Anyone else been as stupid as me with money?

YORKSHIRELASS

Mmm, my story is very similar to yours. Except that I am a bit older than you and have only changed my ways in the last year or so. I do have moments where I think that if I hadnt saddled myself with all this debt when I was younger I would have such a good lifestyle now. I work with someone in her early 20s who is going down the same road I went down and I get so frustrated with her, but I guess people have to make their own mistakes.

If you start feeling sorry for yourself you just get the temptation to give up so I try to stay positive (and thats where this site is so fantastic).
Good luck with it!

Catzpaws

Hey there

Yup, I've never been very good with money either! From the moment I could get credit, I have always bought today, paid tomorrow.

Things have now changed tho. I had my proper LBM a couple of months ago (nearly £30k in debt) though I had started to wake up to my financial reality at the start of the year. My plan is to get debt free by October of next year - which will be a massive challenge but hopefully achieveable.

As already said, this site is just brilliant for support and advice. I've found that keeping a diary and signing up for challenges has helped so, so much!

Good luck with your debt free journey - don't make things too tight as it could make you miserable. I'm still going out and doing stuff, but on a much smaller scale than before.

CP xxx

Reggie256

Never been great with money, but my partner is, and am close to being debt-free as a result!

gfplux

Hello JIMBOUK,
You have done very well to reduce your debt from £25k to £9k.
Have you ever made out your SOA. (link - http://www.makesenseofcards.com/soacalc.html ) This will automatically total the numbers. It can be saved (click on the help) and you can change it every day if you want.
When making out your SOA (Statement Of Affairs) try not to guess at the figures, dig out the paperwork! However remember a partial completed one as a first step is better than none.
It is in fact one of the most IMPORTANT things you will ever do to start on the road to recovery.
In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with.


Good Luck

liz_uk

Hi JimBoUK,

Also in a similar position... I`m 29 and have been up and down in debt since the age of 18! Started with a Barclaycard and spiralled from there really!

It was the compulsion for me, I saw it, I wanted it, I bought it !

Have, like you, never been a saver.

At the moment, I am watching every single penny thats going out and coming in, and have a massive holiday coming up with the family that I really can`t afford to go on! Its just spending money I need, but still a problem!

I`ve had 3 people in my life die very suddenly and I find myself using that as an excuse for my debt. That life is for living etc etc....

But on the other hand... being in debt is not healthy at all. The stress and worry and the harder you work can make you ill!

Dont` overwork yourself, but still keep your goal in sight! x

mark55man

Like one of the earlier posters said read some of the dairies - the first few pages will teach you some stuff, and give you strength as makes you realise others have overcome or are overcoming same situations

also go and look at some of the old style threads for ways of saving cash, but eating well - sometimes you need to spread your effort so you are clearly working hard, but could do even better by watching what you spend on basics

good luck mate - I am sure you will do it - and whne you've done it, you will be able to relax and enjoy life (but not too much - or rather in a MSE way!!)

JIMBOUK_3

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income1,750Monthly expenses (incl. HP & secured loans)1,159.79Available for debt repayments590.21UNsecured debt repayments395Amount left after debt repayments195.21Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)500Total Secured & HP Debt-0Total Unsecured Debt-8,987Net Assets-8,487Household Information

Number of adults in household1Number of children in household0Number of cars owned1Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1750Partners monthly income0Benefits0Other income0Total monthly income1750ExpensesAmount(£)Mortgage0Secured/HP loan payments0Rent500Management charge (leasehold property)0Council tax88Electricity39Gas0Oil0Water Rates15.84Telephone (land line)0Mobile phone20TV Licence11.95Satellite/Cable TV0Internet services15Groceries etc.250Clothing0Petrol/diesel20Road tax10Car Insurance15Car maintenance (including MOT)10Car Parking0Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance0Contents Insurance15Life Assurance0Other Insurance0Presents (birthday, christmas etc.)0Haircuts0Entertainment150Holiday0Emergency Fund0Total monthly expenses1159.79Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage0 (0) 0Secured & HP Debt totals0 - - Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)credit card5372517loan37001657.4dad36002000overdraft115050Unsecured Debt totals8987395 - Asset DescriptionValue (£)Cash0House Value (Gross)0Shares and bonds0Car(s)500Other assets (e.g. endowments, jewellery etc) 0Total Assets500Comments on the results




I don't know how accurate this is as it makes it look like i'm quite well off after looking at some of the other posts on the forum groceries £250 is that a lot for a single person ? seems so but I never really add up how much i spend on food maybe thats where i'm going wrong and the entertainment thing is possibly incorrect too as I think i've only had one night out in the last six months but I smoke (I know its terrible and i keep attempting to quit) so i included that in there as far as car maintenance is concerned I fix my own car and its fully paid for so really its free motoring unless its mot or tax time I could probably get rid of the car as I onlty live 2 miles from work but I live quite a way from family and friends so as its not costing much am reluctant .The credit card I'm paying an extra hundred pounds a month off and i havent included that on the sheet is there something i'm missing?Its wierd because as I say i seem to look quite well off looking at it but its 10 days till payday and I havent got a penny !!!!

JIMBOUK_3

oops that didnt quite work did it?

captainhaggis

JIMBOUK wrote: »

groceries £250 is that a lot for a single person ?

Good heavens yes. If you're struggling you should be able to make do on £25.00 a week and eat fairly well.

Use own brand stuff - it's all made by the same people anyway - and don't worry about doing single portions - make plenty and freeze some.

I always see groceries as the last place I'd personally want to cut down - it's getting in to desperate territory if you need to really cut back here - but £250.00 is masses.

You could cut that by a hundred and still eat very well.

mark55man

if you look at this thread (October's Grocery Challenge) http://forums.moneysavingexpert.com/showthread.html?t=1975685
(maybe lurk for a bit) you will see lots of people making do, + the first page of the thread has links to lots of recipe's that can be done on a budget

its like this for me - 6 people 3 meals a day 30 days a month = 540 meals a month - even if I save 10p a meal that's £50 a month.

hint - tesco value noodles 9p - bit of ham, few peas (soy sauce is nice) a snack for 15p!!. baked potatoes beans and cheese also very cheap and you forget how nice the basics are

there are threads about which value brand things are good and which horrible but always worth a try.

things like packed lunches as well - even if you are genrous 2 sarnies, or a lot of filling, you could save £50 a month over what you pay in shops