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
    • RebeccaAnney
    • By RebeccaAnney 7th Mar 17, 1:28 PM
    • 61Posts
    • 147Thanks
    RebeccaAnney
    Debt Free Determined!!!
    • #1
    • 7th Mar 17, 1:28 PM
    Debt Free Determined!!! 7th Mar 17 at 1:28 PM
    Hi everyone

    Starting a diary to encourage myself to be realistic with where I am financially, stop burying my head in the sand and address all the things I waste all of my money on...

    My current debts are as follows;

    Credit Card 1 - £3491.16
    Credit Card 2 - £3981.71
    Catalogue - £708.27
    Overdraft - £2350
    Car Finance - £4348.38
    TOTAL £ 14,879.52

    I am so determined to get these paid off now! I'm 25 now and have had debt since I was old enough to have a CC/OD! I would, one day, like to be a homeowner but it feels impossibly unobtainable at the moment

    If anyone has any tips or advice it would be greatly received, I will let you know how I get on, I can do this!!!

    R x

    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 19-07-2017 at 10:26 AM.
Page 2
    • Nob0dy
    • By Nob0dy 24th Mar 17, 2:51 PM
    • 12 Posts
    • 19 Thanks
    Nob0dy
    To be honest the weekends are a real struggle for me to avoid spending, how does everyone combat this?
    Originally posted by RebeccaAnney
    Leave your card at home.

    I don't really have that problem as I drink ale, an expensive night out to me is £25/30, and at £2.50/3 a pint that's A LOT of drinking and probably a kebab afterwards, still, I make a point of getting the cash out and avoid paying by card.

    Cards depersonalise money, it's why casinos got chips in the first place, doesn't feel like spending, £50 down the line and you realise you've spent it only when you check your balance in the morning, if you've stopped there... but cash out the same £50 and chuck them in your wallet, later when you will open it and realise that's your last tenner, maybe you won't get that extra drink, and most definitely you won't cash out more or pay with card if it's not with you.

    A friend of mine always goes out with good intentions, then decides to go to the club, she gets twatted and get the card out, spending a fortune on cocktails and shots at that point is pretty quick, is not uncommon to hear from her that she went out with her mates and found out in the morning she was off £70/80.
    • RebeccaAnney
    • By RebeccaAnney 31st Mar 17, 12:51 PM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    N0b0dy.. I am quite possibly the friend you refer to. I can get so carried away and leaving my card at home is definitely a far more sensible idea! To be fair I'm not a huge drinker and a bit of a lightweight so I don't need as much money as I end up spending! Definitely agree with cards depersonalising money I can be so spend happy on my card £10's, £20's here and there and before you know it you've spent £100's!!

    Another pay day today, not so much of a non spend weekend ahead. Lunch with OH's sister tomorrow, dinner for a friends birthday tomorrow night at a lovely restaurant renowned for its amazing/expensive cocktails that I need to avoid - so I'll be designated driver. The joy. Talking of food, I re-joined slimming world yesterday, I'm not in the dieting frame of mind but once I've started I soon gather momentum. 3rd time lucky...... keeping it off is the problem! R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • RebeccaAnney
    • By RebeccaAnney 31st May 17, 11:28 AM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    Little totals update, CC's don't look like they have made much progress but I had to pay fee's on each to balance transfer for 0% interest (for only 6 months but at the time was the best I could get )...

    UPDATE 31/05/17
    CC 1 & 2 - £6872.30
    Catalogue - £170.29
    Overdraft - £2350.00
    Car Finance - £3781.20
    CURRENT TOTAL £13,173.79
    (07/03/17 TOTAL £ 14,879.52)
    TOTAL PAID £1,705.73

    It's all slow progress but as long as the numbers aren't going up surely it's a good thing! I have started to slip back into keeping my credit card in my purse for emergencies/retail therapy/finding bargains I cannot afford and do not need. I need to take my CC back out of my purse to avoid all temptation!!! I had some money saved but we had a little last minute all inclusive week in Spain at the beginning of May. I have to say it felt so good to not increase any debts for the booking of said holiday or holiday clothes, spending money etc. I feel sensible even if depleting all of my savings was not so sensible. I did better at not spending on credit cards when I had that buffer so I will work on replenishing that little buffer.

    Very excited for payday this Friday as catalogue will be paid off so once that has cleared I will close the account (or do you recommend keeping it open but not spending on it?). It will free up a lot more money to put towards credit cards so they will be attacked over the coming months

    So targets this week;

    - Pay off Catalogue
    - TAKE CREDIT CARD OUT OF PURSE
    - Sort things to sell on eBay (I had such a nightmare with my last batch of clothing I sold its almost put me off of doing it!)

    Hope everyone has a good week, nice short one for me thanks to BH, I think every week should start on a Tuesday

    R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • RebeccaAnney
    • By RebeccaAnney 2nd Jun 17, 12:06 PM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    That's it, Very account is paid off as planned! Another one ticked off of the list. As you can probably tell I'm feeling pretty pleased with myself, still a long way to go but it's a mini milestone reached.

    R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • Hiddenidenity
    • By Hiddenidenity 2nd Jun 17, 2:20 PM
    • 4,737 Posts
    • 20,571 Thanks
    Hiddenidenity
    If you think you'll be tempted to spend on it. Close it. I'm not the best at knowing what to do. But I know I'd be tempted to use it in the sales or on something I wanted and didn't want you wait till I'd saved.

    As for the weekends set a realistic budget. It's pointless saying there's 0 to spend because realistically you'll just feel bad when you fail. Set a realistic budget of what you have and then stick to that. Everyone's budgets and needs are different but if you know you enjoy the weekends and eating out etc give yourself an 'allowance' for that. One that fits in your budget. Hope that makes sense.

    Selling stuff can definitely be the biggest help to overpayments especially if you like to buy 'stuff'

    Well done on how much you've paid already that's brilliant progress as well as having a holiday etc

    You still need to live while paying the debt or you'll just end up falling of the wagon. Slow and steady
    DFW £1313.71/£7348.71 Rent Arrears £466.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • reality_check
    • By reality_check 2nd Jun 17, 2:53 PM
    • 638 Posts
    • 1,279 Thanks
    reality_check
    Hey!! Just read your diary so far, you sound just like me! (hope that doesn't offend you The times that I have been successful with paying off debt is when I give myself money. I tried paying every last penny to debt, and then I would then spend the same if not more on buying stuff because I had no money and just got annoyed that I was working for nothing it felt and would then just feel sorry for myself and go shopping!

    Have you paid off £1,705.733 since March?! That's great so far! xx
    Last edited by reality_check; 02-06-2017 at 3:01 PM.
    • RebeccaAnney
    • By RebeccaAnney 12th Jun 17, 12:20 PM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    Thanks Hiddenidentity, you're definitely right about closing the account. I already know I'll be tempted to spend on it so I'll just close the account and if there is something I want I need to save for it. I need to get into that mindset!

    I don't allow myself enough for the weekends etc but I'm worried the more I allow myself the more I will want and I will get a bit spend happy. Spending is a bit infectious for me so I'm trying my best to avoid temptation for now.

    Reality I know! I have read your diary and found the similarities are uncanny I just don't want to allow myself more money to then waste it on rubbish... not that I buy rubbish, everything I buy is well thought out, not at all impulsive and something I definitely really, really needed...

    Weekend consisted of treating Mum to lunch on Saturday with clubcard vouchers, we always use them at Prezzo so changed it up for Bella Italia which, as nice as it was, was a bad choice! Yesterday was a lazy Sunday watching new season of Orange is the New Black. OH worked all weekend but is giving himself next weekend off, things have been a bit strained lately so will be nice for some quality time together

    R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • Hiddenidenity
    • By Hiddenidenity 12th Jun 17, 12:25 PM
    • 4,737 Posts
    • 20,571 Thanks
    Hiddenidenity
    You need to find that middle point, where its enough to not make you feel like you fail at your budget every week but also not too much that it drains other places.

    If you don't set enough, the constant feeling of failing or being over budget regularly will just make you feel worse.

    Hope you have a nice day
    DFW £1313.71/£7348.71 Rent Arrears £466.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • RebeccaAnney
    • By RebeccaAnney 21st Jun 17, 9:57 AM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    Been a good week for me this week, the sunshine makes me so happy and we live on the coast so lots of time spent at the beach and BBQ's for tea. Perfect. Just work getting in the way I am so proud of where I live but even more so in this weather it is just stunning in the sunshine.

    On track with all my payments, closed my Very account, credit card has been removed from purse thus removed from all my temptations.. will do a totals update on the 30th June but all looking good so far. Roll on Payday on Friday!

    Hope everyone is having a good week, Beach after work today for a little catch up with my Mum so hopefully a NSD for today (bar the petrol I put in this morning but was allowed for, does that count as a NSD... guess technically not) and NSD for the rest of the week.

    R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • RebeccaAnney
    • By RebeccaAnney 21st Jun 17, 10:02 AM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    You need to find that middle point, where its enough to not make you feel like you fail at your budget every week but also not too much that it drains other places.

    If you don't set enough, the constant feeling of failing or being over budget regularly will just make you feel worse.

    Hope you have a nice day
    Originally posted by Hiddenidenity
    Thanks Hidden, I have rearranged the forecast to allow myself a bit more money, if I don't use it (unlikely) I will put it aside but will be restrained to not waste it just because I have it. It's like I am teaching myself how to use my money, with the help of you lovely lot of course
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • RebeccaAnney
    • By RebeccaAnney 3rd Jul 17, 4:33 PM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    Happy Monday!! Checking in with a little totals update as I need to kick up the a**e. So my credit cards have been locked away safely at work in the petty cash tin. Safest place for it because since its been there I haven't touched it. Physically. I say physically because my clever little phone remembers my card info. Massive money saving fail. I'm going to have to delete the card details off of my phone somehow. So I have spent a total of £330.47 on said credit card but in a valiant effort to redeem myself of my sins I have so far returned £192.25 worth. Its all clothes, not silly going out/evening wear/wear once and never again outfits but things I will wear day to day but I still feel very guilty. And a pair of trainers too. So my totals aren't as good as I had forecasted..

    UPDATE 03/07/17
    CC 1 & 2 - £6369.70
    Catalogue - PAID OFF
    Overdraft - £2350.00
    Car Finance - £3592.14
    TOTAL £12,311.84

    (31/05/17 TOTAL £13,173.79)
    (07/03/17 TOTAL £ 14,879.52)


    I feel slightly better about my splurge having seen the totals progress. Line drawn in the sand and will wipe credit card from my phones memory.

    Off for dinner with friends tonight at a small tapas restaurant then watching Sister Act at the theatre. I had to buy Sister Act on DVD as I had never seen it but will never pass up on an opportunity to go to the theatre!

    R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • reality_check
    • By reality_check 4th Jul 17, 1:40 PM
    • 638 Posts
    • 1,279 Thanks
    reality_check
    I LOVE Sister Act!! I want to go see the one in London where you watch the film and a gospel choir are there and sing the songs when they come on. Did you enjoy it?

    I made that mistake with my credit card being linked up to sites...so easy just to put the 3 digits on the back into websites and before you know it, new clothes on the way!!

    Are you paying interest on the credit cards and a monthly fee on your overdraft?

    I would personally, let the car run its course for now, see if you can get a cash balance transfer into your bank account and pay off the overdraft so no more fees, and then make sure both cards are on 0% and only having 2 cards to chip away at seems a lot more manageable...xxx
    25/01/2016 £18,675.63
    Current debt: £8,450
    • timetobefrugal
    • By timetobefrugal 5th Jul 17, 10:12 AM
    • 49 Posts
    • 140 Thanks
    timetobefrugal
    Just wanted to pop in and say hello! I can see your numbers are coming down so well done!

    With regards to splurges I'm exactly the same!! I think oh what's one more dress @ £30 we all deserve a little treat now again, then before I know it another CC is at its limit! I've downloaded a debt free hypnotherapy app but I keep falling asleep before the opening section is finished I'm hoping it can help retrain my brain so I stop compulsive spending !

    Anyway hope you enjoyed sister act although I cannot believe you had never seen the movie!
    Total Debt Jan 2017 £16339.86 April 2017 £16025.78 May 2017 £15875.13
    • Hiddenidenity
    • By Hiddenidenity 5th Jul 17, 1:50 PM
    • 4,737 Posts
    • 20,571 Thanks
    Hiddenidenity
    Good to see the numbers coming down, but you do need to remove those details
    DFW £1313.71/£7348.71 Rent Arrears £466.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • RebeccaAnney
    • By RebeccaAnney 13th Jul 17, 12:01 PM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    I can't believe I hadn't seen the movie either!! It's so up my street and I love Whoopi. The theatre was amazing we were all up dancing at the end, I thought Alexandra Burke played the part really well. Reality I love the idea of having a gospel choir there whilst watching the film!

    I am paying interest on my overdraft, I had it in my plan to reduce the overdraft in £100 installments, having spoken to my bank found out they perform a credit check each time you change your limit. Regardless of whether you're increasing it or decreasing it because they essentially reapply for the whole overdraft but at a different amount. I'm trying to keep my credit score up so have since been paying the 'overdraft' payments to the credit cards and put the overdraft on hold. I don't seem to have been offered a cash balance transfer from either of my CC's I only have around £800 left on one card so the bulk is on the other card, I'm then hoping its just the one CC to worry about!

    timetobefrugal you'll have to let me know how you get on with the hypnotherapy app I would imagine it'd send me to sleep too. I'm definitely improving with the compulsive spends but I don't think its something that will ever completely leave me, I'm just learning to control it better

    Thanks Hiddenidentity, you'll be glad to know all credit card details have been wiped from my phone and computer so I no longer have any excuse! The worst was Apple Pay on my phone because all it needed was my thumb print and my items would be ordered TOO easy!

    I have also returned a lot of what I had ordered on my CC so the damage isn't all that bad and I have extra being paid to my CC on Friday to make up for what I did spend. I find that buying things on my credit card I was always more careless. Is it two sizes to small? Will I ever wear it? Is it ridiculously overpriced? Who cares, its not directly affecting my pocket right now, so into the wardrobe it goes. Now its more, how many wears will I get out of this? Do I need this? REALLY need this?? Its work in progress...

    Thank you all for your support, I'm so glad I'm not the only one to have these credit-card-weak-moments

    R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • RedGoose
    • By RedGoose 19th Jul 17, 12:28 PM
    • 164 Posts
    • 1,697 Thanks
    RedGoose
    You're doing really well!
    Hi RebeccaAnneY,

    Well done on your repayments so far. I've got another tip (which you may have done already but it didn't occur to me for a while): a lot of shops add you to their e-mail mailing list. With something like the catalogue, if you think you'll be tempted to spend on it, unsubscribe from the emails so temptation doesn't pop up in your inbox or on your phone! (Less rubbish in your inbox then too )

    Hope this helps.
    Sealed pot challenger#1677
    2012 total: £252.11/£200; 2013:£0/£250
    Virtual sealed pot challenger 2013 no.12: £25.97/£200
    • RebeccaAnney
    • By RebeccaAnney 20th Jul 17, 3:14 PM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    Thanks for the support RedGoose! I need all the tips I can get I definitely get tempted by those emails, I will have to make sure to unsubscribe as some are so tempting. I've had my eye on Skinny Bakery for a while (I follow Slimming World and their treats are 'Syn' friendly) they emailed me last week with an offer and I NEARLY spent £25 on cakes/brownies/cookies/meringues. I'm kidding myself by saying they are diet friendly because I'll eat the lot in one go.. not so diet friendly, not so money saving friendly either. I have closed the catalogue account down so that's one temptation removed! I'll get to work on all the unsubcribes today. Do you have a diary? I must take a look!

    I'm hoping to reach £10k paid by my LBM 1 year anniversary in January, can't believe its been over 6 months since I started this! Must be something to do with wishing time away between paydays, I used to get excited about paydays for what I could afford to buy now its for what I can afford to pay off I balance transferred my CC yesterday so its much lower interest (4.9% I think) although part of the balance is 0% at the minute. I'm not sure how it works and hope the 0% keeps running alongside the 4.9%.

    I have 20p to last me until payday on Friday, petrol in my car, food in my cupboards, there shouldn't be any need for spending. 20p lucky me!!!!

    Failing miserably on the diet front, wanted a stone gone by my birthday end of August but I'm just not in the mind set I can get into the swing of it for a week or two then I just get bored, maybe I should change my meals up. At least 20p won't get me much chocolate/sweets/takeaway to sabotage my diet. Every cloud!

    Hope you're all having a lovely week. Friday is on the horizon

    R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
    • Purplemumof2
    • By Purplemumof2 20th Jul 17, 5:14 PM
    • 5,040 Posts
    • 16,568 Thanks
    Purplemumof2
    Hi Rebecca,

    Thanks for popping in on my diary and wishing me luck.

    You're doing really well, I'm sure you'll hit your target x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £7400.00 Cap 1: £562.23 BC: £4577.81 Overdraft: £2750.00

    AFD 5/10 NSD 2/10 LTW 8/15

    20p Savers 2017 £2 Savers 2017 50p Savers 2017 SPC 10 2017 #003
    • Petey1
    • By Petey1 20th Jul 17, 8:52 PM
    • 1 Posts
    • 1 Thanks
    Petey1
    Hi there both me and my partner are in debt and I lost my job and things got worse calls all the time worrying and stress!! We ended up going with step change debt charity they are really helpful and they help with the companies to stop any interest. They have a range of plans to help depending on your circumstances hope this helps!! Pete.
    • RebeccaAnney
    • By RebeccaAnney 28th Jul 17, 11:33 AM
    • 61 Posts
    • 147 Thanks
    RebeccaAnney
    Thanks for your support Purplemumof2, it won't be the end of the world if I don't hit the target, as long as I get there! These targets do push me a bit harder though! Petey1, I'm glad they have helped you, it can be so consuming but I feel like I'm making good headway at the moment. Shifed the credit cards around and I'm hoping I get a good balance transfer offer from Barclaycard soon. They are usually pretty good with their offers!

    Payday today, that's looking like...

    £364 - Weekly pay
    £245.00 Credit cards
    £ 53.02 Lloyds Account Charge, O/D fee and Interest
    £18.90 O2 Phone Bill
    £16.25 Water bill
    £21.00 Car Tax

    Not a lot of breathing space this week but also should be a no spend week. Lunch with mum on Saturday with the trusty old clubcard vouchers. I had the most amazing cream tea last weekend, I'm so obsessed with them at the moment and was worried it had sabotaged my diet effort but weighed in yesterday and I'm down 4 lbs! Also had some free cinema tickets so took my Dad and Sister to the cinema last Saturday to watch Dunkirk. It really, really moved me. I've heard mixed opinions about it but I thought it was honestly one of the best films I have seen in.. well ever I guess. It was very emotional and beautifully done. I highly recommend it!

    Stocked with food and petrol so should see me through to next weekend. I still have 4 free cinema tickets left so that's always something to do. I'm secretly hoping the weather isn't amazing this weekend so I don't feel guilty about not doing much.

    OH working all weekend he'll honestly end up burning himself out. He wants us to buy a house and he's not letting anything get in his way! You've got to respect a man that knows what he wants and goes out and works his tushy off for it!!

    Have a lovely weekend all.

    R x
    LBM 07/03/17 (£14,879.52) 15/09/17 £10,584.02
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

336Posts Today

3,310Users online

Martin's Twitter