*Swimstars no more splash with cash*

*swimstar*

Right here goes,

Ive been lurking here for about 12 months, quietly doing all my sums and sinking not swimming.

I have always been rubbish with money, with the attitude of you only live once so if i want something I buy it. I moved in with my partner to his flat in June 2008, paid out 10k on various things including 18 months rent, furnishings, etc and because i was skint due to moving out I put everything on credit cards. Roll on NYE 2009 and he wanders in, insults me for an hour and then kicks me out on my ear. Luckily my parents said i could move back with them as they know I cant afford anything else so Ive been there ever since.

This has been a hugely tough year in so many ways. Losing all independence living with parents, being dumped after 3 years, being the only single one of my friends, and being in so much debt. Because I was feeling so bad I decided this year not to get in any more debt, but to have fun and get my life back again, which i have done with bells on! i have one last blast - 3 weeks in thailand over new years and then thats it....no more spending, paying off debt and getting my a$$ in gear.

My debts are as follows:

Virgin CC - 5700 (maxed)
B/Card - 5000 (maxed)
Tesco CC - 2300 (2500 limit)
Loan - 1600 (ends Sept 11)
Loan - 3240 (ends June 12)

so approx £17840 in debt :-(

I bring home £1640 after tax etc, and my monthly outgoings on loan repayments, phone bill, and rent are 1022 leaving me 618.

So as from 1/1/11 the new me will emerge no spending, no unnecessary purchases, save save save. I think i only spend when i feel rubbish and get in a rut thinking im single 29 and at home blah blah so i go and treat myself, but that wont help with being at home in the long run so new year new me!!

Ive lurked for ages and paid off around £4k this year, so next year its go go go. Now Ive actually typed it out, said it out loud I have no option to actually do something about it!!! :-D

*swimstar*

*swimstar*

Right yesterday I spent £2.34 on Cyprus potatoes for tea, and today I was wfh so spent nothing and no petrol used either - so last 2 days of month were very cheap!

I have 2 christmas do's this weekend, both of them meals and I'm planning to ask if we can pay for what we order and then just have main. I've budgeted £40 for the weekend so fingers crossed I should do it! Ive offered to drive for both too, so although i'll use petrol, I wont be drinking so will save on cabs and alcohol, and maybe get a soft drink bought for me :-)

Start as you mean to go on and all that! :-)

ZTD

*swimstar* wrote: »

Right here goes,

Ive been lurking here for about 12 months, quietly doing all my sums and sinking not swimming.

I have always been rubbish with money, with the attitude of you only live once so if i want something I buy it. I moved in with my partner to his flat in June 2008, paid out 10k on various things including 18 months rent, furnishings, etc and because i was skint due to moving out I put everything on credit cards. Roll on NYE 2009 and he wanders in, insults me for an hour and then kicks me out on my ear. Luckily my parents said i could move back with them as they know I cant afford anything else so Ive been there ever since.

This has been a hugely tough year in so many ways. Losing all independence living with parents, being dumped after 3 years, being the only single one of my friends, and being in so much debt. Because I was feeling so bad I decided this year not to get in any more debt, but to have fun and get my life back again, which i have done with bells on! i have one last blast - 3 weeks in thailand over new years and then thats it....no more spending, paying off debt and getting my a$$ in gear.

My debts are as follows:

Virgin CC - 5700 (maxed)
B/Card - 5000 (maxed)
Tesco CC - 2300 (2500 limit)
Loan - 1600 (ends Sept 11)
Loan - 3240 (ends June 12)

so approx £17840 in debt :-(

I bring home £1640 after tax etc, and my monthly outgoings on loan repayments, phone bill, and rent are 1022 leaving me 618.

So as from 1/1/11 the new me will emerge no spending, no unnecessary purchases, save save save. I think i only spend when i feel rubbish and get in a rut thinking im single 29 and at home blah blah so i go and treat myself, but that wont help with being at home in the long run so new year new me!!

Ive lurked for ages and paid off around £4k this year, so next year its go go go. Now Ive actually typed it out, said it out loud I have no option to actually do something about it!!! :-D

*swimstar*

Hello :wave:

Have you done an *full* SOA for yourself? It'll give you a bit better idea of the areas you can cut back/expand as needed. It'll also allow you to budget for entertainment - very important. It should also give you an idea of what your Debt Free Date is - which is a good motivator.

A spending diary might work better in the new year - around christmas it's a bit :eek:

*swimstar*

Hi ZTD,

thanks for the post :-) I have indeed but it makes me feel a bit sick so I need to work up the nerve to post it!

Im one of those that doesnt open bank statments or letters....I never miss payments and know what the payments for each thing total it just scares me to open them :-( Every so often I will just blitz everything, and those "every so oftens" are more and more often. I have got a spreadsheet with all my outgoings and all my incomings and work out stuff from there each month which helps.

Guess I need to front up to it all properly. Last time i did I just burst into tears and got really depressed though.


Right I'm off to go and do it though, here goes......:o

ZTD

*swimstar* wrote: »

Guess I need to front up to it all properly. Last time i did I just burst into tears and got really depressed though.

Your situation will be no different if you know all the ins and outs of it, or if you don't. What will be different will be your ability to change that situation - it's easier to change it if you know what it is.

*swimstar*

Right here it is in all its glory.... :-( its better than i expected to be fair so no sick feeling!


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1640
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 100
Total monthly income.................... 1740
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 359
Rent.................................... 175
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 30
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 13
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 300
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1165

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1611.....(179)......0<
Tesco Loan.....................3222.....(180)......0
Total secured & HP debts...... 4833......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................4900......120.......18.9
Virgin.........................5700......120.......22.1
Tesco..........................2300......45........12
Total unsecured debts..........12900.....285.......-

Monthly Budget Summary
Total monthly income.................... 1,740
Expenses (including HP & secured debts). 1,165
Available for debt repayments........... 575
Monthly UNsecured debt repayments....... 285
Amount left after debt repayments....... 290
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -4,833
Total Unsecured debt.................... -12,900
Net Assets.............................. -13,733

ZTD

Hello,

Apologies if you've already gone through this process, but just at a first look:

• Your mobile seems expensive - do you actually need that price plan? Do you know when you can downgrade?
• Do you shop around for car insurance and go through Quidco? That seems expensive unless you have a biiiiig car...
• Have you checked your loans to see if it makes a difference/there are penalties to paying them off early?
• Do you really spend the full £300 a month on entertainment?
• No overdraft? Do you know how much your overdraft would be?

You should be able to snowball your debts quite well with that surplus, certainly focussing on your cards. Are any of the rates "special offers"?

But well done on the first step - it should get easier (and smaller) here on in.

*swimstar*

• Your mobile seems expensive - do you actually need that price plan? Do you know when you can downgrade? Its a £35 plan and £12 insurance and the contract doesnt end until 2012....I will log onto the site now and see if there is a cheaper deal....I use it a lot for internet usage and texts so will see if there is a more suitable plan
• Do you shop around for car insurance and go through Quidco? That seems expensive unless you have a biiiiig car... I did indeed.....unfortunately the ex lived in a less than desirable location and i had to have the entire roof replaced on the car after some extensive vandalism just before the insurance renewed and this was the cheapest out there, it was £25 a month before that!
• Have you checked your loans to see if it makes a difference/there are penalties to paying them off early? No good point - will dig out the paper work tomorrow and see if i can
• Do you really spend the full £300 a month on entertainment? If i was honest some months yes, some months no...I put it in because this year Ive paid for a Thailand holiday which has come out of that budget monthly, but as soon as I am back will be reducing that massively. Its mainly due to the mindset i have of "29 and still at home I need to go out all the time to prove I have a social life and am not a total loser...." so i need to overcome that part of it first i think :-(
• No overdraft? Do you know how much your overdraft would be? Sorry I always forget that...Mainly cos i have been in it so long its just a fact of life! Its £1600 limit with £250 reserve over that limit, which i use nearly every month. I normally start the month at -£1800 and wages go in and bring it back to nearly 0 then the outgoings hit....

You should be able to snowball your debts quite well with that surplus, certainly focussing on your cards. Are any of the rates "special offers"? Not as far as i know....will look into it though.

Thanks so much for the response and help....Certainly given me food for thought and given me a bit of motivation. I had a dim lightbulb moment a few months back, and its taken till this weekend for the light to switch on fully i think! I have soooo many clothes and shoes and bags and stuff that i generally only buy to make myself feel better or to keep up with friends. I was in a shop that i usually get at least one thing from, and just thought god i have soo many tops why am i even looking for more!! so i think this is the start of a whole new me.

I was weak-ish on friday though, Id said I wasnt going out to a works do at a beer festival as i was unwell (but more because i didnt really want to and didnt want to pay to get home when its a 10 mile journey. I ended up going though and spent the whole night thinking of the money i was spending unnecessarily and ended up leaving at 9 so i didnt have to pay the cab fare after 11. Its a start I guess = 6 months ago I would have stayed till the end and spent money all night, gone for food after or headed to a club, and spent £40 on a cab. So its a start...

Every journey starts with a single footstep I suppose!

Apologies for the rant, was typing as i was thinking it.....

ZTD

*swimstar* wrote: »

• Do you really spend the full £300 a month on entertainment? If i was honest some months yes, some months no...I put it in because this year Ive paid for a Thailand holiday which has come out of that budget monthly, but as soon as I am back will be reducing that massively. Its mainly due to the mindset i have of "29 and still at home I need to go out all the time to prove I have a social life and am not a total loser...." so i need to overcome that part of it first i think :-(

If you moderate your spending a while until you become debt free, then you will be able to have a good social life - you`re currently spending £641 per month on repaying debt (not including the overdraft or any overpayments). If you can't have a party on that, you're not really trying...

*swimstar* wrote: »

• No overdraft? Do you know how much your overdraft would be? Sorry I always forget that...Mainly cos i have been in it so long its just a fact of life! Its £1600 limit with £250 reserve over that limit, which i use nearly every month. I normally start the month at -£1800 and wages go in and bring it back to nearly 0 then the outgoings hit....

What's the APR on that?

*swimstar* wrote: »

Thanks so much for the response and help....Certainly given me food for thought and given me a bit of motivation. I had a dim lightbulb moment a few months back, and its taken till this weekend for the light to switch on fully i think! I have soooo many clothes and shoes and bags and stuff that i generally only buy to make myself feel better or to keep up with friends.

Your friends are probably in the same boat as you. But let's be real, pick a friend and list everything she has bought over the past year. Is that all she's bought, or have you not noticed all of it? Does it make her a better person? Why would it be different for you?

*swimstar* wrote: »

I was in a shop that i usually get at least one thing from, and just thought god i have soo many tops why am i even looking for more!! so i think this is the start of a whole new me.

That's good. If you have too much stuff, you can always ebay some of it.

*swimstar* wrote: »

Apologies for the rant, was typing as i was thinking it.....

It's not a rant - it's a diary...

*swimstar*

I do keep saying that I will ebay stuff, and have a pile of it ready to go......I just never get round to actually doing it! when i have any spare time which isnt too often there is always something else to do with it! then i think ive missed the best time to sell....Ive got a gorgeous karen millen dress to sell that ive only worn once and for the past 2 years meant to put it on for christmas and christmas parties etc and just havent done it :-( need to get my butt into gear.

Had a look at the mobile website this morning and i'm on the best contract for my usage, albeit it fairly expensive. If i downgrade I'll end up spending on texts calls and internet usage so it may even end up more money, and i know pretty much that i use within the limit at the moment, so know my bill is the same each month. The insurance is £12 as its an iPhone, but Ive had it 4 months now and no damage whatsover so will look into other insurance products to see if i can get that cheaper.

Another WFH day today so no petrol spent, no twix runs at 4pm and no bottle of water bought when i run out.....however i was naughty on Amazon and spent 2.83 on a book that i wanted. :-( not that it can even be delivered to me as I am currently completely snowed in still!!

My second job was also cancelled last night as the centre wasnt open so although it gave me a rare free evening to sit and sort things out a bit, I also wont get paid for it :-(

All swings and roundabouts! Feeling quite motivated and strong about everything today though, feel like hte huge mountain of debt isnt quite as insurmountable as i first thought and I can still live my life without spending like its going out of fashion :-)

I'm also 40 points off a voucher from one of the survey sites so that'll pay for a christmas present or a little treat :-)

Right back to work i go.....or lunch anyway!:beer:

*swimstar*

Ive just done the snowball calculator and my debt free date is September 2012! over the moon at that I was really surprised :-) Its made me determined to do it beforehand though! Theres no accounting for pay rises or new job etc etc so fingers crossed!!!!:D