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  • FIRST POST
    • FiscalPickle
    • By FiscalPickle 4th Dec 17, 5:38 PM
    • 81Posts
    • 188Thanks
    FiscalPickle
    Time to turn this around
    • #1
    • 4th Dec 17, 5:38 PM
    Time to turn this around 4th Dec 17 at 5:38 PM
    I had my lightbulb moment recently. Despite the fact I have a good job in an industry that means I should know better, I've got myself into a bit of a pickle. The goal for the next 2 years will be getting out of debt, out of the consolidation trap and into a good position re savings. The 2 years after that will be aimed at saving for a house deposit. My debts are:-

    HSBC loan £7872.48
    Virgin credit card £4019.39
    MBNA credit card £2825
    Car loan £5011
    Tax bill £139

    Grand total of £21,266.47 - I realise this doesn't add up please see post dated 18/12/17 for explanation!

    Once Christmas is out of the way and I've paid the tax bill, which is due at the end of the year, I've worked out a budget as follows:-

    Rent, household bills, food 1060
    HSBC loan 238.56
    MBNA CC 75
    Virgin CC 400
    Car 94.89
    Car ins 29.08
    Car service & repairs 50
    Contact lens scheme 26
    Entertainment 50
    Christmas & birthdays 80
    Clothes/shoes 50
    Hair 40
    Holiday fund 60
    Emergency fund 50

    This comes to £2303.53, my nett wage is £2,305. I'm throwing all I can at the Virgin balance until I've paid the spending part off, £1200 of this is on 0% until November. Then I'll concentrate on the MBNA, then the HSBC loan. Then I'll reevaluate. The HSBC loan is 7% APR, I'm halfway through paying that so most of the interest has probably been paid. I've set up the piggy accounts for car maintenance, holidays and emergencies. I've been in the habit of saving for Christmas and birthdays all year for some time now. Here goes!
    Last edited by FiscalPickle; 18-12-2017 at 4:58 PM. Reason: Amending total debt figure
Page 4
    • Tahlullah
    • By Tahlullah 15th Jan 18, 9:59 PM
    • 848 Posts
    • 4,814 Thanks
    Tahlullah
    I've been humming The Cranberries songs all evening. Really very sad that she has died and so young.

    Read your diary from the beginning and cheering you along. You seem to be doing well but I do understand the blues. I know I am suffering from them at the moment. I can't seem to focus. I'm budgeting well and not overspending, I just don't seem to be able to save any money to pay down the mortgage.

    But, every little helps and you are doing fine.
    Striving to be mortgage free.
    2018 MFW #135

    £300 of £2000
    • FiscalPickle
    • By FiscalPickle 16th Jan 18, 11:02 AM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    I've been humming The Cranberries songs all evening. Really very sad that she has died and so young.

    Read your diary from the beginning and cheering you along. You seem to be doing well but I do understand the blues. I know I am suffering from them at the moment. I can't seem to focus. I'm budgeting well and not overspending, I just don't seem to be able to save any money to pay down the mortgage.

    But, every little helps and you are doing fine.
    Originally posted by Tahlullah
    Thanks Tallulah, it really helps to know that someone is cheering me along. I've subscribed to your diary, feeling much more positive today as we're all in this together and it's not as lonely as it feels sometimes. I'm seriously considering telling Mr P about the scale of the debt, I don't think he has a clue. I just worry that he will judge me, but I feel myself pushing him away at the moment and it's really unfair.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • trying to stay afloat
    • By trying to stay afloat 16th Jan 18, 6:35 PM
    • 31 Posts
    • 101 Thanks
    trying to stay afloat
    I thought I would pop in and cheer you on. This time of year everything seems such a slog but you are doing really well.


    Re your wedding dress, if you love it keep it, It wont clear your debt and you will never be able to replace it. If you get to the point where you cant put food on the table it is an option but sell it now and you will probably regret it,


    I thought I was doing well this month until the boiler died yesterday. Best quote is £950 to fix so an emergency fund is definitely a priority, We don't have any credit cards so would have been in big trouble and pretty frozen!!


    Keep on keeping on and I shall go back to lurking!
    • Tahlullah
    • By Tahlullah 16th Jan 18, 8:51 PM
    • 848 Posts
    • 4,814 Thanks
    Tahlullah
    I must admit I would not be torn about the wedding dress.

    I have things that I know I should sell because I believe they would bring in money, but I still haven't. And when I think about it, I feel guilty because its not sentimentality holding me back, its doubt that anyone would want it.

    I would guess the tell would be whether you are the sentimental type or not. If you are, then keep it. Get it altered, dyed and re-styled so you can enjoy it again. If you aren't the sentimental type, you have lots of photos. You won't wear it again. You can't guarantee that if you have a daughter, she will want to wear it, so you could get some money out of it and move forward with your plan.

    And now the boiler has died. Would selling the dress help towards the cost of the boiler? Dress in a box on top of the wardrobe never to be used again, or pay towards the cost of the boiler repair.

    Decisions decisions.
    Striving to be mortgage free.
    2018 MFW #135

    £300 of £2000
    • FiscalPickle
    • By FiscalPickle 17th Jan 18, 9:56 AM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    I thought I would pop in and cheer you on. This time of year everything seems such a slog but you are doing really well.


    Re your wedding dress, if you love it keep it, It wont clear your debt and you will never be able to replace it. If you get to the point where you cant put food on the table it is an option but sell it now and you will probably regret it,


    I thought I was doing well this month until the boiler died yesterday. Best quote is £950 to fix so an emergency fund is definitely a priority, We don't have any credit cards so would have been in big trouble and pretty frozen!!


    Keep on keeping on and I shall go back to lurking!
    Originally posted by trying to stay afloat
    Sorry to hear about the boiler, these things always seem to break at the worst possible time of year!
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 17th Jan 18, 4:19 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    Last night was my first Weight Watchers session, I like the sound of the new plan and the coach is lovely. Having something other than debt-busting to focus on is essential to my sanity, it can't all be about the debt. I've decided for now to hang on to the wedding dress, I think I would regret selling it. It can be a useful weight loss motivation tool - does it fit again yet?

    I've got £39 sat in my PayPal account after my most recent eBaying, I'll wait until the fees have been deducted then send the remainder to the Virgin card. This is due to be paid off in June, that doesn't seem too far away and an achievable milestone. Paying one card off entirely will be really helpful to my mindset.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 20th Jan 18, 11:41 AM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    PPI refund
    Iíve had £366 deposited in my account by HSBC, but I havenít made a recent PPI claim. Will wait to get a letter or email confirming this before I send this unexpected windfall to Debt Miuntain....
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Drawingaline
    • By Drawingaline 20th Jan 18, 12:43 PM
    • 339 Posts
    • 1,211 Thanks
    Drawingaline
    Wow that is a windfall! Hope it's yours and not an error. If it is yours, what a boost at this time of year.
    • FiscalPickle
    • By FiscalPickle 23rd Jan 18, 12:47 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    Week 8
    Not much to report on the debt-busting front, payday is Thursday so I'll make some payments then. Still no word on the PPI refund, which is sitting in my account somewhat confusingly.

    Have my first weigh-in at WW tonight, I've stuck to the points so I'm hoping for any kind of loss. I've realised that weight loss and debt-busting are both long-term endeavours, a budget whether it is food points or pounds is needed, you can't expect to cheat on it and get the results you want and progress, although slow, will soon stack up over time.

    I managed another zero spend weekend, I have some spends planned for this post-pay-day weekend which are already budgeted out. We have family visiting so I'm going to enjoy myself and not think about Debt Mountain once!
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 24th Jan 18, 2:04 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    I called into the bank to enquire about the PPI refund, the lady said that letters are going out soon. Apparently it is the tax that was automatically sent to HMRC when PPI claims were paid out.

    So it looks like it is mine, but I'm not going to allocate it until I've received the letter and confirmed.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Drawingaline
    • By Drawingaline 25th Jan 18, 11:29 AM
    • 339 Posts
    • 1,211 Thanks
    Drawingaline
    Sounds good though.

    I desperately need to lose some weight, it is impacting in a couple of areas of my life and I need it gone. I just find I get so so hungry at work though. I have done weight watchers with good results in the past so may look at going back if I can find a meeting to fit in.
    • FiscalPickle
    • By FiscalPickle 30th Jan 18, 12:41 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    Week 9
    I've had written confirmation that the PPI tax refund is correct and it is mine. That is the good news. The bad news, I can feel my motivation very much on the wane. I donít know if it is because the road ahead is still long, or if the day to day reality of debt-busting is starting to grind. Iíve had to re-jig my budgets as Iíve already overspent on my entertainment category, I do miss being able to just say oh yes Iíll come along to that, or yes Iím free for day out. I yearn for the day all this debt is gone, but the reality of getting rid of it is hard, boring and tedious. To look on the bright side, at least I havenít accrued any more debt, so Iím emptying the lake with the teaspoon rather than topping it up.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 2nd Feb 18, 7:08 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    Not much planned for this weekend spend wise other than going for afternoon tea for a friendís birthday, which is budgeted for. If the rest of the group want extra Prosecco Iíll bow out in the grounds of Weight Watchers points. Wine is hideously pointy so I might have a gin later
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 3rd Feb 18, 4:26 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    I've been thinking about redoing my budget to allow for things like getting my nails done and a little more in entertainment, I've worked out this will only add 1 month to the DFD so I think it'll be worth doing. I feel like the nice things are cut to the bone at the moment, I know I have more than some people but for me a feeling of deprivation inevitably leads to a binge, whether that is money or diet. If I carry on I may end up asking for one of my cut up CCs to be reissued then going on a mad spending binge for all sorts. That needs to be avoided like the plague...
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 3rd Feb 18, 5:34 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    The above post, along with recent events and the situation in general, has got me thinking about my mental health. It's been a bit of a rollercoaster all of my adult life, I've had depression on more than one occasion. A pattern I have noticed is that most of the debt was accrued at a time when I was feeling down or vulnerable, I think spending and food have been my main emotional crutches. I can feel myself teetering on the brink of a depressive episode so I am trying to be mindful of cash flow, debt repayments and not undoing my hard work to date. I had a very bad time last summer which was directly related to work, I spent a lot on cards.

    I think recognising this correlation is a big step forward for me, I've said it before but I do need to be kinder to myself. Just because something hasn't gone perfectly to plan isn't a reason to throw in the towel and go nuts with the spends. I'm trying to channel my 'wants' into inexpensive or free things, like bubble baths, a drink at home (even nice tea will do!), library books. I need to form a habit where I'm not telling myself that spending makes me happy, because spending outside my means has the exact opposite effect.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Drawingaline
    • By Drawingaline 3rd Feb 18, 7:03 PM
    • 339 Posts
    • 1,211 Thanks
    Drawingaline
    Sounds like a good idea. I definitely have a link with mood and food. On top of that seeing my mum battle chronic obesity all her adult life makes me very concerned about my weight.

    I don't tend to spend loads of money when down, but will overspend on food!

    Recognising this is a huge step forward, and a relax in the budget for a little while to find your balance again is better in the long run

    Be kind to yourself
    • FiscalPickle
    • By FiscalPickle 5th Feb 18, 5:04 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    Sounds like a good idea. I definitely have a link with mood and food. On top of that seeing my mum battle chronic obesity all her adult life makes me very concerned about my weight.

    I don't tend to spend loads of money when down, but will overspend on food!

    Recognising this is a huge step forward, and a relax in the budget for a little while to find your balance again is better in the long run

    Be kind to yourself
    Originally posted by Drawingaline
    I am exactly the same, when my mood is low my takeaway consumption goes up and they are so expensive. I'll also be in the shop buying more snacks and it quickly adds up. The wheels have come off the budget a bit this month and it's down to exactly this. Sometimes I don't know how to stop myself
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 5th Feb 18, 5:25 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    Week 10
    Monday again, I have no idea where the weekend just went.

    Weight loss efforts are going well, I've lost 2lbs so far. I'm a very slow loser so I'm happy with that since 23 Jan. I can't make it to weigh in tomorrow so I'll have a weigh in at home, it's not ideal as I've been far from sticking to plan. I can usually get a loss through plenty of exercise, but I had a wisdom tooth out on Friday so I had to take it easy.

    Speaking of which, another £128 to the dentist
    Still, I'm glad I didn't sign up for DenPlan when my previous dentist started offering it, I very rarely need dental work and £20 a month wouldn't have been good value for money for me.

    As far as the week ahead goes, I'm going to try and reflect on what has gone right so far instead of what has gone wrong. I'm in a much better position than 3 months ago, as I now know exactly what I owe, to who, and what the interest rates are.

    I've decided against applying for another balance transfer when the £1174 part of the MBNA balance starts accruing interest. I'm paying the minimums at the moment then will pay £1175 (to be on the safe side!) to MBNA the day after the offer runs out. This will save a little in transfer fees, but it means the Virgin will be paid off later than June. I'm OK with that, this plan makes me feel more in control and less like I'm spinning plates.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • FiscalPickle
    • By FiscalPickle 8th Feb 18, 5:37 PM
    • 81 Posts
    • 188 Thanks
    FiscalPickle
    I'm out for dinner with a friend tomorrow, which I'm really looking forward to. I've checked online and they do a £23 menu which looks like good value, my friend is bringing a bottle of fizz for us to share as the restaurant doesn't have a licence. They have a BYOB policy, which is more budget friendly.

    It'll be great to catch up, we used to work together and I really miss her. I've been in my new job for 4 months now, I'm really starting to get the hang of things, learning a lot and finally starting to feel useful to the rest of my colleagues.
    DFD - 26/10/19
    In the process of shedding £20k and 35lbs
    • Drawingaline
    • By Drawingaline 8th Feb 18, 7:49 PM
    • 339 Posts
    • 1,211 Thanks
    Drawingaline
    Have fun, I love set menus in restaurants, nearly always my choice if dining with friends.

    I miss my old work mates too, left my job in October and went self employed. It was the right decision for a whole hosts of reasons, but I miss the job and people so much, my self employed work is dull and boring and I tend to be on my own. But it is paying the mortgage and allowing flexibility with the kids so is worth it in the long run.

    I am meeting up with my old work mates next week, stupidly excited lol!
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