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  • FIRST POST
    • remote_control
    • By remote_control 16th Aug 16, 9:19 AM
    • 175Posts
    • 816Thanks
    remote_control
    Facing up and cracking on
    • #1
    • 16th Aug 16, 9:19 AM
    Facing up and cracking on 16th Aug 16 at 9:19 AM
    Hi

    We are in debt and we need to face up to it as I do not want it to define the next few years of our life.

    In a nut shell, we moved to a house that was slightly over budget and did a lot of DIY.

    Debt as of July 2016 £20,485.45

    We don't act like we're in debt, we just carry on as normal. I am hoping this diary will help to change this.

    Feel a bit scared and tearful posting this!

    Thanks in advance for your support!!
Page 2
    • Bobarella
    • By Bobarella 21st Mar 17, 10:11 PM
    • 10,475 Posts
    • 69,539 Thanks
    Bobarella
    Don't be embarrassed about your SOA. It is just a starting point. Lots of people on here knock hundreds off their budgets once they know where they are going wrong.
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • remote_control
    • By remote_control 23rd Mar 17, 6:03 PM
    • 175 Posts
    • 816 Thanks
    remote_control
    Thank you for your lovely posts, cheered me up.

    I have downgraded my shop. I don't tend to buy branded stuff but we like to buy organic/fairtrade etc and so to downgrade is tough because it goes against what we believe in. We have such power as consumers and if we all bought ethical products it would make such a difference to the world. Anyway, once the debt is paid off we can get back to it (debt is from house renovations and car, we can ordinarily live within our means thereabouts).

    My positive change in attitude is working out well. Balance transfer should be sorted by the beginning of the week which means a big chunk of this will be 0% for 29 months!

    Had a few dribbles of money in from surveys and ebay. Ebay seems really quiet this year. Can't wait to do my budget for the month, I'm (pretty) sure we've not spent much.
    • remote_control
    • By remote_control 11th May 17, 11:27 AM
    • 175 Posts
    • 816 Thanks
    remote_control
    Hi everyone,
    Been feeling much more positive about debt the last few months but have a spendy summer with some house renovations. Builder's costs are all saved for but we need to source fixtures and fittings. Its that usual balance then between quality and cost. We prefer quality items that will last 20+ years but they are more expensive.

    Sometimes the debt gets me down but it goes down every month, we haven't added to it at all. My budget spreadsheet is great as I can see where all the money goes now and we have been in credit each month for the past few months so we are finally out of our overdraft mostly.

    Nothing left to ebay!! Need to have a real hunt for things.

    Onwards and downwards
    • remote_control
    • By remote_control 17th May 17, 5:25 PM
    • 175 Posts
    • 816 Thanks
    remote_control
    Had a mortgage appointment this morning and remortgaged to a much better rate!! Small party as now paying £150 less a month!!!!!!
    • Tahlullah
    • By Tahlullah 17th May 17, 7:40 PM
    • 781 Posts
    • 4,666 Thanks
    Tahlullah
    Congratulations on that huge victory!
    Striving to be mortgage free.
    • remote_control
    • By remote_control 18th May 17, 4:39 PM
    • 175 Posts
    • 816 Thanks
    remote_control
    Thank you. Looking forward to next month's budget as it will include the new payment.

    Haven't had a debt total in months as we've been doing lots of shifting about to stay on 0%. Hopefully this is nearly done. It annoys me not having a total but it goes down every month so I shouldn't worry about it for now. Very nearly in the teens and then it'll fly down, especially as have an extra £150 a month to throw at it. Using up all the food in the cupboards for the next few weeks. Going to have a look for some money saving meal ideas as I really have no idea how much each meal costs.
    • remote_control
    • By remote_control 23rd May 17, 7:24 PM
    • 175 Posts
    • 816 Thanks
    remote_control
    Got accepted for a new 0% card and the credit limit was insane!! About 20k. No wonder we all end up in this mess! Anyway once that comes through we're done shifting 0% around for over a year which is great. Looking forward to being in a better position financially this time next year.

    Lots of nice time in the garden and some veggies in so here's to some cheap meals I hope.
    • joedenise
    • By joedenise 23rd May 17, 8:21 PM
    • 4,645 Posts
    • 34,473 Thanks
    joedenise
    Have a look at the Old Style board. There is a grocery challenge each month.

    At the beginning of the grocery challenge thread there are several pages of recipes, most of which are cheap.

    Another good source of meal ideas is the internet. There are lots of thrifty meal ideas on various website. Cookingonabootstrap is one that comes to mind (used to be called A Girl Called Jack) although her recipes are vegan rather than vegetarian now but all her older recipes are still on there. Another is Thrifty Lesley who cooks meals for 2 people for £1 a day, might be some ideas on there for you to try.

    Hope that helps.

    Denise
    • remote_control
    • By remote_control 13th Jun 17, 8:46 AM
    • 175 Posts
    • 816 Thanks
    remote_control
    Well after months of jugging balance transfers to keep everything at 0% but also move everything with 0% fee we finally have a debt total: £19,999.99!
    Our total was slightly over this and we had money in the bank after everything went out at the beginning of the month so we payed a bit off to be under £20k.
    Very exciting to be under 20k and look forward to it going down.
    We have around £6k on a card that runs out in a year so all ebay sales etc will be going towards that.

    Thanks for the tips re reducing the meal costs, its on my list to research!
    • remote_control
    • By remote_control 19th Jun 17, 8:52 PM
    • 175 Posts
    • 816 Thanks
    remote_control
    Small DD went out so our debt total is £19,914.00

    So happy to have a figure and see it going down.
    • remote_control
    • By remote_control 4th Jul 17, 2:49 PM
    • 175 Posts
    • 816 Thanks
    remote_control
    I think debt is down to £19,765.99 with a couple of survey type things and ebay.

    Just completed month 11 of writing down where all the money goes. It was in the red for the first time in a while, mainly due to mortgage fee and holiday. If you take out the car we bought (which I know you can't actually do) we are on average in the green each month by £140. But we did buy the car and that can't be ignored. So once this car is paid off we need to save for the next one.
    • remote_control
    • By remote_control 10th Jul 17, 6:36 AM
    • 175 Posts
    • 816 Thanks
    remote_control
    Few house renovations happening here in the next few months, looks like it will cost nearly £10,000!! So we are frantically trying to source money! Cashing out a share scheme will cover some of it thank goodness. Determined not to put any on credit cards but we may dip in to our overdraft. Luckily it will be spread out from now until Christmas. Children woke me up early so I have done some survey type things already and have three things to list on ebay. All good fun.
    • remote_control
    • By remote_control 27th Jul 17, 9:03 PM
    • 175 Posts
    • 816 Thanks
    remote_control
    Well the first of the renovation projects is complete and we've come through relatively unscathed financially and we haven't had to increase our debt. It was about £3000 so the majority will be later on in the year. Planning on doing lots of selling in the next few weeks to try and make all we can and also to have a very cheap summer hols. Been looking at money saving meal things but not seen much I can try yet, I think I need a bigger freezer! Started making stale bread into bread crumbs which is good.

    Current debt is £19,666.59.
    • remote_control
    • By remote_control 24th Aug 17, 5:07 PM
    • 175 Posts
    • 816 Thanks
    remote_control
    Current debt £19,421.38

    Coming down at a snail's pace but really pleased to be doing home improvements without adding to the debt at all.

    I have also been writing down what we spend for a year now and it was really fascinating to look at our yearly totals and averages - I printed it out and stared at the spreadsheet for hours! It is great to have a benchmark now to work against. It was also nice to see that if it wasn't for the debt repayments and the car we bought we would have a couple of hundred pounds spare every month. Unfortunately we do have the debt repayments (which include the car) so we don't have money to spare. But we haven't added to our debts in well over a year (apart from the car) and we can live within our means each month. I look forward to having some savings when we need to replace the current car (~4 years time).

    Meanwhile we're saving for some house renovations so we can get through them unscathed. And then we'll focus on the £5390 on a 0% card which runs out in June.

    Thanks for the inspiring diaries.
    • remote_control
    • By remote_control 29th Aug 17, 10:22 AM
    • 175 Posts
    • 816 Thanks
    remote_control
    A DD went out so it is now £19,318.51

    I reckon we can afford to get that into the 18s but I will wait for all the beginning of the month bills to go out and see
    • remote_control
    • By remote_control 11th Oct 17, 6:49 AM
    • 175 Posts
    • 816 Thanks
    remote_control
    Debt Oct 2017: £18,577

    Hopefully we will start the new year with debt in the 17s. As we have no magical large sums of money coming in and also Christmas coming up I am going to try to post a bit more regularly to keep on the straight and narrow. We spend little bits of money here and there which all add up so I am trying to cut that out. Yesterday was a fairly good day as I got a free lunch and resisted buying something that we sort of need but can do without for a couple of months.
    • enthusiasticsaver
    • By enthusiasticsaver 11th Oct 17, 8:05 AM
    • 4,410 Posts
    • 8,174 Thanks
    enthusiasticsaver
    That is pretty good RC. Slowly but surely. Have you still got lots to do to your house?

    I love spreadsheets too and in spite of using clear checkbook to record spends I still move it across to my spreadsheet so I can compare the monthly spends easily.
    Countdown to early retirement on 21.12.17 3 months to go.
    • jools1985
    • By jools1985 11th Oct 17, 8:21 AM
    • 32 Posts
    • 34 Thanks
    jools1985
    I've just read all of this thread. well done on the budgeting and savings made. It must have felt great to get out of the twenties and into the nineteens, then further down still
    • enthusiasticsaver
    • By enthusiasticsaver 11th Oct 17, 8:33 AM
    • 4,410 Posts
    • 8,174 Thanks
    enthusiasticsaver
    Amazing that you have managed to reduce your debt this year and buy a car and do house renovations. Keep going. You are doing brilliantly.
    Countdown to early retirement on 21.12.17 3 months to go.
    • Kittychick
    • By Kittychick 11th Oct 17, 9:17 AM
    • 194 Posts
    • 460 Thanks
    Kittychick
    Wow, I've just read your diary, you are doing so well... We are on a very low cc debt but I know it might go up due to a possibility of needing a new car in the next few months so I can see how disheartening it is. Another recipe option is BBC Good Food, one of the options on there is something like budget/student.. I've seen done really nice stuff on there
    Good luck on your journey x
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