Flamingo's no more debt diary

JumboFlamingo

I've been lurking on the MSE forums for a couple of years but only recently started to get involved. And its brilliant. I should have done so much sooner...

I've recently come to terms with the fact, I am bad with money. After years of blaming banks, parents, partners and university, I've decided to accept, in fact its just me, and I make problems for myself with my spending.

I'm 25 and in a good job, renting a flat with my boyf, but have no savings, and 2 overdrafts, and a poor credit score. I seem to be perpetually in debt by about £2000 which I am determined to change this year.

In the past I have failed to change because I lapse back in to buying too many clothes and hobby stuff... but I want to change this so much, I want to record my efforts here to hopefully spur me on.

I've not quite done a full budget review, but I know I spend a lot of money on 'incidentals' like snacks and bits and pieces during work lunch hours, so I've set myself a £5 per day challenge which I'm testing starting today, till the end of August (not long, but its a start!).

Today's spend:

Bus: £2.80
Lunch: £1.79

Total: £4.59

I plan to put the change in a pot to save for 'pretty things' eg: make-up and treats

I'll be keeping this updated with how I get on...

Flamingo x

JumboFlamingo

I've had an awful day at work. If I didn't owe my OH money I'd like to quit my job and go get a lower paid one with much less hassle. I can't justify that though - I know he has gone without because of the money he has lent me.

I've assigned myself some tasks to help me get my finances in check (I'll be using this as way to track these by crossing them off when I do them):

Improve credit rating
Pay off store cards: £90 DONE - Was actually £86
Do a financial budget review
Create a new budget Half done: £5 a day for general travel and food, £100 per month for clothes/shoes/hobbies
Start doing a payment a day
Track spending: I'm using http://www.spendingdiary.com which is working really well for me
Get in to the black!!!
Save £1000

found_a_bargin

Just wanted to say hello and i hope it all goes well for you.

true27

Hi!

Sounds like you're making a really positive start - well done!

Definitely worth posting up a statement of affairs so the more knowledgeable dudes can advise you!

Just a thought I had while reading, do you have any bank charges from the debts over the past few years? If so, make sure you read the sections on reclaiming them on this website - just using this advice I've put a claim in under the hardship criteria for nearly £7500!!

Keep up the hard work!

JumboFlamingo

Thanks for your encouragement found a bargain and true27

I do need to look at all my financial affairs and really take a look at my bad habits.

I'm planning to do something like that at the weekend, with a massive pot of coffee!

I know its only my second day, but the £5 a day limit I've set myself seems to be working, it made me really think about how I can still be happy each day without needing to buy more make up from Boots at lunchtime! Its pathetic but I do love to buy make up. I hardly wear any so its ruddy stupid too!

I didn't think Id be eligable to claim any fees back - I have certainly paid my fair share of them over the years... so I'll add that task to my list!

Today's spend:

Bus: £2.80
Lunch: £1.92
Total: £4.72

Loan from other half paid: £100
Overdraft paid: £100

Flamingo x

ZiggyStardust_2

Hi Flamingo,

Just wanted to say hi! :hello:Have you checked your credit report/do you know why you have a poor credit score?

Primula

Hello, welcome and good luck. You're in the right place for invaluable advice and encouragement. Are you buying your lunch or taking it from home? I know it's not a lot, but it's all the little things that add up, if you check out the OS Board you could make your own lunch, and even if you ony save £1 per day, it's £20 per month to go towards your debt. Good luck.

SmlSave

Hi JF

£5 a day sounds like a really good plan

I agree with Primula about taking in lunch, even if you don't manage it all the time - I get a real good feel factor from doing it.

Do you catch the bus everyday? I catch mine 5 days a week and by getting a 3-month pass save myself almost £50! well worth looking into.

Kepp up the good work!

SmlSave

JumboFlamingo

Thanks for all the positive encouragement! Its really helping By day 3 of cash cold turkey I'd have normally given in, but I think writing things down is helping me keep interested in it :j

I was really good last night - I went on eBay and for the first time ever I didn't buy anything lol!

I am looking in to buying a bus pass now: It looks like I might save £10 - 20 a month if I do this which would be good. It will also stop me from having to carry cash everyday (and I always end up spending any extra I have in my pocket - so I should save even more).

I have tried to make my own lunches but not been very good at it. I tend to bring in half my lunch then buy some bits at lunchtime to get me out of the office and pep me up. I could certainly reduce this cost. I think that may be a challenge for September, I don't want to try too much too soon or it might be too much of a shock! :eek:

Today's spending:

Bus: £3.50
Lunch: £1.69
Total: £5.19 (slighly over budget but I underspent for 2 days so I am going to over look the 19p!)

Does anyone else spend a small fortune on magazines? I've looked through the lot I've bought over the past couple of months and I'm appalled! The £3.99/£4.99/£5.99s really add up... I think I'm going to limit myself to just one a month, and I might look at subscribing to that one to see if I can get it cheaper. I travel a lot with work and WH Smiths at train stations always are so enticing to me.

I'll be posting up my new budget soon - looking forward to hearing all your advice :T

Flamingo x

JumboFlamingo

ZiggyStardust wrote: »

Hi Flamingo,

Just wanted to say hi! :hello:Have you checked your credit report/do you know why you have a poor credit score?

I checked my report with Experian and I had a score of 690 I think. I think thats because I have missed store card payments in the past - because I forgot about them, and I have a large overdraft with Lloyds I really need to pay off.

I've been declined for every credit card I've applied for except the exorbitant Capitol One card but that still hasn't arrived for me to use, so I'm still using store cards to try and build my credit back up (and remembering to pay them off :rolleyes:).

I really did not understand about store cards when I took them out - but I should have taken responsibility sooner and sorted myself out - I'm trying to get on the straight and narrow now

Flamingo x

Primula

JumboFlamingo wrote: »

I was really good last night - I went on eBay and for the first time ever I didn't buy anything lol!

Does anyone else spend a small fortune on magazines? I've looked through the lot I've bought over the past couple of months and I'm appalled! The £3.99/£4.99/£5.99s really add up... I think I'm going to limit myself to just one a month, and I might look at subscribing to that one to see if I can get it cheaper. I travel a lot with work and WH Smiths at train stations always are so enticing to me.

I'll be posting up my new budget soon - looking forward to hearing all your advice :T

Flamingo x

Hiya
Totally know what you mean about Ebay! A tip is just don't go on at all unless it's to sell - make this site your homepage and just come on here instead of Ebay or shopping on the net. It works!
Do you get Tesco vouchers? If so, you could use these to get a magazine subscription so you still get your fix of mags but delivered to your door and really for free!.
Looking forward to seeing your new budget.
Take care
P