Worthwhile Sacrifice.

CanonMan_2

Although i've been keeping track of every penny I earn and spend over the past 12 months, I'm not getting any further out of debt.

There have been times where i've paid off a credit card or overdraft and then got stuck in the exact same routine of spending a little with the intention of paying it off in a weeks time and before I know it i'm out of my depth again.

I'm really :mad: at my self for doing this and I have decided enough is enough, I need to stop letting myself down and get a grip! So, I'm going to make it up to myself by cutting back on something that eats a huge chunk out of my income.

Im going to give up driving for 12 months! :eek:

Selling my car will pay £800 off my £1000 overdraft. :T And the £200 per month I usually spend running the car will mean my overdaft is payed off at month 1.:cool:

I have just transferred my £1887 credit card balance to MBNA which is 0% untill February 2007, again the £200 per month I am saving will mean that is £0 at month 9.:cool:

I only live 2 miles from work so I may invest in a bicycle although I have walked it before and quite enjoyed it! And my g/f has just got on the road so I don't have to pick her up anymore. Everywhere else I used to drive, I only did so because I could, because I had a car! Soon I will cycle or catch a lift.

It's going to be tough, ive just bought a really nice Peugeot 406. But the way i'm looking at it at the moment is while I owe money nothing I have is actually mine!

Firefly

Good on ya! What a brilliant idea, and environmentally friendly too. If you can't go without a car when you live that close to work, you never will!

Travel can be a huge expenditure and I am sure you will soon reap the benefits (in health and wealth) of being without one.

Good luck :beer:

$17mma

Canon

Good luck and well done with our efforts, such a big sacrafice your car. My hat goes off to you.

Please continue to post so that myself and others can see how you are getting on.

Also is there anything else you can cut back on, you may not need to sacrifice your car, sounds as if you are over spending generally, have you listed a SOA, and have you thought of selling your car to get a cheaper car to run.

Just a thought.
:T

UNICORN_2

A moped is cheaper than a car (if you're lazy), but a bike is cheaper still
Best of luck to you Canon :A

CosmoCat

that's such a brilliant sacrifice. well done to you.

don't forget to check out freecycle, you might be able to get a bike for free!

all the best, keep letting us know how you get on.

CanonMan_2

I remember reading on here once, something along the lines of; "Money saving has the same buzz as spending but without the guilt." I totally agree with this!
By cutting back on something like this I am taking away a HUGE amount of guilt. The amount of guilt I feel is directly proportional to the amount of money I spend.

Also, my car takes me to places where I can spend even more. If I can't drive to Jessops and put a digital camera on my credit card then I can't drive to Jessops and put a digital camera on my credit card!:beer:
The only places i'll miss driving too aren't worth keeping the car on the road for £200 per month.

CosmoCat

i use a nikon d70s myself and love jessops, so i know the temptation.

i was considering getting myself a car just so i can drive places to take pictures. recently found out i can do that by taking the train as well or walking around.

now taking photos, there's a nice thing to do to take your mind off of spending money.

CanonMan_2

melabarrie wrote:

I was considering getting myself a car just so i can drive places to take pictures. recently found out i can do that by taking the train as well or walking around.

Thats one of the only reasons I would keep the car, but like I said, not worth £200 p/m.
I didn't think of getting the train somewhere, that would be more of an adventure, could get some railway/train/trainstation shots.

When I've paid off the overdraft and credit card, I may even go on to finish off my loan before I put another car on the road, either way I'm going to plan I trip through the peak district in a new car without the debt.
I know how you feel though, having a camera sat in it's bag and no easy way of getting around can be frustrating.

halloweenqueen_2

Good for you. let us know how you get on!

In_Search_Of_Me

Well done you and I am sure you're right that the sacrifice will be worth it! You'll end teh year fitter, more money & less stress so its all good! Let us know how you get on!

Joe_Bloggs

Check out the 'cycle to work' scheme with your employer. This is a salary sacrifice scheme that saves tax for employer and employee. The following link looks good value but I have only just found it.