A Thread for After Debt?

cakeforbrains

I bet you're excited. How brilliant.

Just one tip: if you're going to use a card for groceries and pay back in full then set the limit at about 3 times your monthly spend. This will ensure that your debt/available ratio never goes too high, and also that you don't go anywhere near the limit during those couple of weeks when last month's spends are on the card but the DD has not left the bank yet.

claire1a

I'm so glad I found this thread! (Was in last weeks email!)

I'm currently £400 away from becoming DF and this in on a 0%CC with 20 months left on it. I currently pay the interest on my S123 account plus any extra left in my bills account (roughly £20 a month). I pay off the minimum off my CC and kept the rest in my saving account so I'm pretending I am now DF as this will take care of itself.

Luckily I have £2000 in savings (not allowed to touch unless it's a REAL emergency) from inheritance and just £15 in savings lol.

I have about 12 different pots where my money goes into at the start of the month for all spends (birthdays, xmas, holiday,pets,health (prescriptions,dentist)car, insurance etc). Then I am left with about £50 a week for food and going out.

However since paying off my last CC two months ago I am finding that I am always about £50-£100 over drawn every month! I am also robbing different pots to pay for things so I am not actually saving for the whole year (ie 3 months down the line it shows a negative balance rather then positive!)

It seems I have a dangerous mindset that now I am DF I am entitled to a better quality life that I don't have the money for. Therefore I am on a very slippery slope of sliding back into becoming in debt again (only by hundreds but that's where it starts isn't it!!!)

I don't think that it has helped that my friends have organised more outings now that I am DF that I feel I don't want to miss out on as i've had no social life for 2 years whilst paying off my debts! Really need to find a good balance quick!

I have so far got to page 10 of this thread so quite a way before I catch up but it is really nice to be around like minded people. It's really scary how close I could be to becoming in debt again and I am NOT going to allow myself to get there! New jeans/make up are just not worth it!!!

My goals are getting a £500 emergency (can be touched) pot together and then build up 3 months wages... I'm hoping that when I see my balance increase it will spur me on to keep going!

seasideDreamer

Maybe try an have an extra night in and swap for a night out to help get you back on track. A nice pamper night with lots of wine:beer:

What's good is that it sounds like you know what the problem is and trying your best not to make things any worse. That last little bit is tough, a bit like losing weight, you start taking the diet for granted and if you are not careful back it comes.

My months not going so great either, we've also a car service, home insurance, new can belt and new window to get done now...we are literally spending a fortune at the moment. In a way its good as we're finally getting round for to these things but the costs start getting a bit scary.

claire1a

Thank you Seaside. I will get there I think I just need to get back on track with budgeting!

It's my best friends wedding (I'm a bridesmaid) this weekend and more things are cropping up such as we've been booked in to get our nails done tomorrow, and apparently it' been decided that we need to have matching jewellery (nice to tell me know!) so I think i'll get this weekend over with (Pay day tomorrow WOOP) and then see what damage needs to be repaired!

In some ways I'm looking forward to the winter coming as I tend to hibernate! I also need to spend more time reading on here rather then looking at all the shiny beautiful things I can buy online... =S lol.

I can imagine the costs are scary! I used some of my inheritance to get my driveway done and it was really hard parting with the money and seeing my balance go down!

Mort

claire1a wrote: »

I just need to get back on track with budgeting!

The budget is your friend when it keeps you on the straight and narrow, when it stops you having fun it's still your friend but it doesn't feel like it.

claire1a

well I am about a quarter of the way through reading this thread and you've all given me some great ideas!

I've decided that I want to build up a £500 emergency fund. Hopefully next month with the decrease payments for my mortgage (re-mortgaged at a lower rate!!) and my ever so slight pay increase (by going up a scale, £38 after tax etc...), I'll hopefully be able to save around £75 a month for now!

I've sorted through my budget and organised my little pots and I reckon I have come to a nice compromise over the monthly payments into them, so hopefully I am set!

I think after I have reached my £500 pot any further savings will go into my super emergency pot and I will possibly look at a monthly locked savers account with these to get the best interest on my savings...

This month has been a bit of a wipe out as I ended up spending around £100 extra for my friends wedding at the end of last month that I had not budgeted for. But I am happy, as I should have about £30 spare at the end of this month rather then a £300 over spend! I have kept a really close eye on my spending and kept the use of my CC to a minimum. As has been said before - it is a lot harder to part with cash!

I am also determined to eat out of my freezer for the foreseeable future and have a meal plan for the next couple of weeks. I think all i'm going to need is potatoes!

Hope everyone else is coping! I suppose at least it'll be darker nights soon and more on the TV to fill my evenings!

claire1a

well just a quick update.

Budgeting and finances were great at the beginning of the month and even up until last week... however this week we have had a slight blip in the shape of M+S 20% off.... (I know I know I caved into the want rather then need!!!)

So I currently have £1.70 in my purse, £10 in my bank and an over spend of £170 on my credit card!!!! Why do I keep doing this to myself?!! So I am being slightly ruthless and taking back half of my M+S shop but I feel a new winter coat and boots are neededish so I'm keeping these!
I have plenty of food in the freezers so I'm sticking religiously with this until pay day on Wednesday (and hopefully beyond)!

I do keep a spending diary but I have now actually put every spend on a spreadsheet for the last three months (keep all my receipts) so I can see exactly what I am spending my money on. And especially what I am buying over budget. This is mainly coming up as food (roughly £300 a month for just me and a cat!) so this WILL be curbed! I've also noticed that I am spending around £30 a month just on chocolate :eek::eek::eek:
I am completely appalled with myself so hopefully, not only my bank balance will be healthier but I will be too!!!!

Anyway I hope everyone else is doing okay this week! xx

seasideDreamer

Sounds like a few too many treats:) Have you an Aldi or Lidl, it amazes me how much we save on fruit and veg now...its almost eye watering when on holiday or something and we have to go to the usual suspects:eek:

claire1a

I'm ashamed to say at least half of that is trips to Lidl/Aldi as I seem to go weekly to both! I have however got extremely well stocked freezers and cupboards so no special buys for me!

I'm also ashamed to say that I have identified that I chuck away at least £10 of food a month. This will STOP!

I'm actually really pleased that I have recorded every spend in a month as it means I can see exactly what I am spending my money on rather then just how much I am spending with a food diary!
Plus as I have no money I'm forcing myself to do a couple of bulk meals this weekend (from my stock piles) to live off until Wed pay day (and hopefully beyond)!!

At least I have made a start... now for next week to make a difference!!!

claire1a

Hope everyone else has a really lovely weekend! Any MMS plans?