Struggling shopaholic on a debt free mission

pinkie84

Morning all,

I've been reading (and VERY occassionally contributing) to these forums for a while, and wondered whether starting my own thread would help motivate me on my debt-free mission.

I've spent the last 2 years merrily building up cc debts without really noticing or paying attention to what was going on. My reality check came when my bf and i split up and all of a sudden i had to move out, and try to juggle rent, bills, credit cards and newly found singledom all alone. In a panic I consolidated my debts to help manage my monthly outgoings.

Since then I struggled along, not really paying anything off and starting to sink back into the credit cards again. Until reality check number 2 came along... my mum got her inheritance, and offered me some money as a deposit for a house.

I'd never really admitted the money situation to my parents, but felt i couldnt hide it if I was to accept such a generous offer. Cue lots of honest and painful discussions about my finances, lots of tears and sleepless nights on both sides.

As it stands now, I have had an offer accepted on a house, and my parents are pretty much bailing me out of the situation that I'm in. I still have my loan and credit cards to pay off, but mum has arranged better rates and put the credit card debt in her name. I'm still paying it, but her credit rating is impeccable so the rates are far more favourable.

In exchange she has access to all of my accounts, and will be keeping a close eye on everything so she'll know if i start to go off-track. I've set up a new "pocket money" account and handed over all my other cards. So i can only spend what mum and i agree on each month. I feel like a silly little girl, but it'll hopefully be an education - one that i really wish I'd learnt at school!

The mortgage I have for the new place is actually lower than my current rent outgoings, So things are starting to turn around slowly.

I know i am lucky to have such an amazing mum, and really this diary is my way of reminding myself why i need to regain control of my finances. I cant let my mum down after everything she's doing for me!

I'll check back a couple of times a week to update how im getting on.

Wish me luck!

Pinkie x

beanielou

Wishing you luck!
Keep plodding and keep posting!

pinkie84

Thanks. I love your signature - keep calm and dont shop. I may have to make that my new motto!

pinkie84

Woke up in a better mood today, but having been paid on Monday I am seriously struggling to resist the urge to spend some money on a pretty party dress. I even placed a bid for a dress on ebay when i got in this morning, luckily it was outbid and i'm not looking at it again. I'm debating locking my handbag in the boot of my car for the day, is that slightly extreme?


Emailed best mate for non-shopping motivation. She doesnt have my terrible shopping habits, but is struggling with her own debt so we try to motivate one another where we can.

MUST NOT SHOP. MUST NOT SHOP.

Wish me luck!

pinkie84

Would have updated more, but this past week has been pretty full-on with work and coursework.

AND the debt-free mission took a battering on Monday. Last month, when reviewing my finances, I downgraded my car emergency rescue service from a premium, all singing, all dancing membership to the basic level, having not had any problems for the last 2 years. I'd decided this was a good way to save over £100 a year. My car decided to reward me for this by conking out 5 mins down the road from a friends house late monday night. Great.

Basic membership only allowed me to be towed to a garage or house within 10 miles. So i headed back to my friends sheepishly cursing that I'd cancelled the premium level membership.

Took the car to the garage the next day, who gave it £230 worth of cuddles and TLC, and we're back on the road.

My bank balance is now in desperate need of a cash injection and I've no idea where to get it from. Luckily most things for the impending house move are paid for. Just the van hire to do, which will have to now be credit carded :S

So thats been my week so far. Things can only get better....?

GreenSaints

Hi,

Welcome to diary world!

My mum has also helped me out too, so you're not alone. Once I've paid off my CC, all that money goes to my mum to repay her! Think I'll be debt free from her when I'm 31!

I also know what it's like to have the urge to spend. It has been like that for me too. I leave my cards and purse in the office when I go for a walk at lunch. Have you made a spreadsheet of your outgoings? That'll keep you focused. Every time I think of buying something, I think "what would happen if I put that extra X to my CC bill?" and then see how much quicker you pay things off and how little interest you'll have to pay. It's quite obsessive!

Good luck with your journey

pinkie84

Thanks Green Saints. I tried the leave-card-in-the-office thing, but forgot i had done so and proceeded to fill my car up with petrol! Luckily I have an emergency credit card in the car, otherwise it could have been embarrassing. I guess I'll just have to get used to the new money saving ways!

I move out this weekend and am staying with friends for the next month or two whilst I wait for the solicitors to wave their magic wands over my house purchase. I've already decided that the money i'm not paying in rent is going straight on the credit card to help clear it after the car fiasco last week. It actually feels really good to know that a huge chunk of debt will be wiped out in one month.

Other things aren't going so great in relationship department, so I'm trying to keep myself really busy with friends to avoid my usual retail therapy.

debtfreewannabe321

hi pinkie, good luck on your debt free journey

What a great mum you have! I think if i were you i'd cut up all my credit cards, close down any credit accounts (for shops etc) and stay away from EBAY! I had a bit of an addiction to spending on ebay/online when bored and racked up quite a bit of debt that way

Do you have any hobbies? If so perhaps start those up again instead of reaching for the credit cards and spending when down. I started sewing and crafting again to stop me spending....it soon became much easier to reach for something to make, than a card to spend on. My first few months i also carried cash everywhere and left my cards at home. It's not as easy to part with cash as it is to tap your pin number in (well it wasn't for me!) :rotfl:

Good luck

pinkie84

I think leaving cards at home is a great idea. that way i can only spend what i allocate myself (if anything) for the day... thank you for the suggestion.

This week sees another potential blow to the money saving mission, with regardss to my deposit and landlady. I've posted about this elsewhere so wont bother again. Needless to say I cannot wait for this year to be over as it seems to be one thing after another.

Eating a packed lunch today, and got a packed supper tonight as im not home til late... very chuffed with my organisational skills. Baby steps.

pinkie84

So heading out tonight with a new friend. I've not been out with her before... need to stick to budget though. Wish me luck!

inthegreen

Are any of your work colleagues the same size as you. This year us girls that can are swapping party dresses wqith the agreement of returning after being dried cleaned. Much cheaper and you feel like you have a new dress even though you dont.

Good luck, mums are great arent they, my mum got a loan in her name as it was cheaper but thats because I have always paid her back every penny I have owed her.