Too scared to work out what I owe

moozie_2

Hello everyone

At the end of the weekend and although I don't feel as depressed as the last, I am in need of some advice.

Following all the good progress last week, the weekend started really well. I had spent a lot less than ever before during last week and although I knew we had agreed to a couple of social things before the 'light bulb' moment, I was counting on us being careful about our spending. We did not do too bad - in fact it was a good 'dummy run' for a budgeted weekend.

Next weekend we have arranged to go away with friends for two nights. We have done this before and those weekends always cost a lot. We always have a great time but on this occasion, the timing is really bad. Unfortunately we cannot pull out as the weekend is a birthday celebration and we are the only guests. Next weekend is the last weekend until April that we have committed ourselves to social activities.

So it seems that before we can put all our resources in sorting out our debts, we have some hurdles to get through. It does make me wish I had my 'light bulb' moment a lot earlier but I guess those things cannot be forced.

We have agreed to a food budget of £20 for this week (Mon - Fri). This will cover ingredients for our breakfast, lunch and dinner. I will make lunch for both of us to take to work too - first for us!

We have also set ourselves a little challenge: £10 spending money each for the week, Mon - Fri again. OH thinks I can't possibly do it so we'll have to see about that!

I am really hoping that by limiting our spending so dramatically, it will help boost the balance of our current accounts and give us the ability to start paying off chunks of the Barclays joint OD.

I guess I am a bit down about spending this and next weekend, even though we are being as careful as we can. Did anyone else find that even though they had their 'light bulb' moment, certain things still happened that delayed them getting cracking with paying off things? How did you deal with that?

Thank you for any advice/suggestions.

misskool

Hi Moozie,
I don't normally lurk on the debt free board but just reading your thread has made me realise that I should watch how I spend my money! Just a quick note to give you support for what you're doing.
As for going away at the weekend, perhaps you can do some moneysaving things with the other couple, there are vouchers for bogof meals in the vouchers board. You can always do cheaper things like going for walks. and if going to pubs, I find alternating a drink with a glass of water reduces the bill a lot (and no hangover!).

loubie_lou

Hi again moozie!

It is a shame that you've only just has your lightbulb moment! But maybe you could use this weekend as a bit of a celebration on how you've managed to turn your lifestyle around. You don't have to spend that much money but it won't hurt to let your hair down for two days will it? Just make up for it next week when you get back to your new lifestyle of budgeting and taking lunches into work!

Hope you have a good weekend!

lizzythrift

Hi Moozie,

I've been following your thread with interest and admiration. You have done so well so far.

Don't beat yourself up about this pre planned weekend away! Just think, if you hadn't had your lightbulb moment yet, you'd be two weeks further in debt and still be going away for the weekend with all the scary 'not working out what you owe' stuff lurking there and spoiling the weekend! You should concentrate on your achievements......the realistic goals that you have set are achieving BRILLIANTLY :T

Perhaps if you set some realistic goals about the weekend you will be able to add that to your ever growing list of achievements and remain feeling in control.

Do you know about SMART goals? They go something like this:
S - Specific
M - Measured
A - Achievable
R - Relevant
T - Timed

It's really useful to remember this when making your plans cos SMART goals can be met and you know where you are with them.
I hope this is useful, and that I'm not just repeating something that's been said before....I'm new to this!

Good luck, and ENJOY your weekend,


Liz

moozie_2

thirdparty wrote:

BHS card - are there any benefits in keeping it i.e discounts etc. If not and it is working like a credit card then cancel it.

There is a benefit in keeping the Bhs card. It does work like a credit card but the more you use it, the more discount you accrue, starting from 5% and max is 15%.

I get 10% off with it at the moment. I have cut it up to avoid the temptation to use it for the time being. January's DD which pays it in full was £145 so obviously I can go a bit mad on it. I will see how I go with just using cash and if my finances improve as I hope, I might order another card.

thirdparty wrote:

The two barclays debt is at a high interest rate. Either you or OH apply for a credit card and do a balance transfer. No point in slowly paying this off at 15.6% if can do the same at 0%.
You must be disciplined and try to pay it off over the interest free period otherwise ... well you know what will happen

This is a good point but I am in two minds about it. My Halifax card is on 0% til July. I don't think I will have paid it off by then so I will need another 0% card for the remaining balance. OH is in similar position. We are concerned that if we apply for a 0% card for our joint account OD, it might not help our sole CC debt.

Any suggestions? I really don't know what to do on this although I can see exactly your point.

moozie_2

Thanks everyone re the weekend away post.

You are right, a couple of weeks ago, everything would have gone on the CC or OD and we wouldn't even think about it twice.

This morning I have tried to get an idea of what to expect cost wise. I can't budget precisely but this is the closest I can get to the cost just for us:

1. Hotel incl breakfast £145
2. 2 dinners incl drinks (restaurants already booked), 2 lunches £250
3. Petrol £25

So we can expect £420 to be spent. I tell you, typing that was painful :sad: But I had to see how much it's likely to be or I am worried I will fall back into the 'head in the sand' attitude.

We don't often go away, possibly 2 - 3 weekends a year but pricing it up like this it's easy to see why our finances are in a state as we never budget or save up for these costs - they just get absorbed by OD/CCs. Things are definitely changing though!

On a more positive note, neither of us are buying new outfits as we would normally do. Small grace I know

moozie_2

lizzythrift wrote:

Hi Moozie,

I've been following your thread with interest and admiration. You have done so well so far.

Don't beat yourself up about this pre planned weekend away! Just think, if you hadn't had your lightbulb moment yet, you'd be two weeks further in debt and still be going away for the weekend with all the scary 'not working out what you owe' stuff lurking there and spoiling the weekend! You should concentrate on your achievements......the realistic goals that you have set are achieving BRILLIANTLY :T

Perhaps if you set some realistic goals about the weekend you will be able to add that to your ever growing list of achievements and remain feeling in control.

Do you know about SMART goals? They go something like this:
S - Specific
M - Measured
A - Achievable
R - Relevant
T - Timed

It's really useful to remember this when making your plans cos SMART goals can be met and you know where you are with them.
I hope this is useful, and that I'm not just repeating something that's been said before....I'm new to this!

Good luck, and ENJOY your weekend,


Liz

Hello Liz

Thank you very much for your encouraging post

You are right about having SMART goals. My 'cold turkey' £10 in the week goal is very much in the front of my mind and I know I will feel great if I achieve it! The look on my OH's face will be a picture

I have just put my details in the snowball calculator and it worked out that I will be debt free in Feb 09 :eek: 3 years is a long time but really not half as bad as I would have ever thought. Who knows, once I get the hang of using money carefully, budgeting and paying off debts, it might be closer than that. For the time being though, Feb 09 is the aim and it seems SMART

bank_of_slate

Hi Moozie,

Now that you have set a budget for the weekend then just go and enjoy it!!!!
You have planned ahead for it and sticking to a severe budget is made so much easier if you treat yourself once in a while.

I know once that lightbulb goes on, ANY spending can make you feel guilty, regardless of the amount.
You deserve this weekend away after all your hard work. You have a plan to sort things out and you're going to stick to it....so have a great weekend safe in the knowledge that you are on your way to being debt free!
...Linda xx

loubie_lou

Its a weight off your mind working out your debt free date! Well done for doing it!

I'm hoping to clear mine within 3 years too! Keep posting and well done again!

goon_2

I read your discussion last Wednesday after it was in Martin's tip, and like many others here, was really moved and inspired. When I was out for a walk at lunchtime (free exercise, stops me spending at lunchtime!) I found myself wondering how you're getting on, and came back to my desk early to have a look.

Congratulations on the first steps, especially on getting OH involved. I'll be checking back again soon to see how you're getting on. It even struck me that your story is so compelling that you could potentially get some cash for it from one of those 'real life' type magazines. Not sure if that's the best idea though, but at 13,000 views and counting, you've obviously hit a pretty major nerve!

Good luck, I'm rooting for you!