Big Spender Needs Help!

SnowyPea

Thanks Bone Idle. I think you're right but I'm still going to get rid of those two by next June. I've been deferring my student loan for that very reason for the past 10 years.

My mission is to get us in a situation so that this time next year we've only got one loan between us and most of that is paid off.

My partner is going to tackle that you see as I have more debt than him.

I'll also have lots of spare cash left over - even after donating £1,000 a month to pay things off. And that spare cash is going into the joint account. Building up a reserve. A 'just in case' anything throws itself up.

I feel so empowered.

Thanks

Horace

Snowypea - get yourself a cash ISA - you can put aside £3600 each tax year in it and not pay tax on it:j

Don't beat yourself up either - especially re the snowboarding life is too short - I have had many glaucoma ops which means I have open wounds in my eyes but it doesnt stop me going sailing both in dinghies and yachts, my consultant keeps telling me not to sail on lakes because the water is so dirty but I still do it:rolleyes: If I did what my consultant wanted me to do - I would sit at home and veg out in front of the tv and I value my life too much to become a couch potato.

You're not hideous either to get that thought out of your head right now - you have done what a lot of us have done and that is get into debt by spending unwisely.

Remember when you start work - contact Access to Work and they will come and do an assessment and recommend reasonable adjustments to your work station, they will pay in full during the first 3 months (I think it is) of your employment after that your employer has to contribute. Also, why not see if you can claim Disability Living Allowance seeing as you have a degenerative condition which is permanent - it isnt means tested either. Don't whatever you do tell them about going snowboarding:eek:

Concentrate on paying the debts with the highest interest rate first and then tackle your student loans.

Dinah93

First, congrats on posting and facing up to your debts, scariest part is over! Secondly, I'm sorry if anything comes across as harsh, but there are lots of people who have posted who have been very reassuring, I'm not so great at that, but if just one thing I say makes one person think and helps them, then I think I'm okay in being a bit harsh!

The only people you are accountable for are yourself and your partner, so when deciding whether to buy things from littlewoods think of how he's tried to make things easier for you helping with the mortgage etc. He clearly loves you very much, and you need to think about your future together. My OH has been amazing, he came into the relationship with savings while I had debt when I met him, and wanting to get clear for him has been an amazing motivation, he doesn't deserve to have my debt holding us back.

Don't start saving when you have debts! You will be paying a lot more in interest on the debts than you are earning on your savings, so they are loosing money every month. Overpay as much as possible on the debts, getting debt free quicker, then start on the savings. At the moment the top paying ISA is 3.61% (correct me if I'm wrong anyone) but I would be suprised if your loan is at less than 7% interest, possibly higher.

I love new clothes too, however I don't follow fashion at all. Of my friends the ones I consider the most stylish are the ones who have developed their own look, the ones who follow what happens to be in the magazines this week don't interest me as there are loads of other people in the bar/shopping centre/general streetscene who look exactly the same! Also I know what suits me, I only buy things that do, and I won't buy something that isn't good for my body shape. You don't need the 'must have' latest item to look great, learn what works for you, and start to develop a unique look. If you must buy the latest styles, buy them cheaply from places like Primark or New Look, as you won't get seasons of wear out of these, you'll have moved on to something else within weeks, and they are not value for money items.

You say exercise helps your neck, I don't know what exercise would be good for this but have you considered doing this as a hobby? I'd imagine running is probably out, but cycling is fantastic exercise and very low impact and free too! In your case it would also no doubt be a lovely hobby you could do with your OH. Unfortunately I can't take my own advice due to having a dodgy knee from horse riding, but I do love going on a walk on a weekend. A huge ammount of people would disagree with my way of doing things, but when I was cutting down on spending I joined a gym. Are there any extra classes there you would be interested in joining? Myself and my OH used to go out for meals at least 3 times a week, usually more, and the gym was effectively a fixed price hobby. I now go to pilates 3 times a week, swimming twice, and the gym itself 3-4 times as well. I have diverted all my energy into this instead of going out for meals, or sitting at home and shopping online. I have paid off over £10k on a £26k pa salary in the last 8 months, so I must be doing something right.

14 holidays in 2 years?! Which Jones's are you trying to live up to?! If you could cut your outgoings for a year, you'd be so much better off. Any money spent on a holiday, even if bought with saved cash, is still effectively earning interest if you have debts. I'm not saying stop going on holiday entirely, but I think cutting down until you can 'treat' yourself again when you are debt free would be a good idea. I'm about to go on my first holiday in 4 years, and I'm insanely excited about it as it's so rare.

Have a look on the up your income board as others have suggested, I do mystery shopping to get free meals out instead of paying myself, but the fees for the actual shop shops are quite low, and I think you might well end up spending more than you are making if you put yourself in the line of temptation!

Best of luck clearing the debt, and keep posting, it's really motivational. I find having my debt in my signiture helps too, everytime I clear a little off it feels great changing my total a little.

SnowyPea

Hi Horace - thanks for the advice! I never thought about all those things!

I won't be going snowboarding for a while anyway! We've decided we're giving the holidays a rest for a while. We've got a honeymoon in June for two weeks. We're going to Crete and staying at my parents' apartment. Cheap as chips!

Then my parents are taking us away for a UK break later in the year. They're paying so we're sorted! :beer:

That Access to Work is a fantastic idea thanks! And would I really be entitled to benefits?

I'll take your advice on the student loans too. They're the lowest rate so I'll just pay back the minimum and concentrate on snowballing my main loan. I feel so happy you know. Because I have a plan! Thanks again Horace! :T

SnowyPea

Hey! I'm happy with harsh! It kicks my butt into action!! :j

Thanks for all your kind words and advice! I think this forum is just wonderful and everyone has been so lovely to me.

And yes - we got ourselves into this. We'll get ourselves out of it. I'm not even tempted to spend money now because I know well and truly that it would be completely unfair on my partner who is helping us both out of this mess at the moment!

I have to save some money though. In anticipation for next year's tax bill... and also for rainy days. We've had a few moments lately where we haven't had any spare cash. I'm only talking about putting £200-300 a month aside each.

I ADORE new clothes. And usually I do the same as you. It's good to just have our own style and not keep up with the fashions.

But today.. guess what! My mum wanted to go shopping for a new outfit for my hen do and she ended up getting lots of new things but also treated me to two new dresses, two cardigans, a pair of black leggings, tights, a necklace and lunch!! Total cost £70! I felt spoilt. But she wanted to spoil me because of things I've done to help her out recently.

I've got three new outfits and stuff that creates lots of new outfits with all my clothes I already have! I'm over the moon this evening! And she wouldn't let me spend a penny!! :rotfl:

I've got a gym membership. I go five to six times a week and love it! It really helps! And me and my partner both have really good bikes... and we go cycling. It's a huge hobby for him.. but something I just do once or twice a week!

We're also members of the National Trust and have lots of very cheap days out a couple of times a month. Fantastic value. We meet up with friends and go for walks. We throw and go to dinner parties. So entertainment wise - we have a happy life and we don't go mad.

It's just the holidays, home improvements and not saving for my tax bill that really stung us! My tax bill was £5000 and we just didn't have it!! Well we had half! But even so!

Yes we've been over-indulgent in holidays. We've had an absolute blast and je ne regret rien! But even so... it's time to buckle up and stop going away so
much!

Thanks again for wishing me luck! I have a job interview next Monday. A job that would be amazing and pays very well. It would be such a bonus if I got it!

I'm very nervous though. They want me to do a presentation as part of the interview and I hate doing that kind of thing!

Hope you're all having a nice evening SP xx

poorandindenial

Hi SP

Goodness, this thread has moved on a pace since I last popped on - lol

It is great that you are still here and I don't think you have been defensive. It is so hard when you hear people ripping your life to pieces and sometimes it is really hard to then come back on it and get your point across to explain what you mean - but I think you are doing just fine on that front.

I can sympathise with the high earner thing, I am a relatively high earner (not massive but I do OK) and I think that it can be really frustrating that the things you should be able to afford to pay cash for (the holidays, the amazing handbag etc etc) you can't because you have debts that eat up your salary (when I say you I mean me)

That said, I am now overpaying on my debts to the extent that my recent ludicrously expensive holiday was cleared within two months and without incurring a penny of interest and that is a very new feeling for me (mind you it hammered my repayment plans and extended my dfd by an extra month but such is life, we live and learn)

Oh and while I am on clothes etc, can I just say - how lovely is your mum??? :T :T

Good luck for the interview, fingers crossed for you.