Paid off £30K, about £6k more to go!

Choc-addict

Hi Muffin,

Hope you had a lovely weekend. Just been catching up on your posts and I have to say every time I read them it really motivates me and I can really relate to everything that you write.

I don't think I am quite there, to the point that you are but I am certainly at that turning point where I now realise that I just can't have the things that I want and need to be more frugal with everything in my life.

The spending review is def playing on my mind as work in the public sector and it is impacting a lot on my job as well as obviously the council that I work for....scary times but just makes me realise need to knuckle down and sort myself out for all eventualities!

Thanks again for some inspiring posts :A

Choc x

muffin74

Thanks Choc

I am still tempted by nice things in the shops and wish I had lots of lovely new clothes and furniture but being in debt made me so worried and miserable that even I was put off shopping and I slowly changed my ways. I am moving towards my DFD and hopefully one day I will be able to buy treats and save regularly.

I am worried about the spending review too as I pay into a teachers' pension (but work in a private school) and I live in a housing association property. I am in my mid 30s on a modest income so any changes to pensions, tax and VAT will have a big effect. I think it will affect us all in one way or another but at least we are on the MSE site learning about money - this will help us be a bit more prepared for the changes that are coming up.

Good luck Choc, hope you keep up the good work!

muffin74

I had a bit of an argument with my OH yesterday evening and money was at the root of it. He was a bit surprised, maybe because he doesn't know about or understand my money issues.

We went to see a film and had a not very tasty meal in town (which he ended up paying for) and then were making our way back through the west end. It was crowded and the streets were looking really shabby and scruffy due to building works and road works. I wasn't in the mood. I told him I was sick of going into town (I don't go in much these days) and wasting money as the west end is over priced and a dump. The area around Leicester Square/ Covent Garden was looking so shabby I don't think it is worth the money these days. If I am going to pay money to see a film or eat out I want to do it in a nice environment. He then suggested we go to a new shopping centre which has opened near St Paul's and I said "What's the point of going to look at lots of things I can't afford?".

We went anyway but I am so over shopping now. I am not into it anymore.

Looking at the crowds thronging the new shopping centre I wondered how many of them are in credit card debt and how many earn less than me. I work as a teacher so I am not on mega bucks but I am sure that most of the people going around the shops were not yuppies on a six figure salary and most were on similar wages to mine or earning even less. I was so turned off watching people blow all their money on stuff they probably didn't need.

It's not that I don't shop or that I don't like nice clothes, it's just that I want to be debt free more than anything. I bought a nice camel coat for the winter last week but I bought it on tesco.com for £40. It looks nice and will keep me warm but it is at a price I feel comfortable with. Similar coats were for sale in the mall we visited for over £200, what a joke.

Maybe I have gone from one extreme to the other but I don't even enjoy shopping malls now. I think they are a rip off and temples to credit card debt.

My OH does not have consumer debt but he has a small mortgage. He is happy to pay it off slowly but on his salary he could pay it off early or at least make a few overpayments. I don't know why he is so complacent about money. He was almost made redundant last year. He has been doing overtime and saving up but he doesn't seem in any rush to pay off his mortgage and doesn't seem to worry about the risk of being made redundant in future. He still fritters a lot of his spare cash away on books, DVDs, meals out.

I am beginning to wonder if we are not financially compatible. This might not bode well for our relationship. Does anyone else have money differences with their partner??

muffin74

I haven't had time to write here for a while because I have been busy at work and at home. I was on a bit of a downer last time but I am bearing up. Plugging away and trying to be careful. I had an expensive weekend last weekend because I had to take the cat to the vet for his annual check up and also had to go to the hairdresser. However, I had done some tuition and babysitting earlier so I didn't feel so worried about it. I did a big online shop with asda when I got paid and have been eating my way through that so that has cut down on the food shopping bills! I have also been "shopping my freezer" and thawing out meals which I had previously cooked and frozen.

Work is stressful at the moment as my school is being inspected soon. However, having less debt makes me worry less about work.

Today I got a phone call from someone at the Financial Ombudsman service. I sent them a PPI misselling complaint several months ago and the adjudicator has just contacted me. I was glad to hear from her as that means that the complaint is being dealt with and I know that I am closer to getting a decision. I have taken other complaints to the Ombudsman in the past and was very successful, receiving refunds of over £5000 which I put towards my debt. If I am successful this time, I will do the same thing with the money and pay it towards my one remaining loan.
It doesn't take long to fill in a form or print out a letter but it could lead to hundreds or even thousands of pounds. If the bank or the Ombudsman says no it is not the end of the world but it is always worth a try. Nothing ventured, nothing gained.

I must apply to the bank for credit card charges to be refunded too, I was reading about it on this site. I have paid off and closed my credit card now so I could do that.

I have bought my ticket back home for Christmas and I have started buying presents. I have taken advantage of special offers in the shops and have not spent too much. I have bought presents for my partner, his niece and nephews, his mum and brother. His niece's present cost me nothing - I printed out a £5 Debenhams voucher I heard about on this site and bought a £5 lipgloss set with it.
His nephews are just getting a box of chocolates each and they were 2 for £6 in Tesco's! One of the presents I got my partner is the new Keith Richards book (he likes the Rolling Stones) and that was half price in Sainsbury's. I got my Christmas cards and wrapping paper out of the 99p shop too. When I get paid at the end of this month I will get my parents presents. They are not massively materialistic and don't want me to spend lots of money but I will get them a few nice gifts on a budget.

My Mum has a tradition when I come to visit of buying me and her matching pyjamas from somewhere like Primark. It is cheap but a fun thing to do and it is nice for a girly night in with a DVD and some munchies! I am really looking forward to seeing my mum and dad and relaxing for a few days at Christmas. I will be able to relax for the first time in years knowing that I am so close to paying off my debts.

muffin74

I noticed that lots of people on the internet (not this site but other ones I have visited today) have been commenting really negatively on the upcoming Royal Wedding and saying it is a waste of money etc. What do people on the MSE Forums think??

I am not a fan of the government or of the Monarchy as an institution (and, of course, I hate money wasting!) but even I think some of the comments have been really mean and nasty. I have nothing against Prince William as a person, he comes across as a really decent, humble guy. I thought it was quite touching (and a bit spooky) that he gave Kate Princess Diana's engagement ring as well.

I may be skint at the moment and I am well aware that there are lots of inequalities in our society but that doesn't mean I can't wish them well. I am also looking forward to seeing all the frocks, hats and Kate's dress. Have I totally lost the plot? Am I being soft in my old age? I hope not!

The thing is, I don't really see any point in trashing William and Kate. I don't think I will get out of debt or become financially secure by envying other people or slagging them off. Quite the reverse.

Since I tried to sort my finances out about 5 or 6 years ago, I really revolutionised and changed the way I thought about money. I transformed the way I saw myself and my finances in relation to other people and their money.

When I was younger I did feel a bit self conscious about not being from the same background as people I went to Uni with and sometimes I resented them for having advantages I didn't have. Maybe that is why I used to buy things I couldn't afford.

When I decided to sort my finances out, I stopped comparing myself to other people. Instead, I thought to myself "Why do I envy these people? What do they have that I want?" I realised that I wanted stability and security, I wanted financial independence, I wanted to travel, I wanted to spend my free time doing things I enjoy. I used that to motivate me to tackle my debts and work towards a debt free and financially stable future. It really worked for me and was much more productive than having a chip on my shoulder or being consumed with envy.

So, despite being a moneysaver and a working class person I am happy for William.

PS I hope that by the time they tie the knot next year I will be debt free!! Double celebrations!

peaceandfreedom

muffin74 wrote: »

I am not a fan of the government or of the Monarchy as an institution (and, of course, I hate money wasting!) but even I think some of the comments have been really mean and nasty. I have nothing against Prince William as a person, he comes across as a really decent, humble guy. I thought it was quite touching (and a bit spooky) that he gave Kate Princess Diana's engagement ring as well.

I may be skint at the moment and I am well aware that there are lots of inequalities in our society but that doesn't mean I can't wish them well. I am also looking forward to seeing all the frocks, hats and Kate's dress. Have I totally lost the plot? Am I being soft in my old age? I hope not!

Well I agree totally with you. I think that whenever there is a big positive news story, there are always people who will seek to put a downer on it.

I think that Prince William and Kate Middleton seem very happy together, they both seem sensible and down-to-earth (well, as down-to-earth as an heir to the throne can be). I wish them a long and happy life together.

I think the actual wedding day will be fascinating to watch - I also like looking at the fine style and the pomp and ceremony. Hope we all get a bank holiday to watch it. On a more practical note, a royal wedding is also good for the country. It is like a gigantic advert for London and the whole country, will boost tourism and generally be a positive thing.

Of course the royal family are very wealthy but what's wrong with that? I can't stand begrudgers - people who hate to see people who are better off / more successful / more famous etc.

The media did go a bit bonkers yesterday though. When the BBC 6 o'clock news came on, I turned over to Eggheads - there's only so much royal wedding coverage I need in one day.

JoKay_2

Hi Muffin - just read your thread through and wanted to wish you all the very best in your final trek towards debt freedom!! :beer:

Your thread is very motivating and your insights have given me food for thought - stability & security is what I'm looking for too - I'd rather have money in the bank than an expensive coat!

muffin74

thanks guys! Hope we will all reach our DFDs soon!!

money_honey

muffin74 wrote: »

When I decided to sort my finances out, I stopped comparing myself to other people. Instead, I thought to myself "Why do I envy these people? What do they have that I want?" I realised that I wanted stability and security, I wanted financial independence, I wanted to travel, I wanted to spend my free time doing things I enjoy. I used that to motivate me to tackle my debts and work towards a debt free and financially stable future. It really worked for me and was much more productive than having a chip on my shoulder or being consumed with envy.

Hi Muffin, I've just read through your posts and I love what you said in the above quoted section. I too am trying to get out of debt and your post made me think about what I really want. I have a wardrobe bursting with clothes, shoes and handbags and lots of material possessions but do you know what? I want to spend my future financially secure and not worrying about debts! I've started clearing things out and so far have two huge bags full of things I don't need (or even want), and I'm going to carry on sorting ruthlessly, do a car boot sale with the things and put all the money I make towards paying off my credit cards. So thanks for your inspiration! :A

copperjar

I'm really enjoying reading your thread - hopefully I can get to where you are in the not too distant future.
Did you find it easier giving yourself tough targets every month to pay off your debts, or slightly easier, realistic ones which you could then "top up" the more you saved on a week to week basis? If that makes sense!!