Where to start!!

Mike84_2

Thanks Urg,

The amount which I put down in rent is board which I pay to my mum as I still live with her. She knows about most of my debt but isn't really able to help me as she has just lost her job due to redundancy and I wouldn't want to stop paying the board as it helps her out loads.

I am really going to try the no spend days on grocery etc as I spend stupid amounts on my dinner most days, sometimes £4 or £5 buying things from supermarkets!! When I look back over the month it adds up to quite a bit.

I'm going have a hunt around the house and see what I can get on ebay! I think I'll feel a lot better once I get rid of one of these debts!

And when I pay that Natwest loan off in Sept next year, that'll be an extra £320 a month I'll have!

Naomim

Hi Mike,

You should come and join the lunch log challenge too. I used to spend £4-£5 a day and now I average about £12 a month. I take lunches in but I am a bit too disorganised to make lunch at home so I buy a loaf and filling at the beginning of the week and make them at work. I also take in yoghurts and crisps for the week and keep cuppa soups for emergencies.

Naomi x

McKneff

i presume that £300 is for your board and lodge. Why do you have an amount for groceries, is this sandwiches for work, make your own and save a fortune. Internet Services - if mum has sky you can get free internet broadband and free evening and weekend calls, mobile bill is too high, get a payg.

Entertainment, find cheaper places to drink/eat.
Stop spending on things you dont need

Mike84_2

Hi everyone,

Thanks for your comments, they are really useful!

The amount for entertainment is for my gym membership £44 and my season ticket £56 which I am both in contracts with, the season ticket ends in January though.

I'll only be buying presents in December for mum and dad so suppose I really need to put something aside for that.

I am definitely going to do what you suggested Naomi and take food into work rather than buy every day. Then that'll be an extra £80 a month to put on my debt!

I pay my car tax 6 monthly and just pay it out of my wages for that month. Should I put up £10 a month for this???

Everything makes so much more sense when you actually talk to someone about it!! :T

Numpty_Monkey

Hi Again just done a quick check on the snowball calc
at present £588 debt repayment debt free 25 months,
find the extra £291 (spending diary a must) -total £879 for debt repayment debt free 16 months
With the few suggested savings getting an extra £100 is very possible
total for debt repayment £979 = Debt free in 14 months
If you get some extra income and make some more savings you can be debt free before christmas next year

poorandindenial

Mike84 wrote: »

I am definitely going to do what you suggested Naomi and take food into work rather than buy every day. Then that'll be an extra £80 a month to put on my debt!

I saved about a hundred quid by doing this (breakfast and lunch) and am eating a much better diet because of it too - bonus

Mike84 wrote: »

I pay my car tax 6 monthly and just pay it out of my wages for that month. Should I put up £10 a month for this???

Yup, then it is there when you need it - just don't spend it

Mike84 wrote: »

Everything makes so much more sense when you actually talk to someone about it!! :T

Great isn't it, when I realised how much I was spending on food at work I felt so silly that I was shamed into action, without speaking to other people I would have carried on thinking that it was fine even though I was in so much debt.

It sounds like you are already starting to get there mentally making the changes, all the best for doing it in the real world too, let us know how you get on. I saw that Numpty had done your snowball for you, it is amazing what that bit extra can do to how much longer you are in debt isn't it, I can fart around with my figures on the snowball calculator for hours at a time - seriously addictive.

Mike84_2

Hi Numpty Monkey,

I wish I could be out of debt by next Christmas, that would be so good and such a weight off my shoulders!

I am definitely going to do a spending diary as I never seem to know where a lot of my money has gone and never have anything to show for it!

I know I can do it if I put my head to it, it's just that first month!

Once I get paid on 31st Oct then the diary will begin, i don't have any money now anyway so can't spend anything now! :rotfl:

Seeing as when I go out I can easily spend £80 a night :eek: , I think it'll do me good to stop in for a bit aswell!!!

Oh, everyone. I'm tied in with that phone contract until Jan next year but going ring vodafone up tomorrow to see if i can reduce it. If not I would have to cancel and pay the remaining line rental.

poorandindenial

Mike84 wrote: »

Seeing as when I go out I can easily spend £80 a night :eek: , I think it'll do me good to stop in for a bit aswell!!!

This used to be me, then I thought about it and there was no way I was getting £80 of drink etc on most night out so now I try to keep rounds smaller etc when I do go out (which is frankly more often than a truly committed DFW should) and that does help although it isn't always easy to do.

Mike84_2

Hi poorandindenial,

It is stupid how much we spend on food from supermarkets and those sandwiches and pastas are never healthy, and seeing as I go the gym about 5 times a week I might aswell eat a healthier diet by making my own food at home (well, get my mum to do it! :rotfl: )

My next tax is up in Nov so I'll have to pay for it all when I get paid this month, but from then I'm going to save £10 per month. I think you can buy stamps from the post office so that would stop me from dipping into it!

yeah it soon adds up, got to cut out the expensive drinks of £6 or £7 and go back to the good old pint!!

Numpty_Monkey

You seem like you've a good head on you, so I think with a bit of work on your part tips you pick up from here the spending diary that is a frieghtening thing when you look at it but a real smack in the face and it does wake you up, then you start budgeting for things, as others have said
It takes a bit of time so don't panic,
And if your gonna buy anything check out the cashback sites, free money
I think you will be Debt free for christmas next year