Trip the Light Fantastic

TheLightFantastic

Hello everyone.

I've now decided that 2010 is going to be MY BREAKTHROUGH year. I am getting out of debt. I am giving myself 10 months to finally tackle my debt. I am one of those people who have a great job which I really enjoy but never seem to have any money. I've done a bit of travelling, but I have never saved for a holiday. Everything goes onto my credit card or overdraft. I don't have any savings and if I lost my job today, I would be out on the streets. This is my year.

As at today's date, the following are the debts that I'm looking to pay off:
HSBC Term loan: £3,572.80 (monthly repayments of £357.28)
Barclays credit card (the devil!) £1,600
HSBC Flexi loan £1,899.66
HSBC overdraft: £300

I have a couple of holidays this year and am worried that I won't make my payment objectives, hence my starting a diary.

I really struggle with long term objectives and am hoping that the discipline of having a diary will really help to keep me focussed. I will share my debt repayment plan in my next post (it is still a work in progress )

After paying off my debts, I intend to start off by creating an emergency fund of 3 months of my net salary and then focus on saving for a deposit to get onto the property ladder!!

Here's to 2010!:j

Nottoobadyet

Yikes, are you sure you're not me? Your situation sounds eerily similar to mine, though I dont have credit card debt...

Itchy feet are a killer, eh?

TheLightFantastic

Hi Nottoobadyet

Just been reading your diary and I have to say I can relate in so many ways..

Itchy feet are the worst! My friend called a couple of days ago to invite me to his wedding overseas in May. Flights alone are £385 let alone spending money as I really want to go exploring. I need c£800 as a minimum and I don't have that in my budget :-(

TheLightFantastic

As per my first post, please see my first 3 month plan below. NB Am so skint I had to max out my flexi loan in the last 4 hours.... :eek:


HSBC Term loan fixed repayments
Jan 09 - 357.28
Feb 09 - 357.28
Mar 09 - 357.28

HSBC End of Month Bal
Jan 09 - 3,215.52
Feb 09 - 2,858.24
Mar 09 - 2,500.96

Barclaycard repayments
Jan 09 - 0
Feb 09 - 900.00
Mar 09 - 743.00

Barclaycard est. end of month bal (net of interest)
Jan 09 - 1,600.00
Feb 09 - 727.00
Mar 09 - 0

HSBC Flexiloan repayment
Jan 09 - 0
Feb 09 - 35.00
Mar 09 - 35.00

HSBC Flexiloan est end of month bal (net of interest)
Jan 09 - 2,000 .00
Feb 09 - 1,992.00
Mar 09 - 1,984.00

HSBC Overdraft repayments - nil
End balance over 3 months - £300


Right, so I am working on a 3 month budget to start off with. In the past I've tried mapping things out over 12 months and have just felt like I would never get there! This way, every 3 months I can feel a sense of achievement - this will in no way involve me skipping off into the sunset, credit card in hand on the way to the mall:rotfl:

spendtoomuch

good luck, you sound like you have a good plan and I hope you achieve it. x

TheLightFantastic

Despite being a cold and dreary day, I'm feeling a bit elated! Just reworked my budget and January is going to be the first month since June 09 when I'm not going to go over my overdraft limit! Oh joy! Oh rapture!

My repayment from the HSBC term loan was debited today - Just nine more repayments!

I'm moving to a cheaper flat in 2 weeks so I'm busy going through my stuff. Am now a believer in quality not quantity so am sending wearable clothes to charity. Ehr, I'll carry on after I finish watching "The man who went up a hill and came down a mountain".....heh heh!!

Oh, I've also worked out that if I stick to my guns, I can save £10k this year. But I need to first pay off my Barclaycard, overdraft and flexiloan leaving the DD for the HSBC term loan. So I too now have a £10k in 2010 challenge. Yipee!

Nottoobadyet

Oh dear! Who needs the extra motivation to buy tickets, eh? And the problem with travel is that you cant sell it on ebay afterwards

Best of luck! You say you already have some holidays planned for this year, have you looked into any ways to make them cheaper? I've already committed to a trip to Croatia in the spring, but after some research it looks like we'll be able to spend most of it camping rather than going to hostels / cheap hotels in towns, so that cuts a fair bit off. Plus it will give me the chance to break out the new hiking boots Im getting for X mas!

rustysmart

Hi TLF, just been reading your diary after posting on the same thread as you (DFW Nerd).

Sounds like you have got things sorted as far as looking at your debts go and budgeting.

Wishing you loads of luck for the coming year and well done for having for LBM. :j

TheLightFantastic

And here is to 2010:beer:

I am at home at my computer. The fact that I'm not out partying madly says something about my new goals (that and the fact that I'm skint:mad:)

This year, I have only 2 resolutions:

Get out of debt

Be happy.

Thats all I want.

Have a good one everyone and remember "Every man is born as many men, and dies as a single one"(with thanks to Martin Heidegger) In my case, every woman.

This is MY year. Have a good one everyone.

:j

TheLightFantastic

I really should be concerned that I'm spending so much time on this forum. Reading people's debt diaries is very enlightening.

Being a single woman in her early 30s, I've just realised that of late I've started taking men's attitude to money into consideration . That is way too sad. Seriously.. talk about the proverbial sea of men turning into a pond:eek:

(typed during a LBM while eating hobnobs smeared with Nutella )

Nottoobadyet

TheLightFantastic wrote: »

I've just realised that of late I've started taking men's attitude to money into consideration . That is way too sad. Seriously.. talk about the proverbial sea of men turning into a pond:eek:

Oh the poor blokes! :rotfl: Every film, date and experience has told them that they will be more successful by being free with their money when they meet a new lady, then you come along and through a spanner in!

In my experience, the sea of men has always turned out be more of a puddle... :rolleyes: