My SOA. Shocking (and long sorry!)

kerryhoney

Thanks Ali and Lynz. My parents came over from Brussels this weekend to see me, I don't get to see them very often, and I'd already made the decision not to ask them if I could defer payments. I agree. It's my mess and I really need to sort it all out myself for once. So I am going to. I'm going to do a carboot sale I think and rope a friend in to helping me out.

One thing that really made me realise what I was doing, as well as the whole interest thing, is realising that for every £1 I spend on stuff I don't need it's actually costing me a whole lot more than just the face value £1. It's money that I could have put towards paying off the B$%£ard debts and would help to reduce my interest, so in reality (this works in a twisted way in my head!) for every £1 I'm spending it's the equivalent of about £1.35 (11k interest on a 35k loan). And that is totally a waste of money as well!

This weekend was in fact inspired and I now have more money than when I started and managed to go out with my friend! I found some clothes in my wardrobe that still had labels on, took them back to the shop and they gave me gift vouchers. My friend wanted to buy something from the shop so gave me the cash and voila! Enough money for a night out and to pay for my weekly food shop. Yay! Sooooo tomorrow afternoon when I finish work I'm going to cook a load of vegetable goulash (soooo yummy), freeze some and then take it in for work too. As for the menu thing it definitely needs to be done so I'm going to scarper off here and not come back until its all done.

Thanks for your help (and yes, you are being harsh but I guess I deserve it)
Kerry

kerryhoney

Ooooo. Need to get a target too for paying off at least my overdraft, or do you mean a date for all of it? I really don't know how on earth I'd work a long term date out - I guess it'd have to be the snowball calculator?

Willsnarf1983

calleyw wrote:

It is going to have to be a slash and burn and everything has to go. That is the only way. Sorry to be blunt.

whilst i agree that the OP isn't quite there yet i do disagree that you need to slash and burn, some of you are happy to lose everything that interests you. Personally i am not and have opted for a sensible middle, i still goto the football, i still play golf and i still pay 25% of my salary to my debts, i could pay nearer 60% but i want a life. So what i am saying is that suggesting things like...only budgeting £5 for underwear is a tad unrealistic and if the OP wants to get there hair done then so be it (but there are more savvy ways of getting it done!)

Getting out of debt isn't all about hardship its about finding a happy median

Will

calleyw

Willsnarf1983 wrote:

whilst i agree that the OP isn't quite there yet i do disagree that you need to slash and burn, some of you are happy to lose everything that interests you. Personally i am not and have opted for a sensible middle, i still goto the football, i still play golf and i still pay 25% of my salary to my debts, i could pay nearer 60% but i want a life. So what i am saying is that suggesting things like...only budgeting £5 for underwear is a tad unrealistic and if the OP wants to get there hair done then so be it (but there are more savvy ways of getting it done!)

Getting out of debt isn't all about hardship its about finding a happy median

Will

Never said it was about hardship but it all depends on how quickly and if you really want to get out of debt or not.

I am first to say and do on many occasions if you have read my other posts that I often suggest slash and burn. The reason is it allows you to get a grip on your budget then also it allows you to add things back in they are either important to you or feel they can manage it in their budget. But also it is up to people what route they take and we are all first to say that. Which I often do.

Don't forget we can look at someones budget and not be swayed by the emotional arguments like e.g my kids will die with out sky. yes what ever I don't even have a telly. But would never suggest that to most people as they think it is rather radical. But then I never did it to save money but because of the rubbish that is on it.

Because I keep a lid on my spending and don't spend willy-nilly on things that are not important to me. Could be why I don't have any non-mortgage debt. And I am now working on the mortgage.

Yes I am boring old fart and don't go out very often but that is because I don't enjoy going out to smoke filled bars and being pushed around at the bar trying to get drink. So when I see socialising £150 a month I am like :eek: I only spend a £100 a month food for 2 and don't starve or eat loads of rubbish so when people say for 2 they spend £250 a month I again like :eek: But if you can afford it and it does not bother you then don't change.

I mean my average electric bill per month is £12 but I do nothing radical to keep it down. Just don't have lots of gadets like dvd players, widescreen tellys etc.

I mean I have not topped up my phone for over month. Why? It is not that I can't afford but I just don't want too.

It is all about choices and what is important. And I know what is important to me and owing the latest mobile phone and Ipod does not even register with me. Neither does lots of clothes or fanct hairstyles.

I wish everyone who is about has had lightbulb moment all the best. Also if you are in the slog keep at it you will get there.


Yours


Calley

melancholly

Willsnarf1983 wrote:

only budgeting £5 for underwear is a tad unrealistic

this made me smile as last week i bought 4 very nice knickers from tesco for £5 - and i shouldn't need to buy any more for ages (not that i only have 4 pairs.... i just needed some new ones!)!!

calleyw

Willsnarf1983 wrote:

only budgeting £5 for underwear is a tad unrealistic

Why what do you wear? Gold ones.

I only buy underwear when I need to and being woman I need rather more than man.

And I could manage on £5 a month as I don't need to buy underwear every month. As I stock up when I see a good sale.

So how much is reasonable for underwear then £50 a month, a £100 a month. As the OP has been spending roughly £250 a month for how long we don't know. It would not be unreasonable to suggest that they buy don't any clothes at all for the next few months.

That is why I suggested they at least budget £5 a month for underwear to keep the clothes budget ticking over until they are able to add some more when they feel the need to buy new clothes. As I knew that someone would say you can't expect them to buy stop buying all clothes.

But hey I have the life I want which is very happy thank you before you ask. As I have very few wants and needs. And no non-mortgage debt.


Yours


Calley

Willsnarf1983

whilst you make some valid points i do get a tad fed up of new people coming on here and told (and yes not in these exact words....)

Your not allowed a life, you must live on the bare minimum. It must be a hard slog to the finish line, But look on the bright side you do get to pay your debt of 3 months earlier!

Will

Ps on the clothes thing, cutting from £250 to £5 ( and yes i know you didn't say all clothes!) is ridiculous. Personally i would have asked her to set ahigher target like the groceries one because anything lower than £250 is still a saving and obviously such a high standing in the OP's life.

kerryhoney

Eeeek.... don't fight! First of all the op - is that me? I guess so. I'm sorry that you are disagreeing.....I think you are both right (creep!) in your on ways.....I'm a little scared now so am going to skulk off and leave you to it

Kerry

regularsaver1

did you buy a car for £13k plus on mortgage?

are you able to sell and get an older model?


& the governement are encouraging to rent a room to lodgers - can earn £2k per year tax free from this

waterbaby

Willsnarf1983 wrote:

Your not allowed a life, you must live on the bare minimum. It must be a hard slog to the finish line, But look on the bright side you do get to pay your debt of 3 months earlier!

Will

Ps on the clothes thing, cutting from £250 to £5 ( and yes i know you didn't say all clothes!) is ridiculous. Personally i would have asked her to set ahigher target like the groceries one because anything lower than £250 is still a saving and obviously such a high standing in the OP's life.

Hi all! Don’t fight, you’re scaring Kerry!

I reckon I must average £5 a month on clothes. I spent £18 in June on two tops and can't remember before that. As for underwear, the thought of spending £5 a month is way off my radar. Matalan do a fun selection of knickers, £1 each, which last well and are perfectly comfy. I think I buy one bra a year - thinking about it, my average monthly underwear spend is probably about £2.50. And I'm actually not trying to minimise my clothing spend. I’ve got the clothes I need. When they wear out, I get new, but they don’t wear out at the rate of £250 a month!

My priorities are inexpensive - I socialise by being involved in different activities, eg competing with my sports club, for example, and I come out of this healthier than if I'd have been down the pub. I walk into town rather than drive, because I enjoy to walk. A £10 note can hang around in my purse for 2 weeks sometimes - the occasion to spend it just doesn't arise.

Last weekend, I went round to a barbeque at my friends and spent £1 on Quorn sausages, £4 on a bottle of wine and £2.50 on a return bus ticket. £7.50 for a night out, yet I don't do this with the only aim of saving money - that's a bonus. I do it because it's a nicer environment to see my friends in than a crowded smoky pub.

My point then... fulfilment and contentment does not come in the form of high spending. If you have a go at 'slash and burn', you may find that you can be happy on a budget that you never imagined possible. You wouldn’t get this liberating opportunity if you go round chipping a few £s off here and there. Stay away from clothes shops for a month and see what else you can do!