Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Cailbhinn
    • By Cailbhinn 15th Oct 16, 10:24 PM
    • 88Posts
    • 260Thanks
    Cailbhinn
    Cailbhinn's debt journey!
    • #1
    • 15th Oct 16, 10:24 PM
    Cailbhinn's debt journey! 15th Oct 16 at 10:24 PM
    Hello all. I've been a long-time lurker of MSE and finally am in the right place to get my debt sorted, I turned 30 this year and have had credit card debt since I was 18. Stupid decisions, ignorance and lack of foresight got me here. Shifted around on 0% cards for 10 years until those deals did not come so easily so now on long-term low interest card so another reason to get rid!

    My main reason however was reviewing last months spends. i spent nearly £400 on food alone. For one person. Disgusting! I re-connected YNAB a few weeks back and am following it religiously. For the first time I have a buffer and also will likely have extra to pay off of the CC debt rather than just above the minimums! I have curtailed my spending and I'm not fading away to a shadow! I just think about things more rather than tapping that wee card onto the reader!

    My debt is currently sitting at £12,956

    I am determined however and hope this diary will help to motivate me to reach that highest honour of appearing on the debt free roll of honour! And also make me a spendthrift whilst still enjoying life. One day I may be on that property ladder which seems like an unachievable dream at the minute. Thanks in advance for the support.
    Last edited by Cailbhinn; 23-10-2016 at 10:14 PM.
Page 2
    • Cailbhinn
    • By Cailbhinn 17th Oct 16, 8:15 PM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    Well unfortunately not a NSD today! Forgot I had made a donation and bought some badges off Poppy Scotland but £10.83 well spent. Dinner for tonight and tomorrow - £4.85. Hopefully tomorrow will be a NSD.

    In other news only finished three hours later than I should. Ah well, getting better!
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • louby40
    • By louby40 17th Oct 16, 8:20 PM
    • 546 Posts
    • 1,277 Thanks
    louby40
    I saw Calvin Harris at the Wireless Festival in the summer - totally amazing.

    Well done on your NSD! I'm up to 7 for the month. Never quite got to 10 which is my monthly aim. Still got half the month to go though....
    Dec 16 Barclaycard £73 0% First Direct £1179 0% Parents £2125=£3377
    Nov 16 Barclaycard £73 0% First Direct £1179 0% Parents £2425= £3677
    Sealed Pot Challenge 10 #572
    Car loan £5024 Mortgage £99,720
    • Cailbhinn
    • By Cailbhinn 17th Oct 16, 8:33 PM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    I saw Calvin Harris at the Wireless Festival in the summer - totally amazing.

    Well done on your NSD! I'm up to 7 for the month. Never quite got to 10 which is my monthly aim. Still got half the month to go though....
    Originally posted by louby40
    I'm aiming for 8 and only started on Saturday. All the best for yours!
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • debtnav
    • By debtnav 17th Oct 16, 8:36 PM
    • 19 Posts
    • 45 Thanks
    debtnav
    Well done for sorting this out now. I'm twice your age and if I'd known then what I know now my better half and i could have been very comfortable! Still, we've been very fortunate and have no real regrets. I don't envy young people these days - it's a lot harder now than it was when we started out. Good luck!
    Your company gets me through the day. x
    • Cailbhinn
    • By Cailbhinn 17th Oct 16, 8:39 PM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    Well done for sorting this out now. I'm twice your age and if I'd known then what I know now my better half and i could have been very comfortable! Still, we've been very fortunate and have no real regrets. I don't envy young people these days - it's a lot harder now than it was when we started out. Good luck!
    Originally posted by debtnav
    Thanks debtnav! My plan in life is to have a 15 year mortgage and retire at 60. Need to save, save, save for a deposit after clearing this debt. It's weird I was saying this to someone today - I'd hate to be a teenager these days. Circle of life, eh?
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • debtnav
    • By debtnav 17th Oct 16, 9:26 PM
    • 19 Posts
    • 45 Thanks
    debtnav
    You will get there but don't forget to enjoy the journey along the way!
    Your company gets me through the day. x
    • Smodlet
    • By Smodlet 18th Oct 16, 12:11 PM
    • 1,775 Posts
    • 2,947 Thanks
    Smodlet
    Only the worlds most paid DJ at the moment and Scottish too. I remember buying his first album and seeing him in the Carling Academy in Glasgow before he was famous famous. Wonder if he'd give a wee sub to his namesake? £12,000 is nothing to him lol.
    Originally posted by Cailbhinn
    No wonder I've never heard of him... I date from an era of real music <ducks>

    Well done on your journey so far, it sounds as if you are making great strides already, and good luck with all the steps to come... as has been said, don't forget it is the journey that is fun, the destination is just the icing on the cake.
    Last edited by Smodlet; 18-10-2016 at 12:18 PM.
    What is this life, if, sweet wordsmith, we have no time to take the pith?

    Every stew starts with the first onion.

    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • EssexHebridean
    • By EssexHebridean 18th Oct 16, 1:08 PM
    • 6,317 Posts
    • 35,041 Thanks
    EssexHebridean
    Well done for looking to tackle your situation before it gets beyond reach Cailbhinn!

    Some suggestions for you
    - while you don't need to post an SOA in here if you don't want to, you will find that either working through that, or the MSE Budget Brain tool, is helpful to you. It stood out that you said previously that until recently you've not even had a budget - now that you have, it's helpful to have it noted somewhere that you can fiddle and adjust, but most of all keep an eye on how you're doing with it. It also helps you pick up on things that are infrequent costs - so for example annual bills for insurances, things like car servicing/MoT, and to budget for big one-offs like Christmas, or an annual holiday by setting money aside each month to cover these.
    - The food/shopping thing - what works for us is ONE visit to the supermarket only, most weeks, plus a meal plan so that food doesn't get wasted. Before I shop I note anything that needs using up, then write the meal plan around that, and only then write a shopping list which includes the bits we need to make the meals on the plan as well as the "usual" stuff like milk, fruit. I find if I do need a further visit to the shops then I almost always end up buying extra bits.
    - The issue of cash withdrawals - I have a separate savings account off my current account which is literally my "fun stuff" money - and I feed that with a set amount each month. I take out a set amount of spending money per week, or if I've not spent what is in my purse from the previous week, an amount just to make up what is in my purse to a set level. For planned weekends away, or nights out beyond my weekly spending money, my "fun" account is there to take up the slack and it's easy to use online banking just to switch the money from it to my current account. I found that working this way avoided me being constantly at the cashpoint, and also controls the amount I take out in a month more closely.
    MORTGAGE FREE 30/09/2016
    • Cailbhinn
    • By Cailbhinn 19th Oct 16, 2:56 AM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    Well done for looking to tackle your situation before it gets beyond reach Cailbhinn!
    Originally posted by EssexHebridean
    Thanks for the welcome. Essex and The Hebrides - an not-so-often heard combination!

    Some suggestions for you - it's helpful to have it noted somewhere that you can fiddle and adjust, but most of all keep an eye on how you're doing with it. It also helps you pick up on things that are infrequent costs - so for example annual bills for insurances, things like car servicing/MoT, and to budget for big one-offs like Christmas, or an annual holiday by setting money aside each month to cov]r these.
    I think this is where YNAB is helpful. As i've said I am not at desperation stage and I note that some people who are desperate with unmanageable debt post their SOA who have £100 Sky TV, £80 mobiles etc and the community quite rightly point this out. Although I appreciate that these forums (?fora) are here to help and guide and give people an alternative look at their finances. I don't feel that's necessary in my opinion but that may change in the future of course. Annual things were maybe spread over two or three months - indeed just most recently my car insurance was saved over two months. But as I've said (maybe on someone else's thread) I've not used my CC in a long time. Don't even know the PINs.

    - The food/shopping thing - what works for us is ONE visit to the supermarket only, most weeks, plus a meal plan so that food doesn't get wasted.
    I've tried a meal plan along with weekly shop but never works and I end up throwing food out. I seem to work better on day-to-day shopping. Although saying that a large proportion of food costs were lunches at work so in a way I have planned for that these past few weeks and spent £0 at work. I am lucky in that I pass three or four supermarkets on the way home so no more extra in petrol.

    The issue of cash withdrawals - I have a separate savings account off my current account which is literally my "fun stuff" money
    I like this idea of a separate account and may just do that for the the 'fun' money.


    I really do appreciate everyone's advice. Its quite cathartic doing these diaries and getting other people's perspective. Thanks so much
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • Cailbhinn
    • By Cailbhinn 19th Oct 16, 2:59 AM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    Today - well rather yesterday - was a NSD! So that's 3 since Saturday which I am quite chuffed by.

    My sleeping has never been good and despite going to bed at 9.30pm - I have been up since 12.30am. I have looked at my phone and thereafter fired the laptop up which means i am wide awake now. Alarm is set for 5.30am so might grab an hour before that. Another long day in work then over to dads as it's his birthday tomorrow.
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • Katzen
    • By Katzen 19th Oct 16, 5:53 AM
    • 497 Posts
    • 1,597 Thanks
    Katzen
    Morning!! Hope you did get a hour or two sleep. Well done on the NSDs, how are you tracking how much you are 'saving' by doing this? Obviously there's a million ideas on here but I bet you already have a preferred method.
    • NeverUnderestimate
    • By NeverUnderestimate 19th Oct 16, 7:53 AM
    • 106 Posts
    • 167 Thanks
    NeverUnderestimate
    Well done on starting your debt free wannabe diary!

    Just recently I have come into the same position (roughly same amount of debt) due to using a low interest loan to pay off my car. It has saved me lots of interest already. I hope to have it all paid off by Sep 2019 at the latest.

    My current system which seems to be working goes like this.

    - Main account (I have emergency fund here earning interest).
    - Personal spends account.
    - Bills/monthly budget account.
    - Overpayment to Loan account (I sweep any left over pennies from all amounts to here and when it builds up I make an overpayment).

    So I have four accounts I use. All my direct debits come out of my main account so I transfer the money from allocated account to main account. I'm aware of the amount it started at each month and end it there. It's working for me so far. With having the separate accounts I'm a lot more aware. If there is any left over at the end of the month I split it half way- half to overpayment of loan and half to emergency fund.

    I've already made a nice dent in my loan repayments since beginning of September. I need to update my sig.

    Good luck!! Will be following to see how you get on.
    Never underestimate the ability of what you can achieve.
    current debt
    £534.00/£12395.87
    since September 2016.
    • Cailbhinn
    • By Cailbhinn 19th Oct 16, 9:52 AM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    Morning!! Hope you did get a hour or two sleep. Well done on the NSDs, how are you tracking how much you are 'saving' by doing this? Obviously there's a million ideas on here but I bet you already have a preferred method.
    Originally posted by Katzen
    Thanks Katzen. Didn't get back to sleep. Sitting on my break eating porridge to try give me enough energy to get through the day. I usually get 4 hours per night.

    I'm using YNAB. I like the fact that each pound should have a job. And it means I can use excesses from categories to overpay my credit card. I'm currently at £172.60 for an overpayment but think that'll increase. I'm avoiding looking at my bank account too as that was another (of my many) downfalls. That is, "oh I've £40 to spend" when I am now out of that spend rather than budget method.
    Last edited by Cailbhinn; 19-10-2016 at 9:58 AM.
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • Cailbhinn
    • By Cailbhinn 19th Oct 16, 9:57 AM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    Thanks NeverUnderestimate for you experiences of having differing accounts. Thinking about it I don't think I will need to do that method as long as I religiously use YNAB. It seems to be suit me best and I'm easily confused so keeping things as simple as possible suits me. I'm similarly using the excesses to overpay my CC. I'm actually budgeting for emergency fund, car insurance, car maintenance, presents, professional fees etc which I've never done before. September is always a tight one as my professional fee is due along with my car insurance. Well no more!
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • Smodlet
    • By Smodlet 19th Oct 16, 1:12 PM
    • 1,775 Posts
    • 2,947 Thanks
    Smodlet
    In case you do not already know, Cailbhinn, you can earn cashback on some car insurance policies. Also, there are comparison sites' links on here, should you want to use them.

    Have you checked you are on the best tariffs for gas/electricity? You can earn £15 per fuel if you switch through the Cheap Energy Club. Apologies if none of this is news.

    Cheers!
    What is this life, if, sweet wordsmith, we have no time to take the pith?

    Every stew starts with the first onion.

    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • debtnav
    • By debtnav 19th Oct 16, 1:59 PM
    • 19 Posts
    • 45 Thanks
    debtnav
    Hi Calbhinn

    Hope you don't mind but I've subscribed to your diary. As we both started around the same time I thought it would be nice to see how you are getting along.

    Hope all going well.
    Your company gets me through the day. x
    • Cailbhinn
    • By Cailbhinn 19th Oct 16, 7:37 PM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    In case you do not already know, Cailbhinn, you can earn cashback on some car insurance policies. Also, there are comparison sites' links on here, should you want to use them.
    Originally posted by Smodlet
    Unfortunately the type that I have doesn't have cash back.

    Have you checked you are on the best tariffs for gas/electricity? You can earn £15 per fuel if you switch through the Cheap Energy Club.
    I'm a lodger so not my problem (thankfully!)

    Apologies if none of this is news. Cheers!
    Oh no, please give me all the hints you can! Thanks for your help/suggestions.
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • Cailbhinn
    • By Cailbhinn 19th Oct 16, 7:38 PM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    Debtnav of course you can subscribe. I'm sure it won't be plain sailing all the way so good to have the support of someone going through it too.
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • Cailbhinn
    • By Cailbhinn 19th Oct 16, 7:39 PM
    • 88 Posts
    • 260 Thanks
    Cailbhinn
    Sadly not a NSD but did get it cheaper as I found £4 under the driver's seat! So only spent £2.76 today. Dad working late so not seen him but will pop over tomorrow. Too knackered after being up all night. Although doubt I'll sleep - will need to take the pills I brought over from America!
    Starting Debt (31 Oct 2016) - £12,956 | Current Debt (31 Oct 2016) - £12,956 (0% paid)
    • Poor_Single_lady
    • By Poor_Single_lady 19th Oct 16, 10:56 PM
    • 455 Posts
    • 1,063 Thanks
    Poor_Single_lady
    I think im the same on the internet banking. For me its goes something like -

    1. log on see balance of £120 for 2 weeks
    2. Think about having £120
    3. Spend the £120 and need to live rest of month in overdraft.

    Its like if I know its there I have to spend it. I don't use my internet banking too much at the moment for this reason.

    Sounds like its going well? Lots of good decisions and monitoring.
    Debt at June 2016 £14,600
    2017 pay off loan and first credit card
    Have less debt and be happier
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,245Posts Today

5,869Users online

Martin's Twitter