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

wolveslass

£97 paid today off my Nationwide card. Although everything is on 0% some of the repayments are high. I used to have virgin and as a lot of you probably know the repayments are always a very affordable £25.

This is great if you are skint, but actually the balance hardly shifts, so when the interest free period expired I shifted to santander's 0%. Yes the repayments are much larger (£100 per/month) but I can just about afford it and at least I can see the balance falling. This way I am forced to pay off larger amounts each month, otherwise I would still be paying the £25 in 10 years time:(

My next concern is whether I will be able to get another 0% deal when my next 0% expires in November. I am overpaying on this one to get the balance down but there will still be about £3000 on it when the deal ends. I have a good credit rating and have never missed a payment, so I am hopeful. I wonder whether eventually they work out that you are just constantly shifting debts to 0% and say 'No', I hope not.

wolveslass

Well I haven't updated for a while but I'm still on track. I've put 5 items on ebay, which is the first lot for a while and already made £15 on one. I've also got some pennies due from survey companies and free scratch cards so this all adds to the debt repayment pot.

I'm really feeling positive now, this is the first time in ages that I haven't resorted to spending on my credit card and it's great to see the balances dropping. Although I still have debt this more positive frame of mind is definitely having a good impact on my quality of life and therefore the life of my family. I'm in a better mood and I'm not feeling down in the dumps all the time. I've accepted that I can't continue with the spending and now I'm addicted to clearing debts! It's amazing how much it helps just to face up to the problem and not keep burying your head.

wolveslass

Hello everyone,

I am waiting for payday this week and it can't come soon enough! I've paid £100 off Santander and have now cleared 6.1% of my debt since the 1st July. I love watching the numbers fall, and although it is going to take time me and my OH are really towing the line and analysing every spend! It is great to finally feel like I am in control and although money is always tight we know that it won't last for ever. Short term loss for long term gain and all that! I now really need to think about getting some savings together for Christmas so I don't spend on the credit card. The best thing that I have done though is take the credit card out of my purse, no temptation then.

seasideDreamer

I love payday too, its great being able to pay all the bills for the month and seeing those balances fall. Also then you know what you have to play with for the month. In my case looks like another expensive one, friends wedding...just the hotel to pay for but petrol down to ST Agnes will cost. Its a break though so it will be great and I can't wait to get south-west its been too long. Lol and another excuse to convince boyfriend he really needs to find a job by the sea so we can move!

CITDFW

sounds like your doing really well, i've subscribed if thats ok :-)

wolveslass

Welcome to you both and thanks for the replies. Hope you have a good break down south seaside dreamer. I've not long been back from Cadgwith on the Lizard peninsula, so I can understand your dream of a move to the sea!!

wolveslass

Pay day arrived and I've made a lot of my payments for another month. I have made quite a bit in the last week or so on Amazon and ebay, so I'm going to try to keep this up this month as it gives a good boost to the income. Next pay day I should have a rise as I have a temporary promotion at work, so that will also be a big help.
Next month with that extra cash I intend to begin getting some Xmas pressies, at least my son's, and close family. Me and the other half are going to set a limit to the amount we spend on each other this year so we'll just buy each other something small to cut costs. I love Christmas but it really does put pressure on the finances. I'm glad that my son is only a toddler as he hasn't yet started wanting all those expensive electronics!! Hopefully by the time that age is upon us we'll be in a much better position financially, ie. no debts, and hopefully we'll be able to save a considerable amount!

wolveslass

Just a quick update. I have now cleared 12% of my debt since 1st July. It is great to watch the numbers drop. I manage to pay up to £1000 per month off debts but this may drop due to Christmas.

I have bought quite a few Christmas presents already and luckily for me lots of family members have contacted me to say 'Just buy for the children this year' so that will cut costs a lot. Perhaps they're feeling the pinch too!

I have managed to sell lots on ebay etc and I always shop round for the cheapest deal, money back etc. Lunch is always made at home, and any luxuries are limited. I know that my lifestyle has changed dramatically. I never carry a credit card, never spend on them and they are all 0% so all debt is interest free. I don't go out much but we have some fun times cheaply. I just keep thinking short term sacrifice for long term gain. Hopefully debt free in 2 years!

wolveslass

Well I'm back!

Over a year since I started this journey and I've had a difficult time in the last 6 months. A few big bills have slowed my money saving and I started to feel like things were going wrong again in March.

I had about 8 credit cards with various debts, all on 0%. In theory this was great, but all 0% were due to end round about the same time. Despite keeping up with repayments I struggled to know what to pay when, despite my rather anal obsession with excel! My main concern was that due to having virtually all of the cards which have good 0% deals I was unlikely to get accepted for another.

My solutioon, which I know some people don't like the idea of, was to consolidate my debts into one loan. This works for me because I now have one payment to contend with, not 8, and I have a set end date of Jul 2015. Taking out the loan meant that I now have added interest, but I am still below my original debt. Also all of the fees that I would have to pay by transferring credit cards would probably have worked out to a similar cost as my interest.

I am by no way out of the woods but I can now see that light at the end of the tunnel.

My next concern is that I am going on maternity leave in a few months so I am trying to pay off/save as much as possible so that I don't drop back at all.

When I was feeling down my response was to stop posting on here and bury my head again. I didn't return to my old ways but I felt that my progress was too slow.

Now I feel more confident again so posting is resumed!

Any advice is always greatly appreciated.

MissShoes

wolveslass wrote: »

Well I'm back!

Over a year since I started this journey and I've had a difficult time in the last 6 months. A few big bills have slowed my money saving and I started to feel like things were going wrong again in March.

I had about 8 credit cards with various debts, all on 0%. In theory this was great, but all 0% were due to end round about the same time. Despite keeping up with repayments I struggled to know what to pay when, despite my rather anal obsession with excel! My main concern was that due to having virtually all of the cards which have good 0% deals I was unlikely to get accepted for another.

My solutioon, which I know some people don't like the idea of, was to consolidate my debts into one loan. This works for me because I now have one payment to contend with, not 8, and I have a set end date of Jul 2015. Taking out the loan meant that I now have added interest, but I am still below my original debt. Also all of the fees that I would have to pay by transferring credit cards would probably have worked out to a similar cost as my interest.

I am by no way out of the woods but I can now see that light at the end of the tunnel.

My next concern is that I am going on maternity leave in a few months so I am trying to pay off/save as much as possible so that I don't drop back at all.

When I was feeling down my response was to stop posting on here and bury my head again. I didn't return to my old ways but I felt that my progress was too slow.

Now I feel more confident again so posting is resumed!

Any advice is always greatly appreciated.

Hey wolveslass,

i think consolidation loans can work if you've got the discipline not to spend on the empty cards. Have you closed all the 8 cards or kept one?

Can you overpay on the loan if you want to/are able to?

I know what you mean about having everything in one place is easier to manage. Whenever I pay off a debt my life gets just a little simpler the next month!

Good luck with it all

Shoes