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  • FIRST POST
    • emmie26
    • By emmie26 21st May 17, 9:15 PM
    • 454Posts
    • 1,887Thanks
    emmie26
    Oops I did it again, I played with my cards!
    • #1
    • 21st May 17, 9:15 PM
    Oops I did it again, I played with my cards! 21st May 17 at 9:15 PM
    Well I’m back…Back in debt and back being a Debt-Free Wannabe!!

    I am gutted but need to take some decisive action because at the moment every month we seem to have more going out than is coming in and that is a recipe for financial disaster.

    I have been here before. 7 years ago (when I was 26 – hence the name) I grabbed the bull by the horns and knuckled down and cleared my debt. Fast forward 7 years and we are in a slightly different position than the last time. Last time we had built up loads of debt and had literally nothing to show for it. This time the debt was planned.

    18 months ago, we had an extension on our home. We went from a typical 1930’s semi with 2 bedrooms and a box room to a large semi with 4 double rooms and a box room, this made good financial sense because we could not find a 4-bedroomed house that we could afford and we liked our location and neighbours.
    To finance the extension, we added £40,000 to our mortgage without increasing the term. We used around £20,000 of savings and for the final finishing touches such as bathrooms and appliances we borrowed £8000 on 0% credit cards. I had read about stoozing and felt that this would save us money on the mortgage interest rates but I did not anticipate that it would stretch us quite as much as it has.

    I have just finished reading through the debt-free diary that I completed in 2011 and it has inspired me to jump back into the frugal way of living. I have done it before and I can do it again.

    The only difference is that I have got used to having savings in the bank and having a lot of disposable income (we were managing to save around £1000 a month in the run up to the extension). I have not had to watch the pennies for so long but I did quite enjoy it last time and hopefully I will get back into it this time.

    I will post a SOA in a separate post, feel free to berate me about my spending and the amount of debt we are in. If anyone can see anywhere we can save please shout up.

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
Page 13
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 7th Oct 17, 11:21 AM
    • 940 Posts
    • 4,299 Thanks
    wishingthemortgaheaway
    It does sound like you've had a lot on.
    Enjoy the chilled out weekend and look after yourself.
    (Try and delegate a bit more to other cub leaders - especially while You are doing your course.)

    Also.. It's not fair (or right) that you've spent out for cub camp and parents have paid you backdirectly. There is no audit trail. Even if you had to pay it out (which I don't agree with, your group scout treasurer should arrange payment from the group or section account) you should be able to put the receipt in and get all your money back in one go.
    My dad has been treasurer for many youth organisations, he has been a scout dc and is now a district chairman, he would flip if he found out you were in his district. (Not at you, he'd flip on your behalf)

    Have a lovely weekend.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 o/s £34,400
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 £124.36/£2,500
    • emmie26
    • By emmie26 7th Oct 17, 11:34 AM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    That's really good to know for future camps, I have really been a bit left in the lurch with cubs, our dc and assistant dc have left. The cub leader left and now there is just 2 assistant cub leaders (who are parents who volunteered to help out) left manning he fort with very little guidance. It would be so much better if I could have paid from the cub account, but it has taken weeks and weeks to chase all the money and I've had people pull out at the last minute and had to try and fill there places, it has been a nightmare, never ever again!

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • Hiddenidenity
    • By Hiddenidenity 7th Oct 17, 3:52 PM
    • 4,100 Posts
    • 26,635 Thanks
    Hiddenidenity
    Lovely to see you Emmie, sorry to hear things have been so busy.

    Make sure you take some time to yourself this weekend and relax x
    • emmie26
    • By emmie26 7th Oct 17, 9:20 PM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    Debt Summary
    Just a little debt update.

    Car loan £14581 £13587
    Credit Card 1 £4325. £3875
    Credit card 2 £2400. £1950
    Kitchen loan £875 £551

    Total £22182 £19,963

    Debt reduced by £4396 since I started in May!

    A fantastic 18% reduction

    I'm looking forward to cracking 25% by the end of this month hopefully. It has taken me 4 months to do 20% so my DFD is looking at being another 16 months which I'm hoping will fly by.

    I am trying to keep my eyes on the prize, which will be having nearly £750 a month 'spare' when we have paid of the debt, that will be amazing

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • Hiddenidenity
    • By Hiddenidenity 7th Oct 17, 9:40 PM
    • 4,100 Posts
    • 26,635 Thanks
    Hiddenidenity
    That's some amazing progress! Especially when it's been the summer holidays and things being so busy x
    • DrSpendLittle
    • By DrSpendLittle 7th Oct 17, 10:17 PM
    • 213 Posts
    • 796 Thanks
    DrSpendLittle
    Congratulations! That's great progress
    Since 1st September 2017
    CC1: £paid off/£1,253.73 | CC2: £1,002.21/£9,124.15 | CC3: £paid off/£312.34 | Car Finance: £631.64/£1,894.92
    Total CC Repayments: £2,568.28/£10,690.22 (24.02%) | Total Debt Repayments: £3,200.00/£12,585.14 (25.42%)
    • louby40
    • By louby40 10th Oct 17, 9:21 PM
    • 1,285 Posts
    • 3,532 Thanks
    louby40
    Great progress! It!!!8217;s great to see those numbers going down!
    Emergency fund £803/£1000. Christmas savings £150/£600 Car maintenance £164/600
    Chip savings £96.45 TOTAL savings = £1213
    Kitchen July £12,493 JAN £9,493
    Barclaycard £1000
    Car loan £2490 Mortgage £94,193
    TOTAL DEBT (with mortgage) = £107,176 (without mortgage) = £12,983
    • Cherryfudge
    • By Cherryfudge 10th Oct 17, 11:23 PM
    • 1,330 Posts
    • 6,652 Thanks
    Cherryfudge
    Brilliant - well done!
    • AdventureWanted
    • By AdventureWanted 11th Oct 17, 10:37 AM
    • 364 Posts
    • 1,169 Thanks
    AdventureWanted
    Well done, you!!!8217;re doing a fantastic job with your debt payments.
    LBM Aug 2017. DFD - Feb 2021 / Dec 2021
    CC1 - £0 / £5,185 1/8/17. CC2 - £5,194.00 / £13,470 1/8/17. CC3 - £10,580.00 / £11,400 1/8/17
    CC4 - £12,480.00 / £13,000 20/11/17
    2018 1% challenge - #1 - 18%.
    PAYDBX 2018 - #29 Pd £2,426.60 / £12,500
    • mummytogirls
    • By mummytogirls 13th Oct 17, 7:25 PM
    • 5,938 Posts
    • 21,239 Thanks
    mummytogirls
    Well done on how much you have paid so far Emmie xx
    Mummytogirls x

    £23164.32 - 12/12/10
    £6069.37 - 02/01/18 - 73.80% paid off
    • emmie26
    • By emmie26 14th Oct 17, 1:28 PM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    Thanks everyone, I am kind of shocked it has all added up to that much myself. You don't actually realise how much you are chipping away until you add it all up. Like I said before I am just so looking forward to that money going into savings or holidays.

    I have a had a great week back at university, which I have loved. The only problem is that I now have to start writing a 5000 word assignment, but I will be so proud to get a law masters so will have to think about the end result (before everyone starts to hate me, I aren't a lawyer, I'm a nurse but my new job requires me to have legal knowledge as there will be court work). I was going to say I won't be on the forum very much but the truth is I will probably be here more as I will try and get out of doing work lol!

    In other news we NEED a new bathroom and I am going to have to use my emergency fund for it. Our main bathroom has been out of action for nearly 12 months as it leaks into the kitchen below and the taps have seized up. It is overdue being replaced really but when we have friends to stay there is not bathroom for them to use which is embarrassing, but over Christmas we have family staying for a week so really need to just get cracking and replace it. I had a plan done by b&q and the quote was £1600 just for the fixtures, not including tiles, flooring and fitting. There is no way I can afford that so I have been looking at online companies and have found I can get the same bathroom (ish) for £890. It will cost £300 to fit and then we will have to get tiles and flooring as cheaply as possible.

    Right I am off to do some research for my assignment ... Well maybe I have time for a snack and a coffee... Oh and maybe put a load of washing on

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • Hiddenidenity
    • By Hiddenidenity 9th Nov 17, 12:26 PM
    • 4,100 Posts
    • 26,635 Thanks
    Hiddenidenity
    Hope everythings going well Emmie x
    • emmie26
    • By emmie26 17th Nov 17, 12:39 PM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    Things are going good thanks Hidden.
    I am slogging through my first assignment which is due in next Friday - although I'm not feeling that confident about it at the moment although I have got Sunday, Monday and Tuesday to get it finished so hopefully it will turnout ok.


    I have been trying to stay on top of money and slowly slogging away. I haven't done an update as to be honest I just haven't had time, but I'm pretty sure that I have paid off at least £750 this month. The only problem is that my savings have taken a massive hit this month with having to completely do the bathroom. I'm hoping it comes in under £1600, I have spent £1200 on the bathroom, radiator and the tiles so just hope the plumber comes in under £400.
    I have managed to save £500 towards Christmas and hope that on payday I will have another £600 which should pay for everyone's pressies and the big food shop and then in the new year I will have to work on building up the savings pot again.


    Sorry its only a quick update and I haven't had chance to look at anybody else's diary but as soon as my assignment is completed and handed in I will get back into the forum.

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • emmie26
    • By emmie26 2nd Feb 18, 9:28 PM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    Oh my goodness it is so long since I did an update!


    I was in the middle of doing the bathroom when I last wrote and hadn't even started Christmas shopping. I think I just got a bit snowed under and something had to give, which was the forums. I do find that it takes up a big chunk of time, not only trying to update my own diary but also to keep up with everyone else's and repay the support that I am given. I am going to try and update, I just don't think I am going to be very good at looking at other peoples and may not update every day.


    Just to recap, the bathroom did impact our savings, but not as much as I thought it would, I now have £850 in our emergency saving account, down from £1700. I spent more than £1000 on the bathroom but it came out of our 'extra' money each month so I didn't have to take as much out.
    At Christmas I tried to keep to the budget but realistically I went over quite significantly, I just go a bit nuts at Christmas and try and keep up with everyone's expectations, but I spent way less than in previous years, so small victories.


    I am trying hard to keep budgets and am really focused on clearing all but the car loan before Christmas. I will do an update on debt in a minute when I have all the figures to hand, but I think it is quite realistic to think that I can shift a significant amount of the debt this year.


    The main areas that I think will make the biggest impact this year is:


    1 - Groceries - Mr Emmie is on board with us really reducing our meat intake to reduce the bills and I have been making lots of foods from scratch. Three real successes have been a lentil and bean chilli, some made from scratch and frozen pizzas and some chicken goujons. I am trying to watch food tube most days to source some inspiration.


    2 - Holidays - I have £3000 budgeted for holidays - this year we are not going to go abroad and are going to go away in a caravan in this country instead, so I am hoping that we don't spend anywhere near our budget and this can go on debt.


    Right I am off to do some calculating and will get back to you ASAP with an update.


    Oh, by the way I got an A in my first assignment

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • emmie26
    • By emmie26 7th Feb 18, 7:55 PM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    Debt update
    Well it's been a little delayed, but here is the debt update.

    Car Loan £15,244.40 £11,930
    Credit card 1: £4,625. £3,125
    Credit Card 2: £2,700 £1,200
    Credit card 3: £694.79 £197
    Kitchen loan £1,091 £0

    Debt Reduced by £7907

    32% Debt Reduction since May 2017

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • Cherryfudge
    • By Cherryfudge 7th Feb 18, 7:59 PM
    • 1,330 Posts
    • 6,652 Thanks
    Cherryfudge
    Great debt reduction, and well done on the A!

    Don't forget the Old Style board right here on MSE. It's great for cheap recipes.
    • WannabeFree
    • By WannabeFree 7th Feb 18, 8:03 PM
    • 1,098 Posts
    • 9,014 Thanks
    WannabeFree
    So happy to see you back Emmie

    Sounds like you've been making Fab progress

    (Hidden)

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • emmie26
    • By emmie26 7th Feb 18, 8:13 PM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    Well in the interests of staying on the straight and narrow, I am trying to post a little more often.

    I have been keeping a close eye on the pennies even in my absence from the forums, mainly in my new bullet journal which I had for Christmas and am obsessed with. I have drawn myself a line graph with all my debts on and I am loving watching those lines go down and so are the children.

    I've had a bit of a rethink on my approach to debt busting this year. Last year I was really trying to use the saving pots, which were great, but had two downsides:

    1. I never kept the right amount in each pot and some of the pots were in massive minus figures all the time, because big expenses came up early on which meant borrowing from other pots. In the end I didn't know what was supposed to be in what pot!
    2. Having money in my saving account made me feel flush and I didn't perhaps watch the pennies as closely as I could have because I had the money sitting there.

    For these reasons I am going to try and do things a bit different and try and budget at the beginning of the month for what I know is coming up that month, I'll still allocate £608 to this, to include all the categories from last year, car mainteence, Christmas, holidays etc. But then if that month I don't need to spend the whole £608 I am going to try and throw as much as possible at the credit cards. They are now at a level where I feel I can see the light at the end of the tunnel and I am hoping that by the end of the year they are long gone, fingers crossed.

    If unexpected expenses come up, I still have my emergency savings fund which has £850 in.

    I am also trying to do a daily spend log and at the end of the month I am going to write on here what I have spent, item by item, as I'm hoping to see areas where I can maybe cut back, as I am really shocked by how much I am spending now I can see it written down.

    Right then, I am off to do a bit more work and then a bit of housework as I am determined to get all my jobs done before the weekend this week.

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • emmie26
    • By emmie26 8th Feb 18, 3:31 PM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    Hidden, Ive been wondering where your thread went to, I thought you had left!!

    Cherry fudge thanks, I must have been typing when you replied so I didnt see your reply. I am hoping to stay consistent for a while, it keeps me honest haha. I must try the old style boards for some recipes, I am like a woman on a mission with my cheap meals

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
    • emmie26
    • By emmie26 9th Feb 18, 7:06 PM
    • 454 Posts
    • 1,887 Thanks
    emmie26
    Well flippin heck! keeping a written log of what I am spending money on is an absolute eye opener. In the interests of being honest and because I'm scared the list is going to be so long by the end of the month that it will take ages to type, here is what I have spent so far this month:

    Tesco - £20.93
    Dentist - £20.60
    Milkshakes - £10.00 (this was for 2 )
    Work lunch meeting - £8.00
    Hairdresser - £50.00
    Annual work lottery - £12
    Petrol - £38
    Toiletries and make up - £13
    Scout camp - £60 - both children going
    Kids toiletries and sweets - £13 (they were both going on school residentials for the week)
    Retirement collection - £2.50 (I felt very stingy only putting this in)
    Parking - £1
    Parking - £6 (work related I'll get this back - fingers crossed)
    McDonald's - £16
    Tesco - £11

    Some of these like petrol and hairdresser are in the budget but some are definitely not, one expense that keeps cropping up is small trips to tesco, two of those were for toiletries and 2 food and they should come out of the grocery budget but my hubby has decided that the best way of keeping track of spending rather than cash is to use one of his credit cards and then pay it off in full at the end of each month, however this seems only to be effective for him as I never have the blimmin card when I need it.

    In total none budgeted spending so far this month is £173.43 I must do better

    Total Debt: £24,359.79 £16,452
    debt reduced by 32%
    Debt free date: May 2019
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