Light bulb moment..... Newbie!!

Gottodothis

I have been a lurker for a while, knowing full well i had an escalating debt.

So i decided to sit down and work out exactly what i owed and to whom!

The debt at the light bulb moment was £16507.97 LBM was 23-08-09

Since working it all out i have managed to pay off one loan and a store card.

Income is not an issue, its the "invisable" spending that was taking place. My disposable income is well over £1000 per month. So i have been using a spending diary and I am slowing turning into Ebeneezer Scrooge!

I was debt free until 2007 when i suddenly inherited three children with nothing to their name. Thats when I had to buy all the normal stuff that kids need like clothes, beds, bedding shoes, car seats etc and at that point in all went on the credit card. I also took out a car loan as suddenly a seven seater was needed (I also have a child ) I also moved to a bigger home.

I have never missed or been late with any repayments, I hace no CCj's (and want to keep it that way!) the credit cards have standing orders set up for the minimum payments and i always pay extra each month too.All cards cut up.

I have set up a new account for any money left after bills and i withdraw a set amount each week and so far i have stuck to it. I find it more difficult handing over cash that i do my debit card so i am less likely to spend.

Anyway just thought i'd drop by say hi, and how helpful i find this site. Knowing that there are others in this position and all the useful tips that I read.

QueenBeruthiel

Welcome Gottodothis!

LeeSouthEast

Aah another Ebeneezer! Welcome

Skint_Catt

Wow, inherited three children! No wonder it was a (monetary) shock! You sound like you've done well so far - if you need any help with food for you and the kids try the Old S tyle Board! Amazing things happen here & there!

Tixy

Hi and Welcome :hello:

Well done for taking control and already paying off a couple of debts.

Suddenly having 3 extra children to house, clothe and feed would impact on anyone's budgeting skills.
Hope you keep posting now that you've joined. Perhaps you could look through the list of challenges and see if some of these might help you?

Good luck

Gottodothis

Thank you for all your replys.


I'm quite good with food, i have always cooked form scratch. The kids are so pleased to be fed that they will eat anything! i have been putting all my pound coins in a pot..................I haven't had a £2 coin for ages so i think all of you on here are hoarding them!! I also save silver and bronze emptying my purse each week.

My problem was that i spent money like water trying to make up for all the horrors that they had been thru. So apart from all the normal stuff i spoilt them too. The court case was hard on them and me, but finally they are with me forever.

we moved into a bigger house that needs/ needed everything doing to it. I have had the rewiring and new central heating done ...........again all costing. Now i am doing most of it myself...........well trying to!

Just thought that by putting it all down on here it would make it more real...and encourage me to do something about it.

Tixy

Completley understand you wanting to spoil them and make up for other things they have been through - but (without knowing the details) I'd guess the thing that they need most will be your love, support and guidance.

It sounds like you all have stability in your lives now. You sound a determined person who'll sort your debt problems out, after all whilst money is important you and the kids know there are things far more important out there.

mummum2

Welcome and good luck on your journey. You sound really grounded and I sure the children having stability and love which it sounds like you have plenty to give is much more important. Truly wishing you all the best!

MM2

ZarZar1990

Good Luck :T

Little_Mis-spent

Good luck on your journey, seems like you've already made a great start (and it sounds like you're doing a wonderful job with your children too )

xx

BeautyandtheBeast_3

congratulations on the big immediate family! welcome to the pennypinchers!! xxx