This is it, my LBM - The Aftermath!!

EssexHebridean

I used to quite happily go for months without checking the online banking, checked statements on an occasional basis only, and never even gave a thought to reading the meter.....as a result of that we managed to pay someone else's water rates for 18 months (nearly £600!) and ended up over £200 in credit (thankfully!) on our electric bill. We regularly went close to our OD limit on the joint account, and I spent a fair amount of time in the red on my own account too. Since coming on here, things have changed dramatically for us. We're now free of debt (apart from a CC that is on 0% until October and will then be paid off in full), OP'ing on our mortgage, and looking to buy a car for the OH shortly - only a little 2nd hand runabout but nevertheless the first car I have purchased without a loan since 1993! The strangest transition for me has been hearing people (on here and in "real life") describing me as being "organised" and "good with money"! Bizarre! What I'm getting at is that it's exactly that way of sorting out the finances that you admit you used to do that makes such a difference. I know that if I left it down to MrEH we'd be back at square one in no time - so we now have a relationship with money that leaves me to deal with the day-to-day budgetting, savings etc, and when things need doing like a call to the building society to increase the mortgage OP, paying in at the bank etc, he deals with that. He's also an excellent letter writer so letters that need doing on anything he does. I'm happy to analyse figures, work on spreadsheets, play with calculators and shift money from place to place. It plays to our strengths.

If you can get back to "doing your accounts" for home then it will be your best weapon by far in your battle.

Lemon_Tree

hi rc just found your diary and read from the start.
i am a fellow quicken fan, i also used to use it at work and once had a copy at home, so i've found it again and since i had my LBM i've been using it to keep track of all my accounts. I think you could say i've become obsessed by it, i even record all the free scratchcard winnings so i know how much will be coming off my debt when i can withdraw it.
though it was never officially diagnosed i have suffered with the horrible depression, i worked for a company as their treasury manager and if i thought my finances were bad their's were just horrendous, i feel like for the time i worked there i was working so hard to keep their heads above water i just dropped my own finances.
i know i have a habit of not checking accounts if i feel i've spent too much, or things have gotten too tight etc, so i've made a little challenge for myself that at the very least i check every single bank account/ credit card on a sunday and update all my records.

rc01

It's so nice to know I'm not alone! I have been looking at alternative software as Quicken's no longer available. I am currently using a free trial and so far so good. It will mean paying £20 if I want the full version, but I think it's worth it, as this is just the way I work best!!

lucielle

Good luck on your journey. It certainly is a long and winding road for us long haulers.
L

Lemon_Tree

i can certainly sympathise with needing a package like that to keep on top of everything. I've got my excel sheet which tracks my debt free day but i'd be lost without quicken for the monthly stuff. I didn't realise quicken wasn't available anymore, you'll have to tell me more about what you're using if it turns out to be any good.

chevalier

rc01 wrote: »

The phone does include internet, we are just about out of our contract period so I can shop around and try to get this reduced.

I've got a lot to mull over! Thanks again to everyone, I really appreciate the support

xx

Even though it won't make a massive difference, don't forget to check out cash back sites, to see if you can get money back if you switch the phone/internet
chev

Intergalactic_Floozie

rc01 wrote: »

As you said, we have been using our cash to just buy whatever and anything we couldn't afford went on credit.

Yep - another one here too, guilty of that! Luckily my mum and dad loaned me the money to pay off the credit cards, so I'm a newbie to budgeting without credit cards at the moment

talisker78

Hello,

Just wanted to drop in and wish you well. I can fully understand how overwhelming that level of debt can be and how it can consume your life and every waking moment.

I have a nasty HSBC card too (funny how I never hear anyone say anything nice about them!) which is now on 19.9%. Its gone slowly up and up from 9% when I first got it. Its ridiculous given that I have a current account and a mortgage with them, yet they are my worst credit card. Makes no sense. I've called them but they refuse to go lower than 19.9%. Its the card i'm most focused on destroying.

I have also toyed with a DMP after doing the 'robbing peter to pay paul' (then clobbering paul over the head and running back to peter with the same money!)balance transfer on two of my cards (literally transferring the balance between the same two cards each month - surely they will catch on sooner or later!!), but things are looking up and I'm determined not to get a DMP unless I wake up one morning and have literally no money. You CAN do it. People on here are fantastic. Whenever I have a down day I come on and post and everyone is so good at keeping you focused and reminding you of your positives.

Keep fighting and don't let the !!!!!!s get you down. Think of your DMP as a last resort if you have to, and have your six month target. I haven't ruled one out yet, I'm giving myself six months too - Xmas 09 will be the decider. If you can do it without that, good on you. If not, theres no shame. Its whatever works best for you and your family.

Best of luck. I'll keep subscribed to see how you are getting on.

rc01

Lemon_Tree wrote: »

i can certainly sympathise with needing a package like that to keep on top of everything. I've got my excel sheet which tracks my debt free day but i'd be lost without quicken for the monthly stuff. I didn't realise quicken wasn't available anymore, you'll have to tell me more about what you're using if it turns out to be any good.

The free trial is for Moneydance 2008, so far so good. Think I'm definitely download the full version, but I'll make sure I write in my diary about the software as I get more familiar with it.

Also thanks to the new people who've left comments, it certainly does help me to stay focussed.

I told my hubby I was feeling down before and he spoke to me in his usual matter of fact way and I'm feeling much better now! Although he doesn't get involved in the day to day stuff with our money, he's very good at listening and always puts me back on the straight and narrow! He's fully aware of the situation we are in, I've never hidden anything from him, and he's just working so hard to try and earn more money, I'm really proud of him - just have to make sure I keep doing my bit by keeping to budget and allocating our money wisely.

rupe34

Love the name - Moneydance 2008 - I have visions of shiny 10 pences with little feet jigging around....

Its been a long weekend:rolleyes: