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    • Debtnomoreplease
    • By Debtnomoreplease 1st Jan 18, 7:40 PM
    • 25Posts
    • 71Thanks
    Debtnomoreplease
    2018 I WILL be debt free!
    • #1
    • 1st Jan 18, 7:40 PM
    2018 I WILL be debt free! 1st Jan 18 at 7:40 PM
    Hi, I'm new to this site so please bare with me. I've been reading stories online for months about how people have got out of debt and I've found the truly inspirational to say the least! It's certainly kept me going through my bad days. Sadly, I only found this site a month or so ago, so can't share my whole getting debt free experience (a lot paid off now) but I want to log my 2018 get free mission!
    So basically towards my late 20's I had abit of a light bulb moment-I thought I'd rally up my credit cards, overdrafts, loans etc and my gosh it was one heck of a shock!!! And I'm sad to say, I've nothing to show for all that money wasted-about £11,000 in fact!! But a fabulous few holidays I had! Now, I have paid down that debt-as much as it nearly killed me, but I've still got a bit to go.
    Here goes:
    CC1-£600 left to pay.
    CC2-£900 left to pay.
    Parent loan-£265
    Overdraft limit is £2,500- which im desperately trying to get rid of so currently in at £1000, as my wage doesn't cover my overdraft ( I know, I know-how silly!!) However, for 5+ years I've always gone right upto my overdraft limit (sometimes over) so the fact I've stamped it down over the past couple of months is amazing-but that was due to a wake up from the bank when they shot up there daily overdraft fee to being charged daily-ugh! Anyway, gave me the kick i needed!!
    So including my full overdraft (£2,500) I'm at about £4,265. I'm absolutely want this gone 100% this year, with an emergency fund saved. Anyway, after reading through some amazing diaries on here, I've decided to keep track of my own spending-for some reason something I've never done. So here is day 1-Not spent anything today-weather been awful so not left the house! I will continue to log money spent, debts paid down etc and will look forward to reading more diaries over the next few days.
    Luckily for me the CC (at the moment) are 0% so I've got to get on this 100% over the next few months.
    My plan: to clear CC2-I've been paying £500 a month off, so Jan-£500, Feb-£400 then clear!!! That will free up £500 a month!!
    Next, get as much money in account as possible to pay overdraft off, as this is the only thing I'm being charged for (about £60 a month at the moment) which I can cope with for two more months, as I just desperately need to see CC2 clear-it's been my toughest one of all and I can finally see the finish line!
    Once £2500 clear and no overdraft (or very small one) I will tackle CC1- I always pay £50 or slightly more a month off, the minimum is usually £14 (or around that) so I pay more than double off. If I continue to do this for 4 months, that will pay another £200, making CC1-£400. Then in May I can pay that all off in one (I'm used to paying £700 out of my wage every month on debt, so this will be nothing!) I have spent the past two years paying this debt down, and my gosh it's been hard-the silly chocies made years ago, and I'm still paying them off-if only I could speak to my younger self-never ever again!! The amount I've had to miss out on over the past years is sad, but I know it's all my own fault and I've learnt that hard way and I know I absolutely 100% will never get in this mess again! I'm really hoping by May/June I will totally debt free.
    My biggest issue at the moment is desperately trying to keep as much money in my account as possible. (Which is why keeping a diary is a good idea-I think.) Wish me luck
    By Christmas 2018, I would also like a healthy emergency fund off £1,500-2,000 with a seperate Christmas fund.
    I've also decided to start a Christmas fund this year, £30-£40 a month, as for years I've paid Christmas on the CC (but not 2017, I did save and not a loan or credit card was used-1st time in years, so I was rather proud!)
    As I've probably rambled too much, I'll stop now and check in with my daily spends time tomorrow.
Page 2
    • Debtnomoreplease
    • By Debtnomoreplease 4th Jan 18, 8:03 PM
    • 25 Posts
    • 71 Thanks
    Debtnomoreplease
    NSD 3-as I haven't left the house (again!) Probably due to the awful weather-again! But also felt down today (I know, all my
    Own fault) I'm just frustrated with myself for letting my
    Overdraft get so high, and for living in it for so long (more than double my wage!) I know I need to 100% focus my energy and money into paying it off first.

    Thank you for your advice all of you, in regards to my OD or I'd of left that until last, and dread to think what mess I could potentially be in then. I know this is something I need to deal with first and will save me money monthly, as I won't get the daily charge fee etc. It's going to be a very tight few months, but it's the only way out of the mess I've created for myself!

    I'm not sure if staying cooped up for the last few days is in my head as a punishment to myself for the mess I've got myself in, (although, I've read some fabulous daries on here in that time) and finally realising and coming to terms with stupid/ridiculous choices I made in my past, or just having a few down days. I'm always out and about (part of how I got myself into such a mess money wise) but I'm 100% serious about clearing this debt and need to make myself not spend and get it clears ASAP!

    Hopefully an early night and a good sleep will help me feel brighter tomorrow-I don't cope well without my sleep!
    • fatrab
    • By fatrab 5th Jan 18, 8:47 AM
    • 113 Posts
    • 220 Thanks
    fatrab
    Don't beat yourself up. You are heading in the right direction.


    Reduce your overdraft each time you get paid. It doesn't matter if you reduce it by £50 or £500 but make sure you reduce it.


    Don't expect this to be sorted out overnight. Think of it like gaining weight and then having to lose it again. The weight doesn't just appear there one day, it builds up over years of bad eating habits and lack of exercise. You lose it over time by eating healthily and focusing your energy in the right areas.


    Baby steps. Small things make a big difference over time.
    Wannabe debt free by 31/12/2022 - Wannalose 3st in the process - 6lbs off so far
    8 x £2 coins (#32) - 5/12 NSD in January
    • Debtnomoreplease
    • By Debtnomoreplease 5th Jan 18, 5:10 PM
    • 25 Posts
    • 71 Thanks
    Debtnomoreplease
    Day 5-5/518. Feeling a lot more positive today-yesterday was awful, but probably due to lack of sleep! I totally need my sleep!

    I'd like to thank those who have taken thine out to write on my post and continue to encourage and not judge-much appreciated.

    Been for a walk today, so more than I've done in the last couple of day, and was nice to get some fresh air.

    £50 spent-ugh, but needed petrol and a small shop of bread, milk etc. Hoping for a another NSD tomorrow.

    Back work next week, so need to plan this weekend-food, lunches etc. No spending at lunches and popping to the local bakery etc! That few pounds a day certainly adds up-quickly!!

    I'm going to make sure I write in here every day, as it keeps me in check.

    I've ready some more diaries today and I love reading people debt coming down-can't wait for my updates at the end of the month!
    • enthusiasticsaver
    • By enthusiasticsaver 5th Jan 18, 5:27 PM
    • 5,121 Posts
    • 9,771 Thanks
    enthusiasticsaver
    Making better choices is how you get your finances fixed. Think about what you are buying and whether you need it or want it. Hopefully the wish to get out of debt will be worth the short term pain of foregoing the expensive coffees etc until you have repaid the overdraft/ cards.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • enthusiasticsaver
    • By enthusiasticsaver 5th Jan 18, 5:34 PM
    • 5,121 Posts
    • 9,771 Thanks
    enthusiasticsaver
    The good news is that this is easily fixed. £700 per month should see you debt free this year but I would pay £50 to each of the credit cards monthly and £600 off the overdraft. Try not to think of that £2500 overdraft as your money. It isn’t. If you can reduce the balance to less than £2k overdrawn in January just before you get paid then reduce the limit. Same goes for Feb, reduce the limit as you go so you are not tempted to spend. That £60 bank charge would be better spent as one months debt repayment on a credit card or coffees once it is paid off.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • Debtnomoreplease
    • By Debtnomoreplease 6th Jan 18, 3:31 PM
    • 25 Posts
    • 71 Thanks
    Debtnomoreplease
    Day 6-6/1/18. NSD so far-need to keep it that way!

    Been for a walk this morning to try and clear head, just money going around my head-constantly! I'm reminding myself that it didn't get into debt over night, so know this is going tit ale some serious graft and dedication. I had a concert ticket for a local gig at the end of the month, but now decided I'm not going to go, as it will just be more expense when I'm there. The ticket was £27, but a friend has said she will buy it off me, so that will be £27 back and dread to think how much is of spent there. I can't expect to treat myself whilst I'm in this mess, so need to be strict. If i 100% focus and get as many shifts as I can, I should be debt free by summer-at least!

    Main focus-overdraft, need to smash this to pieces and never ever go back there!

    Still continuing to read diaries on here, which I'm finding hugely inspirational-and it's stopping me going out and spending money-bonus!
    • fatrab
    • By fatrab 7th Jan 18, 8:05 AM
    • 113 Posts
    • 220 Thanks
    fatrab
    It's good that you're focusing on the situation now. You can see where you are heading. You've just entered the tunnel but there is light at the end.


    I used to live in my overdraft constantly. I was £3000 in the red just before payday every single month.


    I now have an emergency fund of £840, no overdraft and a plan in place that should see me debt and mortgage free before I'm 50. Hopefully before I'm 48 if everything goes to plan.


    Do yourself one favour. Set a target and when you hit that target then treat yourself. Maybe say when you've reduced the overdraft to £1000 that you'll go to a gig again or book a night away somewhere. You still need to live and have something to look forward to.
    Last edited by fatrab; 07-01-2018 at 8:08 AM.
    Wannabe debt free by 31/12/2022 - Wannalose 3st in the process - 6lbs off so far
    8 x £2 coins (#32) - 5/12 NSD in January
    • enthusiasticsaver
    • By enthusiasticsaver 7th Jan 18, 8:15 AM
    • 5,121 Posts
    • 9,771 Thanks
    enthusiasticsaver
    Well done on selling the ticket. As you say it would have been more expenses, travel, food out etc etc. Once you are debt free have a monthly entertainment budget for things like that. Good choice.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • Debtnomoreplease
    • By Debtnomoreplease 7th Jan 18, 3:30 PM
    • 25 Posts
    • 71 Thanks
    Debtnomoreplease
    Thank you fatrab. Your post has boosted me this afternoon. Knowing that you've cleared £3000 from living in your overdraft like me, and to have such great savings-amazing!! Well done, must be a huge relief!

    Thank you enthusiastic saver, I know I'll be gutted on the night, but it's simple I can't afford. Therefore, sacrifices have to be made and I know once I'd got there, all common sense money wise would of gone out of the window. I'd of woken up the morning after regretting all the money is spent, so defiantly the best decision.

    Day 7-7/7/18. I spent £2, needed some pasta and sauce for this week. Back to work, so lunches need to be made everyday. I find pasta Abit boring, but it's cheaper than sandwiches and buying sandwich stuff etc. So that will do me the week. I've got porridge in already, so that's breakfast sorted. Just need to plan teas, as this is a quick downfall when I can't be bothered to cook after work. Will see what's in the freezer etc and get organised. Meal plan I think.

    As lovely as its been to be off work, it'll be nice to get back into a focused routine and the busier I am, the quicker the weeks go which mean quicker pay days and more paid off debt. :-)

    Reminding myself several times a day- stay positive, it's fixable and can't be made right. This time next year, I will be debt free with great savings-I have to be, as the energy and effort it takes being in debt is not at all an experience I want to gain again-ever!
    Early night needed, ready for a productive week ahead!
    • Tahlullah
    • By Tahlullah 7th Jan 18, 5:27 PM
    • 822 Posts
    • 4,744 Thanks
    Tahlullah
    I think you are doing great. You had your light bulb moment, set about paying down your debt and when advised to take a different path regarding the overdraft, you listened. All of this points towards success. The only downside is that success is not instantaneous. You will get there but it can be a long road travelled.

    This is why I do agree with the suggestion that you should book small celebrations into your life / time-frame / schedule. Even if its go for a nice coffee once a week to keep you sane and on track.

    One thing you will have noticed in reading the diaries, is how the self inflicted austerity can be so damaging. So the advice to treat yourself isn't a flippant one. Try to look at your weekly spending and saving goal and see if you need to do something weekly, fortnightly or monthly. Just do something' or when you fall off the wagon, you will fall hard.

    Tx
    Striving to be mortgage free.
    2018 MFW #135

    £100 of £2000
    • fatrab
    • By fatrab 7th Jan 18, 6:58 PM
    • 113 Posts
    • 220 Thanks
    fatrab
    Wiping out my overdraft was as good a feeling as paying off my credit card will be next month I hope!

    Tahlullah has explained what I meant about little treats now and again way better than I did

    If you have a slow cooker, or can borrow one, they're great for easy cheap meals that cook themselves while you're at work. Just make enough for 3 or 4 portions and you're sorted. Google is your friend for recipies
    Wannabe debt free by 31/12/2022 - Wannalose 3st in the process - 6lbs off so far
    8 x £2 coins (#32) - 5/12 NSD in January
    • Debtnomoreplease
    • By Debtnomoreplease 8th Jan 18, 5:10 PM
    • 25 Posts
    • 71 Thanks
    Debtnomoreplease
    Thanks Tahlulla for your encouragement. Yes, I agree with you and Fatrab-I will treat myself to a nice coffee out once each £1000 is paid off my debt.

    8/8/18-day 8. First day back at work, but been a great positive and productive day. Got loads done and went to the gym before work, so that made me feel good. Nice to be so busy that you don't have time to think about money and debt-or the chance to spent it!
    Must stay focussed and organised, lunch made (pasta from yesterday) so clothes etc sorted today for another productive day tomorrow. I wish my head would stay like it has today all the time (without the blips) but I suppose I wouldn't appreciate the good days with the bad.
    • fatrab
    • By fatrab 8th Jan 18, 7:06 PM
    • 113 Posts
    • 220 Thanks
    fatrab
    The first time you reduce that overdraft you're going to be over the moon. You'll start to have more and more days where you feel much, much better about the situation.

    Chin up and charge on!
    Wannabe debt free by 31/12/2022 - Wannalose 3st in the process - 6lbs off so far
    8 x £2 coins (#32) - 5/12 NSD in January
    • SkintTeacher
    • By SkintTeacher 8th Jan 18, 7:46 PM
    • 333 Posts
    • 1,899 Thanks
    SkintTeacher
    how exciting to read this... This time last year I was in a similar situation - and a year later once turned it around ; it CAN be done!
    YOU can do it!!!


    Take baby steps, each day really counts. Don't beat yourself up if you stumble, just treat the next day as an opportunity to re-align!

    Best of luck for your year
    (no longer skint) Teacher
    • Debtnomoreplease
    • By Debtnomoreplease 9th Jan 18, 4:55 PM
    • 25 Posts
    • 71 Thanks
    Debtnomoreplease
    Thank you Fatrab-I'm ready to smash this overdraft to pieces-been a stone I've carried for far to long!

    Skint teacher-that has made me feel so excited! That you've done it and are no longer a skint teacher! I can no flipping wait for this time next year to be in the same position as you-debt free and no longer skint! Huge well done!

    Day 9-9/9/18. Busy day again, but productive. Love being busy as don't think about money at all-don't have time to! It's when I get home and sit down the mind starts to spin. But loads to do tonight before bed, and feeling tather tired so hopefully an early night too! Going to smash the gym first thing in the morning-was too lazy to get up this morning! :-/ but I allow myself a morning off a week :-)
    NSD. Must keep it that way!

    I'm still finding myself wishing the days and months away to be debt free, but I know it's not going to happen over night and if it did, I probably wouldn't of leant my lesson as doing the hard way is defiantly a lesson learnt! Will never touch a credit card again! :-)
    • fatrab
    • By fatrab 9th Jan 18, 5:13 PM
    • 113 Posts
    • 220 Thanks
    fatrab
    I'm still finding myself wishing the days and months away to be debt free, but I know it's not going to happen over night and if it did, I probably wouldn't of leant my lesson as doing the hard way is defiantly a lesson learnt! Will never touch a credit card again! :-)
    Originally posted by Debtnomoreplease
    I feel exactly the same. I dream of the day I make that final payment to my unsecured debts and then the mortgage is getting walloped!

    Well done so far
    Wannabe debt free by 31/12/2022 - Wannalose 3st in the process - 6lbs off so far
    8 x £2 coins (#32) - 5/12 NSD in January
    • Debtnomoreplease
    • By Debtnomoreplease 10th Jan 18, 6:49 PM
    • 25 Posts
    • 71 Thanks
    Debtnomoreplease
    Day 10-10/10/18. NSD :-) Although, will have to do a small shop at the weekend. Do need to plan and budget for it.
    Nothing special to report, still wishing my life away for pay day and debt free, but I'm sure that's not uncommon.
    Lunches for work are still going well, not spending or going out at lunch-amazing how much work you can do when you don't go out in your lunch break. And amazing how much you save, I'd if probably spent between £10-£15 on lunches by now. That certainly adds up along the way.
    • Debtnomoreplease
    • By Debtnomoreplease 10th Jan 18, 7:15 PM
    • 25 Posts
    • 71 Thanks
    Debtnomoreplease
    A postive for the day...I picked more hours up at work for the next month, so that extra money I can throw at my overdraft! :-)
    • another casualty
    • By another casualty 10th Jan 18, 7:46 PM
    • 3,234 Posts
    • 5,105 Thanks
    another casualty
    Great advice as ever.
    All I can add is that youíre doing very well . There are many people in a worse state so no need to let it dominate your mind.
    Life is crap at times and things are put upon us unfairly .
    Overdrafts are evil though. I remember when I was a Barclays customer. When they took over woolwich bldg soc. they sent me ( and everyone else) the new rpterms of their overdrafts . I didnít understand buffer zones and the like , and how much more a day youíll be charged between going past your o/d limit and payday .
    Youíll feel fantastic once youíve stopped it though.

    Best of luck
    • fatrab
    • By fatrab 10th Jan 18, 7:59 PM
    • 113 Posts
    • 220 Thanks
    fatrab
    A postive for the day...I picked more hours up at work for the next month, so that extra money I can throw at my overdraft! :-)
    Originally posted by Debtnomoreplease
    Excellent news!

    We have a big project starting in April so hopefully a bit of O/T will be available.
    Wannabe debt free by 31/12/2022 - Wannalose 3st in the process - 6lbs off so far
    8 x £2 coins (#32) - 5/12 NSD in January
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