Clawing my way out of the debt pit

mumto2monkeys_2

I have been lurking in the shadows, reading the posts of other DFWs and contemplating joining the struggle by officially putting my money where my mouth is, so to speak, and posting a diary on here.

One thing that made me a bit reluctant is the fear of admitting my shortcomings to anyone, let alone a website viewed by what seems to be a rather vast number of people.

I am in debt. A lot. Approximately 45k, give or take a pound or two. This isn't mortgage debt (I have one of those, it's heinous, so I'm not going to dwell), it's a combination of the real nasties: credit cards, loans, overdrafts - a selection of the three. We hoard little plastic cards like they're going out of fashion.

How did this happen? A hell of a good time for a few years, encompassing an awful lot of takeaways (my waistline is even more cross with me than my bank account), a stupid amount on grocery shopping, and a shocking amount of clutter that served little purpose other than immediate gratification when it was bought (and I now have the pleasure of trying to flog it all on amazon and e-bay).

I suppose we aren't uncommon. We work hard, so we felt like we deserved rewards before the money was there to pay for them. We anticipated the pay rises, so we spent them ages before they materialised.

Contemplating an even bigger consolidation loan, the LBM struck in late August. I am sick of never having any money, despite earning a good salary. I am sick of not being able to take my family away on holidays or treat us to anything (but yes, I did in the past - too much - that's the problem. I want to do it, but have the money there to pay for it outright). I am sick of my house falling down around my ears and not being able to afford to sort it out. Okay, maybe not falling down - but certainly needing an awful lot doing to it.

So, this is the diary of someone who is going to try her hardest to claw her way out of the money pit that she has created. I don't have much time: I work a lot and have two children: a pre-teen and a baby. Oh, and two tabby boys of suspicious origin who can only eat sensitive stomach cat biscuits. I am going to be trying out a number of strategies to cut the bills and boost my income around doing all of the other day to day things that crop up in normal family life. I will share what works in the hope that this will help other people too.

So far, we have e-bayed and amazoned; we have old-styled the food shopping with a heck of a lot of meal planning and bargin hunting (my husband is waning after eating what he refers to as a selection of "vegetables in sauces of vegetables" for the past five weeks ); I have cancelled the gym membership that I got with good intentions and kept because of guilt; I have haggled my phone tariff down to £10 a month; I have hen-pecked my husband into ringing up the water board to ask for a meter; I have started doing surveys to try and get some vouchers towards Christmas. The list is growing. Hopefully the money I'm raising is starting to as well.

It is going to be a slow process. I'm trying to raise an overpayment of at least £500 a month. Without breaking the law. :rotfl:

Wish me luck! I will need it. And keep me away from the Next sale... and the Chinese menu!

BEAT_THE_DEBT

Hi welcome, you sound like you are off to a flying start! :T
Our stories are so similar same reason for debt! But at least its hit us now eh?:rolleyes:.
Loads of fab people will be around soon to help just wanted to say that when you get fed up with it all just remember why you are doing it and what in life is really important to you!:D

claire0788

Somebody is going to say SOA, so i might aswell.

Why dont you put up your SOA and people will help where they can for cut backs and where you can use advice

Ps. We dont judge, anybody who does isnt worth your time

missymoo81

hey hun well done for getting out of your lurker ways and finally posting, having your own diary is the biggest help in the world I've found. Definitely do a spending diary, write down everything you spend money on for the month, you soon see what you spend most on and whether you actually need it or not.

Everyone is super lovely and I'm sure they will be along to offer you good ideas, support and encouragement.

You are off to such a great start keep up the wonderful work.

speak soon

missy

SabDeckard

Hi,

I feel as though my world is like a house of cards and I'm one day away from it all coming crashing down.

I have been in debt since I was 18 and I am now almost 30 years old. I have just applied for a 12k loan from Tesco which to consolidate it all and I want to pay it off ASAP.

I am really stresing about this now though as my job is not as stable as it once was and I fear for the worse, if I lost my job my wifes wages could not support the upkeep of the house.

I have pledged to cut my spending completely and try and save 300 per month which will match the monthly payment on my loan.

Sab

missymoo81

well you're in the right place SAB, why don't you start your own diary, I'm sure lots of people will be able to give you lots of help and hints along the way.

keep smiling you have made the first big step by admitting it and doing something about it xx

SabDeckard

Hi Missy,

I am having second thoughts about the consolidation loan any advice would be great. At the time being my finances are as such:

Loan - 8900 - 300 p/m
Credit card - 1600 - 200p/m
Overdraft - 1700 at the end of each month

Not sure if consolidation is best.

missymoo81

to be honest sab I have no idea, I haven't got a consolidation loan before,hopefully someone will be along to help soon, although I think you might get more individual help if you have your own diary.... just a thought hun

SabDeckard

Do you mean a diary of my spending?

mumto2monkeys_2

Thanks for all of the replies so far. I will do an SOA, though I have already trimmed it as much as I think I can live with (but I am open to further recommendations!).

I have been following suggestions on here for 5 weeks, using answers that people have given on the main DFW board. (Although I can't write that without thanking Old Style for the 'homemade hobnobs' recipe - they are keeping my husband sane in the face of takeaway withdrawal. ) This site is very impressive; posters have such good suggestions.

As Beat The Debt says, I'm just pleased it's hit me now. It's become such a way of life to have debt, and I honestly dread to think the point it could have reached if I had carried on.

It dawned on me, when I first started to sort this out, that I have never once paid off a credit card legitimately. Every single time I've cleared a balance since I was first given a credit card at 18, has been with a consolidation loan. Scary. Hence, the lesson never being learned.

mumto2monkeys_2

Sab - I think they mean your own diary on here. You can start a thread which you make your debt-free diary. Or, if you want quick help, the main debt free wannabe board is an excellent place to look. I hope you get some good advice.