How to balance becoming debt-free with having a life??

moneysaver599

I've only really been trying to pay off my debts for a couple of month sbut it's already getting to me and I still have about a year to go before I'm debt free.

I barely have anything left after my bills, groceries and debt repayments. I'm only 19 and my friends think it's hilarious when I tell them I won't be out over the next few weekends as I need to pay off things.

I've just slipped up over the weekend after getting annoyed with having no money and then went out and spent about £80 on new hamsters and accesories, paint and some little bits and bobs for the flat and also treated myself to a new pair of trainers so I can go running or to the gym.

I always feel like there's something I "need" and feel like I'm missing out or struggling. I.e right now..

My work clothes are all worn, especially my shoes and I feel like a bit of a tramp all the time.

I'm dieing and trimming my own hair to save money but it's really needing a good visit to the hairdresser.

I live quite rurally and often feel stuck out where I live, I'd like to do driving lessons but can't afford it. This would save me money on bus and travel costs and would also make my working day approx 2 -3 hours shorter each day. How do I budget for this and justify it??

I'd like to go swimming to tone up a bit but it's £3.00 a session!!!

My underwear is GREY and makes me feel awful!!!


As you can see, the list could go on and on and I'm just feeling a bit sorry for myself. It seems like all the normal stuff my friends enjoy but I just can't justify it even though I work hard and am on a good salary for my age.

Think I just needed a moan

redsquirrel80

Hi moneysaver.. it is tough at times. Have you done an SOA to see how your budget looks and if you could make any savings anywhere? Try to allow yourself little treats - have a look at the Freebies board to see if you can pick up some free cinema tickets, little pampering samples etc, and the Up Your Income board for some ways to earn extra cash/ vouchers which you could use for clothes maybe?

As you have bought new trainers, running is great for toning up and making you feel happier so go for it!

And finally, although you feel like you're missing out at the moment, the whole experience will make you value those 'nice' things more when you can afford them. It's fantastic that you've got a grip on your debts now, it will put you in such a good position in the future, so stick in there.

hoothoot

Aww Moneysaver, I feel exactly the same way! My undies are grey, my 'best jeans' have literally no crotch, My hair is ridiculous...

Way i'm dealing with it is i'm planning on selling bits on eBay, and using the money to buy some new things for just ME. jeans definitely have to be first on my list

Keep at it lovely x

immoral_angeluk

budget, budget, budget!
Budgeting for odd treats and days out etc will give you an amount of 'living' money.. you can then use this money more efficiently by using vouchers, deals, charity shop splurges etc..

gonzo127

well just think about it this way you are 19 and already realised you need to be debt free that is incredible!!!!! especially when you take into account you only have 1 year to go so by the time you are 20 ish you are going to have no debt i am very jelous!

do you know you friends actually have the spare cash or are they just getting themselves in more debt to have the lifestyle now? i would be shocked personally if it is actually spare budgetted cash for all these nice new things they have! i think if you went deep into their finances they are probably getting themselves in a world of debt trouble for the future

anyways as other have said check the up your income bit for some good ideas on how to get that spare cash for some things

maysmummy

Do you have a MSE friend/partner (in real life IYSWIM) ?Mum? Sister?

It's quite a lot more fun in two than on your own.

foxgloves

I agree with the last post. I was exactly your age when I first started to get into debt and it took me 20 years to decide to do something about it! Now my partner & I both live within our means and the debt is almost gone. Once it's gone, you do find you can afford to have some treats so try not to get too down. It's not for ever. The simple equation regarding debt is always the same though. If we spend more than we earn (however big our salary may or may not be), the result is debt. It doesn't matter what banks & credit card companies tell us to try & get us to have more cards & loans so that they make more profit......the only possible result of spending more than we earn can be debt.....so however fed up you are sometimes feeling, you are doing the right thing & making sure you will be in a position to have nice things in the future.

Woowoo

Stick with it Moneysaver, I have been in debt since I was 18 years old and as I did nothing about it, every year the amount I owed just went up and up. I finally had my LBM last Aug at £18,650!

Just think 1 year of sensible budgeting and you can be free for the rest of your life, whereas I have another 5 years of being strict with myself to get out of this mess!

pure_dead_dopey

Moneysaver

You are a little gem, if you've grasped the concept of not getting into debt at your early age you are practically a genius!! I'm 54 this year and its only just dawned on me!!!
Things will get better and I know what you mean about the underwear and the shoes. You are only young and your earning potential will increase as you get older, and because you've "got" finances, that increased income will be just for you in the future.
Have you tried doing online surveys/clicking? Doesn't take a lot of time and you can get money/high street vouchers which could be saved for things like a wee shopping trip and some new undies? Cashback sites, did you buy those trainers through a cashback site, you could of got some of the money back....... There are ways to extend the budget, you just have to think carefully how it can be done.

One last questions, I might be getting a bit on the elderly site, but did you mean you bought hamsters (small furry creatures in a cage) or is that slang for something else.
and
let me know please?
Good luck and keep up the good work
PDDxx

katenut

I think that debt-busting is a bit like dieting - you have to allow yourself the occasional small treat, otherwise if you fall off the wagon it tends end in a huge binge!!
Surveys are a great way of making some extra money for new clothes etc, and allow a small 'entertainment' budget each month or you'll go crazy denying yourself everything.
As for the driving lessons, why dont you do a SOA including the driving lessons to see if it is realistic to do them? If it will save you money in the long term it might be worth it, even if it pushes your DFD back a little. Do you have any nice friends/relatives who could give you some lessons? I used to have one 'proper' lesson a month, and then practiced with my brother in between.
I wish I'd been as sensible as you ten years ago - I only had a tenth of the debt then that I have now
Stick at it, it'll be worth it in the end! xx

josephine82

Moneysaver- it is really difficult. Especially if in the past you have let yourself have everything you want!

I second what everyone else says about looking at your budget and seeing if you can incorporate the driving lessons or swimming etc. it may be you have to forego some other things but I'm sure your budget can be worked through to get what you want!

If not then survey's, mystery shopping, cashback websites and ebay are a great way to make a bit of extra cash. Can you ask for money for clothes for your birthday? Can you do any odd jobs for people for the odd bit of cash? Take in ironing, baby site, dog walk....I don't know..anything to get a bit of extra income here and there to buy the things you need?

You have to try to think long term- which I know is hard when your friends bug you about going out etc but just be strong and think about why you are doing this.

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