Hypno's approach to life, the universe and debtbusting.....

hypno06

Stop lurking you lot!

40somethingmum

KC

Hope you have a lovely trip.

40SM

savingholmes

hypno06 wrote: »

So, you find a way of doing it so they are involved.....

When I first becamse a DFW and really focused on my debt rather than just drowning in it, I got the children involved. I opened a separate savings account and explained that everything has a price, it is up to each of us to decide whether that price is worth paying...

So, we used to pay a lad from the village £5 to cut the lawns once a week. But if we did them ourselves, then we saved £5....we could buy birthday wrapping paper for £1 from the shop or we could make our own from paper and pen at home.....we could buy a drink from the shop, or wait until we got home, have squash, and save 50p....

Each time we did this, we put the money in the new savings account, and the children soon enjoyed seeing the balance go up, which then paid for the deposit for a ski trip in due course...

They very quickly started to think about the "value" of money, and the alternatives to spending it, and this has stayed with them over the years. It is a case of involving them, not just saying "no" to them.

Thanks hypno - I do involve my kids to a degree. I talked to DS about not asking for cinema for a bit yesterday as we kind of splurged on cinema in the last month but the kids had great school reports etc excuse etc.... I also talk to them about the cost of getting one icecream from the icecream van versus buying a whole pack of 10 or something for the same amount from the supermarket.... We have put the kids on packed lunches which is going well at the mo - and again told them it is due to money... they do understand that. We've also managed to get 2 free holidays this summer due to survey sites they understand that too....

The problem is that if I knew I was going to be out of work another 6 months or more - we would tighten our belts now far tighter than we have - whereas if I get a new job within the next month or two we would relax from where we are! (I can feel you shouting at me already )

Once I do get my new job - we should be able to clear our original debt (excluding the car £4k we just got as our other 2 fell apart) within 12-18 months which is a rate I am comfortable with. Most of our debt is at 0-3.45% so it is not expensive either...

We have drastically cut back our outgoings from where we were this time last year. We used to spend £1k a month above our joint income... now we are within 300-600 of an income that has halved - which is currently depleting our savings... The savings should last another 6 months or so as I am about to get a pension refund too. If I got a job tomorrow we could pay £6k off our debts overnight - if I get a job in Dec that money would have gone....

For me debt busting is a balancing act - as is trying to get a job! I do suffer with depression which while well under control now with the aid of tablets still leaves me feeling slightly vulnerable. Housework doesn't come naturally to me altho it is great when the house is looking good - so I employ a cleaner who costs me £22 a week. I did serve her notice a while back and then I got the job which lasted 3 weeks but was supposed to last 6 months and told her she was therefore fine and able to stay... I have avoided her since I lost my job as I don't want to commit to her that her job is fine but am not ready to bite the bullet and finish her up either... She only works for me and 1 or 2 other people....:o When my house gets out of control I feel worse..... In the past I've not got jobs as I have come across as "flat" (depressed) etc so am reluctant to over pressurise myself and am trying to balance going out enough to be happy (and spending money while out) with the desire to budget well and ultimately become debt free!

I think the problem that is bigger than the cleaner - is our grocery spend and our fritter spend ie all the small things we spend money on that just adds up.... So am thinking of doing a cash budget for a bit to try and get that under control....

I am sure I haven't convinced you... but then I don't know why I feel I need to.... It is a dilemma. Financially we are right now better off than we have been in years however those savings won't last forever. My benefits stop in November if I haven't got a job and I will by then need to think more radically about how I can get in a new income. I am thro to the next stage on a really well paid job with a car however and if I got that job this whole discussion would be academic as other than the car we could be debt free within the year... Decisions....:rolleyes:

hypno06

No, you don't need to convince me - it is really nothing to do with me. I just thought I would share how I get my children involved in the whole debt free lifestyle, as that was the message I was originally picking up in your original post.

Sorry if I misunderstood

savingholmes

hypno06 wrote: »

No, you don't need to convince me - it is really nothing to do with me. I just thought I would share how I get my children involved in the whole debt free lifestyle, as that was the message I was originally picking up in your original post.

Sorry if I misunderstood

I wasn't getting at you - I was laughing at myself for justifying myself in the face of our own lack of willpower and commitment! I think you are fab! If we'd applied your rules a year ago we might even have been debt free by now!:A

elantan

saving thats our problem too ...the fritter spends and grocreies ...hence the reason why i closed all my accounts for online spending (just too easy)

hypno06

Getting that balance right is such a difficult thing, isn't it! And of course there is no "one size fits all" that can easily be applied!

hypno06

I got a crown on dooyoo :j

Takes me up to £34.50.......edging ever closer towards payout at £50, which should now be more achievable this month :T

beanielou

Great news on your crown.:)

elantan

well done you ...bottle it up mrs sell it online you would make a packet i tell ya