, 1:01 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    • #9
    • 31st Jul 17, 1:01 PM
    • #9
    • 31st Jul 17, 1:01 PM
    Hi Munchin!
    Thanks for popping by!

    I've sold two pairs of shoes for the grand total of £4.50 ! Not brilliant but beggars can't be choosers ! I'm meeting my friends for a drink tonight so it'll pay for two halves of lager !!
    I've done really well this week , hardly spent anything . I'm going food shopping with only £30 in my purse. No cards !! I've planned our meals until Thursday when I can have next weeks budget to play with. I'm hoping to actually have some money left from this week to put in my emergency contingency fund I'm starting.
    Total: Debt July '17 -£23,806.33 - now
    -£20,250 (14.9 % paid)
    • Scott_Weiland
    • By Scott_Weiland 31st Jul 17, 2:48 PM
    • 616 Posts
    • 1,500 Thanks
    Scott_Weiland
    Good luck with your journey i will pop in from time to time miss mental.
    Debts 15981.64 total paid 2078
    Cashback Earnings YTD £166.90 Survey Earnings YTD £535.12
    • quintwins
    • By quintwins 31st Jul 17, 2:50 PM
    • 5,032 Posts
    • 29,280 Thanks
    quintwins
    Your doing great! Well done.
    DFW £1263/£28996 4.3%

    EF#240 £0
    • missmental123
    • By missmental123 31st Jul 17, 5:40 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    Cheers quintwins & Scott_Weiland!

    I am very focused at the moment and hoping to get off to a good start! Two 12 hour shifts tomorrow and Wednesday so I've made myself Chickpea & spinach curry to take with me for lunch. No more spending in M&S food!
    I've surprised myself with my weekly food bill for this week £43 for 2 adults. Much less than usual.
    Total: Debt July '17 -£23,806.33 - now
    -£20,250 (14.9 % paid)
    • missmental123
    • By missmental123 4th Aug 17, 2:57 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    I'm still doing well, making lots of changes with my bad spending habits.
    I had two NSD's on Tuesday & Wednesday when I was working, but now it could all go to pot! DS is back from university and so my food budget is going to have to increase (probably double) whilst he's home as he never stops eating & cooking! Also, I went out last night and spent £20 in the pub! I did have a lovely time catching up with friends though so don't regret it. Next time I might drive so I don't drink.
    Today, I've been to the gym and didn't spend my usual £2.50 on coffee afterwards!
    I'm still writing every purchase in my cash book and using cash only that seems to be working.
    I'm really hoping by budgeting that I can get rid of my overdraft by November. I hate being overdrawn so much.
    Total: Debt July '17 -£23,806.33 - now
    -£20,250 (14.9 % paid)
    • Hiddenidenity
    • By Hiddenidenity 4th Aug 17, 3:30 PM
    • 5,320 Posts
    • 26,124 Thanks
    Hiddenidenity
    All steps in the right direction

    Have a lovely weekend
    DFW £1783.71/£7348.71 Rent Arrears £571.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • missmental123
    • By missmental123 4th Aug 17, 4:31 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    All steps in the right direction

    Have a lovely weekend
    Originally posted by Hiddenidenity
    Thank you! Unfortunately I'm back at work all weekend doing 12.5 hour shifts. At least I won't get chance to spend any pennies!
    A good weekend to you also.
    Total: Debt July '17 -£23,806.33 - now
    -£20,250 (14.9 % paid)
    • mizmir
    • By mizmir 4th Aug 17, 4:45 PM
    • 3,697 Posts
    • 7,712 Thanks
    mizmir
    You are off to a flying start at turning things around MM - well done you. Look forward to following your journey.

    And on YNAB - definitely worthwhile. I am finding it really helpful as you can set goals and it then tells you how much you need to budget for that each month. So for instance I have just set up Christmas and realise that I need to find £100 a month now. That is a lot better than realising I have stuff to buy in December which is what normally happens (am a Christmas eve shopper - but will have cash for it this year!).

    Really like your cash only plan. I think I will follow suit - so much easier to overspend on cards!
    Aug 2017: £6200 £6000 0% BC
    Aim to clear and get back my Debt Free status by May 2018
    • Rosylee
    • By Rosylee 4th Aug 17, 5:43 PM
    • 194 Posts
    • 559 Thanks
    Rosylee
    Hi. Well done on getting a plan together. Just wanted to second YNAB as it is brilliant. Really great and easier than you think. Lots if guidance available if you need advice to set up. The app is free and then you can keep track on the go...

    Toshl is another app I used to use before YNAB. Free. Not as good of course but might be worth trying out
    • missmental123
    • By missmental123 7th Aug 17, 6:52 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    Day 15 DFW
    I've not been her for 3 days as I have been working this weekend. It was really busy and I ended up working 2 hours late last night . The good news is that I had ended up having 2 NSD's and I also walked to & from work each day .

    Today, I've done a combat class at the gym, done a pile of ironing & have been grocery shopping (ALDI) and managed to keep to my list.
    I managed to get a bulb replaced on my VW Beetle for free as well because I have the garage sticker in my rear window!

    I've managed to find my old mobile phone and have decided to sell it for hopefully £31.

    We have a 4 night break in Berlin booked from 21/08 to look forward to! The holiday is all paid for. Today, I found 25 euro in an old purse!! Must be my lucky day!?

    I am two weeks into this DFW now and sometimes it's hard to see how these small changes are going to make a dent in my debts, but I know I have to start somewhere, stop spending & keep to a budget to see any progress. Hopefully, come pay day (25th), I will see the results when my overdraft is hopefully smaller than in July.
    Total: Debt July '17 -£23,806.33 - now
    -£20,250 (14.9 % paid)
    • missmental123
    • By missmental123 15th Aug 17, 2:08 PM
    • 50 Posts
    • 145 Thanks
    missmental123
    It's one week since my last post & I have had a lovely week, Picked my friend up from Heathrow on Friday. It was lovely to see her as she has been travelling for 4 months & on Saturday I got to babysit my 4 month old niece for the first time.
    I'm on nights again this week and worked overtime Sunday night as well. I'm off for 10 days after tonight
    I have had 4 NSD's in the last week also which is great..DS needed some new trainers because his old ones were falling apart. He's a poor student, 5th year so money is tight for him. We ended up paying for them by using a gift voucher I found at the bottom of my bag and also DS contributed £10.
    My DH also needs some comfortable shoes to walk around Berlin, so I've ordered a pair that I can pay for with £31 paid for selling my mobile phone.
    I need to get some euro's this week, I can't believe how much the rate has fallen. WE are taking some cash & using travel CC for cash withdrawals. I used it in USA last year and it worked a treat and I felt it was better than taking cash.
    So, here goes another week debt busting! I remain positive , continuing to budget and can't wait for pay day to pay off more debts and also slash my overdraft.
    Last edited by missmental123; 15-08-2017 at 2:11 PM.
    Total: Debt July '17 -£23,806.33 - now
    -£20,250 (14.9 % paid)
    • phizzimum
    • By phizzimum 15th Aug 17, 5:20 PM
    • 1,640 Posts
    • 8,918 Thanks
    phizzimum
    Good for you missmental

    The debt won't go overnight but these small changes you're making will definitely pay off
    weaving through the chaos...
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