Money woe to money wealth challenge

rictus123

Well I'm working away...started at 7...think il finish up at 8 or so tonight. Did my 11 hours yesterday so I do 13 today that will be 24 of my 65 done...so 41 left and 4 days to do it...easy! Just can't wait for 2 weeks on Friday and it will all be worthwhile.

NicChanna

Just out of interest - do you mind me asking what it is you do for a living? I'd have loved to have been earning £2k a month at 19 - how did I miss that?!

kezzygirl

What do you do when it all gets too much?
Really?it gets too much for you when you pay £100 a month rent,earn £2000 and the rest is yours to spend on debt?
Try being in debt with one wage(or no wage) and kids to feed!

23rdian

Rictus - I don't usually post on here but why don't you just sell your car? (assuming you can get the value you have put down as an asset)

You can easily pick up something for about £500 with 12 months ticket. Sure you'd be driving a shed but you wouldn't have half as much grind.

Your current car (depreciating asset) in three years will be worth peanuts anyway.

Is it on finance or something?

ovoreo

It sounds like you work alot of hours to earn your wage. Good luck to you! I love your signature too! At 19 I was in some significant debt, got a bit carried away with my first credit card and brought a hot hatch. I remember the insurance being £840 TPFT and I thought that was reasonable, all on the credit card of course! Unfortunately it never got better and my money management only improved after my light bulb moment and when I was in pretty deep. It took me the best part of 9 years to get myself sorted.

As others have said, keep focused on your goal. If you tighten your belt now you can avoid so much pain in the future! It costs me £900 a month to pay a mortgage and bills, could you imagine spending half your way on that? £100 is giving you a false economy I'm afraid.

Good luck! Wish I'd known at 19, what you do now.

ovoreo

PS I'm also curious to know your profession and how your managing to get such a massive payrise this year? Most people I know haven't had a payrise since 2008.

Firewalker

Hi Rictus, I have been thinking about the question you ask for sometime now and this what I have come up with:

1) When life becomes a bit too much I watch The Life of Brian; sounds flippant but it isn't and it really helps (or any programme you find amusing and makes fun/shows defiance to misfortune).
2) Analyse - make sure that I know why I feel as it is all becoming a bit too much.
3) Write down the actions that will make me a) feel better; b) change a situation.
4) If there is nothing that can be done immediately either a) plan when to do; or b) forget about it (by putting it in an imaginary F*ck It Bucket'

When it is about debt there is also another strategy:

1) Calculate your net worth - this changes perspective on debt because you realise that by paying it off you are increasing your net worth just as you do if you are saving. As to the starting point - well not much can be doen about this one except make sure that you improve on it.
2) Look at your budget again. If you notice that you spend very little proportion (or nothing) on having some sort of enjoyment in life re-do the budget. You need to feel good to be able to keep paying off with persistence, determination and patience.
3) Are there any ways to earn more? Some of the additional earnings should be kept for 'life enjoyment' and for 'security savings' but the lion share should go to debt repayment.

Well, this is what I do anyway. And what I have noticed is that my 'wants' are becoming fewer, my expenditure has been much reduced and my net worth is increasing at a steady pace.

Firewalker

rictus123

Thanks for all the helpful replies everyone! I work in the construction indusry...4th year apprentice on 8.95 an hour. Take home is 1332 a month oif I just work Mon to Fri...with all the overtime I'm doin pay is up over 2000 a month as anything over 39 hours a week paid at time and a half so 13.43 an hour. Adds up quick. Car is on finance and half amount paid in October so will b handing it back then. Can't see me getting another on finance anytime soon. I think I might judge my situation on net worth as may not pay off 3800 loan just yet...might save up 5k then pay loan off at once an keep the rest for emergencies. Hoping to clear all debt except that loan by october so march next year should be debt free in time for Florida in may then come home and save save save. I'm posting this on my phone...lunch hour at work! Here until at least 3 today. Thinking of the lovely money!

chrisfreelander54

Just a a read through ur thread.

And just wanna say well done at having ur LBM @ 19.

What I would advise is that you do a snowball with your debts, as just done with ours and reduced our DFD from 2019 to 2013 and this is just by making minimum payments, this has now given us a boost, should work for you to and give u ur exact DFD and also the best way of who to pay off first if u decide to make over payments.

As for the long working hours, be careful and dont push urself so much to do so many hours as this will only drag u down, trust me I have been doing 72hr weeks every week for months and I am now feeling like [EMAIL="!!!!"]!!!![/EMAIL] for it.

Hope this helps with your DF Journey.

Chris

http://www.whatsthecost.com/snowball.aspx This is the link for the snowball calculator, but you need to get all your balances and APRs b4 doing it.

rictus123

Thanks for that Chris. I was actually thinking on spreading my debt free quest over the next year or so...so I don't have to push myself too much at work etc to pay off debts asap...that would also allow me to save up some money as my emergency fund while debt is coming Dow.. so I think il do set over payments a month and spread it out. Yes I know il lose out as pay more interest but when I eventually do have my debt free date il also have money. Itl take longer but less stress and il get to see debt come down and savings going up. Debt free will be so sweet I am picturing it as I work on through my 70th hour of the week. Need to find aprs so I can tell how much I need to Overpaying everything. i am still goingbto do 100 day challenge as need rid of cards and overdraft before I worry about my loans.