money is my bad habit....

scarybiscuits_2

Ok here goes...

Monthly Incomings:

My salary - £1,214


Total - £1,214

Monthly Outgoings:

Money pay to bf for Rent/Council Tax /Gym/Phone - £310
Contact Lenses - £9.99
Gas - £20
Electric - £20.00
TV License - £10.99
Mobile - £18.99
Food - £75
DVD - £10
Travel - £35
Loan – £179.03
Me - £80 (well I try to keep it at that, friends can distract me though)

Total: £769

Bank of Scotland Loan – Initial £5,500 at 179.03 per month. 8 payments left.
GE Capital – 2352.98 Interest free till June 2007 then 12%
Barclaycard – 450 19.9%
Norwich– 1350 0% till may 07 then 15%
MBNA– 1900 0% till feb 08
Overdraft - £600 (not sure interest rate!!)

Student Loan £5100 (currently not paying hoping won’t earn enough money to start which is a bit backwards really)

The BoS loan was taken in about 2002 and after getting it extended I am still paying it off and am back to credit cards and overdraft!! Proof consolidation doesn't work. So I'm turning to you DFWs for advice and inspiration.

I have constantly stressed about money since I was about 21 and made the first mistake of taking out a credit card then store card then overdraft etc etc. My bf got lucky with money and is now debt free which is great but I feel even more of a failure. I feel bad when we go out and he offers to pay and as I'm older it has just highlighted the number of years I've been wasting being a slave to money. I think if I don’t manage to pay off my debt this year then it will have consequences on our relationship for the future as there is so many things we want to do and I know it is my debt that is now stopping us.

Anyway I looking forward to hearing peoples tips and it is so encouraging to see peoples debt not getting the better of them. It actually feels very good to get it all down even if still does look like a scary amount. So here is to a good 2007 and a debt free 2008

CLAPTON

can you edit your post to add the minimum monthly payments of each of your CCs.

at the moment your income is 1,214
and your spending is 769 so you seem to have a surplus of 445 per month.
Now presumably you dont have that..some will be debt repayments but where does the rest go

firstly add the debt repayment as already requested
second ..start a spending diary to find out where all you money actually goes... just few things ...any clothes, 75 for food seems very little, any haircuts, any optical,medical, dental, any newspapers/magazines/DVDs/CDs, and holidays, any takeaways, buy any presents/any xmas costs, work lunches/coffees etc etc... really try and work out where everything goes.

then repost

scarybiscuits_2

Thanks I will do. I have just been checking my bank statements online which I never do and in October I actually spent £118 on food I took £340 out from cash machines!! Who knows where that went but it’s more than I imagined I spent on ???? a month. I never realised I took so much cash out so I will definitely start a spending diary and try and think before taking cash out.

moxie_2

Yes a spending diary is a really good idea, otherwise the money just seems to trickle away and you don't know where it's gone. Good luck.

Reformed

Hi Scary Biscuits, sounds like you are in a similar postition to me. My OH is 'solvent' you could say and as a result every now and then I feel like a real tight !!!! because I am starting to pay off my debts now and stop being so frivolous and he for example pays for our dinner in turn I instead take him out for a drink every now and then at the pub. We are very honest about money though and he knows that I put aside a big chunk of my pay packet every week to go towards paying him the money for a loan he helped me out with a couple of months ago. It's so annoying though that when I look back on how I have spent money in the past I was just not careful enough, I could have been rolling in it with a bit of saving and compound interest! The way I see it is I will take positive steps to get my debt down and when its gone (yes, it will go!) I will have a much better attitude to spending and always have money in the bank.
OH is picking up some tips from me and not being stupid with his own money and when he wants to take me out he does and I enjoy being treated. He, equally likes it when I cook a delicious meal at home. The end result is the money issue doesn't make me feel bad and I feel supported in my quest to be debt free!! Good luck, it is achievable!!

NastyMatt

The barclay card is a shocker at 19.9%. Either get it on a cheaper rate somewhere or bust your balls for a couple of months to pay it off.

You have mentioned the loan twice.. what is the rate on that?

Remember some of those are not going to be interest free soon so don't fall into the trap of just paying what ever they become.. again 12% and 15% are bad rates. Start planning early.

As far as I can see you have £8084 debt. Divide that by 445 and it is 18 months. I'd say you'd easily get that sorted in 2 years by not paying too much interest.

Be positive - it's debt that can be dealt with. Set realistic goals.. "Barclay card in 2 months - that will then give me two months to sort where I am putting the the cards that will stop being interest free".

Be open with your bf.. explain it's goal that you want to achieve (rather than saying "I am in debt and can't handle it".. say "it's a goal of mine that I'd love to owe no one a penny!!"). If you're taking control then you will lose the stress... no stress better relationship!! Let him know that every girl likes to be treated now and then but not to feel like they need hand outs.

Good luck..