Advice on Setbacks

Nienna_2

HI Everyone!:beer:

I need some advice on dealing with a setback. My debts are 14k on a LTSB loan that I plan to pay off by my 31st birthday at the latest, some bits and pieces on overdrafts and £1600 on a 0% credit card that will stay at 0% until Dec this year.

I have made it my challenge this year to clear the credit card but I've had a problem with my car. The MOT bill came in at £500 which was a shock, then I need to pay £120 in tax and £50 parking permit out of next months wages. To then pay off the MOT I need to use my credit card and then pay that off over 3 months (I'm very disciplined at paying off my new card payments now so no problems there). However, this means I will be unable to meet my minimum target of £100 a month off the £1600 until May!

Even though I have a plan, the main problem is that I'm feeling very depressed over the fact that I had a plan in place and I've ended up in more debt over something that was not a waste of money and an essential (I need the car for work, its actually cheaper than a train ticket over the year and I work an hour away).

I'm sure other people must have been in this position.What did you do to make yourselves feel better about it and any tips for making up the shortfall faster?

susplum

OMG Nienna,

You should be SO SO SO proud of yourself!!! You said yourself it wasn't frivoulous credit.

How much can you afford to put aside for your £100 a month?

Perhaps you should start putting a bit aside for car expenses and other unexpected costs too.

But don't be depressed...be proud. :T :T :T

chevalier

my suggestion, would be to get a large 99 icecream with flake.......

but practically I would agree with susplum that perhaps your budget needs to have a car pot in it all year round?
chev

GettingThingsDone

Hi Nienna - these things happen, try not to get depressed about them. I think many of us on here have laid out a 'perfect' plan only to see something come out of nowhere to disrupt it.

I try and see these things as a challenge - how can you make your plans more resilient? What adjustments can you make as you're going along. Part of the 'fun' and addiction to this site is finding out what other people do to cope, learning all the time.

Is there something you can do to get you in a positive frame of mind?

flowerofscotland

Hi and welcome

Setbacks are tough but that is where the support of this group is invaluable as we all have them from time to time.

We are all different but I have found that I manage best if I set myself achievable budgets/targets and then beat them - this won't work for everyone but it does for me. I have a weekly cash budget which covers groceries and various other spends. I like to see how much I can save out of it and every Friday night I empty my purse and stash the money - sometimes it is only pence but it all mounts up. This is my emergency fund. I have just had to use most of it to pay for the cutting down and removal of a tree in our garden which had become insafe in the gales. :eek: Although I don't like having to spend this money at least I am not going into debt or even reducing my debt repayments to cover it.

The other thing I find that helps are some of the threads which encourage you to report your daily spending (or lack of it)
http://forums.moneysavingexpert.com/showthread.html?t=356410
or the Olympic Challenge etc.
http://forums.moneysavingexpert.com/showthread.html?t=338896
Have you got anything you can sell to cover at least part of the costs? And before you say no have a look at this thread - if nothing else it may raise a smile
http://forums.moneysavingexpert.com/showthread.html?t=343625

Good luck

cazziebo

it's a bummer when that kind of things happens and these expenses always jump out at you when you think it's all going to go smoothly.

don't let it get you down. Are there any quick wins you can make to help make up the shortfall? Sell something on ebay? Do some short term extra work (top of my head - deliver phone books? Avon? count votes at local elections?) Short term spending cuts?

You sound really organised - I'm sure you'll pick it all up again.

Good luck!

Caz

bank_of_slate

Hi Nienna
Yes it's a rocky road with boulders in the way here and there, but the important thing is that you're on the RIGHT road.
There will always be extra things like birthdays, car tax & MOT that crop up now and again, make a note in your diary when these things are due and maybe start saving £2 coins or 20ps...it's amazing how quickly they mount up. Plan as much as you can and try not to get too down about the things that you can't foresee!
The golden rule - Don't stress about things you can't change!
...Linda xx

SunderlandBlackCat

You can get £105 of the money back by going through quidco to open an Alliance & Leicester current account (£50), & Cahoot (£25) & Citibank(£30) savings accounts.

You can then use the 1 of the savings accounts to squirrel away money towards future car expenses & the other for things such as birthday &/or christmas gifts.