A Thread for After Debt?

LotsaLuck

Hi all

I feel like crying having found this thread and read through all the posts.

I am, for the first time in my adult life (I'm 33), debt free as of last september. Amazing. No more worrying about reaching the minimum payments, avoiding phone calls, shifting money from one card to another to make ends meet, etc, you all know the story I'm sure. A few weeks ago, I was given a gift of £3000. Being self employed and having just gone through (another) rough patch, £500 of it has gone on bills. The other £2500 is sitting in my bedside drawer in an envelope. This time last year I would have never have believed I could be in such a priviliged position. Finally - no debts and a wad of money to do whatever I like with..

I'm so stressed and unhappy its unbelievable! The fear of losing the rest of the cash to bills and being totally broke again is keeping me awake at night. I keep thinking, should I be doing something else with my life, do something fun with the money, start living after all those years of money worries... I just can't enjoy it at all.

Pathetic I know - if I was reading this when I was struggling with every penny to get credit cards paid, I'd hate this person!!

I think I've decided to carry on as I have been for a while.. try and get some more savings together.. I don't know whether I can do it, or whether I'll fail and end up dipping in to the money for the basics every now and then until it's gone.

OK rant over, thanks for reading and anyone who wants to give me a virtual slap in the face with a wet kipper is welcome.

Mint1955

We are 2 adults and 3 adult kids and no pets
Breakfasts are only tea/coffee cereal or toast for proabbaly only 3 people as the others dont bother.
Lunches 2 take pack ups, I just have whatever is easy like toast or soup and some cake etc the other 2 are only occasional eaters at home but then again they may be out of work so then its another 2 lunches but again basics like a sandwich or wrap cake or fruit.
Dinners I would say 3 eat every night and the other 2 eat 4 nights out of 7 most weeks but can be as much as 7 nights.
Not easy as I dont get a lot of notice who is and who isnt in but them fending for themselves would cost me so much more as they would eat my meal plans etc.
All cleaning stuff and a little booze like a bottle of wine or some small beers occasionaly for OH and I (Kids get there own)

I allocate £80 per week to cover all this and over the past year I averaged £82 wow I have only just checked that and I am amazed.

Takeaways, Eating out and xmas extra food Is NOT included in this.
Hope that helps someone.

JulieGeorgiana

Welcome Lotsofluck

I would say that if money is tight get yourself an SOA and see what you can cut back on and know if you can live in your current budget to stop you dipping into your 'emergency fund'. Post the SOA on this thread or the DFW board and ask for advice on cutting back your day to day budget.

Put the £2500 somewhere it will earn you interest, because right now it's a temptation to dip into and nip down to the shop.

Give yourself some goals and try not to be too hard on yourself. Being debt free and STAYING there is as much hard work as getting there was. But there are huge benefits too, like relying on yourself.

Well done, and good luck x

Ps. The fear you are feeling is what will stop you going back into debt again. It's important to get it to a healthy level though.

Little_bit_dizzy

JulieGeorgiana wrote: »

That's a lot of cars!!! ?

I know. It's awful isn't it? The embarrasment is spurring me on to sell one at least

JulieGeorgiana wrote: »

what are you spending currently?

Oh, yet more embarrasment :o:o A coupe of weeks before Christmas, Mr T delivered, about £40 ish. I forgot a couple of bits so 'topped up' in the local supermarket, another £60!!!!!!! :eek: We did get a bit extra for christmas but even so it's just silly. And then DH wanted to pop into Lidl. Thankfully that was only about £12, but still, the shame!

Mint1955 wrote: »

We are 5 adults no pets

I allocate £80 per week to cover all this and over the past year I averaged £82 wow I have only just checked that and I am amazed.

Takeaways, Eating out and xmas extra food Is NOT included in this.
Hope that helps someone.

It does help Mint, thank you. I'm going to try setting a budget for groceries of £40.00 per week. The dogs & the cat cost £12.00, leaving £28.00 for us humans, but as there's no / little meat to buy it should be do-able.

Thanks all

JulieGeorgiana

Dizzy £40 does sound doable if you don't have to buy meat. try the OS Board and join the Grocery Challange... it's amazing how much you can learn... and how having a challenge can spur you on to save money and stick to budget

Little_bit_dizzy

Thanks for the vote of confidence JulieGeorgiana, I will definately check out the OS Boards later as I haven't been on there in ages. I do still use things like oats to bulk out spag bol etc (well, mince stuff at least - DH is alergic to eggs and chicken so pasta is a no no in our house. Shame as it's so cheap)...

Hello LotasLuck, well done on becoming debt free. JG's idea about putting the money somewhere making some interest is a good one. It will give you some peace of mind knowing that it's safe too, like she says, no risk of dipping into it. Sorry to hear the self employments not going so well at the minute.

mustbemad68

What a great idea this thread is. I have only just become debt free last month and I am not really enjoying it at the moment as it doesn't feel any different yet. It's the first time since I met DH (20years ago) that I have been debt free as he brought a small debt with him and it just grew from there - but was not all his doing!
We are needing to decorate and refurnish our home as it has been neglected for years but I looked at the price of sofas and have decided I would rather have a good quality second hand one for a few hundred than spend a few thousand on a new one. I think, like a few others on here, that I am more grippy with my money now that I have more of it

amiehall

Little_bit_dizzy wrote: »

Thanks for the vote of confidence JulieGeorgiana, I will definately check out the OS Boards later as I haven't been on there in ages. I do still use things like oats to bulk out spag bol etc (well, mince stuff at least - DH is alergic to eggs and chicken so pasta is a no no in our house. Shame as it's so cheap)...

Hello LotasLuck, well done on becoming debt free. JG's idea about putting the money somewhere making some interest is a good one. It will give you some peace of mind knowing that it's safe too, like she says, no risk of dipping into it. Sorry to hear the self employments not going so well at the minute.

My sister had an egg allergy as a child. You can buy non-egg pasta you know.

JulieGeorgiana

Welcome mustbemad

I never felt like things changed once I became debt free either... but that's because I had saving goals. But I am happier now I can see the savings go up

Have you tried shopping around too? We have three furnature stores near us... and the price difference between one and the other was quite a bit (£1,500 and £800 for a 2 seater leather electric sofa!!!!) but I agree second hand sofas could be the way to go... or even recovering the old one!

Good Luck with the redecorating

Dizzy I can't eat a lot of carbs (and the ones I do have to be complex ones = expensive) due to a health issue and I found that frozen veg, red lentils, tinned tomatoes and dried beans are my friends! Cheap, chearful and nutritionally very good for you

Little_bit_dizzy

amiehall wrote: »

My sister had an egg allergy as a child. You can buy non-egg pasta you know.

Seriously?? Goes to show how hard I look in the supermarkets! Thanks for that, I'll look out for some :beer:

Off to do my first shop, it has to come in under £40.00

I'll report back