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  • FIRST POST
    • hazeldreams
    • By hazeldreams 4th Oct 14, 3:33 PM
    • 210Posts
    • 374Thanks
    hazeldreams
    Our Journey from Debtdom to Freedom
    • #1
    • 4th Oct 14, 3:33 PM
    Our Journey from Debtdom to Freedom 4th Oct 14 at 3:33 PM
    Ok, here goes...(gulp!)


    If I'm completely honest, my LBM was back in 2012. I've been aware that my over-spending could not continue but in all honesty I've been in denial.


    I've been an avid reader of all of the diaries on here for some time. I've learnt so much from all you guys and I'm in complete awe at what you've all achieved on your journeys and well, now I feel its my time to smash this debt once and for all - my time to be free of the worry and stress it causes me and my family.


    DH is totally on-board (he's a laid back type and worries about nothing-but he understands how much it worries me). He's never been a spender, it's always been me moving from one expensive project to the next with little thought about whether I "need" it or simply "want" it or moreover can ever afford to repay it! What really frustrates me is the fact that I'm not a daft lass - I've a respectable profession - earn a great salary and I'm really proud of the job I'm doing raising two gorgeous girls. But this money/debt malarchy has me over a barrel - I feel I'm fighting a losing battle. You'll see from our signature, just how dire our situation has become...I'm totally embarrassed and ashamed of it but I'm totally determined to reverse 2 decades worth of mistakes and turn them into something truly positive.


    In readiness for starting on our journey from Debtdom to Freedom, I've read some literature on the psychology of spending to help me find the root cause of my issue with over-spending and I've got some strategies lined up as a result to keep me on the straight and narrow during the inevitable ups and downs of my journey.


    I've also worked with the hubster on driving down on our un-necessary outgoings and enlisted the help of YNAB and DebtPayoff apps to help keep us on budget and track our snowballing with our debt - I'll post my SOA shortly - any further help you lovely peeps can give would me welcomed muchly!


    So...what's our main driver? Why now? It's simple...We're doing this for our DD's...to protect their future, to teach them the value of money, to guarantee their security...life is so uncertain...this is one thing we can make a certainty for them.


    To keep me focussed I've picked up some tips from others successes on here....this is what I plan to do to keep us motivated...


    -Post on our diary every day no matter how we feel
    -Make a repayment a day (PAD) no matter how big or small
    -Post on "small things" thread to remind us that every step no matter how small is a step towards freedom

    We're aiming to keep this journey as simple as possible and take it one day at a time...We'd love you to come along and join us (and encourage us and support us) on our journey from debtdom to freedom!


    Wish us luck!
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
Page 12
    • brizzledfw
    • By brizzledfw 22nd Feb 17, 8:27 AM
    • 6,847 Posts
    • 32,921 Thanks
    brizzledfw
    Best of luck with the job change..go for it
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    June '17 Savings Rate Goal: 25% [May 30%]
    Declutter 50 items before 30.06.17 139/50 ** LSDs Target 5 for June 05/05 **AFDs 12/20 ** Sales Target '17 £750 £110 so far
    **NSDs Target 5 for June 02/05
    • hazeldreams
    • By hazeldreams 23rd Feb 17, 9:46 AM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    363 days to go....
    Aww thanks brizzle I think I may well apply, just want to suss out a few more specifics first!

    Reasonable day yesterday with 6/7 daily goals achieved but no NSD as had to catch bus to get in to work early doors. On track for 7/7 today though as walked to train station and saved bus fare so that's good.

    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 24th Feb 17, 8:09 AM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    362 days to go...
    7/7 daily goals achieved yesterday, partly thanks to Doris! (had to walk from city centre halfway home as there were no trains, gridlocked traffic and buses so full you couldn't get on them!) bad news is we've lost two fence panels to the storm - I'm guessing we will have trouble replacing them quickly and will be overcharged as suppliers/fitters cash in

    Need to buy birthday cards today so it won't be an NSD (do you know, buying cards thwarts so many of my NSDs I think I need to start buying them in bulk!)

    Lovely weekend coming up for the 2nd and 3rd birthdays in our family for this month - afternoon tea in Stratford upon Avon, family party and I'm doing everyone a lovely Sunday lunch. It's a JO one from the save with Jamie book - mothership brisket beef - one of our faves and won't break the bank - will do a vic sponge for Pud to double as a birthday cake - couldn't get more British than that lunch could we! Quite ironic when we're actually a large Irish family

    I've decided to apply for this role at work but with two busy weekends coming up and being mental busy at work I don't know how I'll find the time to prep for it! And I need to be over prepared for this step up I'm also worrying that with this to prep for, very little being cleared in march due to remortgage fee and now fence panel replacements that my eye will be taken off the ball - I've learned I can't juggle too many balls at once and excel at all of them - not sure how to tackle this dilemma

    Happy Friday all
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 27th Feb 17, 9:40 AM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    359 days to go.....
    Busy spendy weekend but enjoyed lots of lovely family time and just one birthday to go tomorrow and spends return to normal. Will revisit monthly goals tomorrow and see how we did and reset for March.

    Horrible grey drizzly day here but did manage to talk to station and avoid a downpour so no spends so far and today's exercise complete. Aiming for 7/7 daily goals, let's see how I do.

    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 3rd Mar 17, 5:09 PM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    355 days to go...
    Didn't quite expect not to be on posting for 4 days but that's life for you! Rocky few days as DD1 didn't get her first choice at high school so everything has literally been on hold while we figure out what to do next...all will work out fine I'm sure.

    On the money saving front whilst I've kept tracking everything on YNAB, the NSDs have gone out of the window and I've not yet updated my progress for Feb or updated sig for march! Will make the time to do that this weekend definitely.

    TGIF!!
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • brizzledfw
    • By brizzledfw 4th Mar 17, 11:52 PM
    • 6,847 Posts
    • 32,921 Thanks
    brizzledfw
    Oh lordy, sounds like it's been a tricky few days...here's hoping you have a better weekend. So glad you're going for the step up role!

    X
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    June '17 Savings Rate Goal: 25% [May 30%]
    Declutter 50 items before 30.06.17 139/50 ** LSDs Target 5 for June 05/05 **AFDs 12/20 ** Sales Target '17 £750 £110 so far
    **NSDs Target 5 for June 02/05
    • hazeldreams
    • By hazeldreams 7th Mar 17, 9:45 AM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    351 days to go....
    Despite the rocky few days we've only spent £12 we didn't budget for (necessary coffee shop visit with DD1 to discuss options) and have achieved 2 NSDs. We could've done more but I'm pleased with that given the distractions.

    Looking over last month goals, we hit our goal of £2000 debt cleared but fell short of NSDS (but still achieved 12/16) and my weight loss! I only achieved a 1lb loss instead of a 2lb loss but at least I achieved that during a month full of birthdays! Got to hit more this month particularly on the weight front!

    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 20th Mar 17, 5:37 PM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    338 days to go!
    Hi all!

    We're still here and still plodding after our hiatus! It's been a tough month on many a front so I'm very much looking forward to 31/3, not least to see the back of march but also because it's payday and bonus time. Not being able to pay off £2k this month has really peeved me even though it has saved us £800 in mortgage interest and meant I've not been anywhere near as careful as I should. But April is not far away so really looking forward to getting back on track and clearing a sizeable chunk off the debt with said bonus.

    On track for 5/7 daily goals today - aiming for 6/7 tomorrow and so on.... one day, one teaspoon at a time. Off to read some diaries and debt free roll of honour to get my mojo back!

    It's good to be back
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • brizzledfw
    • By brizzledfw 20th Mar 17, 8:01 PM
    • 6,847 Posts
    • 32,921 Thanks
    brizzledfw
    Good to have you back (its only been a fortnight so you're let off just this once )...how did the job application go?

    I know what you mean re the targets..they end up really mattering. Perhaps a little too much. I relented today and moved money to the ISA and pension rather than the CC....I realise I need to build up funds for the future as well as bust the CCs and the mortgage.. but it still hurts when I see the current totals on the cards.
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    June '17 Savings Rate Goal: 25% [May 30%]
    Declutter 50 items before 30.06.17 139/50 ** LSDs Target 5 for June 05/05 **AFDs 12/20 ** Sales Target '17 £750 £110 so far
    **NSDs Target 5 for June 02/05
    • hazeldreams
    • By hazeldreams 21st Mar 17, 9:24 AM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    337 days to go...
    Hi brizzle! Ha! Yes only been a fortnight, so not the end of the world! : Had the interview last week, it's a two stager so may not get through to next round, we will have to see. The prep/stress of that, poorly parents and high school fiasco/appeal is what's derailed us this month - everything always comes at once doesn't it?!

    Anyway, taking one day at a time. I've had a healthy fruit salad for breakfast, got homemade lentil and bacon soup for lunch and veggie shepherds pie for tea. My tummy has been really playing up due to not being as healthy as I should've been over last 2 weeks, it's been so painful I've started keeping a list of foods that trigger my symptoms. The stress hasn't helped either I'm sure! I'm sure I should be a vegetarian I'm beginning to loathe most meats and any fatty ones in particular really set off my symptoms.

    Dodged the walk to station rather naughtily though - lugging my backpack is hurting my neck at the mo and I don't want to add to the ailments! I sound like an old woman

    Going to try and get 30mins walking in on my lunch break instead - my diary is pretty quiet so I should actually get one today!

    Wont be an NSD as kids have had to have tuck money for an event at school so aiming for 6/7 daily goals achieved today.

    Loving the sunshine today, even if it is a little chilly.

    Really excited to think that in just 10 days we will have cleared the halfway mark on the debt mountain, we'll be at the summit and it will be downhill all the way then! So,so, so excited!
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 22nd Mar 17, 9:37 AM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    336 days to go...
    Ugh! What a day! I'm soaked through (and so are the kids!) from the walk to school. No way I'm walking to station in this weather so I head for the bus stop. Bus turned up on time for once, I get on, put my hands in my pockets...I've forgotten to pick up my bus fare . I get off the bus and manage to hitch a ride to station from my wonderful sister. I'm soaked through, have wet, cold feet and my hair, well let's not go there

    Going for 6/7 goals today...although I'm already feeling the need to succumb to an expensive coffee so today might be a struggle
    Last edited by hazeldreams; 24-03-2017 at 9:13 AM.
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 24th Mar 17, 9:21 AM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    334 days to go....
    So our debt busting efforts/moans/groans etc kinda pale into insignificance after the tragic events on Wednesday. Nonetheless, I feel privileged to have the luxury of life and choices and I'm more determined than ever not to waste the opportunity that we have as a family to rid ourselves of debt.

    Hubbys pay day today so first step will be to allocate budget for next week and April. Not too much planned this weekend besides the family for dinner on Sunday for Mother's Day. One of these days I'll get a Mother's Day/Xmas day off (well I can live in hope!)

    Happy Friday!
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 27th Mar 17, 5:10 PM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    331 days to go...
    Just 3 days until receive my annual bonus and get to clear a lovely lump sum off the mortgage. Should take us up to 55% cleared which I'm thrilled about! It really is starting to feel as if we're at the summit and it'll be downhill all the way from here on in.

    Daily goals update for today:
    1. I had a NSD today/I stuck to my budget today
    2. I limited my portions and chose healthy options today
    3. I didn't drink alcohol today
    4. I paused before reacting to kids
    5. OH and I talked for 20 mins today
    6. I exercised for 30 mins today
    7. I completed 30 mins work related reading

    Had to buy lunch today as Mother's Day celebrations left me short on time to prep my lunches for the week yesterday. Planning on fixing this tonight!

    Pleased with 5/7 goals achieved. Going for same or bettter tomorrow.
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 5th Apr 17, 8:29 AM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    322 days to go....
    Quick March update
    1. I stayed on budget/I completed 16 NSDs really did horrendous last month. Not being able to clear the £2000 made us totally and utterly lose focus
    2. I cleared £2000 this month of debt We paid £1650 remortgage fee, but this will save us over £800 over 2 years in interest
    3. I lost 2lbs this month - I've lost 6lbs in the last 2 weeks, would love to say it's through trying but I'm afraid it's health related!

    On the good news front weve cleared £6500 off one credit card and closed it down from my lump sum which I received last week. We've kept back the rest for the moment as we're at a bit of a cross roads. We desperately need a second car. As I've not been too well, running for trains and buses is getting harder and harder! I've been having to get to hospital appointments and borrowing my sisters car more and more as hubby has our car at work. With DD1 going to high school in September, we're not going to manage on one car for much longer as she'll also need picking up and dropping off at bus/train stops. The problem is we don't have the capital to buy one outright and if we take a lease we definately won't make clearing all debt within the next 322 days as we'd lose the ability to clear £2k every month. Really don't know what to do. There is a chance my income will rise if a new job opportunity comes off but I don't want to bank on that.

    Lots of thinking to do ....
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • hazeldreams
    • By hazeldreams 6th May 17, 3:05 PM
    • 210 Posts
    • 374 Thanks
    hazeldreams
    Back from (another) hiatus!
    So...it's been a while but at least we're back!

    It's been a tough couple of months with school appeals, job interviews, health issues...but despite overspending as our minds have been focussed elsewhere, it's not been catastrophic and we've used YNAB 100% of the time, everyday as usual.

    Let's start with the most significant changes...
    1. We bought a second car on lease (not PCP)
    2. I got a new job
    3. We've started saving £375pm for the girls Uni costs
    4. We've decided we can't live without a holiday abroad every year!
    5. We've been forced to rethink our goals in light of 1-4!

    In my last post I mentioned how desperate things were getting not having a second car so we had to make a decision and after reviewing all of the options we opted for leasing. This is where you don't get the option to own the car outright, it's lower monthly payments and upfront cost and you just swap it in at the end of the 4 years. It's not very MSE. That said, we didn't have the funds to buy one outright, we don't want to own another car that will depreciate by thousands the very second you drive off the forecourt (we bought our other car for cash) and we didn't want to be stung with a hefty bill at the end of the contract with PCP as many friends and family have been. So best option for us was contract...car arrives in approx. 14 weeks, just in time for DD1 going to high school.

    So, I also got a new role. This will pay for the car monthly payment and some of number 3, the savings for the kids.

    Having not been too well, it gave me time to run through some numbers and I realised that if we didn't start saving soon we wouldn't have enough for the girls to go to Uni. When I weighed this up against clearing the debt by 40, it was more of a priority. It was a tough decision, but the right one and this has all been paid into my sharesave at work. It makes total sense particularly given that I get a 20% discount on share prices and there are associated tax benefits. Plus the potential for growth far outweighs the 0% interest I pay on the credit cards. I'm toying with the idea of adding a further £125 into a separate scheme called partnership shares which has the same tax benefits and some share matching from my employer, but no decisions made just yet.

    Yep, we will be having a holiday abroad every year! We simply cannot work this hard and not find 2 weeks a year to get away from it all and really spend quality family time together. Therefore, each year we're going to set aside my annual bonus for holidays. Another hit for the debt mountain, but again a necessity...we'll never get this time with the kids back and they are growing up way too fast...

    So...we won't be achieving debt free by my 40th birthday. But maybe achieving it at some point in my 40th year will just have to do!

    I'm still working through the figures and decisions, but will update balances and countdowns soon..

    It feels good to be back and in control.
    £40,156.88 /£75,146.41(start 1/9/14) 53.4% paid off
    £34,989.53 left to go
    DFD target February 2018 July 2019
    May Challenges: NSDs 0/16; Groceries £0/£400
    • brizzledfw
    • By brizzledfw 17th May 17, 5:24 PM
    • 6,847 Posts
    • 32,921 Thanks
    brizzledfw
    Just catching up...sounds like excellent progress and I agree with you re the saving for kids, reliable car etc. In my book, its about spending thoughtfully that really counts. You'll get to be DF...even if not by 40..by 41, or 42..you're on that journey and thats what really matters.

    And...huge congratulations on the new role..well done

    We are putting funds aside into the big trip abroad later this year for a big family occasion; pension and ISAs..means less for debt busting and even less for mortgage OPs..but its working for us at the moment. Thats what matters. Also working at clearing the freezer and cupboards...its working so far
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    June '17 Savings Rate Goal: 25% [May 30%]
    Declutter 50 items before 30.06.17 139/50 ** LSDs Target 5 for June 05/05 **AFDs 12/20 ** Sales Target '17 £750 £110 so far
    **NSDs Target 5 for June 02/05
    • crunch_time
    • By crunch_time 17th May 17, 7:46 PM
    • 911 Posts
    • 2,028 Thanks
    crunch_time
    Totally agree with everything you've said. No point to working towards debt freedom if you forget to live along the way!

    Xx
    LBM June 2014.
    Original debt £23,555 vs Now £0

    PAYDBX 2017 - #85 £12,675/£2800 77% Paid!! (Currently on hold due to....)
    12 weeks to smash £5000 Challenge £400/£5446
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