Elmer's moneysaving mission

ElmerFudd

I'm having real trouble getting motivated not to spend money on lunch, coffee etc. I must have spent £10 to £20 in the last week. I need to kick myself back into gear again.

LianneH

hi Elmer - try and stick with it. Its so hard, I know, but you dont want to undo all the good work you have done. you 'sound' a bit down - you ok?

ElmerFudd

Yeah I'm OK just having problems focussing on saving. Money's like water of late. Saying that though I have a plan. I'll keep up with my spending diary and tally up my NSD's a month (this last week or so has been bad). Hopefully within the next month or so I can get my other plans in motion for spending down the debt!

All this begins with taking in pack lunches to work!!

Positives: have paid two bills for a year, gas and electric are fixed for a year or more, and also won't have to worry about the student loan. Pay day soon so will be able to push the overdraft into the positive!

ElmerFudd

I have decided to keep a spending diary here again. I have also decided not to take any money at all into work with me. That way I won't be tempted to spend it, as useful as it is having cash in an emergency. I'll just have to live with it.

Spending diary Nov to Dec 2011:

22/11/2011 - Spent £15 alone today on lunch, and a further £20 on dinner. Add to this £20 spent on the ether during the last week, I have wasted £55. *This is where things must turn around again*.
23/11/2011 - Haven't brought any money with me to work, so no chance of me spending. Will be a NSD.
24/11/2011 - Again no money on me. Will be a NSD. Checked my bank accounts and have made the regular transfers, and have worked out that I will only have £100 left once all the money has come in this month/beginning of next month. Hopefully though one of the overdrafts will be paid off. I may have to go into it for 5 days though costing me another £5. Will be a tough month, but I knew it would be. Could have done with the money I wasted last week/ early this week!! I need to keep on top of things. Another few positives one loan is down to £1830 now and I have fully paid off my work travelcard loan. I need to find money!!!
25/11/2011 - No money on me. Should be a NSD. Considering doing a 0% BT (for 6 months). Trouble is at the moment all I would be able to balance transfer would be about £600 to £800. Need to scratch together some money from somewhere to pay off more of the credit card and *then* do a BT. Either that or I will miss out on this deal. The last one would have been a lot more useful if I didn't suddenly have the student loan to start paying off. Never mind. Also worked out that all being well from next month on I should have at least an extra £200 a month to go toward the debts.
26/11/2011 - NSD
27/11/2011 - spent £120 on food for the week etc
28/11/2011 - should be an NSD
29/11/2011 - will be a spend day. Not sure how much yet - but under £100. Turned out to be about £70
30/11/2011 - spent £1.40 - low spend day
01/12/2011 - spent £2.70 - low spend day. Really need to start upping my NSD's
02/12/2011 - can't remember what I spent today - probably around £15
03/12/2011 - Spent about £30 for Christmas items (this had been set aside so was expected)
04/12/2011 - NSD
05/12/2011 - Very tempted to buy things earlier but thankfully bought nothing. So far an NSD.
06/12/2011 - Despite the very real temptation to buy a coffee at the freezing station this morning I resisted so an NSD for me. So far so good.
07/12/2011 - NSD

ElmerFudd

Current debts as of late Nov 2011: (rough figures)

Credit card 1: APR 24.9% = £6900 + £4850 at 0% til December 2011.
Credit card 2: APR 6.95% = £7200 (some at 0% for 9 months ends Jan 2012) *CLOSED*
Credit card 3: APR 6.95%= £1230 + £250 at 16.95%
Credit card 4: APR 0% for 9 months (ends Jan 2012) = 830 *CLOSED* *accurate as of 25th Nov
Total on CC's = Currently £21260 (up a bit as I had to use the card for some things - including some yearly payments so I won't have to worry about them monthly)

Loan 1: £1830:)
Loan 2 (student loan): £7800
Overdraft: (APR 8%) £1440

Total: £32330

Looks high and it is! However I have paid off a number of yearly things this month so won't have to worry about them at all. I have also paid off one of the overdrafts, although I will probably go back into it for 4 to 5 days. I also need to do a BT, so I may go more into the overdraft since the cost of the overdraft over a month would not even match the fees one of the banks charge for their CC. I'll have to think about it though.

ElmerFudd

Various bills should be arriving soon. All but one of my accounts are currently in credit (good thing) and many of the bills for the month have already been paid.
All the CC's (£320 worth) are left to pay this month and I will probably end up paying the minimum unfortunately. I *may* end up going back into my overdraft, plus I am not sure if I should do the BT or not. Oddly I still haven't done a budget for the month, but since I haven't really got much give this month I can't really afford to spend any more this month (outside of the usual bills). Hopefully in just over a week I will receive £800 odd that I can use to pay off one of the credit cards fully. I need to concentrate on being very careful with money.

Just done a budget and supposedly I should have an extra £220 a month to go towards the debts (from next month), and an additional £200 once my loan is paid off later next year. All being well this 2012 will be the year I make a major dent in this debt!

Edit: I'm not entirely sure why I have been struggling moreso than usual this month with spending. For ages I had no cash with me and I didn't feel the need to rush out and spend money I don't have (or that's allocated elsewhere). Now every day is a struggle. I need to work out what factors (besides the odd coffee) trigger my bad spending habits and beat them.

ElmerFudd

Haven't been on here a while. Christmas wasn't too bad. I didn't spend much at all on presents. I also have a little money in the bank, some set aside for food etc and most of the bills have been paid off. Hopefully one of the credit cards will be paid off completely in 3/4 months.

Current debts as of late Jan 2012: (rough figures)

Credit card 1: APR 24.9% = £11750
Credit card 2: APR 6.95% = £7100 (some at 0% for 9 months ends Jan 2012) *CLOSED*
Credit card 3: APR 6.95%= £1230 + £120 at 16.95%
Credit card 4: APR 0% for 9 months (ends Jan 2012) = 790 *CLOSED* *accurate as of 25th Jan
Total on CC's = Currently £21020

Loan 1: £1500:)
Loan 2 (student loan): £7800
Overdraft: (APR 8%) £1440

Total: £31760

The student loan figure is an overestimate. I have yet to call SLC about the true figures, and will just wait for the statement in September.
The figure for CC2 is also an estimate. Currently a regular payment goes out once a month and it can't be viewed on my online account. The next statement will be received in the next few weeks and I will update the amounts then.
All being well, as long as I continue not to spend anything, CC4 will be paid off by April. I will update with my progress as the months roll by.

LianneH

nice to have you back! and the debt is still coming down even after christmas!

ElmerFudd

LianneH wrote: »

nice to have you back! and the debt is still coming down even after christmas!

Nice to be back . I may have to alter my plans though. I've had a letter from Santander about the overdraft...I'll have to think about things though.

ElmerFudd

I've not been doing so well the last 4/5 days. I've probably frittered away £30 to £50 on lunches for work etc. From tomorrow however I will be taking packed lunches back into work. I'll have to find money for transport though, so that will be the only weekly expenditure hopefully (apart from groceries). I'll try and keep this updated.