Getting a grip of my finances and getting a better life!

wolveslass

So here I am. Finally came to my senses on the 1st July 2010. Since then my spending has dropped dramatically and I am really up for getting rid of my massive debt. I earn a good salary, so luckily I can keep up with repayments but I keep overspending.

So, the credit card is left at home and if I can't afford it I don't buy it. A simple philosophy I know, but one that I have been loath to follow!

I am trying really hard to overpay on my credit cards, and I am shifting the debts to 0% all the time. This month, so far I've cleared just over £1000 so I'm proud of this. I would love to be debt free in 3 years and have a better life to offer my little boy. A mom who worries less would be a good start!

Today I got a promotion at work, it's only temporary maternity cover but it's a couple of hundred pounds a month more, so this will go towards my overpayments, or perhaps Xmas savings. I am determined not to buy pressies, food etc. on the credit card.

I find this site a great motivator and I've decided to post my progress as often as possible to keep me on the straight and narrow. I am trying to do a payment a day and I hope to start the next 1 debt -v- 100 days challenge.

Here's to a debt free future and good luck to everyone out there who are also battling the debt demons!!

wolveslass

Well today I transferred a balance to 0% so that gives me another 12 months grace. I have had to set up an excel spraed sheet to keep track of my debts, interest rates, end of promotional rates etc. It's really scary to see it all in black and white, but also quite a relief to feel a bit organised. At least this way I can't run away from the reality of my debts, and every time I make a payment I can see the total owed dropping and it gives me the incentive to continue. Before I just dreaded the statements coming through, now there are no surprises and the balances aren't growing. I did have a 3% balance transfer fee to add to the balance, but in the long run that's cheaper than all the interest, so a small price to pay.

I also got a payment from a survey company today, only £3 but that went straight off the Barclaycard. I've decided that all extra cash I make goes straight to debt repayment as I wouldn't have usually had it so I won't miss it. I hope I can keep my positive frame of mind up, because over the past few months, when the doldrums hit they've hit really hard!

penelopedee_2

Hiya Wolveslass, good luck with the debt busting. I love the 100 day vs debt challenge too, works brilliantly for me

saorsie

That's a fabulous amount to clear in your first month - Wolveslass well done you :T

Have noticed you on the PAD thread and will keep popping in here from time to time if that's ok to see how you're getting on

-s-

savingholmes

Good luck with the pad-ing

wolveslass

Thanks for all the support everyone. I have tried really hard to buy nothing but absolute essentials this month, hence the high PAD total. Not sure if i'll be able to maintain it as the freezer is now getting low, having lived out of it for nearly a month!

I'm off on holiday to Cornwall for a week on Saturday. I have saved up the spending money and anything not spent will go straight to a debt payment. I don't intend to be tight on my hols, but I won't be spending like I usually do! I have also bought no new toiletries for the hols, can't remember not doing this before, and no new clothes either. Make do is the new motto!

I shall stop Padding while I'm away and then start again with gusto a week on Sunday. Even if it is just the odd £1 it soon adds up.

Keep going everyone!

wolveslass

Off on my hols in the morning and for the first time in many years I will not be taking a credit card with me for 'emergencies' It's amazing how a new bottle of perfume, nice meal, etc. can feel absolutely necessary when you have the 'safety' of a credit card.

Some of the spending money has already gone on petrol, but hopefully it is all under control. It'll be interesting to see how I get on with my frugal holiday!

I have put a box of food together for the cottage, picnics etc., so spends should be minimal. I will post back when I am home.

wolveslass

Well I'm back off my hols and spent within my limits with no credit card use. This is a major achievement for me so I am pleased. I've come home and caught up with all of PADs, a grand total of £505 off my debts today.

One disappointment is that I came home to a massive final bill from EDF so this will need to be paid this month so that I can move suppliers. This will obviously limit the amount of cash that can go to debt repayments. Still I guess I should count this bill as a debt as well. I hope I've switched wisely, but EDF seemed extortionately expensive!

whatatwit

Hi, bit of a blow about the large final bill, but now you are starting afresh it should be easier to keep track of your usage. Is there an online meter reading facility with your new supplier?

Good news about the no credit card spend holiday.

wolveslass

I've changed to southern electric so I'm hopeful that they will be better. I'm going to register for their online service and see what they've got. My parents managed to get a thing that logs their usage daily. They got it free, I'll have to find out what it was.

wolveslass

Another £2 pad today as I am throwing all my extra pennies at my Halifax credit card as the 0% runs out on this first. I am also exercising lots now, it stops me spending loads in the shops, as I run instaed and I spend less on food as I'm trying to be good. The only problem is that I yearn for new running shoes - save, save, save .