Addicted to spending money?

AgentM_2

Oh!! I see. I'll start writing one out now! x

thevinternet

AgentM wrote: »

Three of the amounts are on credit cards, and one is an overdraft. Because they are spread, I don't seem to be able to make any impact on paying them off, but don't know if putting them in one place is a good idea?

Try not to consolidate your loan if possible, or you will end up paying more in the long run.

If you are making only the minimum payments, then you won't see much of an impact on the balance, it gets very frustrating!

After you've done your spending diary and tightened up your expenditure, you should find you have some money left over at the end of each month for overpayments. If you want to get rid of the debt more quickly, then chuck all your spare cash at the credit card with the highest APR but make sure you stay within your overdraft limit so as not to incur further charges.

Alternatively you could look into getting a new card with a 0% balance transfer offer and transferring your balances across. However, you must absolutely positively NOT spend on this card after you do this, or it'll make things even worse in the long run - trust me, I've learned from my mistakes! :rolleyes:

The best news is that with 28k coming in each year, you should be able to hammer your debts down very quickly indeed. If you're spending to keep up socially with your friends, don't be embarrassed to sometimes say 'Sorry, can't come out tonight, I'm skint' - we're in the middle of a recession, so people will understand. xx

AgentM_2

My long term goal is to get rid of all debts and start saving for a deposit on a flat. I know I can do this, i just have to change the way I think about money.

I'm sick of doing the "silent cashpoint prayer" in the days before payday.

One change i'm going to make is to stop taking my debit card out with me. If I don't have it, I can't spend it!!

I can afford to pay 100 towards each of my cards each month, and I should get a fairly good bonus from work in March.

I'm also really scared about my credit rating. Are there steps I can take towards improving that (getting rid of debt is the obvious one!)

TotallyBroke

You can use the link I gave you.
https://www.makesenseofcards.com/soacal.html you do not have to post it but can use it for your own idea of what money you need to spend. That will then show you what you have spare each month to spend on luxuries and to overpay on clearing your debt.

Red_Fraggle_3

Do you have stuff you can sell on ebay / amazon ? to make a little extra cash

silvadebtfree

Hey Agent M,

Reading your posts is like looking in the mirror! I too dont have a massive amount of debt, and I live at home, but have basically spent recklessly for 8 years! I agree a diary is a big big help, and I've found everyone on here to be supportive. I too am hoping to save for a deposit, and I know it will take a while for me to get there but I'm determined to do it. I know what you mean about the cashpoint prayer, although mine is usually done at the till, hoping not to be embarassed by having my card declined LOL. I'll pop in and give you support, I dont really know enough to be able to give any real advice, sorry! I'm new to all this too xx

AgentM_2

silvadebtfree wrote: »

Hey Agent M,

Reading your posts is like looking in the mirror! I too dont have a massive amount of debt, and I live at home, but have basically spent recklessly for 8 years! I agree a diary is a big big help, and I've found everyone on here to be supportive. I too am hoping to save for a deposit, and I know it will take a while for me to get there but I'm determined to do it. I know what you mean about the cashpoint prayer, although mine is usually done at the till, hoping not to be embarassed by having my card declined LOL. I'll pop in and give you support, I dont really know enough to be able to give any real advice, sorry! I'm new to all this too xx

Hi!

Thanks for your kind words! We can be debt busting buddies!

Today is my payday.

Moorcroft Debt collecting company have a 400 debt of mine, and I can pay off 100 today. So i'll give them a ring in a bit.

I've paid for my driving lessons this month (it would be more wasteful to stop doing them while i'm halfway through!)

I've also paid off some on my Mint / Egg card.

No more money unless utterly essential!!

My spending diary also starts now and i'm going to make packed lunches.

Here we go!!!! xx

Red_Fraggle_3

Good luck - keep posting xx

silvadebtfree

AgentM wrote: »

Hi!

Thanks for your kind words! We can be debt busting buddies!

Today is my payday.

Moorcroft Debt collecting company have a 400 debt of mine, and I can pay off 100 today. So i'll give them a ring in a bit.

I've paid for my driving lessons this month (it would be more wasteful to stop doing them while i'm halfway through!)

No more money unless utterly essential!!

My spending diary also starts now and i'm going to make packed lunches.

Here we go!!!! xx

Hey AgentM,

I wondered where you got off to!

I had dealings with Moorcroft too for my t-mobile bill...yikes!!!

In terms of your driving lessons, is there anyone you know who can give you private lessons too? Obviously learning with an instructor is key, but I found that it really helped when I had private lessons as well, might cut down on the amount of time you need before you take your test...how are you getting on?

Re: packed lunches, GREAT idea. I used to spend £10 a day on lunch and other bits and peices...since i started my diary last Monday I've not had a bought lunch, something i thought i'd never be able to cope with. Of course I get home starving hungry, but it's enough to get me through the day! I dont even like sandwiches but i've learnt to like them, saves heaps!

Glad you're getting on well...it's quite addictive this spending lark!

Of course we can be debt busting buddies I've subscribed to your diary

xx

GrammarGirl

Hello! I can sympathise with your situation so much. I am 2 years younger than you and have about half your debt, but if I hadn't found this site when I did, my debt would still be growing and I wouldn't see the problem.

You're in a great situation at the moment - your debt is small and manageable and you earn a great wage. Your outgoings are low which means if you stop yourself spending, you can blitz your debts really quickly.

The spending diary has been a turning point for me. Seeing how much you've changed over the course of your diary will make you feel great. For example, in the second week of Jan I spent £176 pounds. In one week!!! In the second week of Feb, however, I spent £52. Other than the lack of shopping bags sitting in my room, I haven't noticed a different. I still go out for a cheapy meal or a walk round the shops at a weekend, I just don't spend masses of money anymore.

Don't despair and don't beat yourself up about it. You're doing the right thing now by tackling it and if you keep at it, you'll soon be able to leave the debt worries behind. If I REALLY hammer my debts they could be gone by August this year! Amazing!!