Diary of a compulsive spender

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  • Idiophreak
    Idiophreak Posts: 12,024 Forumite
    Combo Breaker First Post
    Well, the good news is, with that income, you should be able to start making *big* dents in your debt really quickly...Your SOA shows you should have somewhere around 2800 to save / repay with each month.

    Something tells me that's not telling the whole story, though - surely you can't spend in excess of £2.5k a month on random stuff? The money has to be going somewhere....

    You really have to be looking at a "pay it off, cut it up" kinda plan here - cut things down (as above) and be really frugal for a month - should be able to pay the solicitor off. Next month, pay off the Vanquis and Capital One cards. Cut them up, close the accounts. You don't need them - your income is such that you can afford a really good quality of life without going into debt - you just need to be careful for a couple of years (if that) to get this debt paid off, then you'll be in an even stronger position.

    The order you pay things off in obviously depends on the APRs and any early repayment penalties, but that's the general idea. You'll find it's extremely cathartic to actually see each of these debts disappear off the SOA, to know they're not coming back...

    Use the snowball calculator to work out what you should be paying first..
  • £2.5k a month on random stuff quite easily done in my case!

    Plus what i put on the cards

    Not a problem with cutting down but the problem is i am going to lose my income next week... hence my problem

    By the way thanks to all for your comments x
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    :A
  • What is it that you do????? if your not working will you still be using the childcare, that alone will save you a packet........... how long do you think you will be out of work for??
    December 2018: £20,850.24. Now: £18,333.02 Total paid in 2019: £2517.22

    Weight loss: 1.5lbs
  • Burlesque_Babe
    Burlesque_Babe Posts: 17,547 Forumite
    Photogenic First Anniversary Combo Breaker
    I'm guessing you won't have the childcare expenses if you aren't working?

    If you are spening 2.5k on random stuff, I'm guessing you have loads of stuff you can ebay?
    :D"Stay Wonky":D

    :j:jBecome Mrs Pepe 9 October 2012 :j:j
  • Wow, good luck with not earning soon. Looks like you need to start searching quickly. You spend on random stuff just £400 less a month than we have coming in!! I wish you every success, perhaps the first thing you ought to try and do is start recording exactly where the random spends go?

    :D
    The good you do comes back to you.
    DFW Long haul supporters No: 134
    ;)
  • I'm a self employed contractor (in terms of actual profession I am a commercial manager) so there is always a risk i will be out of work at any point in time - it has just never happened before!

    Childcare costs will continue regardless and as I run my own business I am not technically classed as unemployed I just wont get any money coming in.
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    :A
  • Ruby - I think that is exactly why I am in this mess! Need a bit of sense knocked into me lol
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    :A
  • Ruby - I think that is exactly why I am in this mess! Need a bit of sense knocked into me lol

    Hi, no offence meant at all. Sorry just re-read it and it sounded a bit judgemental, certainly wasn't intended that way. I have had great support from these boards and I am sure you will too. Good luck on your journey.

    :o
    The good you do comes back to you.
    DFW Long haul supporters No: 134
    ;)
  • Hi, no offence meant at all. Sorry just re-read it and it sounded a bit judgemental, certainly wasn't intended that way. I have had great support from these boards and I am sure you will too. Good luck on your journey.

    :o


    No worries at all hun, I didn't take offence and you are exactly right, I waste more than most people earn and it has taken me until now to realise how stupid I have been because although I have been earning a lot I haven't been paying any more than minimum payments and just allowing the debt to build up.

    I was a bit anxious about doing the SOA because I did think some people might hate me for being so wasteful but I know everyone here is generally nice so I put it all out there to be judged or helped - either way it is my own fault I am in this mess.

    I appreciate your comment, thank you xxx:o
    Sealed Pot Challenge #623, Boots points = 619
    Current Debts: £62K
    :A
  • Hey! it is hard times for lots of people at the moment and I think we can all look back and wish we may not have spent money on things in the past. So onwards and upwards and looking to the future.

    I would thoroughly recommend withdrawing a set amount of cash each week and living off it, when it's gone it's gone and it really makes you think about how much you are actually spending. If you are anything like me when I used to put something on a card, switch or credit, it felt like I was spending someone else's money!!!! :rotfl:

    By the way I am good at unsolicited advice as well as comments that can be read wrong.... ha ha.

    xx
    The good you do comes back to you.
    DFW Long haul supporters No: 134
    ;)
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