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  • FIRST POST
    • dottydebts
    • By dottydebts 23rd Feb 17, 6:09 PM
    • 71Posts
    • 175Thanks
    dottydebts
    New Year, New Diary
    • #1
    • 23rd Feb 17, 6:09 PM
    New Year, New Diary 23rd Feb 17 at 6:09 PM
    After a fun filled year which started with fantastic MSE intentions, I am sad to say that my money saving and debt paying seems to have gone in the completely wrong direction.

    Negatives:
    - I am now about £2000 more in debt than I was this time last year
    - I have an additional credit card and car loan
    - My overdraft (which was interest free) is now charging me money every month

    Positives:
    - I am now a married woman! And it was the best day of my life, and completely worth the ridiculous amount of money it cost. I am very thankful to my mum, who paid for the majority of it, because without her we would definitely owe a lot more money right now
    - I can drive and have a car to call my own
    - I have a plan to sort all of this out.

    After spending too many hours adjusting and updating my spreadsheet over the past couple of days, I now feel like I have a bit more of an idea of how to tackle my seemingly ever-growing debt. It currently looks something like this:

    Argos Card - £755.08 - pay £135 pm - cleared August 2017
    Natwest CC - £402.54 - pay £65 pm - cleared by August 2017
    MBNA CC - £1382.57 - pay £100 pm - cleared by November 2017
    Overdraft - £1480 - pay £20 pm until CCs cleared - cleared by April 2018

    Additionally, I should be able to save £200 pm to pay for our honeymoon without relying on the CCs and also to start building up an emergency fund, which was completely wiped out by the wedding.

    Debt free things to do every day:
    - Start shopping at Aldi - now I can drive I have no reason to carry on shopping from the 'big' supermarkets, and now I can park a little bit better, I have no reason to be scared of the small, always busy car park.
    - Keep track of every penny spent on my spreadsheet, so I can see where I am coming in under and over budget each month. I have bought some small plastic wallets and plan to start using cash to help keep on top of this!
    - Stop buying unnecessary snacks and fizzy drinks on the way to work. I don't need them. I just need to stop.

    So, there it is. My mess and my plan to fix it. I hope to use this diary to keep myself accountable and also to read back on to remind myself to never get into this state again. That £300 pm could be used in much better ways than paying people money I owe them.
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

Page 2
    • dottydebts
    • By dottydebts 5th Mar 17, 11:08 AM
    • 71 Posts
    • 175 Thanks
    dottydebts
    Hi dotty
    I agree about the best times to shop. I get there when they open, whizz round and out again before it gets busy. Less stressful.

    Well done on your budgeting you sound so organised.
    I too have started a sealed pot for Xmas
    M
    Originally posted by motivated
    Thank-you! However, I'm only a week in so I guess we shall see if I'm still so organised by week 5 when the budgets don't have as much money in them!

    All my spare change is going into a sealed pot for xmas! I'm hoping this will ease the hammering it normally gives my bank account. I will be annoyed when I have to open it to change all my pound coins into the new ones though!
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • Cumbria lass
    • By Cumbria lass 5th Mar 17, 7:41 PM
    • 168 Posts
    • 374 Thanks
    Cumbria lass
    Oh Dotty we go to Aldi at 10am every Sunday , best time to go. Not today though as been away !

    Well done with everything so far .
    April 2017 Cc. 1 4070 cc2 1320

    Debt Free Nov 2019: earlier if I have my way
    • motivated
    • By motivated 5th Mar 17, 8:33 PM
    • 917 Posts
    • 1,127 Thanks
    motivated
    I will be annoyed when I have to open it to change all my pound coins into the new ones though!
    Originally posted by dottydebts

    I never thought of that. Maybe I need to be saving 50ps instead. I don't want to have to open mine either.
    (runs off to get thinking cap on)

    M
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 £82,590 - £81,055.88 - DFD July 2024 April 2024
    • dottydebts
    • By dottydebts 6th Mar 17, 6:18 AM
    • 71 Posts
    • 175 Thanks
    dottydebts
    I know! Fortunately my sealed pot is a cheap one from b&m so it's not too much of a disaster but will still be an annoying task taking them all to the bank

    Monday today, and originally planned to be a NSD but I am meeting some friends after work. We will probably go for some food, so I'm budgeting myself £10 from my eating out budget. I also still haven't put petrol in. This isn't really a big deal as I have half a tank but I like to keep it topped up!

    Other than that, not much to report. I'm hoping to pay a little bit more off my debt, even if it's only a few pounds before I update my sig on the 18th so need to try and be as MSE as possible during that time
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • motivated
    • By motivated 6th Mar 17, 9:40 AM
    • 917 Posts
    • 1,127 Thanks
    motivated

    Monday today, and originally planned to be a NSD but I am meeting some friends after work. We will probably go for some food, so I'm budgeting myself £10 from my eating out budget.
    Originally posted by dottydebts
    Great plan and very

    Enjoy a nice catch up and enjoy your meal
    M
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 £82,590 - £81,055.88 - DFD July 2024 April 2024
    • dottydebts
    • By dottydebts 7th Mar 17, 8:25 PM
    • 71 Posts
    • 175 Thanks
    dottydebts
    Came in under budget yesterday, spending £5.80 on a meal and £1.39 on a drink for a grand total of £7.19. I also spend 99p on a drink at work as a bit of a Monday pick me up!

    Today has been a NSD and I am feeling pretty good! Work until 4pm, and then hit the gym for an aerobics class which always makes me feel better about life. I almost ruined the fantastic feeling by weighing myself this evening, but I have actually stayed the same weight as I was before I 'fell of the wagon' so I'm hoping to see a bit of a loss over the next couple of weeks.

    Tomorrow, Thursday and Friday should all be NSDs in theory, but I still haven't filled up with petrol so may end up needing to do that at some point. Hopefully I can last until the weekend to keep my train of NSDs running!
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • motivated
    • By motivated 7th Mar 17, 8:33 PM
    • 917 Posts
    • 1,127 Thanks
    motivated
    Hi dotty
    I am trying to shift 2 stone I am constantly falling of the wagon but this time I think the wheels actually fell off

    Been following slimming world (again). I had a subscription online and did really well with it but it wasn't very I actually lost 141b and hey ho slowly it creeps back on . so have cancelled my subscription and am cooking from the cookbooks I bought over time. I think I more or less have the gist of what I can have and what I have to limit.

    The nice weather is approaching and it makes me determined to stick to it.

    Good luck with the NSDs
    M
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 £82,590 - £81,055.88 - DFD July 2024 April 2024
    • dottydebts
    • By dottydebts 8th Mar 17, 5:47 AM
    • 71 Posts
    • 175 Thanks
    dottydebts
    I was actually going to join slimming world earlier this year, but decided there just wasn't room in the budget for it. Instead I have joined a gym, and I have a step tracker that counts steps, tells you how many calories you've burnt etc so I just try and eat within that range and make 'healthier choices'. It all sounds so simple but I still can't stick to it!
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • dottydebts
    • By dottydebts 12th Mar 17, 12:10 PM
    • 71 Posts
    • 175 Thanks
    dottydebts
    Sunday again, after a slightly spendier week than I wanted. My own fault for being unorganised and not making lunches for work, but nothing disastrous.

    Sunday is always an expensive day, as it's my food shopping day.
    £16.24 in Mr A
    £12.99 in B&M
    £30.64 petrol

    I'm hoping not spend anymore over the next week so my weekly spend shouldn't have to go up anymore! £150 in the budget until payday and I really don't want to go over!!
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • pennystretcher
    • By pennystretcher 12th Mar 17, 3:51 PM
    • 279 Posts
    • 1,299 Thanks
    pennystretcher
    Post your SOA here with interest rates on credit. I'm sure we can tell you the right direction to go for. Good luck on your journey, sounds like you had your light-bulb-moment (LBM) at a good point - and yours is pretty do-able as long as you are willing to give up treats for a while
    MFW Apr 2017 £1090 (almost there!!!)
    • motivated
    • By motivated 12th Mar 17, 4:05 PM
    • 917 Posts
    • 1,127 Thanks
    motivated
    I was actually going to join slimming world earlier this year, but decided there just wasn't room in the budget for it. Instead I have joined a gym, and I have a step tracker that counts steps, tells you how many calories you've burnt etc so I just try and eat within that range and make 'healthier choices'. It all sounds so simple but I still can't stick to it!
    Originally posted by dottydebts
    Hi dotty you can google slimming world recipes and there are lots of easy, delicious ones too.
    Says me that's been a little picky this week and not stuck to it properly

    Good luck with the gym
    M
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 £82,590 - £81,055.88 - DFD July 2024 April 2024
    • dottydebts
    • By dottydebts 16th Mar 17, 5:47 AM
    • 71 Posts
    • 175 Thanks
    dottydebts
    Post your SOA here with interest rates on credit. I'm sure we can tell you the right direction to go for. Good luck on your journey, sounds like you had your light-bulb-moment (LBM) at a good point - and yours is pretty do-able as long as you are willing to give up treats for a while
    Originally posted by pennystretcher
    I actually already have a SOA, but have chosen not to post it. Only one of my credit cards is charging interest, which is the one I'm paying off first. The others are 0% until February next year, so I am paying an amount to them which will mean they will be paid off by the time interest kicks in. My overdraft is the one thing I'm paying for right now, but it's also the one I find hardest to reduce so I'm 'paying it off' by putting money into a separate account so that I can reduce it by a few hundred £ each month.
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • motivated
    • By motivated 16th Mar 17, 5:56 AM
    • 917 Posts
    • 1,127 Thanks
    motivated
    I actually already have a SOA, but have chosen not to post it. Only one of my credit cards is charging interest, which is the one I'm paying off first. The others are 0% until February next year, so I am paying an amount to them which will mean they will be paid off by the time interest kicks in. My overdraft is the one thing I'm paying for right now, but it's also the one I find hardest to reduce so I'm 'paying it off' by putting money into a separate account so that I can reduce it by a few hundred £ each month.
    Originally posted by dottydebts
    That sounds like a great plan dotty

    Hopefully you will get the CC with interest down and gone as quick as possible.

    You are doing well
    M
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 £82,590 - £81,055.88 - DFD July 2024 April 2024
    • enthusiasticsaver
    • By enthusiasticsaver 16th Mar 17, 6:39 AM
    • 3,195 Posts
    • 5,293 Thanks
    enthusiasticsaver
    Are you not including your car loan figure in with your debt Dotty?

    Overdrafts are usually one of the most expensive and difficult debts to get rid of. As you pay money off it I would suggest you ask your bank to lower the limit so you not tempted to use it. I would also close the credit cards as you pay them off except 1.
    Debt and mortgage free and saving for early retirement
    • dottydebts
    • By dottydebts 16th Mar 17, 6:16 PM
    • 71 Posts
    • 175 Thanks
    dottydebts
    Are you not including your car loan figure in with your debt Dotty?

    Overdrafts are usually one of the most expensive and difficult debts to get rid of. As you pay money off it I would suggest you ask your bank to lower the limit so you not tempted to use it. I would also close the credit cards as you pay them off except 1.
    Originally posted by enthusiasticsaver
    I am including it, however I am counting it as a separate debt as it is the last one I am going to pay off! My goal for this year is to pay off all CC and overdraft debt, so I can hit the car loan with the same amount of money next year and get it paid off 2 years early (4 year loan). I'm fortunate that I'm able to make overpayments that will reduce both the interest and the term but feel the CC and overdraft are more pressing at the moment!

    And yes, that's exactly my plan with the overdraft! I'm saving the money each month into a savings account and will get it reduced every time I hit a certain figure (haven't decided what yet). I've found it impossible to just let the money build up in my current account, even though I know that would save me more interest! At least this way I'm not tempted to spend the money at all.

    The credit cards are already unusable as I have been sent new ones which I haven't activated when I changed my name, and I plan to keep it that way! The accounts will be closed as soon as they are paid off!
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • dottydebts
    • By dottydebts 16th Mar 17, 6:31 PM
    • 71 Posts
    • 175 Thanks
    dottydebts
    Good week so far this week - I have had 3 NSDs, and my spends have been within my allocated budgets. My food budget for this month is looking a bit tight with £22.16 and 2 weeks to go until payday, but I'm hoping to be able to stretch it out. I shouldn't need much for the coming weeks apart from breakfast food and a couple of lunch bits!

    I made £70 extra this month, so if I manage to stay within all my budgets that is £70 I can throw at my debts! As it has almost been a full month since I began really trying to pay my debt down this will be added to next month's figure and should enable me to pay off over £400 next month!
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • dottydebts
    • By dottydebts 18th Mar 17, 8:05 AM
    • 71 Posts
    • 175 Thanks
    dottydebts
    It has officially been one month since I started my journey to becoming debt free! Last month, my balance was £4040.19, and today is stands at £3686.19. That means this month I have paid off a grand total of £354!

    My planned payment rate would have me paying off my CCs and overdraft by February next year, but I'm really hoping to have them gone by Christmas meaning next year I can just focus on the car loan. This will be £3196 by then, so something I can easily pay off within a year!

    This means I need to try and find an extra £806 this year. I am not going to commit to a higher monthly total payment, as I know it won't be sustainable, However I am going to try and put as much as I can into this at the end of every month from underspending on my budget.
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • Cumbria lass
    • By Cumbria lass 18th Mar 17, 12:20 PM
    • 168 Posts
    • 374 Thanks
    Cumbria lass
    You have done well this month ! Keep it up and Xmas 2017 could see you rid of most of your debt . That would be great . Good luck
    April 2017 Cc. 1 4070 cc2 1320

    Debt Free Nov 2019: earlier if I have my way
    • dottydebts
    • By dottydebts 19th Mar 17, 10:40 AM
    • 71 Posts
    • 175 Thanks
    dottydebts
    You have done well this month ! Keep it up and Xmas 2017 could see you rid of most of your debt . That would be great . Good luck
    Originally posted by Cumbria lass
    Thanks! It's the most I've ever paid off in one month I think so I'm feeling pretty good. I can't wait to see it drop below £3000 in a few months!
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

    • dottydebts
    • By dottydebts 19th Mar 17, 10:44 AM
    • 71 Posts
    • 175 Thanks
    dottydebts
    Sunday today AKA food shop day. After a little trip to Aldi totalling 12.54 I have a grand total of £10.09 left in my food budget to last until payday. This means next week's food shop will have to been even teenier! I shouldn't need much apart from breakfast and lunch bits for that last week of the month, so should be doable. I'm feeling pretty good about this, though, as with March being a 5 week month I've needed to stretch it that little bit further than I will do next month.

    The other budgets are looking healthy:
    £39.35 in travel. I will need to put petrol in next weekend, which will be about £30 so everything is fine there.
    £58.22 in 'treats'. I will buy a mother's day card and present from this budget for next weekend.
    £16.95 in eating out. If I have another 2 weeks like this one where I make my lunches every day, this budget should be absolutely fine.
    18.02.17 - £4,040.19 18.03.17 - £3686.19
    18.04.17 - TBA

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