I can do this.. I will do this

FuzzyBear

I am a single mum with ds age13 and dd age 11. I earn a good wage and should be able to live comfortably but yet seem to run out of money every month. Last month I even resorted to a pay day loan:mad:

The reason? It's simple - I spend too much and I have £12k of unsecured debt currently on APR's ranging from 17.95% to 29% which means £530 goes out of my account every month making minimum payments. Which as we know with the interest is hardly making a dent

I have been a lurker on here for ages so I know all the theory - just not that good at putting it all into practise. Until now...

Last week I applied for a Barclaycard with 22 months at 0% and was accepted with a limit that allows me to transfer half of my debt onto it. I seriously thought with the borrowing I had that I wouldn't get another card. So spurred on today I applied for a Virgin card with 0% for 19 months and it says I am accepted with a limit that will allow me to transfer the remaining £6k :T

So the reason for the diary is that this will hopefully keep me on track. My signature contains a for each £1k and as I pay off each one it will turn into a The idea being to break it down into smaller targets. Hopefully now that I have publicly declared my intent I will stick to it.

Coupled with this is a new budget and more importantly meal planning which I am now going to head off and do as this is where it usually all goes wrong!!

pw22

Hi Fuzzybear,

I just wanted to say hi and good luck with your plans. I am in a similar situation to you and started my very own diary on here today after lurking for several weeks with the aim of becoming debt free by the end of 2012.

You will do it....:)

FuzzyBear

Well that's first day back to work in over a week done and dusted and it was a looong day - although technically it wasn't that long as didn't start til 9:15 (the joys of flexi working ) it just seemed it

Got home to find kids and a couple of their friends had used every cup and glass in the house and left them like a treasure trail around the house for me to find and put in their rightful place - the dishwasher. So thoughtful of them to provide me with a post work game. Note to self - work on authority and delegation - would not allow staff to get away with it.

Said friends now sleeping over - other people have commented that my house sounds like a youth hostel at times but at least I know what they are up to, who they are with and it stops DS and DD fighting with each other and the chorus of 'I'm bored'.

Balance transfers onto the 1st 0% card have not gone through yet - keep checking every couple of hours (? slightly obsessive?).

Did not do meal plan last night Am trying to decide whether to do weekly plans and shops or a big monthly shop for basics with small weekly meal shops.

FuzzyBear

Quick question - does anyone else find they do more around the home when they are working? I have been off over a week and the house became a tip - came home tonight from first day back at work and have been tidying and cleaning.

Guess the old adage of if you want something doing give it to a busy person (or something like that) is true?

Buffythedebtslayer

I think that is very true!

I also seem more tired.

Congrats on your lightbulb moment and the plans. I don't like doing a monthly shop - although it is cheaper I like to be able to pick out meals per week and have one meal a week that is really nice? others can be things like baked beans on toast! but i want one fancy dinner!

xxx

FuzzyBear

Hi Buffy - think the more tired bit is right as on a normal working week night am in bed by 10ish. Oh lordy think I will be struggling again tomorrow morning to escape the duvet as still adjusting to not having a nice lie in!

I am beginning to think that monthly meal planning and shopping will be too restrictive/likely to fail. My kids go to their dads every other weekend but on the weekends I have them there can be a houseful here with friends or we can be off visiting but all can be fairly short notice so weekly planning I think will have to be the way to go for us.

Plus like you it's nice to be able to pick meals you fancy - I definitely find some days I am in the mood for some foods rather than others. Usually find it is pizza I am craving on days I am trying to be good

FuzzyBear

Not a great start to the day – the kids had drunk every last drop of milk in the house last night. So there was none left for me this morning and I cannot function without my first cup of tea. On the upside I was in work a lot earlier so I could have my fix!
I have been playing around with spread sheets and budgets today and the plan is to pay £500 off the debts per month. My weekly spend allowance will be £125 which is just for groceries, toiletries and any socialising or treats. This is a generous amount I know compared to what a lot of people on here have but I am just starting off cautiously as when I have tried to pay off debt in the past I have cut back too hard and then given up fairly quickly.
So starting tomorrow that will be my weekly challenge - to come in under £125. I have a couple of commitments over the next few months so I need to factor those in which could prove challenging.
In the New Year once the expense of Christmas is out of the way I plan to up my payments to £600 which should then see me pay off the debts pretty much within my 0% period :T

FuzzyBear

Morning Diary - It's nearly the weekend :j why is it a short week at work seems longer?

Have a MR A delivery coming this evening which has used up half my weekly budget but apart from topping up on milk and maybe fruit (we get through a lot in this house) that should be it for food and cleaning stuff.

Must change the mindset that just because I have a budget available it doesn't mean I have to spend it all! Nothing planned this weekend so should be a low spend. Have to get the kids stuff ready for them going back to school on Monday. Thank heavens for permanent pens the novelty of sewing name tags wore off after eldests first year at school. Have to admit to resorting to gluing on Cubs and scout badges

Will be glad to get back into a normal routine and the house clean and tidied with a chance of it staying like that for more than 5 mins

Balances still haven't transferred onto my 1st 0% card - am getting impatient as it will be the first sign of making progress. Patience is most definitely not a virtue I possess. Checking online accounts every hour isn't helping!

FuzzyBear

Just worked out that 32% of my income goes straight to paying off debts OUCH:eek:

When it's all gone though that will be like having a 32% payrise :j now that is an incentive.

Flee_2

Good luck. Imagine how rich you will be when you pay off your debts and can save £500 a month to spoil yourself and ur kids.

I am in a similar position and am paying off between £400-£800 a month on my debts.

FuzzyBear

Thanks Flee. I will actually be able to save up and pay for things outright - that will be a novelty! And to not have to keep saying to the kids 'you'll have to wait until I get paid at the end of the month' that has been a too frequent mantra of late.

You are doing well and are a third of the way there already - that's good going