Is this my life???

not_so_good

:hello:
I owe £36.5K - 3 times my salary. How and when did I get to this point? Actually, I know how I got here - not living within my means - and it's happened over the last 20 odd years.

I know what I need to do - stop spending and earn more - but I would like support and encouragement along the way. I'm hoping that this diary will help keep me on the straight and narrow.

I've reduced most of my outgoings as far as I can but I do need to have another look at these, surely I can shave something off somewhere.

My list of thing to do...

• work out what I owe (think I've got it all in my signature)
• look at my income
• look at my outgoings
• reduce my outgoings - direct more money to debts
• start a spend diary
• earn more money

There, shouldn't be too hard!

house184

Good job on tackling your debts head on.

If you haven't already I'd get some advice on whether or not things like IVA's, bankruptcy etc might be options worth considering. Advice on stuff like asking for interest to be frozen and having a third party look at your financial statement could well be helpful to.

millionaire_in_training

You'll get plenty support on here. Using the diaries really helps to focus your mind on moneysaving as it feels a bit like confessing sins if you go wrong. Good luck

not_so_good

First proper day of being a DFW - and it was a NSD :j.

I haven't really started doing any thing on my list but I have thought about how to make some extra money - Ebay and overtime. I'm going to look at the challenges others are doing but I'm thinking, to start with, I will set myself a target of earning £50 extra every month to pay off my cc - I know it's not alot but overtime is hard to come by...

I've also started looking at the meals I make and how I can reduce the cost of food - easily my biggest expenditure - the aim is to half this!

This time I'm going to do it!!

POSITIVE_AND_FOCUSED

Hi there, just come accross your diary. Well done so far. Look forward, not back now. you will get through this situation. One thing Ive found really useful is the site www.makesenseofcards.com. You enter all your debt and the APR and it calculates what to pay first and how long it will take to repay your debt completely. I thought my debt would take literally years to pay back, but no it wil be just 5 years and thats if I make the same payts now for the entire term which I won't. I expect to beable to pay more off in time. Completing this took the panicout for me, gave me a workable plan and an end in sight. Good luck!

the_drifter

Well done on taking the first step.

Planning meals will help to cut costs. See where you can substitute for cheaper items, without losing the quality. A spend diary definately helps you see where all your money disappears.

not_so_good

Thanks everyone.

Meal planning is def. the way to go - I'm just not really a very good cook so ready meals are ideal - but no more!!

Just popped over to the makesenseofcards website, submitted a few figures and things look bad - will do the proper calculations tomorrow.

I will get out of this mess (eventually!).

mum2one

POSITIVE_AND_FOCUSED wrote: »

Hi there, just come accross your diary. Well done so far. Look forward, not back now. you will get through this situation. One thing Ive found really useful is the site www.makesenseofcards.com. You enter all your debt and the APR and it calculates what to pay first and how long it will take to repay your debt completely. I thought my debt would take literally years to pay back, but no it wil be just 5 years and thats if I make the same payts now for the entire term which I won't. I expect to beable to pay more off in time. Completing this took the panicout for me, gave me a workable plan and an end in sight. Good luck!

Def agree useing the link, absolutely covers every aspect of ur incoming, v outgoings, and if you put the results up, people can suggest ways to reduce ur outgoings without actually giving up things, think of it as fine tuning, also like the old saying 2 pairs of eyes are better than one.

Well done for taking the 1st step, your on the right track.xx

not_so_good

Quick update for today - more for myself really!

Today's spend - £10.09 at Tescos (sun cream, 2 drinks and colouring book and pencils for DS - public hols in NI today so Tesco was one of the few places open - colouring book to keep DS amused in the car, really need to get more organised!!)

Used makesenseofcards to snowball - looking at DFD of Dec 2014 - only 5 years, surely that can't be right!! Must look at sums more carefully tomorrow.

Also, must check out 0% balance transfer cards - would be good to reduce interest payments on cc's.

Worked 1.5 hours on overtime - it's a start.

Need to double check pay slips, I think I wasn't paid all the OT due to me in June - only 3 hours but still....

That's everything for today.

mum2one

not_so_good wrote: »

Quick update for today - more for myself really!

Today's spend - £10.09 at Tescos (sun cream, 2 drinks and colouring book and pencils for DS - public hols in NI today so Tesco was one of the few places open - colouring book to keep DS amused in the car, really need to get more organised!!)

Used makesenseofcards to snowball - looking at DFD of Dec 2014 - only 5 years, surely that can't be right!! Must look at sums more carefully tomorrow.

Also, must check out 0% balance transfer cards - would be good to reduce interest payments on cc's.

Worked 1.5 hours on overtime - it's a start.

Need to double check pay slips, I think I wasn't paid all the OT due to me in June - only 3 hours but still....

That's everything for today.

Sounds like a really positive day, and even if its 30 mins overtime its an extra 30 mins worth of payment.

Sounds like ur going great guns, added a couple of threads that you may be interested in, one helps you make money for birthdays and the other helps you spend it......

http://forums.moneysavingexpert.com/showthread.html?t=1800153&highlight=

thrifty gifty for Christmas and other ocassions

http://forums.moneysavingexpert.com/showthread.html?t=1678781&highlight=

thrifty gifty – making money

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mum2one

Dont know if you have a Wilkos nearer you, but I got some Nivea spray 1/2 price, their was a wack of factors and a few other brands on half price.

If you go to the 1st thread suggestion, and post 3, theres a link to another post, as Choccy, as done a Holiday plan for kids, cheap or freebie ideas, both for wet + dry days
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