Sorting out my life - Part 2!

copperjar

Oh dear. For the first time ever, I've actually worked out how much total debt I have, including loans as well as credit cards.
£23,785.20 :embarasse Bloody hell!
And I've remortgaged a couple of times as well but I can't even think about that. Just done the snowball and my debt free date won't be until May 2015 :eek: Another 5 years.

I need to completely focus on getting rid of this debt and will set myself (realistic) targets to get the credit cards paid off as soon as physically possible - and then I can work on the loans. Scary stuff.

jwil

It's scary when you first calculate that figure isn't it. But I always find it a bit of a relief as I figure (hope!) it can only go down from there. It is satisfying seeing those numbers come down and your DFD come down too.

copperjar

Thank you once again jwil. Its lovely to get comments and yours are particularly encouraging.

I didn't sleep very well last night, but rather than it being due to stress worrying about my debts, it was more excitment (for want of a better word) at thinking of ways to pay them off! I think seeing the total figure of my debt has made me realise more than ever that I must make changes now and start sorting them out. I've been living beyond my means for far too long, whether it was when I was a student, got my first job, or earning a good wage as I do now. In fact, the debt has gone up faster the more I've been earning which is just crazy. I can't believe that on top of that, I've also remortaged a couple of times, and other than a new kitchen (which I think I got a loan for but then spent!), I don't really have anything to show for it.

The one frustrating thing is that I'm desperate to make inroads into the debt, starting now - but have so many expenses coming up, I'll be lucky to stay even stevens. But that's my first goal. Pay for the car service and MOT, Christmas, mums birthday AND pay off my overdraft by 1st Jan, without increasing my credit card debt. Then I can focus on the cards.

So the first challenge this month is to get £200 extra to pay for my car. Things to do this weekend:
- sort out cupboard in spare room for things to ebay
- take hard drive out of old PC
- ebay old PC
- ebay at least 10 other items
- sort out clothes

Other than ebaying, I'm at a bit of a loss at how I can make some extra cash. Any ideas?

loopylouc

Hi Copperjar
Goodluck with your new diary and your debt busting.
Brilliant news about your ebay sale, I agree with you that cash in your hand feels more real. Thats a change that we've made since starting to tackle our debts back in July. I work out the budget on payday and then withdraw cash from the bank for anything that needs to be paid for (food, kids stuff etc) being able to see the amount dwindle during the month certainly focuses the mind.
Could you use the ebay money for your mums birthday present?
As for more money making ideas - ebay is good at times but have you thought about doing online surveys. They can be tedious and slow at times to get to the levels for withdrawls but its all a bonus. I've used valued opinions, started in July and have £20 in vouchers and from Toluna I've had a £15 amazon voucher which I've used towards a Christmas present. So although it may not be cash, you could get vouchers to pay for something that you would have had to pay cash for. Hope that made sense.
Good Luck.
lou
ps - also under threat of redundancy have to start reapplying for my job in the new year - fingers crossed for us both

cazmcf

Hi copperjar, I've been reading with interest, you sound just like me 6 months ago.

Back in april I had my light bulb moment and was so excited to start making inroads into the the debt but we were going on holiday in june, so every penny had to go to that which is so frustrating when you think of how much could have been coming off our debt.

When I got back I wrote down every debt on a single piece of paper and every time I make a payment I write down how much I've apyed with the date and the new total. It's really exciting watching the figures come down. I also spread my payments throughout the month so at least once a week one of the totals come down (I'm too impatient to wait monthly)

I'm not really sure how to make more money. What we've done is learned how to manage the money we have much better. We have roughly the same income as a few years ago but back then we were counting the pennies at the end of the week and we didnt have as many outgoings. We have no idea where all that money went, we tyr not to think about it.

Most importantly in our budget is food (after rent). We're a family of four and we spend around £100 - £120 a week. Which I know is scandalous to some but that does include toiletries and cleaning products. I always write out 5 or 6 meals to have in and use which ever goes out of date first. The reason only 5 or 6 is we nearly always have a chinese:o and sometimes one of our mums makes a dinner:o.

After that is making sure there is enough petrol for the week and then £40 for other thing, including shop top ups and school/club bills.

Th rest of the money then goes to debt busting and boy is it satisfying seeing those totals come down.

I dont get envious going into shops or when someone says they are going on holiday anymore because I know they are most likely getting into debt and that some day that £700 a month will be mine and what will I do with that!


Sorry for the long post. Well done on your light bulb moment, the only way is up from here on in!

copperjar

Some happy news. Just got a statement for my co-op loan and I owe less than I thought. I'll change my sig to reflect that. Its strange that the tesco loan hasn't gone down at all, but the co-op one has and I've had it for 2 years less. Scary when you think about it really - the interest must be calculated differently or something but I had/have no idea. Yet we willingly sign up to £000s of credit without knowing what it all means.

Lovely to get some more comments as well - hello to you both :wave:

loupylouc - definitely agree about getting cash out at the start of the week/month rather than use debit cards. I've started doing that too, and believe it or not but that £6 I had in my purse on Tues is still pretty much intact! Thanks for the advice re surveys, I'll have a look at some more sites. I signed up with YouGov a couple of years ago and despite seemingly spending hours doing them, I've never managed to get to a level where I can withdraw. Will restart with them though. And yes, the £25 eBay money will probably be used on Mums birthday present - which although isn't paying off a debt, it is stopping my debt from rising any more.

cazmcf - I've just designed a spreadsheet so I can do the same as you and see the figure coming down. I want to make a payment now! Damned you MoT!! Most of my money on a week to week basis is spent on food and petrol too. I really do need to look at reducing my food bill and learn how to cook.

I love some of the little ideas on MSE - like PADs and NSDs and that's certainly something I'm trying to do. Mind you, I've tried to do NSDs this week, which I thought would be easy now I've stopped smoking (day 3 - yay me!) but I still haven't managed a full day without spending something! Thought I'd managed it today but booked my MoT online and had to pay up front. Grrr!

jwil

Ebay and amazon selling are my main things, but like loopylouc I also do surveys, Valued Opinions, Lightspeed, Synovate, Ipsos, Harris Poll and probably some others too! They can be a pain, but it's nice when the cash/vouchers come through! I also do bingoport which you can get amazon vouchers from too.

I have dabbled in the past with mystery shopping, but haven't done anything for a while.

Have a look on the up your income board on here - there's loads of ideas for earning a bit more cash!

Good luck with the ebaying!

copperjar

PS loopylouc - good luck with your job. We've got a complete restructure coming up which will result in some redundancies and then on top of that, these 28% efficiencies to find so even more redundancies. Its a scary time. And I'm in one of those middle management jobs that the media are so obsessed about slating! I'm in a very precarious position!

copperjar

I have been able to smell freshly brewing coffee all day, but there's only me here and I don't have any coffee in. Think I'm going insane!

Other than that, have had a lazy Saturday so far. Had a little look at my to do list and I'm in a bit of a can't be bothered mood, but if I want this debt gone, then I've got to motivate myself! I've just removed the hard drive from my old PC which I'm really chuffed about. I'm not the most technically minded of people, but I managed to do it with the help of google. Yay! Just have to photograph the old PC now and get it on eBay. Have struggled to find 10 other things to list. Have got 8....must keep looking.

Another none smoking day as well (now day 4) which I'm extremely proud about. Had a little wobble last night but resisted. Still haven't managed a complete No Spend Day mind you, every day something comes up even if it just costs a few pence (today its milk). I thought it would be easy - hats off to those people who can do more than 10 NSDs in a month. I've also been looking for an app for my iPhone where I can keep track of all spending. The ones I've used before were too complicated and I just gave up. The current one is too basic and doesn't give enough detail! If anyone has a good one, please let me know. I've spent £100 this week and I'm not entirely sure what on - £30 MoT booked, £40 petrol - where's the other £30 gone?!

Right, off to find 2 more things to eBay!

cazmcf

When your in an 'I cant be bothered mood' set a timer or your phone for 15 minutes and just do it. And then sit down for 15 mins. Some days thats the only way I get any thing done!

A spending diary until you get an app will help you see where your money has gone. It also makes you much more consious (sp) of your spending.

Well done on giving up smoking.:j Imagine how much quicker your debts will come down when you put your cigarette money to them.