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  • FIRST POST
    • ish1521
    • By ish1521 24th Nov 17, 4:08 PM
    • 1Posts
    • 1Thanks
    ish1521
    Need Help with dealing with debt and Daily money
    • #1
    • 24th Nov 17, 4:08 PM
    Need Help with dealing with debt and Daily money 24th Nov 17 at 4:08 PM
    Hi all,
    Im just looking for some support, or even some advice.
    My husband and I have had our rough times but we have worked extremely hard to get our finances to where we needed to..to finally purchase our first home. We went from having 30,000 in debt ...now we Own a home with a payment around $550 (insurance/Taxes included), have about 10,000 in a savings account. but we do still have around 6,000 in credit card debt that I have consolidated to a 0.00% interest rate for a least a year. We own our vehicles

    but my problem is I thought once I got to this point I thought I could stop fretting so much about money....but nothing has changed I still get worked up if I spend an extra hundred or if I dont pay off my cc before the statement comes up, its like im almost obsessed with worrying about money like I dont know how to enjoy myself anymore I mean it took us a good 6 years to get to this point and I feel like im almost worried that history could repeat itself and im trying hard to prevent it but I also dont want to be so worried about money that I don't enjoy my life, I dont know how to get out of this mindset.

    Any tips.. or any ideas of how you budget yourself?
Page 1
    • Cherry Burton
    • By Cherry Burton 24th Nov 17, 5:17 PM
    • 95 Posts
    • 506 Thanks
    Cherry Burton
    • #2
    • 24th Nov 17, 5:17 PM
    • #2
    • 24th Nov 17, 5:17 PM
    Hi,

    Having been c**p with money for most of my adult life (I've done all the dumbest things as far as finances are concerned) but I have finally got my act together. I signed up to You Need a Budget (YNAB) budging tool and I started following the Dave Ramsey baby steps. You have to pay for YNAB, I think it's about £50 a year, but there is a 34 day free trial and it pays for itself by helping you control your money.

    Look up Dave Ramsey on YouTube, if you can get past his Americaness, not always easy, he offers really good advice.

    In the end, only you can change and make good decisions instead of bad in how you deal with your money

    Good luck

    CB
    Debt 08/14 - £8200
    Mortgage 1/1/14 approx £50,000, 1/8/16 £31,269 1/9/16 27500 3/10/16 £25842 1/11/16 £23987 1/12/16 £22050 1/4/17 £16312 3/7/17 £9989 1/8/17 £7,666 1/9/17 £5959 2/10/17 £4772 1/11/17 £2965 1/12/17 £1329
    • sourcrates
    • By sourcrates 24th Nov 17, 5:21 PM
    • 12,714 Posts
    • 12,051 Thanks
    sourcrates
    • #3
    • 24th Nov 17, 5:21 PM
    • #3
    • 24th Nov 17, 5:21 PM
    Hi all,
    We went from having 30,000 in debt ...now we Own a home with a payment around $550 (insurance/Taxes included),
    Originally posted by ish1521

    Look up Dave Ramsey on YouTube, if you can get past his Americaness, not always easy, he offers really good advice.

    Good luck

    CB
    Originally posted by Cherry Burton
    I think the OP may them selves be from across the pond............
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • enthusiasticsaver
    • By enthusiasticsaver 24th Nov 17, 8:30 PM
    • 4,856 Posts
    • 9,176 Thanks
    enthusiasticsaver
    • #4
    • 24th Nov 17, 8:30 PM
    • #4
    • 24th Nov 17, 8:30 PM
    I actually don't think it is such a bad thing to be a little reluctant to splash out without considering it first. We do not have debt, never have except mortgage and interest free. We go out for meals, theatre, holidays, buy clothes and cars, home items etc but never without costing it or researching for most economical way of buying it and working out if we can afford it within our budget. Just relax and when you want to go out and spend ask yourself these questions.

    Can I afford it and is it within my monthly budget? If the answer is yes then consider whether it is a want or a need and is there anything else which should take priority.

    If the answer is no then consider if you can buy or get it cheaper or an alternative or work out how much longer you need to save for it.

    Stopping fretting about money could certainly lead you down a path of overspending again. Everyone has to live within budget just some budgets are bigger than others.
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • theoretica
    • By theoretica 25th Nov 17, 11:29 AM
    • 4,948 Posts
    • 6,190 Thanks
    theoretica
    • #5
    • 25th Nov 17, 11:29 AM
    • #5
    • 25th Nov 17, 11:29 AM
    I think it is a lot like going on a diet and reaching your target weight. Once there it isn't the end, and you can't stop thinking about what you eat or spend. There is a bit of relaxation as you change to a long term maintenance regime, but you probably still need to keep a close eye on things. Hopefully you will come to do this as a habit and matter of course with less worry.

    Do you have any money earmarked for enjoyment in your budget plans?
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • tempus_fugit
    • By tempus_fugit 25th Nov 17, 12:08 PM
    • 330 Posts
    • 313 Thanks
    tempus_fugit
    • #6
    • 25th Nov 17, 12:08 PM
    • #6
    • 25th Nov 17, 12:08 PM
    I think for me, and I know this might not work for everyone, once I got into a "method" of saving and managing my finances I relaxed more as it became more an automatic way of thinking about money rather than having to work out what to do at every step. Having said that I still spend an inordinate amount of time managing and thinking about my budget, to the extent that I get bored if it becomes too easy, but I've come to terms with the fact that this is just the way I am.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • determined new ms
    • By determined new ms 26th Nov 17, 4:21 AM
    • 6,610 Posts
    • 38,121 Thanks
    determined new ms
    • #7
    • 26th Nov 17, 4:21 AM
    • #7
    • 26th Nov 17, 4:21 AM
    I guess after a fairly long time of being in debt and worried about your financial situation it's pretty normal to have this mindset. Life is about balance and you need to find equilibrium with your financial life now. It's understandable you are going to worry though. Set your budget, practice sticking to it and trust over time you'll relax and trust yourself. It has taken me a long time to do this fully and be a little relaxed. I know sometimes I have to spend, sometimes dip into savings and when I want/need tighten the belt. Try not to worry
    Last edited by determined new ms; 26-11-2017 at 4:27 AM.
    DF as at 30/12/16
    Wombling '16 £287.33 Roadkill £28.25
    Wombling YTD £2982.2/Roadkill £8.63
    SFDs Oct 13/15 CC saved £2372.50
    • tallyhoh
    • By tallyhoh 26th Nov 17, 9:28 AM
    • 2,091 Posts
    • 2,139 Thanks
    tallyhoh
    • #8
    • 26th Nov 17, 9:28 AM
    • #8
    • 26th Nov 17, 9:28 AM
    I lost my job & home on 1977. I haven't forgot how it felt & have been extremely mean with money ever since. However I look upon it as a good thing & certainly don't worry about it.

    Could you set aside a certain amount of money each month & "permit" yourself to spending it on something you would normally view as frivolous?
    Tallyhoh!

    Stopped Smoking October 2000. Saved £21,840 so far!
    • pennystretcher
    • By pennystretcher 26th Nov 17, 2:00 PM
    • 311 Posts
    • 1,329 Thanks
    pennystretcher
    • #9
    • 26th Nov 17, 2:00 PM
    • #9
    • 26th Nov 17, 2:00 PM
    Looks like you have been bitten by the bug...which is not a bad thing. And well done with getting rid of most your debt!! You'll get the rest paid off I'm sure.

    I have a spreadsheet that I use for my planning - all the wages, bills, estimated DIY/medical/pension etc costs for the next couple of years broken down by dates when they are coming off the account. This gives me an idea where I stand financially and can see at a glance where I will be if e.g. CC bill average changes over the years. (I have used previous spending as a guideline and have made this a target to stick to and where possible reduce spending)..takes a weight off my mind as I don't have to try to keep dates in mind. Bit of a maintenance to keep it up to date, but worth it in the end..

    Try giving it a go and see how you get on
    Last edited by pennystretcher; 26-11-2017 at 2:07 PM.
    MFW Dec 2017 £290 (almost there!!!)
    • My Own Back Door
    • By My Own Back Door 29th Nov 17, 12:28 PM
    • 7 Posts
    • 10 Thanks
    My Own Back Door
    I wonder if you used your savings to pay your credit card debt and then be totally debt free you may feel differently? You can then easily build up a decent emergency budget which may relieve some of the anxiety you have before planning for something nice likely early retirement!
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