Stop press: my DFW diary

Pamela1705

Hi guys,

After posting something on here the other night http://forums.moneysavingexpert.com/showthread.html?t=1542347 , I received some excellent advice and thought I'd start my own diary.

Basically, I've got £4,000 debt to clear and I also really want to start saving for a deposit for my own house.

Previously, I really wanted to save, and even though it made perfect sense to me to pay off debts first, I seemed to have a pyschological barrier to doing this. I really wanted to see my savings grow - the mortgage advisor said a deposit of 15 per cent would just about be enough, and that's £11,000. I currently have £400, so it's still a long way off.

But with some sound advice, I've decided to continue saving because it has a 7 per cent interest rate, and if I close it, I'll lose my money. But now, instead of throwing £150 a month into the mortgage fund, I'm going to use that money to pay off debts. I'll save £25 - the bare minimum to keep the savings account open, and within a couple of months I hope to see a real decline in my debt.

I've totally changed the way I view debt after my LBM in January, and now I just want rid of it.

I've picked up a few tips from here - today is (hopefully) going to be my second no spend day, and I'm going to make as many extra payments as I can.

I know there is a glutton of diaries on this board at the minute, so sorry to add to the influx, but I just wanted to say thanks for setting me straight and helping me out thus far! :beer:

Wish me luck! :T

Pamela1705

The irony. The day after I decide to be a DFW, I'm told there are going to be redundancies in my company - a third of the work force are going to have to go.

I don't know whether or not I'll lose my job, because it's early days yet and they haven't issued criteria about who is staying or going.

Still, I'd appreciate some advice, even if it's just to tell me how to deal with the pressure of uncertainty. This day is just not going well:(

Fire_Fox

Don't panic honey - you are one up on everyone else who might get made redundant cos you have already had your Light Bulb Moment and have found MSE!!!

1. Tweak your SoA to be just a little leaner
2. Update your CV to be just a little hotter
3. Pour yourself a glass of wine to be just a little merrier.

Join a few challenges - No Spend Days, Make £10 a Day, etc. etc. Read through the Up Your Income board and start doing free scratchcards, surveys, cashback, eBay, mystery shopping. And cut up all the cards if you haven't already. Can you get a 0% one while you still definitely have a job, and pay off the most evil interest rates?

PS. I'd post the pervy looking hugging smiley if I knew how!

Pamela1705

Aw thanks a million for this. It's just so nice to know that other people are out there, who have advice and support and who can offer nice hugs :j

I've just completed my second NSD in a row, so I'm getting somewhere. I even avoided buying a bottle of wine on the way home! I just feel a bit deflated. Yesterday I felt smashing because I was taking control of my finances and my life but today, it just feels a bit futile.

I'll be sure to keep you up to date with developments - fingers crossed people will take voluntary so no-one has to go! :eek:

Pamela1705

Today has been a better day. Still no word on redundancies - we're just going to have to cross that bridge when we come to it!

Still, I managed to get paid for a bit of freelance work that I did, so I'm throwing all that money at my debts, while I'm still earning!

And in 3 days, all I've spent is 78p. And that was for the postage for a DVD I sold on Amazon!:j

Feeling much more upbeat than I did this time yesterday. Obviously, I don't want to lose my job, and I feel horrendous. It's the uncertainty that's doing my head in. But I'm just waiting to see what's happening!

Pamela1705

Hi guys,

It's not easy, this DFW malarkey is it? Just as I think I'm on top of everything, I get hit by an unexpected expense.

I've done 4 out of my 6 NSDs this month, and I really feel quite proud of myself for how I'm keeping everything on track.

But it's the little things that start to do your head in. For example, I'm running the Great Manchester Run in May and went out training today. I've now got sore knees because my trainers are in a really bad way and my joints hurt. So I've now got to go and buy new trainers, an expense that's not going to put me in any more debt but won't really help with the paying-it-off.

But hey ho. I live to fight another day.

Pamela1705

Payday today!! :j

I've already paid £230 off my debts and am throwing as much money as I can at them. I didn't realise being a DFW could be so addictive!!

Have a big spend weekend ahead of me because I'm going home to see my folks in Ireland, but I'm getting back on the NSD wagon as soon as I can. I've now done 4 of my six days for March, so I need to have a big push next week! :j

Lemon_Tree

joining here should come with a health warning, it's definately addictive, and when you factor in spreadsheet addictions as well........
well done for paying off £230 already, did you really notice it? i found when i first started out (back in the day lol) that you don't really notice the first parts of the uplift in repayments.

Pamela1705

Hi LemonTree,

I couldn't agree more. What I found really interesting is the change in my attitude towards the whole debt-free thing. The LBM really is like someone has just switched on a light and made me realise the impact that a few small changes could have. So yeah, I managed to clear £230 off some of my debts, but that good result was just achieved with a change in attitudes.

I think the addictive part is that I'm getting so impatient. I just want to be debt free NOW and while I know I have to be patient, I'm not very good at it.

What's also struck me is that I've seen the error of my past ways, but I can't help beating myself up about them now. I see the debt and I think to myself, if only I hadn't bought that book, or if only I hadn't gone out for tea, or if I'd paid that sooner etc etc. I know that doesn't help, but I'm really angry with myself for being so stupid in the past :mad:

Does anyone else feel like this?

savingholmes

Yeah we all beat ourselves up for our previous stupidy but it is pointless isn't it.... Hope you manage to keep your job but if not follow some of the tips on monster and total jobs and get your CV all bright and shiny. In your situations (oops I am) I would do that now just in case.... then you can feel more in control if it happens to you... I would also start looking for and applying for jobs - if you are not selected for redundancy you won't have lost anything - if you are you have stolen a march on your competition....

Well done for starting your journey... That oh no feeling you are getting now when you spend money is what was missing before - I found when I joined this site I became hyper sensitive to all the money I spent - no bad thing.....

Anyway good luck!

Pamela1705

Hello all,

Hope you all had a nice weekend - I was back in the Emerald Isle with my family. It wasn't too bad spending-wise. In fact, my grandmother gave me some money! At first, I was going to throw it all at my debts and everything like that, but I know that my granny really wanted me to enjoy it.

So I decided to split it in half - to put half of it towards my debts and the other half towards getting myself something nice. As I mentioned above, I needed new running gear for the race I'm running in May, so I bought that, and a nice new dress, and some shoes. :j

I don't feel guilty because I know that my granny asked me to use it on something I enjoy, and what girl doesn't like shoes :rotfl:

And I feel very virtuous because now I'll have my Zopa loan paid off by next month, leaving me an extra £50 a month to pay off some more of my debts. Hurrah!:T