It pays to ditch, switch and save.

customised

Hi MoneySavers!

This is my first post here.

I have spent the last 18 months or so sorting my finances out. I have been a regular to this site during that time.

I had got myself into quite a situation 18 months ago and decided it was time to stop living beyond my means and to sort my financial health out. I hadn't even realised how bad the situation was.

The transition period has been particularly difficult. At times I have quite literally not had a penny in pocket immediately after pay day as I have been putting everything into paying debts off - I even had to stop buying a daily paper! I made sure I could afford the mortgage and then concentrated on debts. I'm fortunate in that my wife pays utilities and grocery bills, council tax and the TV licence, so all in all, I'm quite privileged. This was also my undoing as I just spent what I had and well beyond - I had an awful mess to sort out. I had four overdrafts, two credit cards, a personal loan (done as debt consolidation!) and a HP agreement on my car. To add insult to injury it wasn't the first time I'd got into this situation. I blew a five figure inheritance over the course of a twelve month period and, when living at home before getting married, I had to get my parents to bail me out to the tune of several thousands.

Through the knowledge I have gained here I have now paid off all of my overdrafts, paid off my credit cards and cut them up and just recently I have used the ditch, switch and save method on my personal loan. I have been able to reduce the term by 6 months and save a total of £1850 over the term. I am now addicted to the money sving bug. I'm not a miser but I know that the old adage of looking after the pennies and the pounds will look after themselves is wise advice. My wife thinks I'm a total geek but I don't mind. It's been a very hard lesson learnt but so worthwhile. I'll never have a another credit card (even though I now realise they can be beneficial) on account of the fact that I don't trust myself with them.

I'll never let companies take me and my business for granted again. I even carry a credit card sized version of Martin's Money Mantras in my wallet! That's proven really useful and two people at work have asked me for one too.

If you can afford it I highly recommend Martin's money saving books. Whilst I realise that my situation is doubtless not as desperate as others it did keep me awake at night and my first waking thought was about my financial predicament. It's not a nice situation but I am hoping that my post here might inspire some people and hopefully show that there can be light at the end of the tunnel.

Best regards.

plzhelpmesave!

Well done you! Really glad things have worked out well for you, just goes to show what can be achieved when you set your mind to it and take positive action.

Keep up the good work