Just starting....

nurseteacher

Hi folks, my wife and I have sat down tonight to go over some secured loan paperwrk that we had obtained as part of our strategy to address our indebtedness ( c.£30K0 and were gobsmacked that the nett beneift was going to be an extra £30 in my wallett each month- seemed a misery balance for a repayment of 500-620£ permonth over 10 yrs.

i think we have to face up to it- we need help! I could do with some support and any pearls of wisdom from those who have walked this way before.

Ian

southernscouser

Well I've been doing this for about 7 months now so thought I would share my knowledge in case it helps!

Remembers there will be lows aswell as highs! It is a b!tch of a ride but you will get through the bad patches.

Try not to become too obsessed with figures. I was in the habit of checking my online accounts probably 2-3 times a day, every day, even though I knew the balances wouldn't have changed. This can after a few months start to get you down.

Set yourself small targets. Knocking a £1,000 off at a time rather than £10,000! Gives you a good feeling of achievement.

Treat yourself occassionally. You don't have to spend a fortune but remember you still have to live your life. As long as you budget for it theres no reason why you can't have the odd treat!


I know everyone is different but it's just my 2 pence worth. Some of what I say might work for some or it might not work for any! :rotfl:

In_Search_Of_Me

Hi nurse teacher...here is a great place for start for general advice http://forums.moneysavingexpert.com/showthread.html?t=25222
If you post a SOA (statement of affairs) some very intelligent money savers will be along to help with practical solutions & advice...As a newby cant offer practical advice but sending a big hug...
Thanks for the tips Southerscouser (can I can you SS?! You can call me ff!!)....Some excellent advice...I have decided not to try & think of it as a whole debt (a bit like my weight!) but chunks - ie this month I hope to pay of the Egg card, then John Lewis etc...was just feeling abit down yesterday having discovered another £7000 debt! Have taken a couple of days to sort things out (like looking at money saving tips & doing some cooking!) & seeing where I can save dosh! I did treat myself the other day (offset by ebay) on a £19.99 money counter which automatically counts all my dosh but haveto say makes me feel a bit like scrooge as I gleefully put my dosh in each day!!! How you getting on Monalone, beanie, frugal & dotty? Has anoyone else been watching shopaholics? I love it as it makes me see I'm not alone - as does this site - something that is going to be essential in the next few years!!

Molanole

Hiya FF

Am getting on okay. Still waiting for my expenses to come through from work (it's seeming to take a long time this month for some reason) which should see about £280 come off my credit card balance (all racked up by having to attend a work meeting up north - I do object to the fact that I have to spend this money on work things but they won't reimburse me for the interest I accrue as a result).

I made £26 by selling some books on ebay which has gone straight towards the credit card balance and I found £20 that I had stashed in my savings jar which I paid against the credit card yesterday so little by little I'm getting there.

Other than that, I'm just watching where the money goes this month and keeping a really tight rein on my spending so that I have some money left in the current account at the end of the month to put towards the credit card. My goal is to have the CC paid off by the end of June and then I'm going to divert my attention to overpaying on one of my loans (snowball calculator says yes!)

The good news is that just by being more aware of what I am spending and what our budget is I am actually in a better postion three weeks before payday than I have ever been in before - even though I still haven't got completely to grips with writing down everything I spend as yet. My OH is actually starting to take notice as well which can only be a good thing.

How are you getting on?

PS Southernscouser - thanks for the advice. I must confess I have fallen into the trap of checking my bank account more than once a day but I'm taking some comfort from the fact that I still have some money left rather than being broke with three weeks until pay day! I'm sure I'll calm down eventually because I am becoming dangerously obsessed at the moment.

Molanole

Oops, just realised that my above post is really really long. Sorry about that!

LookingAhead

I'm with Southern Scouser on this.....

Good luck to you all, I'm relatively new as well (lightbuld moment just before Christmas last year and found MSE in February) and I felt elated when I realised what I had to do and actually started doing it.
No matter how small the financial saving or 'action' I took, it is/was a step in the right direction...even finding a penny on the street made me smile!! You an imagine my elation when in one week I found a fiver, a pound and a penny, then the next week one lunchtime I found a 20p piece! :rotfl:

So, good luck, don't let any bad times drag you down and KEEP READING & POSTING ON THIS SITE!! :T

In_Search_Of_Me

Molanole (can I call you Mol...my dyslexic brain is really struggling with spelling your name!!) have a peek at how far ou've come since you started!! Bloody marvelous & really inspiring for me at the start so ta for sharing! I've taken a couple of days off to sort myself out so have been sussing out exactly what is what! Loans due to finish in 8 years but am doing as southernscouser recc & taking it in chunks!! Am delighted (I danced round the kitchen & nearly cried!) to say that my egg card is paid off as of this morning & for the first time ever have money in my savings account (Cant wait to tell mu mum but wont ring till after 6!) which is, at the age of 36, a milestone for me. Woman in bank looked at me like I was nuts as I told her that this was a major event she was witnessing; I grinned like an idiot, she looked at me like I was one but was I bovvered! Lookingahead I'm going to follow you round - or perhaps walk in front & pick up money!! Currently listing some books on Amazon as may be good but unsure how I'll make much with people selling at 1p!! Also going to sell my much loved craft stuff (but not all of it!!) which is guaranteed to make dosh!! What have people done to get extra money & how sucessful have attempts been?

Molanole

FF - Mol is fine. My sister actually calls me Mola sometimes but that sounds like a front tooth!

Ace news on the Egg Card. :T I'm also trying to do as you are (as SS recommended) and dealing with it bit by bit. Hopefully I can get shot of the CC next month but I won't see any movement on things now until the beginning of next month. Never mind, just sticking to my weekly spend budget of £10 is making me feel SO much better and really quite virtuous. :A

Also, I've not been going out and spending in the evening as I'm too addicted to this site. I'm rushing home so that I can get on here (and at work when the boss isn't looking or I'm bored and procrastinating - which is pretty much all of the time!)

How's the Amazon selling going?

In_Search_Of_Me

Hi all! It's been an interesting few days as I've had 3 days off and been trying to sort things (takes so much time eh!). Going to switch pet insurance & save £8 a month +; been spending some but investment things like tupperware & ledger altho did treat myself to can of pimms & G&T tonight! Feeling miffed with banks as tried to suss if I could reschedule loans & get better rate but transpired that if did that I would loose the frontloaded interest (about £3000 to date :eek:) and then pay more so am stuck with them so will focus on paying of the £7000 credit cards and then overpay on mortgage...had to laugh when first direct offered to give me a new mort!!! Its been a vast learning experience overall and now consider myself a self confessed "if you havent got it dont buy it" mentality evangelist! Taking joy in the little steps like baking bread (not every day!), selling stuff (1st book on amazon...ebay items finish tomorrow...amazon great for CD's as you dont get charged until it sells & easier to list than ebay) & keeping on top of things. Also for the first time EVER will be in credit on oay day with £100 saved! Not bad for month 1!!! Sorry am NO good at short posts!!

Molanole

Up early, just doing some calculations (yes, I'm stil obsessed but that will pass in time). I've just realised that as of 1 June I will fall below the £30K mark! Now there's a nice milestone for you.

Sounds to me like you're going great guns FF. It's all the little things you're doing to change your routines, not to mention changing your outlook on life, that will make all the difference. Keep it up hun!