In a spot of debt and out of denial!

elj2287

Hi all,

I'm a long time lurker (ohh don't I sound scary!:eek: ) I'm feeling all grown up and ready to write my first thread!!

In a nutshell, I'm about £1,300ish (not sure exactly) on a credit card. This has been transfered onto a 0% interest credit card for 14 months. I also have an OD on an old current account which is £200 and owe £1000 on a car which I am paying £250 a month 0% as it was a loan from a family member.

I know it doesn't seem to be that much, though, it is a slippery slope and I know if I don't sort it now i'm worried it will just mount up and I won't be able to cope.

I have been in denial for a good couple of years but have finally had my lightbulb moment and realised I need to clear it as - 1. it wont go by itself and 2. if I ever want to move out of my parents house then I had better get it shifted and some savings stacked up.

I suppose this will be my diary and daily motivator, I aim to be debt free by January/February 09 and have some kind of savings started.

If anyone has any tips or encouragement it will be most welcome!! I guess I'm re-educating myself about money Please stop by and say hello, I'm a bit worried nobody will!!:rotfl: :rotfl:

riquelme

hello

sounds like you have a plan and doing the right things if you post up a SOA some nice people may have suggestions on how to save a bit of money or get things paid off quicker

take care and well done

becky_rtw

Hi elj,

Hello and welcome...some of the more experienced guys will be around in a bit re: SOA's etc...but the best advice I ever had on here was keep a spending diary!

It'll shock you into spending less on rubbishy bits...I'm also having some fun with the payment a day challenge which sees my debts creeping down every week and is sooo motivating!

Good luck!

angelflower_2

sounds like you are definately on the right track. I would pay off the overdrraft first, then the car loan then the 0% interest cc. Also, make sure you cut it up so you dont use it!!

jennynoo

Welcome ELJ, if you do a budget planner - available somewhere on here, you will have a much better idea about what debts you can afford and how long they will take to pay off. Might make you feel a bit better and get you motivated to get started.

elj2287

Thanks!!

I have a budget planner which has enabled me to see when I can be debt free. In theory it's all great I just get sucked in by sellers! Often, I see something I like, I buy it. I keep having to ask myself do I need it? etc. It's so hard changing a habit of a lifetime!

The spending diary idea sounds great, I am notorious for buying useless rubbish. I am getting better though, before LBM I used to pay my bills and then whatever was left use for random rubbish. Now I have a set amount a week for myself and will be slowly reducing it to get used to not having much and it's in cash so I will see exactly what I have got! Already I am cautious of what I spend on as I know when it's gone it's gone. When I do get my own place it will come a bit of a shock so I hope this helps?!

Payment a day also sounds good, do you find it hard to keep it up?

I will post my SoA up v soon. Thank you all again!!

becky_rtw

Hi eji,

I do mine once a week online - I've set up a little reminder on my work's calender and I always do it on Friday so I don't spend the money over the weekend! Its only £7 a week but it makes such a difference on top of the normal payments...

Yeah I am fritter as well...I am rubbish for buying small things (coffees etc) and wasting £10 before I even know it.

Keep up the good work - looking forward to an SOA!

Becky

SaveTheCheerleader

Hi there!

I don't post much on here ( a long time lurker like yourself!), I 've found not even going near the shops helps me!!

X

OberonSH

Thursday is 5p listing day on Ebay, have a good clearout and a quick cash boost It's really motivating. Get some survery or cashback sites going, trickle is still better than nowt!

Pick one challenge - just one to start with - and stick to it for a few months; then when you're ready do another one. Too much too soon will demotivate you.

And hang out on here! You pick up some great tips, and loads of support.