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    • MrJester
    • By MrJester 12th Jun 17, 11:57 AM
    • 977Posts
    • 488Thanks
    MrJester
    Why do we fall? To learn to pick ourselves back up. (£26K+ DEBT!)
    • #1
    • 12th Jun 17, 11:57 AM
    Why do we fall? To learn to pick ourselves back up. (£26K+ DEBT!) 12th Jun 17 at 11:57 AM
    Hello. MSE. Once again. I am here, to share my journey and find support and inspiration in you fellow moneysavers.

    My old debt diary: http://forums.moneysavingexpert.com/showthread.php?t=5055456

    Here's a mini breakdown of where I am right now:
    • £20,000 business loan debt; up to date
    • £4500 MBNA debt; defaulted
    • £2000 Barclaycard debt; defaulted
    • Currently unemployed and seeking

    A short story is that I was in good employment over a year ago and had disposable income to start bringing down my debts so it was just a matter of time. But I felt severely unhappy in my line of work, and it affecting my health. So I quit. And over the next year I obtained a business loan to try and create my own business, and it was unsuccessful in the financial sense.

    But I have learned a lot about myself, and about business. I will continue to progress at working for myself as this is where I think I will be happiest, but right now I clearly have significant debts and I need to dedicate the next year+ to sorting them out.

    So right now I'm seeking new employment. I know my worth better these days than I once did, and will be looking for a good pay cheque. Don't get my wrong, I'll be taking any half decent employment I can get but will be on the constant lookout for very well paid opportunities.

    In many ways I feel upset and drained and foolish from letting myself get here. But I know I did it to try and make a new life for myself and make my own riches because I work very hard at things and often felt jobs I have had didn't give me the recurrence for my efforts. But perhaps that is partially the naive youth in me.

    Whatever my mood and emotion, the situation I am in is prevalent; and it needs dealing with. I can no longer allow my impatience to rule me, and instead need to commit to this process of financial freedom so I can live life without any chains as I have always wished. I've wasted my mid twenties focused on debt but then being impatient and not making long term progress... well no more I say. No more.

    Here we go savers, let's do this.
    My new 2017 Batman-like debt free diary (£26k+)!
Page 3
    • MrJester
    • By MrJester 5th Oct 17, 5:54 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    Extra £50 came in today that was owed to me. Going to re-assess how much is where and where it is needed. It may go straight into my spending account to alleviate some of the pressure there.

    I have two accounts I use, the main one which has all my main debits coming out and have left exactly enough in there to pay for everything. My second account which is for spending, I have about £180 until the 31st of this month. It's technically enough to survive on, just short of £7 per day to spend. But it's not much. All it takes for me is a takeaway here and there and a meal or two out with my GF and it's mostly gone.

    I've already bought food for this week which should last over the weekend.

    I'm constantly trying to remind myself that this needs to not just be a short term fix until money starts coming in regularly again. I need to be proactively moneysaving for the foreseeable future, so I can rid myself of debt. Forever. There was one thing I wanted to buy myself this week, and it was only £12. But then I know that if I buy that, then something else will soon follow.. and the snowball will begin until I have mere few pounds to live on.

    I'm still on partial universal credit, which should mean after they take into account the PAYE i received this month they'll give me maybe £100. It's not a lot, but it definitely helps and that'll go into my spending account. I worked it out that after my partial pay cheque and some universal credit I'll be able to pay all my bills and have approx £300 spending over the month.
    This is a doable amount in total even if i wasnt moneysaving, so hopefully i can spend less than that. Then, only top up in my spending account to my future spending budget (again i think 300-350 range) which means whatever the difference can go to my short-term saving goal, and/or my F&F debts.

    I do feel pretty in control of my money right now. That's a nice feeling, even if it is still a fairly anxious state until I have regular income.

    It's rather exciting having a plan of action ahead, again. Even with all this debt, I'm a much happier person than I was last year when I was making track to getting rid of just a few grand in debt. Now it's 25K! But I kind of like the challenge. I put myself here and I want to show I can damn well get myself out of it and pay every penny back. Then never be in debt to anyone or anything ever again!

    Here's to us, moneysavers
    My new 2017 Batman-like debt free diary (£26k+)!
    • Reb2016
    • By Reb2016 6th Oct 17, 9:25 AM
    • 130 Posts
    • 247 Thanks
    Reb2016
    You have such a positive attitude, I'm sure you'll get there, and well done on putting the £12 item back, it's not always easy is it.


    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • sauceoclock
    • By sauceoclock 6th Oct 17, 11:21 AM
    • 807 Posts
    • 742 Thanks
    sauceoclock
    Agree with Reb completely! Good mindset, at least you've tackled the debt and you're ready to knuckle down! Well done on putting the item back, I've had to do it a good few times recently and it's never easy!
    Loan: £3,600 £2,889.62
    Credit Card: £1,337.84 £1197.84
    Unsecured Debt Total: £4,087.46
    Goal Debt-Free Date: February 2019
    • MrJester
    • By MrJester 7th Oct 17, 5:33 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    I think I've just spent like £40 on food with my GF over the past couple days. That's the hardest thing, because we're together and it's easier for us to just get food together when we're out and it adds up so fast.

    Need to think of ways to stop this from happening. Food prep. Never eat out rule. I know my GF will be understanding to do this with me, I'm sure, it's just we're in such a bad habit now I think.

    This eve I'm going to do another review of my budget, ready for the months ahead when I have a regular income again. Will share..
    My new 2017 Batman-like debt free diary (£26k+)!
    • MrJester
    • By MrJester 7th Oct 17, 8:47 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    Hmm had to throw £40 odd from my personal account into my business account because i still have some business costs coming out of that account which is otherwise exhausted. I still need to sort everything with my biz accountant, I'm seeing out the rest of the contract with them which ends very soon and want them to sort out my accounts up until right before our contract expires so i havent wasted money on them.

    after which i may remove myself as self employed as i wont be making any money from my side hustle for a while whilst i focus on getting better at my craft.

    luckily my accounts are pretty straight forward and in an online system, but there is a few costs still out there on my previous biz activities in terms of service subscriptions. i need to review all these, there's only a few i'm sure but still i dont want unexpected costs.

    ...

    So here's a general summary of my wage and expenditure as of my first full pay cheque at the end of this month.

    I did a budget obviously with my debt charity, and I want to try and actually make use of that budget as a guide. At first I was just trying to make their budget form make sense to my actual planned budget, but I think it is actually a good guide for focusing on the kinds of costs which are acceptable/important as opposed to costs that my lifestyle is used to.

    I'm going to try find a happy middle ground. So here's a general overview/SOA of the buckets for different things, and some explanations in there, I welcome feedback:

    INCOME £1636
    Housing £688
    - rent
    Household £68
    - mobile, medical cover (I plan to get a healthcare cashplan), gadget insurance
    Transport £144
    - oyster and travel back home once a month
    Food/housekeeping £213
    - food shops and food at work
    Misc goods & services £55
    - medicines, opticians, haircut, laundry
    Personal and leisure £45
    - clothing, entertainment
    Sundries & emergencies £103
    - emergency fund, school fees (current studies still money owed), friends & family repayments
    --
    Surplus £320 to pay towards debts

    Looking back at this budget I think there's certainly some things higher than they may end up costing, and some places where I'd personally want to put more money like friends & family repayments.

    It's tricky, though, because I want to be realistic with my charity and my creditors but there is clearly some difference in what is considered important vs what is not. What I actually spend my budget on is likely to be different from the above.. I just want to check myself a bit using the above to ask myself questions like "is it something i want, or something i need to spend on".
    My new 2017 Batman-like debt free diary (£26k+)!
    • Happierdays
    • By Happierdays 7th Oct 17, 9:37 PM
    • 144 Posts
    • 390 Thanks
    Happierdays
    Loving the house sitting /property guardianship idea... I have heard of both and both sound a very exciting and £ saving idea... look forward to hearing how you get on
    • Reb2016
    • By Reb2016 8th Oct 17, 6:54 PM
    • 130 Posts
    • 247 Thanks
    Reb2016
    Itís very easy to overspend on food if you donít budget, it was definitely one of my downfalls, a takeaway here, supermarket meal then soon adds up, but it looks as though you are starting on a budget which is great it really will help.
    And love that you are asking yourself if itís something you want or need, thatís a great question

    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • sauceoclock
    • By sauceoclock 9th Oct 17, 11:16 AM
    • 807 Posts
    • 742 Thanks
    sauceoclock
    Food is the one thing I always hemorrhage my finances on. Takeaways, random food shops when we are hungry which means we buy junk food that isn't actually filling or good for us... meals out... It seriously adds up and I always feel SO guilty afterwards. We've gotten better at food shopping but sometimes it's finding time in the day to do the meal prep! I really do think you're doing so well, the SOA etc. all looks good and I agree with the contract with your accountants!
    Loan: £3,600 £2,889.62
    Credit Card: £1,337.84 £1197.84
    Unsecured Debt Total: £4,087.46
    Goal Debt-Free Date: February 2019
    • MrJester
    • By MrJester 10th Oct 17, 12:38 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    Thanks for input everyone.

    Some interesting guardian properties coming up, like whole 1 bed flats for about a 30-40% saving on rent than what I pay now. But yknow, with that there comes concerns and potential problems. They can tell you to get out in 30 days randomly and you can't guarantee you'll find somewhere else to live. I'm staying on the lists to see what properties come up, biding my time and interest.

    Day off today. Extra money came in from universal credit yesterday which will be the last amount I get from them, another £100 for spends this month, right now I have £185 left in my spending account and it's 3 full weeks today until payday. Just going to do my best each week, one day at a time.

    Paid my priority bills, but have around £35 more coming at the end of this month likely before I get paid. Plus I have a biz bill i need to pay for around £13.. and my accountancy bill of £60 will be at the very end of this month. The latter I may just be able to change the debit date to the last day of the month, right before I cancel with them completely. So priority I need to find about £48 to cover other bills up til the end of this month.

    BUT thinking about it there is £22 (after fees from ebay) in my paypal, this I can move back into my bills account where there is already £20 for safety, boom there is £42! I should be able to find the rest and some selling a few more bits on ebay, in particular still trying to sell a couple high value items i own to bring in some cash!

    Just gotta stay focused. Make money, not spend it.
    My new 2017 Batman-like debt free diary (£26k+)!
    • MrJester
    • By MrJester 10th Oct 17, 1:00 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    Oh also I started using my bicycle to get to work yesterday. This saves me £3 a day, and about an hour in travel time. Plus I also get some good exercise! Win win win.

    I'm paying £30 a month for it, so I should make use of it!
    My new 2017 Batman-like debt free diary (£26k+)!
    • sauceoclock
    • By sauceoclock 11th Oct 17, 2:02 PM
    • 807 Posts
    • 742 Thanks
    sauceoclock
    Glad to hear you're using your bike! Did you get a Brompton in the end?
    Loan: £3,600 £2,889.62
    Credit Card: £1,337.84 £1197.84
    Unsecured Debt Total: £4,087.46
    Goal Debt-Free Date: February 2019
    • MrJester
    • By MrJester 11th Oct 17, 4:10 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    Glad to hear you're using your bike! Did you get a Brompton in the end?
    Originally posted by sauceoclock
    I'm using this service where you rent a bike for £30 a month. I like it for now 'cause it means I don't have to worry about owning a bike, repairing it, and selling it.

    rest of the afternoon off so gonna chillax!

    free lunch at work today, and back on the bicycle, so not a penny spent today.. wait a minute, could it be my first NSD? (no spend day - that's the right term right?)
    My new 2017 Batman-like debt free diary (£26k+)!
    • MrJester
    • By MrJester 11th Oct 17, 9:52 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    I did it. I've had a zero spend day. Yesterday was just £1.29 too. Every day I don't spend is another 7-10 pound for the next day, then the next day...

    Tomorrow I expect to spend £3-4 on food. The next maybe more as I often get a takeaway on a friday so maybe more £15 but I'm going to try not to.
    My new 2017 Batman-like debt free diary (£26k+)!
    • sauceoclock
    • By sauceoclock 12th Oct 17, 10:27 AM
    • 807 Posts
    • 742 Thanks
    sauceoclock
    What sort of takeaway do you usually get? Any chance you could prep it tonight... Or potentially get a cheaper version from the supermarket?
    Loan: £3,600 £2,889.62
    Credit Card: £1,337.84 £1197.84
    Unsecured Debt Total: £4,087.46
    Goal Debt-Free Date: February 2019
    • MrJester
    • By MrJester 12th Oct 17, 8:15 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    All sorts. I bought takeaway tonight. Spent £20.33 today on just food, this was not necessary, must try to make tomorrow a better day.
    My new 2017 Batman-like debt free diary (£26k+)!
    • Reb2016
    • By Reb2016 14th Oct 17, 8:56 PM
    • 130 Posts
    • 247 Thanks
    Reb2016
    Congrats on the NSD they can get addictive :-) and great that you are using the bike.
    Reb
    Light bulb moment 6th June 2017 £13333.63 Debt now 11967.05
    DFD was October 2020 40 months now 31st Jan 2020 28 months Overdraft £650/£2250
    6/17 NSD October 0/6 in a row
    • sauceoclock
    • By sauceoclock 16th Oct 17, 12:53 PM
    • 807 Posts
    • 742 Thanks
    sauceoclock
    All sorts. I bought takeaway tonight. Spent £20.33 today on just food, this was not necessary, must try to make tomorrow a better day.
    Originally posted by MrJester
    This is like my inner monologue last year when I got in a cycle of using takeaways as a treat on Fridays, payday, etc. Now what I do is I go and get whatever I'd have as a takeaway from the supermarket... For me the biggest weakness I have is Pizza! I now go to Asda on my way home from work when I'm craving one and get a big thick crust one for £4 from the counter if I can't be arsed making dough.. I don't have to cook (other than shove it in the oven) and it's not expensive. Otherwise I swapped the likes of Dominoes or Papa Johns (which can be ridiculously priced even with discounts) for a different takeaway, I just used scores on the door to check their environmental health star rating and then read reviews on just eat once establishing it's clean and trustworthy. It meant instead of £20 for a brand name I pay £7-££9 for a non-branded pizza place.
    Loan: £3,600 £2,889.62
    Credit Card: £1,337.84 £1197.84
    Unsecured Debt Total: £4,087.46
    Goal Debt-Free Date: February 2019
    • db2016
    • By db2016 16th Oct 17, 5:56 PM
    • 57 Posts
    • 141 Thanks
    db2016
    great diary, and its good to see a male's diary too.

    obviously tips are relevant anyway, but a lot are "mummyto x y or z" usernames and its refreshing to have a males take on all this, i have found many.

    sub'ed!
    • MrJester
    • By MrJester 16th Oct 17, 6:03 PM
    • 977 Posts
    • 488 Thanks
    MrJester
    great diary, and its good to see a male's diary too.

    obviously tips are relevant anyway, but a lot are "mummyto x y or z" usernames and its refreshing to have a males take on all this, i have found many.

    sub'ed!
    Originally posted by db2016
    cool!

    yeah maybe there is a slight leaning towards more women's diaries in here. i'm just a young ish guy who wants to get debt free and one day not have to worry so much about money!
    My new 2017 Batman-like debt free diary (£26k+)!
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