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  • FIRST POST
    • drownindebt
    • By drownindebt 24th Jul 17, 12:06 PM
    • 36Posts
    • 35Thanks
    drownindebt
    Not in control
    • #1
    • 24th Jul 17, 12:06 PM
    Not in control 24th Jul 17 at 12:06 PM
    Hi,
    Coming back after a few years out.
    I would do a SOA, but the bills, food and mortgage expenses are paid by my wife - I pay a contribution.

    What would the best way be to start?

    thanks!

    EDIT: I have 2 credit cards and 1 personal loan and I want to be debt free, using my money instead of money I don't have!
    Last edited by drownindebt; 26-07-2017 at 7:11 PM. Reason: Because it's a sticky on every page!
Page 3
    • drownindebt
    • By drownindebt 7th Aug 17, 5:12 PM
    • 36 Posts
    • 35 Thanks
    drownindebt
    Does your wife know your financial situation?

    I see no issue with 0% finance deals on things like sofas if your not paying over the odd's and can actually afford it and actually need it. The problem arises when you start buying stuff just because you can, that you can't afford and don't really need. All my 0% furniture items were needed and make up a very small percentage of my debt, I did actually have the money to buy them outright at the time but chose not to, that money was better used doing the actual work to my house or else my credit cards would have ended up even higher.

    I hate my bathroom, it truly is vile and looks disgusting no matter how much I clean it. My stairs carpet is worn threw on several steps but we don't have the money so it will just have to wait, it's all still useable.
    Originally posted by quintwins
    Yes she does. She knows my debt and how stingy I am because I want to be debt free.

    If I get the problems patched up and keep the place clean with a few plants, I think I'll be much happier about things
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
    • drownindebt
    • By drownindebt 9th Aug 17, 8:42 AM
    • 36 Posts
    • 35 Thanks
    drownindebt
    Rainy day but I'm happy.

    Putting £400 in the bank and sending off an old iPad.

    I want to start racing bikes next month and was thinking about getting a second-hand turbo trainer (what's the point in racing if you're not trying to win!), but then my sensible hat fell on my head and said "you just can't afford a £350 turbo trainer."

    Anyway, better get some breakfast and get this day going!
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
    • Lucylocks
    • By Lucylocks 9th Aug 17, 8:54 AM
    • 92 Posts
    • 214 Thanks
    Lucylocks
    I'd argue that actually a turbo trainer could be good - excercise will keep you busy and hopefully not spending. It's great for mental health. Have a look at gumtree they usually sell second hand for about £40. If you could generate bit of income from surveys or selling bits then this wouldn't impact your budget
    LBM 28/3/17 £24,971 28/6/17 £14,376 42% paid
    • quintwins
    • By quintwins 9th Aug 17, 11:07 AM
    • 5,031 Posts
    • 29,281 Thanks
    quintwins
    yeah you see stuff like that on gumtree all the time or you can pick them up on ebay pretty cheap.
    DFW £1263/£28996 4.3%

    EF#240 £0
    • drownindebt
    • By drownindebt 9th Aug 17, 8:21 PM
    • 36 Posts
    • 35 Thanks
    drownindebt
    So glad for your comment. I think health and fitness is important. We've been eating with Slimming Eats recipes and I want to do this as a free-ish way of spending my free time - just requires setup costs.

    Good point on raising money for it - thanks!
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
    • drownindebt
    • By drownindebt 25th Aug 17, 9:54 PM
    • 36 Posts
    • 35 Thanks
    drownindebt
    Holiday done. Was good, and now I'm back on my budget.

    I've upped my credit card payments from minimum to £50 per month each.

    Fitness is going well. I'm stretching and I'm entering my first bike race next month.

    Paid the accountant. Next
    priority is my tax bill, then no more business expenses and I can get on with Emergency Fund.

    Nothing to sell, but clearing my shed out tomorrow anyway. Decluttering makes me happy.

    Also wanted to get some plants for the house e.g. Cacti, but I'm holding fire. Maybe free alternatives will present themselves ��
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
    • drownindebt
    • By drownindebt 27th Aug 17, 8:31 AM
    • 36 Posts
    • 35 Thanks
    drownindebt
    New bid
    Successful bid on a bag - that will be £42 to me!

    Will be taking my £70 lunch money out today. Thinking of ways it can go further without being peanut butter sandwiches!

    Considering moving my balance transfer balance (£1636) to my purchase credit card. I get Avios points for doing it and paying down 1 credit card instead of 2 could be better. I'll look into it.
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
    • foxgloves
    • By foxgloves 27th Aug 17, 9:16 AM
    • 3,707 Posts
    • 18,276 Thanks
    foxgloves
    Sounds like your mindset is really changing. It can be done! We had around 35K of debt at its worst but things are so different when I discovered budgeting!
    My view on 0% finance has really changed. I used to use these sort of 'deals' a lot for large household purchases because I always wanted them instantly & never saved any money at all. When the lightbulb re our finances suddenly pinged on, I started reading those signs promoting 0% credit for what they are actually offering, which is 0% DEBT. You might not be paying interest but you are still taking on another debt & adding another monthly payment to your outgoings. So we'd be part-way through paying off a new sofa on 0% then the fridge & freezer or oven would cark it, etc, so we'd take out another 0%, & that's now building up monthly outgoings significantly. The beauty of waiting longer for your new sofa by saving up for it is that if you pay for it outright, it's yours! No monthly payments still going out of your account even after the item has started to wear so that's money you can be saving for the next big replacement item or putting into your holiday fund, etc. So I'm just putting a different perspective on 0% 'deals'. Read those signs as 0% debt. More debt. The sofa company isn't offering this out of altruism, but because they want to increase sales of sofas by selling them to people who don't really have the money to buy them. That's how the concept of consumer credit began.
    Good luck with your debtbusting. You sound very determined.
    F
    P.S We saved around £2000 a year by taking packed lunches to work instead of popping out to buy food every lunchtime.
    Money can't jump out of your purse on its own so ask 'Can I borrow one, make one, grow one, bake one, re-purpose or recycle, acquire it for free?' Yes? Then put that purse away & keep your money because little savings grow!
    Loan pay-down fund instalment 2 = £120
    Payment received from surveys: 2015 = £320 2016 = £210 2017 = £294
    • drownindebt
    • By drownindebt 12th Sep 17, 7:01 AM
    • 36 Posts
    • 35 Thanks
    drownindebt
    I've got about £20 in my wallet for the rest of the month. Hopefully I can make it stretch, but I'll probably go over a bit.

    Don't feel like I'm winning at the moment. House is still a bit leaky, I've still got 2 credit cards and a loan. Sure it's going down every month, but I just can't wait for the £800 or so in repayments to be going into savings.
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
    • drownindebt
    • By drownindebt 20th Sep 17, 12:35 PM
    • 36 Posts
    • 35 Thanks
    drownindebt
    Bit of a disaster with money this month. Essentially ran out of money I budgeted, got a bit stressed with life and indulged a bit too much in wine! My credit card (a debt card as I should call it) has ballooned to £1k.

    I'm planning on how I can stem the flow next month.

    I've been reading about Monzo pre-paid debit cards - essentially you put money on it and you use it up. It's kind of like a reverse credit card. I'm going to try this (as opposed to cash in my wallet).

    Then if my current account just has regular bills, I can put £100 or so on my pre-paid card and a little aside for savings.

    I'm also noticing I'm spending quite a bit at fixing my bike by sending it to the workshop. I'm going to give myself a hobby and learn how to maintain my bike myself. I'll clear my shed this weekend and make it somewhere to spend my evenings tinkering (at the moment I spend silly amounts of time internet browsing in the eves). Also, I've got a good book I should be reading. Silly really.

    It's going to take me a while to save the £1000 for emergency fund.

    Also, the fixes to the house can't wait. Winter is coming and I need to get the boiler repaired, chimney swept and the bathroom leak plugged (might investigate this myself this weekend). That's all going to cost money I don't have, so I might see if I can get extra income - not sure where though. If I do online mentoring or anything, don't I then have to show the tax man, get an accountant and all that?
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
    • drownindebt
    • By drownindebt 20th Sep 17, 3:13 PM
    • 36 Posts
    • 35 Thanks
    drownindebt
    Ok - I've decided to hide my credit cards. That's the only way to stop spending. I'll then up my personal allowance from £70 (because that wasn't enough).

    I need to understand from our meal plan when I'm getting left overs and when I'm not - to see whether I need to create a packed lunch. It can't be bread because it'll just go off. Maybe a filling salad?

    Just cancelled Amazon Prime (that I kindof accidentally subscribed to).

    And re-prioritised in my head:
    - Pay down credit cards asap and hide them
    - Save £1000 emergency fund

    Not sure how the leaky bits in the house get paid for yet.
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
    • drownindebt
    • By drownindebt 24th Sep 17, 7:39 AM
    • 36 Posts
    • 35 Thanks
    drownindebt
    I balance transferred my balance transfer card. Two reasons: just one credit card to pay down with one lot of interest and also, it is more visible (now having all my credit card debt).

    I cleaned out the shed a bit yesterday. A few things to run to the tip.

    Pay day next Friday. I've allowed £150 for personal expenses which I'm going to put on a Monzo card prepaid. Then my current account does just bills. I'm worried I'm not putting anything in savings, only in repayments, but hey ho.

    Also, I'm sad I can't buy what I want right now. I've just joined a cycling club and can't buy their team kit. I also don't look smart enough at work and can't do anything on that front, though I'm happy I've realised that premium clothes just don't function better (expensive jeans are now coming apart). Stuff in hm is £20 each - that'll do.

    I've spent on my credit card the rest of this month. I'll hide it once pay day comes.

    No move on house fixing but I haven't got the money to do it anyway. Please don't let the ceiling fall in!
    -----
    Credit Card: -£2598.23 / Personal Loan: -£18,093.67
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