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  • FIRST POST
    • Reb2016
    • By Reb2016 6th Jun 17, 10:30 AM
    • 164Posts
    • 401Thanks
    Reb2016
    Don't want to spend my life in debt
    • #1
    • 6th Jun 17, 10:30 AM
    Don't want to spend my life in debt 6th Jun 17 at 10:30 AM
    I've finally had my lightbulb moment, I found myself last week applying for a consolidation loan, thankfully I was turned down, and this got me to take a proper look at my finances. I worked out that I could pay back all my debt by Aug 2020, possibly even earlier depending on work bonuses. The loan I was looking at was 10 years, I would have paid back so much more interest and risked my house as it was a secured loan. I am now really glad that I was turned down.


    So now its time to really get this all sorted, I don't want to spend my life constantly in debt, so I am starting this diary to keep myself focused.


    So far, I have checked my SOA and noticed my Broadband contract was about to come to an end and go up by £10 a month so I have contacted the provide and now have another 12months on the same rate.


    My mobile contract is a high cost by comes to an end in Feb next year so I will change that to a pay as you go contract, as I really don't use my phone much at all.


    I have started having a clear out, and have sent some books, DVDs and CD's to a buy your books place which will give me £52, this will be used to make the final payment for some dental treatment I have coming up, instead of me doing my usual and putting it on a credit card.


    I have also listed some items on ebay so fingers crossed there. I shall continue the clear out and see if I can come across anything else.


    Reb
Page 5
    • Happierdays
    • By Happierdays 18th Oct 17, 10:17 AM
    • 147 Posts
    • 461 Thanks
    Happierdays
    Hi reb, you are doing so well - great to have brought your debt free date closer!
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 21st Oct 17, 7:54 PM
    • 2,217 Posts
    • 10,616 Thanks
    HairyHandofDartmoor
    You're doing well on ebay Reb, I hope those buyers keep buying

    I would love a woodburner but think it will be a while before I can afford one.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
    • Reb2016
    • By Reb2016 23rd Oct 17, 11:30 PM
    • 164 Posts
    • 401 Thanks
    Reb2016
    Thanks for the lovely comments
    I sold some more things on eBay over the weekend, however this money is already spent. I’ve used some to sign up to weightwatchers, I did well with them last year, but haven’t lost any more since going it alone, and I really do need to lose some more for the sake of my health (keeping type 2 diabetes in check) I got a great offer of 6 months at half price which should see me through to my target weight, so I feel it’s a worthwhile spend. Also I will probably spend less on food, so it may well pay for itself.

    I’ve also decided to replace my food mixer, as I really don’t like mine so never use it, even though I love baking, I am selling mine which should cover half the cost, I also had some amazon vouchers from surveys so total actual spent is just £20 so very pleased with that, and making more from scratch will help,with both money saving and weight loss.

    What I’m really pleased with is that I really thought about both of these purchases before going ahead, I took a couple of days to decide so as to be absolutely sure, and to make sure neither were impulse buys and that I was going to really use both and that I really wanted/needed them, a real change from when I just put everything on cards.

    I also got a nice surprise yesterday when I realised I had a £10 voucher to spend with an online yarn company, they sent me an email to remind me, so I went and purchased some free yarn, which should keep me busy for a while.

    So all in all a good start to the week.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 24th Oct 17, 7:54 AM
    • 2,217 Posts
    • 10,616 Thanks
    HairyHandofDartmoor
    It makes a big difference when you plan your purchases and think hard about whether you really want or need them, such a difference from the impulse buys that got many of us into debt.

    It shows how far you have come
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
    • zippygeorgeandben
    • By zippygeorgeandben 26th Oct 17, 12:48 PM
    • 720 Posts
    • 902 Thanks
    zippygeorgeandben
    Well done Reb2016 - it's the whole questioning of yourself whether you need something or not. It's also the cost/use argument too isn't it?
    Hope WW is successful to you I was going to go to SW at the start of September but I took one look inside the hall and turned back (was dreary and a bit smelly!) so I'm actually just watching what I eat and drinking plenty of water (that's my secret!)
    Anyway, I don't like diaries which aren't about the actual reason people start them, to discuss money so you keep on going! Use up your yarn! I'l endeavour to pop along ALOT more frequently. I don't think I did set up that subscription to your diary, so I'll take a look at that now
    End Sep 2016 End Nov 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2470.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £933.36 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3403.40 Original DFD May 2019.
    • Reb2016
    • By Reb2016 26th Oct 17, 11:17 PM
    • 164 Posts
    • 401 Thanks
    Reb2016
    Thanks for the lovely comments and on the note of value for money first we weigh in today and have lost some weight so already proving its worth

    Today I closed a catalogue account that I paid of a couple of months ago, but had forgotten to close, I find it best to close things once paid, as it removes temptation.

    Nearly up to £10 on PA, i’ve decide not to cash out until I get to £10 as that’s the smallest amount I can pay of my overdraft, and I want to make sure I use it towards repayments, and not let it just get swallowed up in my bank account on miscellaneous things.

    My switch to the cheaper energy supplier has all gone through very smoothly, i’m hoping they will install a smart meter soon, I know not everyone is in favour of them, but as reading my meter involves standing on tiptoes on a chair, it can’t be soon enough for me.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • zippygeorgeandben
    • By zippygeorgeandben 27th Oct 17, 1:21 AM
    • 720 Posts
    • 902 Thanks
    zippygeorgeandben
    I definitely need to switch the electric company. £98 per month for a small 2bed flat with 2 people living it it who work between 7 and 5 during the week
    End Sep 2016 End Nov 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2470.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £933.36 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3403.40 Original DFD May 2019.
    • sauceoclock
    • By sauceoclock 1st Nov 17, 10:34 AM
    • 842 Posts
    • 891 Thanks
    sauceoclock
    I definitely need to switch the electric company. £98 per month for a small 2bed flat with 2 people living it it who work between 7 and 5 during the week
    Originally posted by zippygeorgeandben
    Definitely! We pay £54 for gas AND electric for 2 people in a 2 bedroom house.

    Reb great to hear WW is paying for itself, hope you're feeling good! It's a tough time of year to lose weight so well well done for sticking at it! xxx
    Loan: £3,600 £2,720.52
    Credit Card: £1,758.95 £1,708.95
    Emergency Fund: £670 (Aiming for £2000 by Dec 2018)
    Goal Debt-Free Date: February 2019
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 1st Nov 17, 7:12 PM
    • 2,217 Posts
    • 10,616 Thanks
    HairyHandofDartmoor
    I agree with you 100% about closing accounts you've paid off, no temptation then.

    I used to have a Next Directory account with £3000 credit available, I'm glad I closed that one down before it got anywhere near that high Can you imagine if I'd spent all that and I know I easily could
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
    • Reb2016
    • By Reb2016 2nd Nov 17, 8:02 PM
    • 164 Posts
    • 401 Thanks
    Reb2016
    Time to update the figures again, wonít be such a big amount paid of this month as have a few spends, car to be MOTíd fingers crossed for it flying through, itís only 4 years old, and iím not a boy racer and itís time for my dogs booster, and also need to purchase his flea stuff, I have to have it from the vets, as he likes to pick up slugs and snails in the garden, so has to be protected from lung worm as well.

    Hairy hand I know what you mean about the temptation, somehow it doesnít feel the same as spending actual money.

    Zippy I second looking at your energy company I pay £62 a month for a two bed Victorian with very high ceilings.

    WW is still going well, I plan to have a break over Christmas because well itís Christmas

    So the overdraft is now down to 1530, Iím going to try and raise that extra £30 I do have a few more bits on eBay so hopefully I should get there.

    Pretty sure of what my bonus at work will be next year, so have factored that into my debt free plan, and now my DFD is 21st December 2019, so just after the stroke of midnight on the 31st Dec this year I shall be able to say, next year I will be debt free, which was my aim, not going to let up though, who knows maybe I could knock another month of.

    Of to update my figures now.
    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 2nd Nov 17, 8:38 PM
    • 2,217 Posts
    • 10,616 Thanks
    HairyHandofDartmoor
    Wow that's brilliant Reb, congrats on getting your overdraft down and on bringing your DFD a bit nearer
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
    • Reb2016
    • By Reb2016 5th Nov 17, 10:32 PM
    • 164 Posts
    • 401 Thanks
    Reb2016
    Thanks Hairy hand

    So a few more sales on eBay today, going to keep hold of this extra until after the car MOT on Friday just in case, as it would save me from dipping into the emergency fund, but fingers crossed I wonít need it and it can go towards the MOT. Iíve resisted items that didnít sell, but probably coming to the end of ebay now, but did make a lot of sales and it has really helped, so very glad that I did it.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • Reb2016
    • By Reb2016 19th Nov 17, 9:30 PM
    • 164 Posts
    • 401 Thanks
    Reb2016
    So time for an update, the MOT coat a little more than I really wanted it to as the brakes needed doing, I was expecting it to need something like that some time over the next few years, was just hoping it would hold on a little longer. It’s either an ex hire or ex company car, the last keeper does both, and I know they don’t always get driven all that well, but I took that into account in the price I paid for it. On the plus side i’m a careful driver so the brakes should now last many years. I paid the extra with the ebay sales so didn’t use my emergency fund.

    Then this week my washing machine finally gave up, (I knew it was on the way out hence my reluctance to use my emergency fund) so I have replaced it using the emergency funds, which is a plus as if this had happened a year ago it would have gone on a credit card. The new one is much more economical so should make savings in water and electricity usage.

    I have a last few items on eBay so fingers crossed some sell, this is the last time I’ll be listing this year, as I will be getting busier in the run up to Christmas, so will stop selling, and then look again in the new year to see if there is anything else I want to sell.

    Hope everyone has had a good Sunday
    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 19th Nov 17, 11:14 PM
    • 2,217 Posts
    • 10,616 Thanks
    HairyHandofDartmoor
    Well that is what an emergency fund is for, you can't manage without a washing machine and cars do cost to keep running.

    Well done for not using a credit card .
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
    • Reb2016
    • By Reb2016 4th Dec 17, 9:24 PM
    • 164 Posts
    • 401 Thanks
    Reb2016
    So not much to report, building the emergency fund back up after the washing machine purchase, so not much change.
    But this was the first month in a long time, when my pay went to my bank account and I was in credit which is a mini milestone for me and definitely a step in the right direction.

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11837.25
    DFD was October 2020 40 months now 21st Dec 2019 26 months Overdraft £720/£2250
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 4th Dec 17, 9:33 PM
    • 2,217 Posts
    • 10,616 Thanks
    HairyHandofDartmoor
    Well done
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = £58,766 DEBT FREE 31 October 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund
    Emergency Fund 1 = £818/Emergency Fund 2 = £203.76
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