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  • FIRST POST
    • Pismo
    • By Pismo 28th Jun 17, 3:36 PM
    • 19Posts
    • 43Thanks
    Pismo
    The start of a long journey
    • #1
    • 28th Jun 17, 3:36 PM
    The start of a long journey 28th Jun 17 at 3:36 PM
    Hi,

    I have just joined MSE and decided that my first post will be here - in my debt free wannabe diary.

    Little background to help put it all into context.

    There is me, OH and 2 (soon to me three) little ones at home. We have no pets but we have just bought our first home together.

    We were always aware of our debt, it's high but controllable with our more than average combined wages. We don't wear expensive clothes, nor have fancy holidays, neither of us drink and we don't have all the tech. Not sure where our debt has come from but I guess it's just living (and the very frequent takeaways!)

    Our current debt is as below;

    Barclays loan 12000
    CC1 12000
    CC2 1400
    CC3 1300

    We also have some parental debt from buying our house but both sets of parents are happy for us to pay when we have the available income so I haven't included it on here.

    We did a SOA and it was shocking to see what we should have left over at the end of the month compared to what we actually have left over. It also prompted us to highlight where our money was going. Last month I spent near £100 of fast food for myself!

    So we're tightening our belts, writing down were we spend our money and thinking twice about what we need/want.

    I am quite excited for the challenge. Although sometimes a little overwhelmed as we have a house to renovate and a baby due later this year. I just hope we are still able to reduce our debt as well as do/get what we need for the house and baby.

    I'm sure you'll see a fair bit of me from now on!
Page 1
    • Pismo
    • By Pismo 29th Jun 17, 2:02 AM
    • 19 Posts
    • 43 Thanks
    Pismo
    • #2
    • 29th Jun 17, 2:02 AM
    • #2
    • 29th Jun 17, 2:02 AM
    Things I have already done to tackle this debt;

    Get a 0% balance transfer card for my cc debt (1400) as currently at 29%.

    Note down my spending, every last

    Write and stick to the meal plan - making sure lunches are accounted for too.

    Look into claiming back payday loan interest (recently added up all we borrowed and all we paid back - that was a shocking number)

    However, I got a parking ticket at work this week - £40 I need to find out of the budget

    Havent told my husband about it yet but will do when we see each.
    • Pismo
    • By Pismo 30th Jun 17, 8:34 PM
    • 19 Posts
    • 43 Thanks
    Pismo
    • #3
    • 30th Jun 17, 8:34 PM
    • #3
    • 30th Jun 17, 8:34 PM
    So today was another NSD for me. We did go swimming with the LO but OH paid for that and to fill the car up.

    Each month on pay day I transfer what I can to OH bank account (this month was £800). He pays for all bills, mortgage, cars and entertainment. Whereas I buy all the food and any clothes/presents/unexpected things woth what's left over.

    I'm hoping that the changes I've made so far will enable me to transfer a small amount to him at the end of the month too.

    We've done loads to the house this week too - hasn't cost us anything as it's mainly removing wall paper, stud wall and decluttering. Haven't found much worth selling yet and having to keep most of the out grown baby clothes for the one due in Novermber - here's hoping it's another boy

    All being well by Sunday I'll have had 8 NSDs in two weeks! That would never have happened before.
    • parsniphead
    • By parsniphead 30th Jun 17, 10:36 PM
    • 1,980 Posts
    • 12,668 Thanks
    parsniphead
    • #4
    • 30th Jun 17, 10:36 PM
    • #4
    • 30th Jun 17, 10:36 PM
    Good luck with the debt free journey and the arrival of the new little one.

    It's a lovely place here and you will get loads of support and advice. Sometimes it can be blunt but it's done with a good heart.
    Debts as of 08/07/17 Credit cards £7811 majority on 0%. Car loan £1500 my half. Mortgage £36272 remaining balance (10 yrs 2 mnths remaining - i think not). Emergency fund £500/500
    GAZELLE INTENSE AND GAINING TRACTION
    • Pismo
    • By Pismo 2nd Jul 17, 9:56 AM
    • 19 Posts
    • 43 Thanks
    Pismo
    • #5
    • 2nd Jul 17, 9:56 AM
    • #5
    • 2nd Jul 17, 9:56 AM
    Thanks parsnip... I have been lurking for a while and luckily I like the blunt approach I need to see where we go wrong and sometimes I need other to point that out.

    As I use my phone to browse MSE I haven't found the subscribe button to subscribe to other people's diaries - does anyone know where it is?

    I have cancelled a subscription I rarely use this week. I still have two more totalling £23.50 a month. One of these is experian. My husband says it's worth keeping but at £15 a month I'm not sure - any suggestions on free services like this?

    As predicted yesterday was a NSD and today is looking the same way too. I'm fairly competitive so viewing this as a game helps me continue. I want to win. I want to beat my debt!
    • charlies tribe
    • By charlies tribe 2nd Jul 17, 10:31 AM
    • 335 Posts
    • 3,103 Thanks
    charlies tribe
    • #6
    • 2nd Jul 17, 10:31 AM
    • #6
    • 2nd Jul 17, 10:31 AM
    Good morning. Hopefully someone will be able to pop along and give you the link as I'm on my phone at the moment, to the free credit report on here, I think it's experian it goes through, we use it every month to check things are moving in the right direction.
    Good luck on your journey.
    LBM-March 17 £2129/£33554 (6.3%) paid
    • Hiddenidenity
    • By Hiddenidenity 2nd Jul 17, 11:04 AM
    • 3,726 Posts
    • 14,811 Thanks
    Hiddenidenity
    • #7
    • 2nd Jul 17, 11:04 AM
    • #7
    • 2nd Jul 17, 11:04 AM
    Expierian - free from MSE Credit Club
    Equifax - free from Clear Score
    Call Credit - free from Noddle

    No need to be paying £15 a month x

    DFW £718.71/£7348.71
    Rent Arrears £331.28/£3381.28

    June 17 PA £121.25 + £70 Cash + £50 Amazon
    July 17 PA £216.50 + £25 Cash + £40 Amazon
    • Pismo
    • By Pismo 2nd Jul 17, 11:26 AM
    • 19 Posts
    • 43 Thanks
    Pismo
    • #8
    • 2nd Jul 17, 11:26 AM
    • #8
    • 2nd Jul 17, 11:26 AM
    Thank you Charlie's tribe and hiddenidentity. Will cancel remaining subscriptions tomorrow morning... total savings made by cancelling all subsrciptuon
    • Pismo
    • By Pismo 2nd Jul 17, 11:28 AM
    • 19 Posts
    • 43 Thanks
    Pismo
    • #9
    • 2nd Jul 17, 11:28 AM
    • #9
    • 2nd Jul 17, 11:28 AM
    Ooops, posted too soon.

    Total saving after cancelling all subscriptions (none of which I use regularly) will be £31.50 per month!
    • parsniphead
    • By parsniphead 2nd Jul 17, 12:38 PM
    • 1,980 Posts
    • 12,668 Thanks
    parsniphead
    Well done on the savings. It will become addictive.
    Debts as of 08/07/17 Credit cards £7811 majority on 0%. Car loan £1500 my half. Mortgage £36272 remaining balance (10 yrs 2 mnths remaining - i think not). Emergency fund £500/500
    GAZELLE INTENSE AND GAINING TRACTION
    • Pismo
    • By Pismo 3rd Jul 17, 8:28 AM
    • 19 Posts
    • 43 Thanks
    Pismo
    Experian cancelled... One more subscription to go and then I'm done. I personally have very few DD/bills leaving my account and I am grateful for that - I just hope DH is taking this as seriously as I am.

    We have now not had a takeaway/any fast food for two weeks. It may not seem a long time to some but prior to the LBM we were having it at Least once a week (sometime twice and that doesn't include pre packed sandwiches etc!). Really proud of ourselves for this one.

    Not spent anything in July as of yet. About to do the food shop so that will change but hoping to do it for less than £70... now that we aren't getting takeaway I have found that my shop has gone up by £10 or so but that's still cheaper that what we were spending before with all the added extras.

    Have been reading other users diaries and I'm getting so motivated. Our DFD currently stands at November 2021... I want to bring that as close as possible and other diaries are helping me plan for this. I feel so happy about our choices at the moment.
    • Chandelier.
    • By Chandelier. 3rd Jul 17, 8:53 AM
    • 456 Posts
    • 1,185 Thanks
    Chandelier.
    Well done on cancelling subscriptions. That's a great saving each month that can be used elsewhere.

    Have you devised a plan of which debts to pay off first?

    Also in regards to takeaways it's great you haven't had one in two weeks. They soon add up. I took the boy to a well known fast food place the other week and it cost a tenner for both of us and looking back it didn't taste 100% good but it was convenient at the time. Next time we go somewhere I'm going to take a picnic. I currently do pack lunches for the boy and sometimes for me when I go to work. I need to become more organised with myself though. I don't find it adds that much extra to our shopping bill.

    You've a clear DFD ahead of you. It's great you're realistic but if you manage to reach your goal before then, that's even better.

    Have you thought about posting your SOA to see if others can comment on areas to cut back with?

    Also review your household bills and compare wirh comparison sites to see if you can get these cheaper and also use sites like top cash back to relieve cash back on anything you buy. Every little helps.
    • natsplatnat
    • By natsplatnat 3rd Jul 17, 9:25 AM
    • 2,571 Posts
    • 2,231 Thanks
    natsplatnat
    Ooops, posted too soon.

    Total saving after cancelling all subscriptions (none of which I use regularly) will be £31.50 per month!
    Originally posted by Pismo

    That's a whopping £378.00 a year! Well done! What is your plan for this money?? My plan was to re-allocate money saved through reducitons (cancellation) of DD's to something else before I got used to having it!


    All the best! Nats x
    LBM ,- Wed 19th Nov 2008 £21,225 PAID OFF
    *DEBT FREE 28th September 2015*
    *2017 cashback pending £46.29, paid £44.49*
    (2011=£137.30, 12=£66.39, 13=£102.61, 14=£214.97, 15=£159.51 16=£213.05)
    Pro.Ac £18.00 + £95.04 paid
    SAVINGS TO CLEAR STUDENT LOAN £0.00 (£528.56 paid off)

    • Pismo
    • By Pismo 3rd Jul 17, 2:38 PM
    • 19 Posts
    • 43 Thanks
    Pismo
    I did a quick snowball calculator which suggested it would be best to clear off the high interest Barclay card first, then my mbna (which is 0%), then the large mbna debt. The loan repayments will continue at £257pm with the plan to overpay (or save and pay off in one lump sum) once cc are cleared. I should probably set out a spreadsheet for this to keep an eye on payments and balances left.

    We did do a SOA and saved it to the computer but I'm having difficulties finding it again. Once located I will post here.

    As the bills are paid from my DH account I feel like I have very little authority over these though. But I do know that we have hunted around for the cheapest car insurance and gas/electric recently. Will inquire about the rest.
    • Pismo
    • By Pismo 3rd Jul 17, 2:40 PM
    • 19 Posts
    • 43 Thanks
    Pismo
    I hadn't thought about reallocating that money actually - just assumed I'll have an extra £31.50 in my account at the end of the month.

    Thinking about it I should reallocate as otherwise it may just go to waste. Thank You!
    • Pismo
    • By Pismo 4th Jul 17, 3:33 PM
    • 19 Posts
    • 43 Thanks
    Pismo
    Not much to report today.

    I worked last night so spent the morning sleeping whilst dh took small swimming.

    It has been a NSD so far although almost bought an item off eBay to help renovate our downstairs loo. Unfortunately he'd already sold it elsewhere so refunded the money straight away.

    My balance transfer is showing up on my cc... Once it's cleared and I know they'll be no more interest added I will close the account.
    • Pismo
    • By Pismo 5th Jul 17, 3:50 PM
    • 19 Posts
    • 43 Thanks
    Pismo
    4th NSD in July - getting quite good at this.

    DH has agreed that we can go back over the finances tonight as although I'm pretty confident about mine, I want to ensure the bills are the cheapest possible and we're not wasting money else where.

    We've managed to pay off £557 worth of debt so far this month... hoping there is a little left at the end to pay off a bit more.
    • Pismo
    • By Pismo 7th Jul 17, 11:59 AM
    • 19 Posts
    • 43 Thanks
    Pismo
    Is normal to feel guilty every time I spend money I haven't previously set out to spend?

    Our spending is already down by so much and we should be proud of that. I spent £7 on hair products for smalls crazy hair day yesterday. He loved it. But I feel guilty for spending money I hadn't planned to. Then I feel guilty for feeling guilty.
    • Pismo
    • By Pismo 10th Jul 17, 5:12 AM
    • 19 Posts
    • 43 Thanks
    Pismo
    Not much has changed in the Pismo debt free wannabe household - money wise anyways.

    We have started to make real progress with the updating of the house. Carpets gone, downstairs loo almost finished and some second hand furniture purchased.

    School holidays are a killer - booked oldest into a holiday camp for one week and it cost the best part of £200.

    Will be on the look out for cheap and cheerful things to do for the rest of summer now.
    • Pismo
    • By Pismo 11th Jul 17, 2:22 PM
    • 19 Posts
    • 43 Thanks
    Pismo
    Our spending as a family has reduced massively these past two weeks - but I'm scared of losing momentum.

    I get paid on the 28th so only another 17 days to go. So far doing really well compared to other months. Haven't used my credit card and only just into my free overdraft.

    If by the end of the month I am not at the bottom of my overdraft I'm tempted to use the rest of it to pay towards DH credit card - I don't pay anything for my OD and it isn't very big so would rather use it to pay off a high interest debt for now. Then clear it completely.
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