A Thread for After Debt?

Mint1955

This is so the thread I need I am really excited. My debt now is just my mortgage and I really want to get that down but my main aim is to work with my budgets etc. Now without work and wishing to stay that way I have had to really look hard at how to manage that.

Have already set up virtual pots for everything imaginable and a spreadsheet to work against to keep balanced etc I have made a good start.

If I use my CC which I try to do a lot as I collect airmiles then I immediately transfer the money from the relevent pot to my main account and then pay it of the CC so in actual fact I treat it as cash.

I use Microsoft money to track every penny coming in and going out of our accounts and Nationwide allow me as many e savings pots as I want and I can title tham whatever I want :-)

I would love to join hands with those who need like me a reminder its ok to spend but also to keep the chins up of those again like me who is on the tight side of this working smoothly right now!! I have subscribed so I dont lose you all.
x

SuzytheFloozy

It's definitely a weird feeling having money in the bank, one I'm still getting used to. Each month, I'm trying to put money aside for savings etc. If I'm sure I can do without the money, I transfer it into my Barclays account which is more difficult to access (have to use one of those pin sentry thingies). If I'm not sure if I can do without the money, I transfer it into my A&L savings account, where it's easy to transfer back into my main account if needed. Seems to have worked so far!

I use a credit card so that I can purchase goods from the internet and have more security etc, but have promised myself I will ALWAYS pay it off in full. I long ago realised that those bargains aren't as bargain-ous if you're paying interest on your credit card afterwards!!

backinbusiness

SuzytheFloozy wrote: »

bargains aren't as bargain-ous if you're paying interest on your credit card afterwards!!

Bargain-ous - this made me laugh!

One of the biggest bugbears for me is the length of time defaults etc sit on your shoulder (credit file).

I got into debt mainly due to a spendthrift (ex) husband. Following our relationship breakdown (and hence the loss of an income into the household) I defaulted on all 3 of my credit cards. (2009)

This was my light bulb moment and from then on my attitude and behaviour towards money, budgeting and credit changed completely.

No matter how careful and responsible I am now - my credit file is shot to pieces until 2015. Whilst I understand that lenders don't wish to lend to "delinquents" it seems like a disproprtionate length of time to be penalised considering how quickly debt can spiral, and how much life can change for any one of us in 6 years.

BiB

needingaccountability

Mint1955 wrote: »

This is so the thread I need I am really excited. My debt now is just my mortgage and I really want to get that down but my main aim is to work with my budgets etc. Now without work and wishing to stay that way I have had to really look hard at how to manage that.

Have already set up virtual pots for everything imaginable and a spreadsheet to work against to keep balanced etc I have made a good start.

If I use my CC which I try to do a lot as I collect airmiles then I immediately transfer the money from the relevent pot to my main account and then pay it of the CC so in actual fact I treat it as cash.

I use Microsoft money to track every penny coming in and going out of our accounts and Nationwide allow me as many e savings pots as I want and I can title tham whatever I want :-)

I would love to join hands with those who need like me a reminder its ok to spend but also to keep the chins up of those again like me who is on the tight side of this working smoothly right now!! I have subscribed so I dont lose you all.
x

You sound like my twin!

Cleared off last of debt on Friday and am left with the mortgage to tackle. It's due to end in Oct 14 but will have about an £8000 shortfall on the endowment. If I hadn't had my head so firmly stuck in the sand this could have been sorted years ago but as it is I'm starting overpayments next month to tackle it. So things are going to be pretty tight over next couple of years.

Trying to save every penny I can too!

I have one credit card left which I use when I have to for internet purchases, I don't know the pin for it so no danger on the high street. Money is transfered immediately to cover purchases and it has been balance free each statement since June. At the moment it's actually in credit due to a return!

rising_from_the_ashes

Mint1955 wrote: »

Nationwide allow me as many e savings pots as I want and I can title tham whatever I want :-)

Yup, I can do this on my account too (Barclays) - it's fantastic seeing all the wee pots .... although it would be nicer to see more than a few £s in some of them!:D

needingaccountability wrote: »

Cleared off last of debt on Friday

Congratulations!:j It's such a relief once it's gone.

BiB I do agree with the default thing, I have a hard time reconciling the fact that they stay on the same length of time as a bankruptcy.... mine are thankfully all gone now:D but it did seem to take forever for that to happen!

I've just applied for a remortgage (deal was ending) and it was approved:D which was a huge relief - I still find the whole concept of applying for credit very stressful and still baulk at getting letters from the bank/mortgage co as I always assume the worst.

I wonder if that feeling will ever go!

Mint1955

Hello how are we all doing with life after debt (only 2 mortgages left in this case).

Watching my budgeting pots very closely as I am still finding it far to easy to just spend/get annoyed with myself and worry later. Asda shop £102 this week eeeeekkkkkkkk!!!!

I have in the past been able to pay of £500 from each Nationwide mortgage monthly but with no job thats not on the cards now but I would like to try and make small overpayments but not sure how as my budget is to the penny with pots for every thing but that then doesnt leave any left overs?

Feeling a bit flat as its 2 weeks until DH gets paid and I can play put and take with my pots :-)

rising_from_the_ashes

LOL Mint - I was playing with mine earlier. If the bank ever looked (maybe they do?) they'd have a good laugh at me moving £5 between this account and the other all the time!

Mint1955

I can better that I moved £3.01 4 times as I had made a mistake LOL

tealady

Hi
I find the best way for me to stay debt free is to save, and think of my savings as a "debt" to be paid. It helps that I am in a credit union so the savings are taken out of my wages. I also have a "treats" budget whick means I can either have 1 large item occasionally or several small ones. Perhaps people could set up a separate bank account just for this and pay in a regular sum?
Just a thought

rising_from_the_ashes

I have a deduction from my wages to CU as well - very small & I never miss it as the money's gone before I get it IYKWIM.

Unfortunately I had to raid it last month to clear the monsterous cc bill I'd somehow managed to rack up in one month (note to self: never, ever stop doing the spending diary again) so it's back to the start with that one!

However, I've made the last payment on my bike in October (tax & NI free;) through a cycle to work scheme) so will be adding that money to the CU account each month.